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Acquisition of Reliance Financial Corporation Supports FIS Focus on Wealth Management

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Press Release

FIS (NYSE: FIS), the world’s largest provider of banking and payments technology, announced that its subsidiary, FIS Wealth Management Services, Inc., has signed a definitive agreement to acquire Atlanta-based Reliance Financial Corporation including its subsidiaries Reliance Trust Company, Reliance Trust Company of Delaware and Reliance Integrated Solutions LLC.

The resulting combination will bring together two industry leaders with deep domain expertise and create a full-service wealth management and retirement offering encompassing technology, selective operational functions, full back-office operations outsourcing, and retirement trust and fiduciary services.

“Wealth management remains a strategic growth and investment area for FIS, and this acquisition demonstrates our commitment to delivering the most flexible outsourcing solution set in the trust, wealth management and retirement industry,” noted Anthony Jabbour, executive vice president, North American Financial Institutions, FIS. “Our goal is to continually provide direct benefits to our clients. After the closing of this transaction, we believe our clients would greatly benefit from efficiencies driven by new BPO offerings as well as new business servicing capabilities in the retirement and trust markets.”

Founded in 1975, Reliance has more than $138 billion in assets under management and administration. The company is one of the fastest-growing independent trust companies in the U.S. servicing roughly 5 percent of all 401(k) plans in the United States, with more than 24,000 retirement plan clients to date.

Commenting on the transaction, Jim Maxwell, Reliance chairman, CEO and president stated, “There is continued growth in market demand for a full-service trust operations BPO solution, and this resulting combination will be uniquely qualified to capitalize on these opportunities.”

Upon closing, FIS will pay approximately $110 million in cash to acquire 100 percent ownership interest in Reliance, including its subsidiaries Reliance Trust Company, Reliance Trust Company of Delaware and Reliance Integrated Solutions LLC. The transaction is subject to regulatory approvals and contractual closing conditions. FIS expects the transaction to close during the third quarter.

About FIS

FIS is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 110 countries. Headquartered in Jacksonville, Fla., FIS employs more than 39,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 434 on the Fortune 500 and is a member of Standard & Poor’s 500(R) Index. For more information about FIS, visit www.fisglobal.com.

About Reliance Financial Corporation

Reliance Financial Corporation is a privately held, Atlanta-based diversified financial services and wealth management company with more than $138 billion in assets under management and administration. Reliance conducts business throughout the United States through its trust companies, Reliance Trust Company based in Georgia (one of the largest independent trust companies in the country) and Reliance Trust Company of Delaware, and its other subsidiaries and affiliated offices. Reliance offers a full array of trust and wealth management, investment, retirement plan and outsourcing services to individuals, corporations and institutions, as well as to other banks, brokerage firms and insurance companies. Please visit www.reliance-trust.com for information on all of the company’s programs and services.

Source:  Business Wire

Posted by:  Steven Maimes, The Trust Advisor

Permalink:  http://thetrustadvisor.com/headlines/reliance-financial-2


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