Marketing creates a solid foundation to support CIT’s continued growth Expanded services and supplies
Chicago And Wilmington, Del, December 19, 2022 /PRNewswire/ — Wilmington Trust, NA (“Wilmington Trust”), a leader in wealth management and corporate and institutional services and a wholly owned subsidiary of M&T Bank Corporation (“M&T”) (NYSE: MTB ), announced today that Madison Dearborn Partners LLC (“MDP”) agreement with a leading private equity firm ChicagoFunds affiliated with MDP acquire Wilmington Trust’s Collective Investment Trust (“CIT”) business. Upon completion of the transaction, the CIT business will become an independent company with a new brand owned by funds affiliated with MDP.
CIT Business, part of Wilmington Trust’s Institutional Client Services (“ICS”) division, is an industry-leading provider of third-party fiduciary and administration services to asset managers and the employer-sponsored retirement market. The business has delivered consistent year-on-year revenue growth and currently manages approx. 115 billion dollars CIT Assets owns a family of about 45 subordinate managers of more than 550 funds — including AllianceBernstein, BlackRock, Franklin TempletonMetLife, Neuberger Berman, et al Raymond James.
“Since M&T Bank acquired Wilmington Trust in 2011, CIT’s portfolio has grown significantly,” he said. Jennifer WarrenSenior Executive Vice President and Head of ICS. “We believe this is a natural next step in the evolution of the business and will help CIT’s services and offerings continue to meet the needs of current and future clients in the way they need to meet their investment needs. As ICS continues to fulfill its vision to become a global leader in institutional trust services, businesses can increase their focus on clients and their products. And to further enhance their services.
“CIT’s business is an industry leader, well-respected and recognized for its track record of successful innovation. This transaction will help drive the continued growth of our business, our people and our customers going forward,” he said. Rob Barnett, executive vice president of Wilmington Trust, will serve as CEO of the independent company. “MDP has extensive experience in financial services and will add significant value to our newly formed company. We are excited about the next phase and will continue to provide strong customer-centric service to the retirement market with the significant resources and know-how of the MDP team. They will carry it.”
MDP brings an extensive track record of successful investments in financial services businesses including EVO Payments, Navacord, NFP and Ardonagh Group. MDP’s experience in expanding and growing businesses in the financial services industry will enable Wilmington Trust’s CIT business to further strengthen and expand its trust and administrative services client relationships by investing in product capabilities, technology solutions (including the recently launched BoardingPass platform) and strategic acquisitions. Opportunities.
“We are thrilled to be working with Wilmington Trust’s leading CIT team and leveraging our industry expertise to support the next phase of the business in the large and growing CIT market,” he said. Vahe Dombalagian, Executive Director and Co-Head of MDP’s Finance and Marketing Services Group. “As clients increasingly demand innovative and customized pension fund solutions, Wilmington Trust’s CIT business is well-positioned as an independent company focused on helping plan sponsors navigate complex pension and regulatory challenges while expanding new and existing relationships. In a competitive market for third-party fiduciary and administrative services, the business is well-positioned. Collaborated with Wilmington Trust’s CIT team to execute a growth strategy that strengthened its leadership position.
The transaction is expected to close no later than mid-2023 and is subject to customary closing conditions and regulatory approvals. Raymond James is acting as financial advisor to M&T Bank, and Debevoise & Plimpton is serving as legal counsel. UBS Investment Bank and JP Morgan Securities LLC are acting as financial advisors to MDP, and Latham & Watkins LLP and Eversheds Sutherland (US) LLP are providing legal counsel.
About Wilmington Trust
Wilmington Trust, NA provides corporate and institutional services, institutional trust, agency, asset management, retirement planning and administration services to clients who use the financial structures of the capital markets worldwide. Wilmington Trust provides direct trust, protection and fiduciary services to pension plans, companies, foundations, organizations and financial institutions.
Wilmington Trust provides wealth advisory services through the use of state-of-the-art personal trust, financial planning, trustee, estate management and family office solutions.
Maintains all Wilmington Trust offices. America And internationally London, Paris, DublinAnd Frankfurt. For more information, visit www.WilmingtonTrust.com.
About M&T Bank Corporation
M&T Bank Corporation is a financial company headquartered in Buffalo, New York. M&T Bank, the main banking branch of M&T, provides banking products and services in 12 states in Northeastern America Maine to the Virginia And Washington DC Trust-related services are provided by M&T’s Wilmington Trust affiliates and M&T Bank in select markets in the US and abroad. For more information about M&T Bank, visit www.mtb.com.
About Madison Dearborn Partners, LLC
Madison Dearborn Partners, LLC (“MDP”) is a leading private equity investment firm based in Chicago. Since the establishment of MDP in 1992, the company has raised its total capital 28 billion dollars And has completed more than 150 platform investments. MDP invests in five dedicated industry verticals, including basic industries. business and government software and services; financial and transaction services; health care; and telecom, media and technology services. For more information, please visit www.mdcp.com.
About mutual investment trust
Mutual Investment Trust Funds (“CITs”) are bank mutual investment funds; They are not mutual funds. CITs and their departments They are exempt from registration under the Investment Company Act of 1940 and the Securities Act of 1933. The trustee of the CITs holds ultimate fiduciary authority over the management of the CITs and the investments made. Retail investors cannot invest directly in CITs; Participation in CITs is limited primarily to qualified defined contribution plans and certain state or local government plans and is not available to IRAs, health and welfare plans, and in some cases Keogh (HR 10) plans.
Cautionary Note Regarding Forward-Looking Statements
This communication includes “forward-looking statements” within the meaning of the Private Securities Litigation Amendment Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Amendment Act of 1934, as amended. Forward-looking statements are based on assumptions, assumptions and projections made by M&T management about M&T’s business, the beliefs of M&T management, and M&T management. Any statement that does not state historical or current facts is a forward-looking statement, including the expected results of the transaction and M&T’s expected financial results, expectations, targets, goals and outlook. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “anticipate,” “target,” “estimate,” “continue,” “positions,” “expects” or “potential.” “In future conditional verbs such as “will””””””can” or “could” or variations of such words or similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results and outcomes could differ materially from those expressed or predicted in forward-looking statements. M&T will provide additional details regarding these risks and uncertainties in its latest Form 10-K, in the Risk Factors section of this report, as well as in subsequent SEC filings. Forward-looking statements speak only as of the date they are made, and M&T undertakes no obligation and undertakes no effort to update any forward-looking statements.
For Wilmington Trust/M&T Bank:
Chuck Dohrenwend/Jake Yanulis
Source M&T Bank Corporation