Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.
Deals & People January 31, 2008
Wilmington Trust Expands with Acquisition of AST Capital Trust
Wilmington Trust FSB has agreed to acquire AST Capital Trust Company, a provider of directed trustee, trust administration, and back-office services.
Reported by Rebecca Moore
AST Capital Trust, whose services are offered through financial advisers to retirement plans, high-net-worth individuals and families, and institutional investors, will become part of the Corporate Retirement Services group within Wilmington Trust’s Corporate Client Services (CSS) business, the company said.
The transaction will nearly double the amount of retirement plan assets Wilmington Trust administers to $41 billion and approximately doubles the number of plans the company serves to 3,000, according to an announcement.
AST Capital Trust Company’s president, Gregory W. Tschider, will join Wilmington Trust to lead the combined organization’s retirement services business, reporting to Bill Farrell, executive vice president of Wilmington Trust and head of CCS.
“The acquisition of AST Capital Trust Company enhances our presence and service capabilities in the market for retirement plan services,” said Ted T. Cecala, Wilmington Trust chairman and CEO, in the announcement. “This union gives us an opportunity to grow our retirement plan services business more quickly than it might grow otherwise.”
AST Capital Trust Company administers a total of more than $28 billion in trust assets and has 170 staff members. Its assets under administration include more than $19 billion in 1,500 retirement plans.