UBSFTC provides trust and investment management services to retirement plans through financial advisers, from financial services company UBS Americas Inc. Effective today, New Jersey-based UBSFTC operates as Wilmington Trust Fiduciary Services Company, which is part of Wilmington Trust’s Corporate Client Services (CCS) business, according to a press release.
This is the second acquisition Wilmington Trust has made this year in CCS’ retirement and institutional services business. In April, the company acquired Arizona-based AST Capital Trust Company (AST), which Wilmington said doubled the capacity of its retirement business (see Wilmington Trust Expands with Acquisition of AST Capital Trust).
As a result of both acquisitions, Wilmington Trust provides directed trustee, custodial, trading, and paying agent services to more than 3,800 retirement and employee benefit plans with more than $47 billion in assets under administration, according to the release.