2 Wilmington Trust execs promoted as business turns corner
M&T Bank's Wilmington Trust business has promoted two executives as it emerges from a period of protracted headwinds.
The firm elevated its president of the New York City market, Sharon Klein, to the role of president of Wilmington Trust's Tri-State region, which includes Greater New York, Connecticut, Long Island and Northern New Jersey markets. She now oversees all wealth management services throughout the region, Wilmington said.
Klein takes over the role from Larry Gore, who was promoted to co-manager of the firm's wealth advisory business in the U.S. last year.
"We're proud to recognize Sharon's continuing leadership with this promotion," Gore said in a statement. "The expanded regional responsibilities will allow Sharon to share her expertise and leadership with more of our wealth management teams."
Wilmington also promoted its Philadelphia regional president, Matthew Panarese, to president of the Mid-Atlantic region, overseeing wealth management services in Pennsylvania, Southern New Jersey, Delaware, Maryland, Virginia, and Washington, D.C. He replaces Tim Gillespie who was promoted to a role commanding wealth advisory services in California, Florida, Georgia and other national markets.
Gore praised Panarese's leadership, saying his experience would "be put to good use" as demand for wealth management services continued to grow in the mid-Atlantic region, a core market for Wilmington Trust.
Wilmington also brought in new talent, hiring a director of wealth and fiduciary planning for the New York metropolitan region. Anthony Viducic was lured from UBS to develop wealth planning strategies and financial plans for high-net-worth individuals, families and business owners.
While at UBS, Viducic assisted high-net-worth clients with estate, financial, philanthropic and business transition planning needs, according to Wilmington. Earlier in his career, he was a senior wealth strategist with PNC Bank Wealth Management and the manager of the Trusteed IRA Services at Morgan Stanley Trust.
The new hire and executive changes come as Wilmington Trust gains traction following a painful restructuring that took place when it was bought by M&T Bank in May 2011.
M&T decided to exit trust businesses in which it did not want to compete, a move that put pressure on the fee line, the bank's CFO Darren King told analysts at a conference in New York in June.
With Wilmington's restructuring largely over, the business has begun to turn around, King said.
M&T generated $127 million in second-quarter revenue from trust services, up 5% year-over-year, according to the bank's latest earnings release. Revenue was also up from the prior quarter, climbing 6% from $120 million.