Wilmington Trust has hired F. Mackey Hughes to fill the newly created role of managing director of endowments and foundations for the Wealth Advisory Services (WAS) business, the firm announced Tuesday.
Based in Wilmington Trust FSB’s Baltimore office, Hughes will lead business strategy and market development with endowments, foundations and other nonprofit organizations and present the full scope of WAS’s investment, fiduciary and custody capabilities.
“Effectively managing an endowment or foundation in the 21st century requires deep investment expertise and extensive fiduciary and custody experience,” Mark Graham, executive vice president and head of WAS, said in the statement. “In Mackey, we have added a well-respected veteran whose skills, experience, and consultative approach will help our clients meet their broad responsibilities.”
Wilmington Trust has served endowments and foundations historically. Now, with the hiring of Hughes, it has advanced a WAS business strategy dedicated to providing these institutions with access to additional investment and fiduciary resources, the statement said. Other recent moves in this area involved hiring teams specialized in serving endowments and foundations in Wilmington Trust FSB’s New Yorkand Boston offices.