The two banks tied up when M&T bought Wilmington in a transaction completed in May 2011, following which all of Wilmington's bank customers became M&T customers. However, the owner firm retained the Wilmington Trust Wealth Advisory Services brand, reflecting the latter firm's relative strength in that area.

Wilmington Funds now has 25 funds and $13.8 billion in assets, as of 31 December 2011, comprised of four money market funds, nine fixed income funds including four taxable and five municipal, three asset allocation funds, seven equity funds, a multi-manager real asset fund, and an alternatives fund.

Included in the equity offering are small-, mid- and large-cap growth, large-cap value, and a multi-manager international equity fund.

Wilmington Funds are advised by Wilmington Funds Management Corporation, a wholly-owned subsidiary of M&T formerly known as Rodney Square Management Corporation, but renamed as of 12 March 2012.

Wilmington Trust Investment Advisors, formerly MTB Investment Advisors, is the primary sub-adviser to the Wilmington Funds.

In a recent conference, Mark Czarnecki, president of M&T Bank, highlighted the importance of investment businesses, including trust and retail brokerage, to banks in the prevailing low-interest rate environment.

Czarnecki said M&T Bank has an opportunity to “develop the wealth as a major business line, not just a service.” Within the wealth management space, Czarnecki said he viewed the retirement sector as “really open,” and that banks in particular were well positioned to “own it.”