FIS Wealth Management, a subsidiary of banking technology firm FIS, is set to acquire Reliance Financial Corporation as it aims to expand its wealth management offering.

FIS Wealth Management, a subsidiary of banking technology firm FIS, is set to acquire Reliance Financial Corporation as it aims to expand its wealth management offering.

FIS Wealth Management will acquire the Atlanta, GA-based firm, including its subsidiaries Reliance Trust Company, Reliance Trust Company of Delaware and Reliance Integrated Solutions, for $110 million.

In this transaction it will gain full ownership of Reliance Financial Corporation, subject to regulatory approval. The deal is expected to close in the third quarter of this year.

Operating as one firm, Florida-based FIS Wealth Management’s operational tools will help enhance Reliance’s current wealth management and retirement offering, using technology, full back-office operations outsourcing and retirement and fiduciary services.

“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”, Jim Maxwell, chief executive of Reliance, said.

Independent trust company Reliance has over $138 billion in assets under management, servicing around 5 per cent of all 401(k) plans in the US. With its banking and payment technologies service, FIS employs over 39,000 people across the globe, serving over 14,000 firms.

In July last year, subsidiary Reliance Trust Company acquired the trust and asset management business of Grand Bank and Trust of Florida.