(Bloomberg) -- The chief executive officer of $79 billion wealth manager Wilmington Trust, owned by M&T Bank Corp., is stepping down.
Doris Meister, who has led Wilmington since 2016, will be leaving her role by the end of May, according to people with knowledge of the matter who asked not to be identified discussing information that isn’t public.
At the time Meister joined from Bank of New York Mellon Corp., Wilmington oversaw about $74 billion in assets. The unit then grew to about $190 billion in assets before M&T sold a part of the business known as Collective Investment Trust last year, bringing down its total assets.
A spokesperson for Buffalo, New York-based M&T declined to comment. She will remain a consultant, the people said.
The company traces its roots to a private residence in Wilmington, Delaware, when its was founded by a scion of the DuPont family. After running into trouble with bad loans, it was acquired in 2011 by M&T, which was planning to expand its wealth business.
Meister, 69, has been called one of top 10 women in wealth management by Barron’s, and was selected last year as one of the top 25 women in finance by American Banker.
