Magazine article American Banker

Morgan Stanley, Broker to Sell Wilmington Trust Services

Magazine article American Banker

Morgan Stanley, Broker to Sell Wilmington Trust Services

Article excerpt

Breaking with tradition, Wilmington Trust Corp. is turning to investment bankers and brokers for leads in the wealthy-client market.

The Delaware bank's personal trust and investment management groups have struck deals with New York-based investment banking giant Morgan Stanley Group Inc. and with Boca Raton, Fla.-based brokerage J.W. Charles Financial Services Inc. to generate referrals.

Under the alliances, signed this spring and implemented this summer, Morgan account managers and J.W. Charles brokers are presenting the bank's trust products and services to their wealthy clients. Wilmington, which has $32.8 billion in trust assets under management, seeks to open an actively managed account for the referred clients or to be named as a fiduciary to take care of future trust funds.

The deals essentially give Wilmington, a $5.4 billion-asset bank, access to the sales forces of other financial institutions.

"Domestically we have a sales force of 175 people, which gives Wilmington a lot more distribution horsepower than they would have just on their own," said David H. Blair, a Morgan Stanley managing director in its private client services group. "And, from our point of view, it gives us a fuller product line."

J.W. Charles has 650 brokers in its Florida, California, Georgia, New Jersey, and New York offices; they have been trained present Wilmington's services to their clients and recommend it as a fiduciary.

Wilmington's outreach to the brokerage community is similar to a program set up by Comerica Inc. …

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