Company Press Release

WILMINGTON, Del. - (Business Wire) Wilmington Trust, one of the nation’s leading wealth management companies, has promoted several leaders at Wilmington Trust Investment Management (WTIM), the investment arm of its asset management business. The promotions reflect an updated organizational structure designed to enhance WTIM’s services to clients, said Robert M. Balentine, chairman and CEO of WTIM.

“Over the past several years we have assembled an exceptional team whose sole focus is on delivering our best thinking to all of our clients’ portfolios,” said Mr. Balentine. “WTIM’s new organizational structure strengthens our demonstrated ability to have all areas of our investment management group – research, asset allocation, security and manager selection, client services, and administration – work together in our efforts to help preserve and grow our clients’ wealth.”

Among those who have received a promotion is Sam Fraundorf, who has been named chief operating officer at WTIM. Mr. Fraundorf will work directly with Mr. Balentine to oversee all aspects of WTIM’s business, including strategy and planning, and will have executive responsibility for the Wilmington Funds, Wilmington Trust’s mutual fund business. Mr. Fraundorf joined Wilmington Trust in 2004 from KPMG Investment Advisors, where he served as director of alternative assets. In 2007 he was named director of research for WTIM. Mr. Fraundorf earned a master’s degree in Finance from Georgia State University and bachelor’s degrees in Finance and Accounting from the University of Idaho. He holds the Chartered Financial Analyst (CFA®) designation and is a Certified Public Accountant (CPA). He also serves on WTIM’s Investment Strategy Team (IST).

Adrian Cronje has been named chief investment strategist for WTIM. He will continue to direct WTIM’s strategic and tactical asset allocation recommendations while assuming additional responsibilities for overseeing external manager research and investment consulting. Mr. Cronje joined Wilmington Trust in 2005 from Schroder Investment Management in London, where he was director, deputy head of quantitative equity products. He earned a Ph.D. in Macroeconomics and Econometrics and a master’s degree in Economics and Finance from the University of Cambridge. He also holds a bachelor’s degree in Economics from the University of Cape Town. Mr. Cronje is a CFA charter holder and serves on the IST.

Rex Macey has been named chief investment officer and will oversee equity and fixed income management and the implementation of investment solutions for clients. Prior to joining Wilmington Trust in 2004, Mr. Macey served as director of research for KPMG Investment Advisors. He holds an MBA from the University of North Carolina and earned a bachelor’s degree in Mathematics from Vanderbilt University. Mr. Macey is a co-founder of the Mobius Group, a leading third-party provider of information on money managers, and currently serves as editor of the Investment Management Consultants Association. He is a CFA charter holder and is a Certified Financial Planner (CFP®). He also serves on the IST.

Andy Hopkins has been named director of equity management and will oversee Wilmington Trust’s large-cap and small-cap equity management programs. He is also responsible for active and passive quantitatively managed equity strategies. Mr. Hopkins joined Wilmington Trust in 1987 and holds an MBA from Wilmington University and a bachelor’s degree in Finance from Goldey-Beacom College. He is a CFA charter holder and a CPA.

Lisa More has been named head of client services for WTIM. In this role, she oversees the consistent delivery of outstanding service to clients and all business development and distribution matters for the full range of WTIM’s investment programs. Ms. More joined Wilmington Trust in 1988 and worked in the fixed income group for many years, most recently as director of tax-exempt fixed income research and portfolio management. She holds a bachelor’s degree in Finance and an MBA from the University of Delaware.

John Kelley has been named president of Rodney Square Management Corporation, the investment adviser to the Wilmington Funds. He also serves as head of investment operations and will provide financial oversight for WTIM. Mr. Kelley joined Wilmington Trust in 2005 from 1838 Investment Advisors, where he specialized in mutual fund and separately managed account operations and administration. He holds an MBA and a bachelor’s degree in Accounting from St. Joseph’s University.

Wilmington Trust Corporation (NYSE:WL) is a financial services holding company that provides Regional Banking services throughout the mid-Atlantic region, Wealth Advisory Services for high-net-worth clients in 36 countries, and Corporate Client Services for institutional clients in 86 countries. Its wholly owned bank subsidiary, Wilmington Trust Company, which was founded in 1903, is one of the largest personal trust providers in the United States and the leading retail and commercial bank in Delaware. Wilmington Trust Corporation and its affiliates have offices in Arizona, California, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam.