(Bloomberg) — The chief govt officer of $79 billion wealth supervisor Wilmington Belief, owned by M&T Financial institution Corp., is stepping down.
Doris Meister, who has led Wilmington since 2016, will probably be leaving her position by the tip of Could, in line with folks with data of the matter who requested to not be recognized discussing info that isn’t public.
On the time Meister joined from Financial institution of New York Mellon Corp., Wilmington oversaw about $74 billion in belongings. The unit then grew to about $190 billion in belongings earlier than M&T offered part of the enterprise often known as Collective Funding Belief final 12 months, bringing down its complete belongings.
A spokesperson for Buffalo, New York-based M&T declined to remark. She is going to stay a advisor, the folks mentioned.
The corporate traces its roots to a non-public residence in Wilmington, Delaware, when its was based by a scion of the DuPont household. After working into hassle with dangerous loans, it was acquired in 2011 by M&T, which was planning to develop its wealth enterprise.
Meister, 69, has been known as one in every of high 10 ladies in wealth administration by Barron’s, and was chosen final 12 months as one of many high 25 ladies in finance by American Banker.