Wilmington Trust (NYSE: WL), a leading provider of institutional
trustee, agency, and administrative services through its Corporate
Client Services (CCS) business, announced that it has hired corporate
trust professionals Douglas Lavelle and Thomas Mackay to support the
global expansion of its capital markets services.
Wilmington Trust has steadily grown its CCS business globally in recent
years, particularly in Europe. The company currently operates in several
preferred jurisdictions for corporate business outside of the United
States, including London, Dublin, Frankfurt, Luxembourg, and Amsterdam,
as well in the Cayman Islands and the Channel Islands. These markets
extend CCS’ ability to provide its core services beyond domestic U.S.
jurisdictions in Delaware, Michigan, Minnesota, Nevada, New York, South
Carolina, and Vermont.
"Our clients have the convenience of accessing multiple services and
jurisdictions through a single, conflict-free provider with decades of
experience,” said Bill Farrell, executive vice president and head of
CCS. "Our growth has helped CCS become an increasingly important
component in the diverse sources of Wilmington Trust’s revenues.”
CCS’ core services include entity management services, which help
clients establish legal standing by providing administrative services
for holding companies and special purpose vehicles; capital markets
services, including trustee and administrative services for structured
finance and other transactions; trustee services for corporate
retirement plans; and institutional investment management services. CCS’
capital markets services have grown through the financial crisis, which
has caused many providers to reevaluate their offerings and led to a
significant level of client dislocation. The crisis has also put a
spotlight on CCS’ distressed debt, loan administration, and bankruptcy
services, as Wilmington Trust has now served as a trustee in six of the
10 largest bankruptcies in U.S. history.
Messrs. Lavelle and Mackay are based in New York and join Wilmington
Trust from HSBC Bank USA, N.A. (HSBC). Mr. Lavelle was a senior vice
president and head of business development in HSBC’s Corporate Trust and
Loan Agency group. He previously served sovereign and global corporate
clients at The Bank of New York Mellon and J.P. Morgan Chase & Co. Mr.
Mackay was a senior vice president and unit manager on HSBC’s Global
Debt, Agency, and Bankruptcy team. Earlier, he spent 21 years servicing
global corporate clients at J.P. Morgan Chase & Co.
"We have successfully grown our CCS business globally because of our
focus on delivering superior service and execution,” said Jack Beeson,
senior vice president and head of Corporate Capital Markets Services for
CCS. "Doug and Tom are great additions to the CCS team. Their experience
strengthens our ability to serve corporate clients in important global
jurisdictions and will help continue our momentum.”
The ongoing global expansion of its capital markets services is the
latest in a series of growth initiatives within CCS. Since early 2008,
CCS has made two acquisitions in its corporate retirement services
business, added a team of specialists in distressed debt, loan
administration, and bankruptcy services, and assumed responsibility for
several corporate trustee services formerly performed by LaSalle Bank
N.A., a result of LaSalle’s merger with Bank of America.
"Our strategy is to be the preferred choice for corporate executives and
their advisors,” said Christophe Schroeder, executive managing director
and head of CCS’ European business. "In Europe, we have been seeing
steady interest in new securitizations and opportunities to provide loan
agency and other services for distressed organizations and transactions.”
Wilmington Trust Corporation is a financial services holding company
that provides Regional Banking services throughout the mid-Atlantic
region, Wealth Advisory Services for high-net-worth clients in 36
countries, and Corporate Client Services for institutional clients in 88
countries. Its wholly owned bank subsidiary, Wilmington Trust Company,
which was founded in 1903, is one of the largest personal trust
providers in the United States and the leading retail and commercial
bank in Delaware. Wilmington Trust Corporation and its affiliates have
offices in Arizona, California, Connecticut, Delaware, Florida, Georgia,
Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New
York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the
Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam.
