This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Acquisition Of Reliance Financial Corporation Supports FIS Focus On Wealth Management

FIS™ (NYSE: FIS), the world’s largest provider of banking and payments technology, announced that its subsidiary, FIS Wealth Management Services, Inc., has signed a definitive agreement to acquire Atlanta-based Reliance Financial Corporation including its subsidiaries Reliance Trust Company, Reliance Trust Company of Delaware and Reliance Integrated Solutions LLC. The resulting combination will bring together two industry leaders with deep domain expertise and create a full-service wealth management and retirement offering encompassing technology, selective operational functions, full back-office operations outsourcing, and retirement trust and fiduciary services.

“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,” noted Anthony Jabbour, executive vice president, North American Financial Institutions, FIS. “Our goal is to continually provide direct benefits to our clients. After the closing of this transaction, we believe our clients would greatly benefit from efficiencies driven by new BPO offerings as well as new business servicing capabilities in the retirement and trust markets.”

Founded in 1975, Reliance has more than $138 billion in assets under management and administration. The company is one of the fastest-growing independent trust companies in the U.S. servicing roughly 5 percent of all 401(k) plans in the United States, with more than 24,000 retirement plan clients to date.

Commenting on the transaction, Jim Maxwell, Reliance chairman, CEO and president stated, “There is continued growth in market demand for a full-service trust operations BPO solution, and this resulting combination will be uniquely qualified to capitalize on these opportunities.”

Upon closing, FIS will pay approximately $110 million in cash to acquire 100 percent ownership interest in Reliance, including its subsidiaries Reliance Trust Company, Reliance Trust Company of Delaware and Reliance Integrated Solutions LLC. The transaction is subject to regulatory approvals and contractual closing conditions. FIS expects the transaction to close during the third quarter.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,372.89 +21.51 0.13%
S&P 500 1,949.34 +0.48 0.02%
NASDAQ 4,732.1760 -17.8030 -0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs