FIS Wealth Management Services, a subsidiary of FIS, has completed the purchase of Reliance Financial Corporation for an undisclosed sum.
The transaction includes acquisition of 100% ownership interest in Reliance, including its subsidiaries Reliance Trust Company, Reliance Trust Company of Delaware and Reliance Integrated Solutions.
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The acquisition will create a full-service wealth management and retirement offering which includes technology, selective operational functions, full back-office operations outsourcing, and retirement trust and fiduciary services.
The financial terms of the transaction have not been disclosed.
Anthony Jabbour, executive vice president, FIS North America, said: "The market continues to demand a full-service trust operations BPO solution and this acquisition demonstrates FIS’ commitment to meeting that need.
"The combination of the two companies enables FIS to more quickly expand FIS’ capabilities in the retirement and trust markets, and create new efficiencies for our clients through additional BPO offerings giving FIS the most flexible outsourcing solution set in the trust, wealth management and retirement industry," he added.
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