Wilmington Trust, a wholly-owned subsidiary of M&T Bank, announced an agreement with Madison Dearborn Partners, under which funds affiliated with MDP will acquire Wilmington Trust’s Collective Investment Trust business. Upon completion of the transaction, the CIT business will become an independent company with a new brand name owned by funds affiliated with MDP. The CIT business, part of Wilmington Trust’s Institutional Client Services division, is an industry-leading provider of third-party trustee and administrative services to asset managers and the employer-sponsored retirement market. The business has delivered consistent year-over-year revenue growth and currently manages approximately $115B in CIT assets for more than 550 funds across a family of about 45 subadvisors — including AllianceBernstein, BlackRock, Franklin Templeton, MetLife, Neuberger Berman, and Raymond James. The transaction is expected to close no later than mid-2023 and is subject to customary closing conditions and regulatory approvals.
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