It is unclear if this is a new role or if Tilley replaces anyone.

Based at the firm's headquarters in Wilmington, DE, he is also responsible for communicating the firm's economic outlook and investment strategy to clients and the public.

Tilley was previously an officer and economic advisor at the Federal Reserve Bank of Philadelphia. Before that, he spent around four years as a senior economist at IHS Global Insight and earlier was an economist at the US Department of Housing and Urban Development.

Last week, Wilmington Trust appointed a new head of trust administration within its advisor solutions group in the shape of Timothy Powers.