Our Investment Team | Wilmington Trust

Investment Management

Our Investment Team

Intelligence backed by deep experience to power your portfolio and manage risk
Tony Roth
Chief Investment Officer


Tony Roth is Chief Investment Officer for Wilmington Trust Investment Advisors. As head of its Investment Committee, he plays a key role in developing and delivering investment services to wealth, institutional, and brokerage clients. He also provides strategic direction for the firm's asset management investment activities, including asset allocation, manager research, and portfolio construction.

Prior to joining Wilmington Trust in 2014, Tony was Chief Investment Officer for Aquitaine Management and UBS Wealth Management Americas, respectively. Earlier in his career, he was founder and co-head of the Advisory Services Division at Bear, Stearns & Co. Inc., served as director of the Family Wealth Group at Sanford C. Bernstein & Co., and was a tax attorney at Cleary Gottlieb in New York.

Tony earned his law degree from Harvard Law School. He holds a master's degree in French and International Tax Law from Université Panthéon Sorbonne, and graduated magna cum laude from Brown University with a degree in Philosophy.
Luke Tilley
Chief Economist


As the Chief Economist of Wilmington Trust Investment Advisors and member of its Investment Committee, Luke Tilley develops forecasts of the U.S. and international economies, as well as researches emerging issues to support and enhance the firm's investment strategy. Luke is also responsible for communicating the economic outlook and investment strategy to clients and the public.

Prior to joining Wilmington Trust in 2015, Luke was Officer and Economic Advisor with the Federal Reserve Bank of Philadelphia. Earlier in his career, Luke worked as a senior economist at IHS Global Insight and as an economist for the U.S. Department of Housing and Urban Development.

Luke holds a master's degree and a Ph.D. in Economics from Temple University, and a bachelor's degree in Economics and History from James Madison University. He is a former adjunct faculty member at Temple University and formerly served on the board of directors of the Pennsylvania Economic Association. In addition, Luke is President of the Philadelphia Council for Business Economics, a chapter of the National Association for Business Economics.
Asset Allocation and Portfolio Construction
Shubhro Banerjee
Head of Asset Allocation
Karen Purzitsky
Senior Quantitative Analyst for Asset Allocation    
Margaret Creed
Head of Portfolio Construction


As Head of Asset Allocation for Wilmington Trust Investment Advisors, Shubhro Banerjee is responsible for all functions involving asset allocation in client portfolios. This includes both strategic and tactical asset allocation models as well as capital markets forecasts.

Shubhro has nearly two decades of experience in the financial services industry. His areas of expertise include developing and executing equity and fixed income investment strategies, institutional asset liability management, and quantitative modeling. Prior to joining Wilmington Trust, Shubhro worked in some of the largest financial organizations in the nation, such as Capital One, ING USA (now Voya Financial), and GEFA (now Genworth Financial).

Shubhro holds an MBA from the University of Maryland, a bachelor's degree in Engineering from Jadavpur University in India, and is a certified Financial Risk Manager (Global Association of Risk Professionals). Additionally, he has to his credit numerous strategy and leadership courses at the University Of Virginia, Darden School of Business. He is an active volunteer with Habitat for Humanity and numerous conservation programs in the state of Pennsylvania.


Karen Purzitsky is a senior research analyst on the Investment Team at Wilmington Trust Investment Advisors, and is responsible for the development and implementation of the quantitative models that support tactical asset allocation within equities.

She has nearly two decades of investment experience with Wilmington Trust Investment Advisors and its parent company, M&T Bank, where she was a quantitative analyst focused on stock selection strategies for the domestic equity market.

Karen holds a master's degree in Finance and Accounting from the University of Rochester and a bachelor's degree in Mathematics and Economics from York University in Toronto, Canada.


Maggie Creed is responsible for applying the decisions of Wilmington Trust Investment Advisors' Investment Committee throughout the firm's model portfolios. She oversees the Model Portfolio teams and is a resource to clients and staff for all aspects of portfolio analytics and portfolio construction.

She joined Wilmington Trust in 2006 as an investment advisor and assumed responsibility as head of investments for the firm's Signature Services Group is 2013. Prior to joining Wilmington Trust, Maggie served as a portfolio manager for Flagship Capital Management in Media, PA, where she had direct responsibility for investment selection and portfolio construction. Earlier in her career, she held various positions at large, national investment firms.

Maggie holds a master's degree in Taxation and Financial Planning from Widener University, as well as a bachelor's degree in Accounting. She serves on the board of directors and is the education chairman for the CFA® Society of Philadelphia, and is a member of the CFA Institute.
Matt Glaser
Head of Equity Research
Andy Hopkins
Director of Equity Research
Clement Miller
Portfolio Manager


Matt Glaser is responsible for overseeing equity and nontraditional investments for Wilmington Trust Investment Advisors.

