Reliance Financial Corporation (RFC), an Atlanta-based wealth management firm, has agreed to buy Ft. Worth, Texas-based Trust Management (TMI).
RFC, which has more than US$128 billion in assets under management, plans to consolidate the church and non-profit corporate trust and individual retirement account business of its subsidiary, Reliance Trust Company, with that of TMI.
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The new combined businesses will retain the name TMI and operate as a wholly owned subsidiary of RFC.
Robert Cook, who is an executive vice president and manages the church and non-profit division at Reliance Trust, will become the chairman and CEO of the new TMI.
Cook said: "The creation of a new TMI demonstrates our commitment to this unique and important business. It augments Reliance Trust’s foundational business, adds experienced leadership, provides access to strong industry relationships, and positions us to continue to grow.
"Separating the church business into a separate company will allow us to narrow our focus and take full advantage of our enhanced staffs, systems and first rate leadership team."
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