BMO Global Asset Management and FIS have entered into a strategic alliance with California-based Farmers and Merchants Trust Company, to cooperatively provide the latter with a trust and custody platform.
FIS will bring the technology expertise to the partnership, while BMO;s team of trust operations and custody professionals will offer its services such as intermediary sales and asset management, trust outsourcing and retirement services.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Under the agreement, FIS will be providing a fully integrated trust and wealth management technology platform including fiduciary accounting and reporting, front-office administrative and management portals, automated compliance tools, real-time portfolio management, daily performance measurement, and real-time client and third-party web-based account access and transaction initiation.
In addition, Farmers and Merchants will gain operational efficiencies and cost savings with the additional FIS integration of electronic bill payment and the AML Premier Compliance Suite.
Frank Tabar, vice president, strategic risk and operating officer, Farmers and Merchants Trust, said: "The combination of FIS and BMO Global Asset Management links the industry leading custody platform with a premiere trust outsourcing service provider.
Together, their proven track record in product development and client service gives us the ability to focus on serving our current and future customers."
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 GlobalDataAnthony Jabbour, EVP, North American Financial Institutions, FIS, said: "The combination of FIS and BMO Global Asset Management will enable Farmers and Merchants to provide their clients exceptional service based on a comprehensive client view and advanced client access capabilities. This partnership is further proof that we’re delivering wealth management solutions that are bringing real benefits to the market for a wide range of clients."