Matt has more than two decades of experience in the equity and institutional investments industry. He previously worked for Lazard Asset Management as Managing Director and Portfolio Manager of the Lazard Master Alternatives Fund. Earlier in his career, he served as Chief of Investment Strategies and Executive Managing Director at Turner Investments, where he was a member of the Executive Management Group and Enterprise Risk Committee, with oversight responsibility for the Turner Spectrum Fund. Matt also worked at Susquehanna International Group and as a Managing Director at J.P. Morgan and Robertson Stephens.

Matt holds an MBA from Columbia University and a BA in History from Wesleyan University.


Andy Hopkins is responsible for overseeing the equity research program for Wilmington Trust Investment Advisors. Andy manages a team of professionals responsible for equity research and portfolio management for both large-cap and small-cap strategies. He is responsible for both passive and active quantitatively managed equity strategies, which utilize a risk model and optimization process to control risk. Andy is also a member of the fundamental portfolio management team for the Disciplined Core, Dividend Growth Strategy, and the Enhanced Dividend Income Strategy.

Andy joined Wilmington Trust in 1987 and has specialized in investment accounting, pension disbursement, and 401(k) recordkeeping services during his tenure with the company. Prior to joining the equity research team, Andy was a portfolio manager in the Fixed Income Division specializing in taxable, broad market portfolios.

Andy holds an MBA from Wilmington University and a bachelor's degree in Finance from Goldey-Beacom College. He has been a CFA grader and is a member of the CFA Society of Philadelphia.


Clem is the portfolio manager for Wilmington Trust Investment Advisors' Wilmington Multi-Manager International Fund. He is also the primary analyst for the selection of third-party investment managers for international equities and fixed income, including emerging markets, and is a voting member of the Investment Committee.

Prior to joining Wilmington Trust Investment Advisors, Clement served in M&T Bank's international trade finance group, serving as team leader for export finance. Earlier in his career, he held several positions at the Export-Import Bank of the United States in Washington, D.C. The Export-Import Bank provides loans and financial guarantees to support U.S. exports to borrowers that are primarily located in emerging markets. He served as manager of the workouts division, loan officer, and country risk analyst. Clem served for two years as a member of a U.S. delegation to international trade negotiations. He was a member of the Credit Committee which reviewed all transactions over $10 million. Earlier on, Clem was an international economist with Wharton Econometrics (later incorporated into IHS Insight).

He holds a master's degree from George Washington University in Finance and International Business and a bachelor's degree in International Economics from Georgetown University's School of Foreign Service. He has served two terms as president of the Baltimore CFA Society and is currently its treasurer.
Allen Choinski
Senior Research Analyst
Mark Horst
Senior Research Analyst


Allen Choinski is responsible for quantitative equity research and portfolio management to support Wilmington Trust Investment Advisors' quantitatively managed equity funds. He also develops targeted quantitative models and processes to assist the fundamental research effort at the firm.

Prior to joining Wilmington Trust in 2007, Allen worked with Alpha Equity Management, LLC, where he researched and implemented quantitative equity investment strategies. Allen began his investment management career as a financial advisor at Smith Barney, and later worked for five years at ING's Aeltus Investment Management, where he was responsible for both fundamental and quantitative research to support ING's international equity funds.

Allen holds an MBA from Villanova University, and a bachelor's degree in Engineering from Pennsylvania State University. He is a CFA® charterholder and a member of the CFA® Society of Philadelphia.


Mark is responsible for providing fundamental equity research to Wilmington Trust Investment Advisors' portfolio managers. He serves as a generalist with a broad range of sector and industry experience, with particular expertise in the technology, energy, materials, and REIT sectors. Mark is a member of the portfolio management team for the Dividend Growth Strategy and the Enhanced Dividend Income Strategy.

Mark has more than a decade of experience in institutional fundamental equity research and portfolio management. Prior to joining Wilmington Trust in 2013, he served as a Senior Equity Analyst with Inverness Counsel, where he focused on identifying undervalued companies utilizing a "growth at a reasonable price" investment approach.

Mark holds a master's degree from the University of Michigan's Ross School of Business and a bachelor's degree in International Business from Lehigh University. He is a member of the CFA® Society of Philadelphia.
Fixed Income
Dominick D'Eramo
Head of Fixed Income
Rob Collins
Head of Municipal Fixed Income
Stephen Winterstein
Chief Municipal Fixed Income Strategist


As the head of fixed income for Wilmington Trust Investment Advisors, Dominick D'Eramo directs 30 investment professionals, including portfolio managers, credit analysts, and traders managing taxable and tax-exempt assets. He is responsible for the active management of institutional fixed income client relationships, including pensions and endowments, community banking relationships, schools, hospitals, and state and local governments. Dominick is also a voting member of the Wilmington Trust Investment Advisors (WTIA) Investment Committee, which formulates the firm's asset allocation strategy, manager selection, and portfolio construction processes.

