Wilmington Trust Corp. of Delaware announced Wednesday that it has agreed to buy UBS Fiduciary Trust Co. of Weehawken, N.J., a provider of trust and investment management services for retirement plans, from UBS AG of Zurich.
UBS Fiduciary Trust would become part of Wilmington Trust's retirement and institutional services group in its corporate client services business. The deal is to be completed this summer. The price was not disclosed.
Wilmington Trust has already completed a deal for its retirement services business this year. It bought AST Capital Trust Co. of Phoenix, a provider of directed trustee and trust administration services offered through financial advisers, on April 30. AST had been and remains an outsource provider of fund accounting and benefit payment services to UBS Fiduciary Trust's retirement plan clients.
Wilmington Trust's retirement and institutional services group provides directed trustee, custodial, trading, and paying agent services to more than 3,000 retirement and employee benefit plans with more than $41 billion of assets under administration. UBS Fiduciary Trust has 800 plans and $5.5 billion under administration.
UBS Fiduciary Trust's trust and investment management services would continue to be available through 8,200 UBS advisers.