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CORPORATE & INSTITUTIONAL

Collective Fund Services

For Retirement Plan Advisors

Why are collective investment trusts (CITs) an attractive investment vehicle for your clients?

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.

CIT Figure 1

Why consider a Collective Investment Trust?

  • Expense Structure: CIT expenses are generally lower than mutual fund fees, which means they typically have lower administration and distribution costs as compared with mutual funds 
  • Tax Advantage: CITs are tax-exempt. As a result, the trustee generally is able to make investment decisions without tax considerations
  • Fiduciary Responsibilities: By appointing the CIT trustee as an ERISA 3(38) fiduciary, the plan sponsor is relieved from fiduciary responsibility for the day-to-day investment management decisions 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 $64 billion in assets under administration across funds managed by more than 35 subadvisors and available on more than 48 trading platforms as of June 30, 2020.

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.

  • Pillars of Service Offering: 
    • Governance 
    • Operations
    • Marketing
    • Sales & Sales Support
CIT Figure 3

Wilmington Trust N.A. Collective Investment Funds ("WTNA Funds") are bank collective investment funds; they are not mutual funds. 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 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. 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 Funds is limited primarily to qualified defined contribution plans and certain state or local government plans. Collective Investment Trust Funds may also 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 fund carefully before investing.

 

 

Contact a team leader

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

Robert Barnett
Group Vice President and Head of Intermediary Sales Distribution

Rob is Group 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 those spent with Wilmington Trust.

Rob earned a Bachelor of Arts 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, Senior Sales Trust Representative

Joe Donovan
Vice President, Senior Sales Trust Representative

Joe is a senior sales trust representative for the Institutional Retirement Services division. 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 sub-advisor sales teams.

Prior to joining Wilmington Trust, Joe was a regional sales director at Victory Capital for 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 and also holds the designation of accredited investment fiduciary.

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

Val C. Ferrara, AIF®
Vice President and Senior Investment Sales Consultant

As a senior investment sales consultant for Wilmington Trust Retirement and Institutional Custody Services, Val is responsible for sales and relationship management of Collective Investment Trust Funds to defined contribution and defined benefit focused financial advisors, sub-advisors, and recordkeeping partners.

She has over 16 years of industry experience, including 14 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. Prior to this role, she covered national sales for iShares in 401(k) plans 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 addition, she holds the Accredited Investment Fiduciary designation. She is serving on the board of the Women in Pension Network, director of Regional Chapters, for the 2019 and 2020 term. Previously, she served as co-president to the Women Initiative Network at M&T Bank, Metro NY Chapter. The National Association of Plan Advisors 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
Internal Trust Sales Representative

Justin Newberry
Internal Trust Sales Representative

As an internal trust sales representative in the Retirement and Institutional Custody Services division, Justin is responsible for the continued growth of the collective investments trust business nationwide.  He helps support financial advisors with a defined contribution focus, sub-advisors, recordkeeping partners, and the senior trust sales 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 he 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