FIS Wealth Management Services, a subsidiary of FIS has entered into a definitive agreement to acquire Reliance Financial Corporation in a deal worth around $110m.
As per the arrangement, FIS will also own Reliance’s subsidiaries – Reliance Trust Company, Reliance Trust Company of Delaware and Reliance Integrated Solutions.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
FIS will pay the deal amount to acquire 100% ownership interest in Reliance following the conclusion of the agreement.
Following the acquisition, the company intends to establish a combined entity offering full-service wealth management and retirement services featuring selective operational functions, full back-office operations outsourcing, and retirement trust and fiduciary services.
FIS, executive vice president, North American Financial Institutions, Anthony Jabbour, said: ""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."
Currently awaiting regulatory approvals and contractual closing conditions, the agreement is expected to be closed during the third quarter.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
