Strategy
UBS Sells Fiduciary Trust Business to US Firm
Wilmington Trust said it is buying UBS Fiduciary Trust from Swiss-based UBS, for an undisclosed sum.
UBS Fiduciary Trust, which is based in
New Jersey, caters to about 800 retirement and employee benefit
plans and has $5 billion in assets under administration. The deal
will boost Wilmington Trust's Retirement and Institutional
Services group to more than 3,800 plans serviced and $46 billion
in assets.
The transaction, which is subject to regulatory approval, will have "little effect" on Wilmington Trust's staffing levels, the bank said in a regulatory filing.
Earlier this year,
Wilmington completed a purchase of AST Capital Trust Company, a
business located in
Arizona.
