Wilmington Trust Corp. has acquired a stake in a New York money management firm that specializes in global and international investments.
The Delaware banking company announced that it has bought 24% of Clemente Capital Inc., which has managed collective funds on a sub-advisory basis for Wilmington's personal trust department.
"In the past, we paid them to be an adviser. Now we will take part in their profits and reduce costs," said a Wilmington spokesman.
Clemente, which invests for wealthy individuals and institutions, has $700 million under management. The firm has managed $15 million for Wilmington clients, split evenly between trust accounts and the bank's Rodney Square proprietary mutual fund family.
As a principal in Clemente, the bank will now aggressively market the firm's products outside its trust department to its own high-end clientele.
The spokesman did not disclose specific minimums for the bank's clients. But, he said, "This isn't the $1,000 minimum mutual fund. This is for people with hundreds of thousands of dollars."