Wilmington Trust Corp. hired a new director of equity research last week to manage growth-style investments.
E. Matthew Brown, formerly vice president and chief investment officer of PNC Bank Corp.'s Delaware bank, was named a vice president. He reports to Wilmington Trust chief investment officer Robert J. Christian.
The hiring marks the first time the Delaware company, which manages $32.8 billion of trust assets, will practice growth-style investing in- house. Its proprietary Rodney Square mutual funds employ outside money managers for such investing.
Grace E. Messner continues to oversee the value equity team.
"Developing a growth management style to complement our value style is very important to us," a Wilmington spokesman said.
For PNC, Mr. Brown focused on the trust management aspect of private banking. He also served as president of the bank's Delaware-based investment advisory unit, Del-Vest Inc. The Pittsburgh-based banking company has not yet named his replacement, according to a spokesman.