Atlanta wealth management company Reliance Financial Corp. will be purchased for $110 million.
A subsidiary of Florida-based FIS, a major banking and payments technology company, is acquiring Reliance and its subsidiaries Reliance Trust Company, Reliance Trust Company of Delaware and Reliance Integrated Solutions.
FIS Wealth Management Services declined to comment with the deal pending, and Reliance did not return phone calls. It is unclear whether jobs will leave Atlanta as part of the acquisition.
In a release, an FIS executive said the addition of Reliance will provide FIS clients with new opportunities in the retirement and trust markets. The combined company will have full-service wealth management and retirement options.
“Wealth management remains a strategic growth and investment area for FIS,” said Anthony Jabbour, executive vice president of North American Financial Institutions for FIS.
Reliance, which has more than $138 billion in assets under management and administration, services about 5 percent of all 401(k) plans in the U.S., and has more than 24,000 retirement plans. It is one of the fastest-growing independent trust companies in the country.
The purchase, which is subject to regulatory approval, is expected to close in the third quarter.
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