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CORPORATE & INSTITUTIONAL

Collective Fund Services

For Retirement Plan Advisors

Why should your clients consider Collective Investment Trusts (CITs)?

In The News

Wilmington Trust and Nasdaq Partner on CIT Awareness

Investors, plan sponsors and advisers will be able to search for collective investment trust (CIT) data on the Nasdaq Fund Network (NFN) using new tickers.
Read Article >
In The News

CITs Fit Well With Best Interest Service

A new white paper published by Wilmington Trust documents the dramatic ongoing expansion of the U.S. collective investment trust (CIT) marketplace.
Read Article >
In The News

New Advisor Resources Highlight Key CIT 401k Advantages

New thought leadership content provides advisor-focused insight on collective investment trusts
Read Article >
Resources & Insights

Celebrating a Year of Partnership for CITs

We worked with Nasdaq and listened to client and industry feedback and shifted the perception around CIT transparency.
Read Article >
Resources & Insights

The CIT: An Important Piece in the Retirement-Planning Puzzle

Learn more about the many advantages of considering CITs as investment vehicles in defined benefit and defined contribution plans.
Read Article >

What are Collective Investment Trusts (CITs)?

CITs are tax-exempt, pooled investment vehicles sponsored and maintained by a trustee bank or trust company. CITs combine assets from eligible investors into a single investment portfolio (or fund) for purposes of pursuing a set of stated investment objectives and strategies.

Why consider a collective investment trust?

  • Expense structure: In general, CITs have lower administrative, marketing, and distribution costs versus mutual funds with similar strategies.
  • Tax advantage: CITs are tax-exempt. As a result, the trustee generally is able to make investment decisions without tax considerations
  • Fiduciary responsibilities: By selecting a CIT the plan sponsor is relieved from fiduciary responsibility for the day-to-day investment management decision made on behalf of the CIT and remains responsible only for prudently overseeing and monitoring the CIT and its trustee.
CIT Figure 2

See the fact sheets for our full line up of Collective Funds

Why Wilmington Trust?

Wilmington Trust, N.A. is a leader in the collective investment trust market with over $102.0 billion in assets under administration across funds managed by more than 39 subadvisors and available on more than 49 trading platforms as of June 30, 2021.

In 2019, Wilmington Trust proudly partnered with Nasdaq Fund Network, marking the first time that investors could access information on these low-cost investment vehicles via a standardized ticker. Read the full press release and watch the video celebrating the partnership.

CIT Figure 3

Wilmington Trust, N.A. Collective Investment Funds (“WTNA Funds”) are bank collective investment funds; they are not mutual funds. Wilmington Trust, N.A. serves as the Trustee of the Wilmington Trust Collective Investment Trust and maintains ultimate fiduciary authority over the management of, and investments made in, the WTNA Funds. The WTNA Funds and units therein are exempt from registration under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended. Investments in the WTNA Funds are not deposits or obligations of or guaranteed by Wilmington Trust, and are not insured by the FDIC, the Federal Reserve, or any other governmental agency. The WTNA Funds are commingled investment vehicles, and as such, the values of the underlying investments will rise and fall according to market activity; it is possible to lose money by investing in the WTNA Funds. Participation in Collective Investment Trust Funds is limited primarily to qualified retirement plans and certain state or local government plans and is not available to IRAs, health and welfare plans and certain Keogh (H.R. 10) plans. Collective Investment Trust Funds may be suitable investments for participants seeking to construct a well-diversified retirement savings program. Investors should consider the investment objectives, risks, charges and expenses of any pooled investment company carefully before investing. The Additional Fund Information and Principal Risk Definitions (PRD) contains this and other information about a Collective Investment Trust Fund and is available at www.wilmingtontrust.com/PrincipalRiskDefinitions or ask for a copy by contacting Wilmington Trust, N.A. at (866)427-6885.

Contact a team leader

Robert Barnett's Image
Robert Barnett
Senior Vice President and Head of Intermediary Sales Distribution

Robert Barnett
Senior Vice President and Head of Intermediary Sales Distribution

Rob is senior vice president, and Institutional Business Line leader for Retirement and Institutional Custody Services. He leads the Intermediary Sales team and is the product leader for the collective investment trust business. He is responsible for building and managing enterprise level partnerships and strategic alliances that create opportunities to broaden the business and service offering.

He has over a decade of industry experience, with more than half of that time spent with Wilmington Trust.

Rob holds a bachelor’s degree in finance from Washington State University.

