FIS™ (NYSE:FIS), the world’s largest provider of banking and payments technology, announced that it has signed a new multi-year business process outsourcing agreement with Diversified Trust, a wealth management firm based in the southeastern United States with more than $5 billion in assets under management.
Under the new agreement, FIS will provide a fully integrated trust and wealth management technology platform and BMO Global Asset Management will provide a full spectrum of back office services, including custody, trust operations, securities settlement, mutual fund trading and more. In addition, Diversified Trust has elected to utilize the FIS fully automated data aggregation services with the fully integrated held-away asset reporting capabilities to provide their clients with holistic wealth management services.
This deal continues a trend by financial institutions of all sizes to leverage FIS’ best practices in outsourcing, developed over its more than 40-year history of serving the back-office needs of the financial industry. Diversified Trust previously used multiple different processing systems to fulfill its business needs and to meet client requirements. Consolidating these functions onto a single, integrated technology platform will simplify internal procedures and improve the client experience.
“Increasing regulatory changes are making it harder and harder for financial institutions to focus on servicing their clients and growing their business. Diversified Trust needed a better answer so it could continue to put its clients first,” said Anthony Jabbour, EVP, FIS North American Financial Institutions. “Working with FIS gives Diversified Trust the ability to streamline operations in order to save time and money, and unify the work so there’s only one fully integrated system to keep compliant.”“We pride ourselves on the level of personal service we offer our clients,” said John Seckman, president and COO, Diversified Trust. “Partnering with FIS and BMO Global Asset Management allows us to focus more completely on our clients’ needs while remaining secure in the knowledge that we are fully compliant with all financial regulations.”