Wilmington Trust and BlackRock Institutional Trust Company are joining hands for a new suite of retirement funds.

The Wilmington, Del.-based institutional service provider announced today that it will offer a suite of BlackRock-managed collective investment funds that invest in 10 index funds and 10 LifePathtarget date funds.

The family of funds utilizes the LifePath funds, which consist of several of BlackRock's index portfolios. The access to institutional investment management at the lower pricing of index funds is designed to accommodate small retirement plans in the $50 million and under market segment, although the funds are open to plan sponsors of all sizes.

"The BlackRock funds significantly expand Wilmington Trust's collective fund product offering," said Wilmington president Charlie Russella. "This line-up of funds is our response to market demand for quality investment solutions for all size plans. We are offering a high-end retirement product to smaller plans with pricing similar to that enjoyed by billion-dollar retirement plans."

"This partnership between BlackRock and Wilmington Trust allows unprecedented access to institutional-quality retirement products for retirement plans of all sizes," said Greg Porteous, BlackRock's head of defined contribution intermediary relationships. "We look forward to providing previously unmet solutions to an important segment in the retail advisor-sold market."

The funds are available in multiple fee classes across 17 platforms, including some that provide registered investment advisor payment options.