Contact Information
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
Phone | 360.904.6945
rbarnett@wilmingtontrust.com

Expertise In

  • Collective investment fund management
  • Retirement plan services

Joe Donovan's Image
Joe Donovan
Vice President and Senior Sales Trust Representative

Joe Donovan
Vice President and Senior Sales Trust Representative

Joe is a senior sales trust representative for the Institutional Retirement Services Division of Wilmington Trust. He works to grow collective investment trust (CIT) business nationwide as an investment vehicle for defined contribution 401(k) plans. He provides support to defined contribution financial advisors, record keepers, and subadvisor sales teams.

Prior to joining Wilmington Trust, Joe was a regional sales director at Victory Capital for over 10 years, where he supported defined contribution financial advisors on both active and passive management, mutual funds, CITs, and exchange-traded funds. Earlier in his career, he held various positions at Prudential Financial, SSgA, and Putnam Investments.

Joe holds a bachelor’s degree in political science from Westfield State University.

Contact Information

280 Congress St., Suite 1300
Boston, MA 02210
Phone | 203.623.0292
jdonovan@wilmingtontrust.com

Expertise In

  • Collective investment fund management
  • Retirement plan services
  • Passive and active investments

Val C. Ferrara's Image
Val C. Ferrara
Vice President and Senior Investment Sales Consultant

Val C. Ferrara
Vice President and Senior Investment Sales Consultant

Val is a senior retirement sales representative for the Institutional Retirement Services Division of Wilmington Trust. She is responsible for sales relationship management of collective investment trust funds to financial advisors, subadvisors, and recordkeeping partners focused on defined contribution plans.

She has more than 17 years of industry experience including 12 of those years in the defined contribution business. Prior to joining Wilmington Trust in 2015, Val was a defined contribution associate at BlackRock® supporting advisors and recordkeepers. She also served as liaison between broker-dealer home office relationships confirming BlackRock®’s products were available. Prior to this role, she supported National Sales for iShares in 401(k) with Barclay’s Global Investors. Val began her career at Merrill Lynch serving as a financial advisor.

Val holds a bachelor’s degree in finance from Siena College. In 2019 and 2020, she served on the board of the Women in Pension Network, Director of Regional Chapters. She also served as co-president of the Women's Initiative Network at M&T Bank, Metro NY Chapter, in 2017 and 2018. The National Association of Plan Advisors (NAPA) named Val as a Top 10 ‘wing(wo)man’ in the industry in 2017 and 2018.

Contact Information

Cell | 516.445.0225
vferrara@wilmingtontrust.com

Expertise In

  • Collective investment fund management
  • Retirement plan services
  • Passive and active investments 

Justin Newberry's Image
Justin Newberry
Assistant Vice President and Internal Trust Sales Representative

Justin Newberry
Assistant Vice President and Internal Trust Sales Representative

Justin is an internal retirement services sales representative for the Institutional Retirement Services Division of Wilmington Trust. In this role he is responsible for the continued growth of Collective Investments Trust (CIT) business nationwide. He helps support financial advisors with a defined contribution focus, subadvisors, recordkeeping partners, and the senior sales trust team.

Prior to joining Wilmington Trust, Justin was a senior corporate consultant with CSC, a global company providing corporate and legal solutions. For nine years Justin helped large Fortune 500 companies identify ways to mitigate risk, reduce cost, and create workflow efficiencies through a comprehensive discovery process. He also served as a trusted mentor and coach for new and existing employees.

Contact Information
Rodney Square North
1100 North Market Street
9th Floor
Wilmington, DE 19890
Phone | 302.651.1455
rnewberry@wilmingtontrust.com

Expertise In

  • Collective investment fund management
  • Retirement plan services
  • Passive and active investments

William McPhaden's Image
William McPhaden
Vice President and National Accounts Manager

William McPhaden
Vice President and National Accounts Manager

As a national accounts manager in the Retirement and Institutional Custody Services division, Will is responsible for business development and relationship management with the firm’s financial intermediary clients, including recordkeeping platforms, broker-dealers, and asset management firms.

Will has 13 years of investment management experience, working with individual investors, financial professionals, and institutions on retirement planning. Prior to joining Wilmington Trust, he was with BlackRock as a defined contribution national accounts manager working closely with institutions and financial professionals on retirement plan design and investment menu construction utilizing active, passive, and asset allocation strategies. Earlier in his career, Will was with Pacific Investment Management Company (PIMCO), consulting plan sponsors, financial advisors, and mid-market consultants on cyclical and secular global macroeconomic trends and investment products spanning fixed income, equities, and liquid alternatives.

Will holds bachelor’s degrees in both economics and finance, graduating with distinction, from the Lender School of Business at Quinnipiac University. He is a registered financial representative holding the FINRA Series 7 and 66 licenses.

Contact Information

1650 Market Street
31st Floor

Philadelphia, PA 19103
Phone | 267.648.4444
wmcphaden@wilmingtontrust.com

Expertise In

  • Retirement plans
  • Fiduciary governance
  • Investment management

How can we help?

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