Wilmington Trust Names Wealth Advisory Head

Christopher Owen

18 January 2008

Delaware-based Wilmington Trust has promoted Mark Graham to executive vice president and head of Wealth Advisory Services. He was previously head of wealth management and commercial banking activities in the mid-Atlantic region. In his new role, Mr Graham will be responsible for managing and expanding the fast-growing WAS business, which has clients throughout the US and offices in 10 states. Based in Wilmington, he will report directly to Wilmington Trust chairman and chief executive, Ted Cecala. At the same time, Wilmington Trust Investment Management, the subsidiary through which the firm provides asset management services, is being separated from the WAS business and Robert Balentine, WTIM’s chairman and chief executive, has been promoted to executive vice president of Wilmington Trust. Mr Balentine has overseen WTIM’s activities since 2002, when he merged his Atlanta investment advisory firm, Balentine & Company, into Wilmington Trust. He will continue to be based in Atlanta and will report directly to Mr Cecala. Although the WAS and WTIM functions will be separated organisationally, Wilmington Trust will continue to record the revenue from both as Wealth Advisory revenue. Wilmington's WAS business offers financial planning, asset management and fiduciary services for high-net-worth individuals and families. It focuses on clients with liquid assets of $10 million or more. WAS offices are located in California, Connecticut, Delaware, Florida, Georgia, Maryland, New Jersey, New York, and Pennsylvania. At the end of 2007, WAS had clients in all 50 states and 35 other countries. WTIM is a registered investment advisor headquartered in Atlanta, which uses a combination of in-house and third-party managers to offer a full range of investment classes and styles. As of 30 September 2007, WTIM oversaw nearly $35 billion in managed assets and another $87 billion of assets under administration.