Dominick joined Wilmington Trust in 1986 as a Senior Fixed Income Trader, supervising all trading of securities including money market instruments, Treasuries, agencies, and corporate debt. During his tenure with the firm, he also served as a Senior Fixed Income Investment Officer and most recently as Director of Institutional Fixed Income, where he oversaw all institutional fixed income operations and staff management.

Dominick holds an MBA from Widener University and a bachelor's degree in Business Administration from the University of Delaware. He is a member of the Financial Analysts of Philadelphia and has served as a grader for the Chartered Financial Analyst exam.


Rob leads the team responsible for municipal fixed income investing at Wilmington Trust Investment Advisors. In this role, he oversees credit analysis on municipal fixed income securities and portfolio management of tax-exempt municipal fixed income portfolios for high-net-worth clients. In addition, Rob is the portfolio manager for the Wilmington Municipal Bond Fund, the Wilmington NY Municipal Bond Fund, and the Wilmington Municipal Bond Common Fund.

From 1982 to 1999, Rob worked at Wilmington Trust as a credit analyst, bond trader, and, eventually, a tax-exempt fixed income portfolio manager and leader of the tax-exempt fixed income group. Rob also managed cash portfolios and assisted with the expansion of Wealth Advisory Services to support clients in California, Florida, and New York.

Rob then worked for five years as a senior vice president at PNC Financial Corp. in Philadelphia, where he started and co-managed the investment group dedicated to managing municipal bond portfolios for high-net-worth clients. He was also at Delaware Investments in Philadelphia for five years where he was a senior portfolio manager of tax-exempt municipal bonds in mutual funds and institutional accounts with approximately $4 billion in assets under management.

Rob holds a bachelor's degree in Economics from Ursinus College in Collegeville, Pennsylvania, and earned the CFA® designation in 1987. He is a member of the CFA Society of Philadelphia and a past grader of the CFA exam. Rob is a former member of the Southern Municipal Finance Society and the National Federation of Municipal Analysts, and a past president of the Financial Analysts of Wilmington, which later merged into the CFA Society of Philadelphia.


Stephen Winterstein brings almost three decades of municipal fixed income portfolio management experience to his position as Chief Municipal Fixed Income Strategist at Wilmington Trust Investment Advisors. Stephen is responsible for collaborating with senior staff to establish the municipal bond portfolio management and research processes. He also sets strategy for the firm's institutional and individual clients. Most recently before joining Wilmington Trust, he was managing director of municipal fixed income with PNC Capital Advisors, LLC in Philadelphia for over 12 years, where he established and led a team of 15 municipal fixed income professionals dedicated to municipal bond management for high-net-worth individuals and institutional clients.

Stephen is an active member of the National Federation of Municipal Analysts, the Fixed Income Analysts Society, Inc., and the Municipal Analysts Group of New York, and was the chairperson of the 2011 Municipal Bond Buyers Conference. He is also involved with Standard & Poor's in the development and refinement of their family of tax-exempt municipal indexes.

Stephen holds an MBA from Lehigh University and bachelor's degree in Economics from Millersville University. He serves on the advisory board of directors for Lumesis, Inc., a Software-as-a-Service cloud-based financial technology company. In addition, he is a member of the board of directors for the Pennsylvania State System of Higher Education Foundation, Inc., and a former board member of the Millersville University Foundation.
Tom Pierce
Head of Fixed Income Search & Strategy
Randy Vogel
Director of Taxable Credit Research, Sr Portfolio Manager    


Tom Pierce has more than two decades of experience in the investment industry, encompassing multiple asset classes. He is responsible for managing Wilmington Trust Investment Advisors' Manager Strategies Group, which selects managers and vehicles for traditional and alternative investments. In addition, Tom manages a team of portfolio managers that runs both public and private multi-manager funds, as well as a multi-asset portfolio construction team.

Tom is also a co-portfolio manager and the investment architect of M&T Bank's Unified Managed Account "Portfolio Architect" series of managed accounts, which he has managed since the product's inception in 1997. A member of the firm's Investment Committee, Tom also co-manages M&T Bank's defined benefit pension portfolio and is a consultant for M&T's bank-owned life insurance portfolio.

Tom holds a master's degree from the University of Chicago and a bachelor's degree in Economics from Washington University in St. Louis.


Randy Vogel is responsible for all investment-grade credit research for taxable fixed income at Wilmington Trust Investment Advisors. He oversees the credit review process, which includes a thorough analysis and review of approved issuers. Randy is also responsible for assisting in the management of taxable fixed income portfolios. He provides a thorough analysis of trends in the credit markets and relative value opportunities. His analysis focuses on identifying relative value opportunities that may help to maximize performance and minimize risk across taxable fixed income portfolios.

Randy rejoined Wilmington Trust in 2008 after spending two years with PNC Capital Advisors as a Senior Credit Analyst covering the banking, brokerage, utility, and telecommunication industries. He holds an MBA from Temple University and a bachelor's degree in Business Administration from the University of Delaware. He received his CFA designation in 2000 and is a member of the CFA Society of Philadelphia.

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