Reliance Financial Corporation (Reliance), an Atlanta, GA-based diversified wealth management company, has acquired a SunGard subsidiary that offers outsourced back-office services for wealth management organizations.
The transaction, the terms of which were not disclosed, is not expected to have a material impact on SunGards financial results.
In the best interest of our customers and to focus on our core competence as a software service provider, we have found in Reliance a strategic acquirer for our back-office outsourcing business,” said Don Birdwell, group chief executive officer of SunGards Wealth Management & Brokerage business.
The acquisition of a wealth management outsourcing business expands Reliances existing outsourcing business. In addition, SunGard and Reliance have entered into a multi-year agreement, under which Reliance will continue to use SunGards AddVantage, an asset management, trust accounting and securities processing solution, for its wealth management outsourcing operations.
“We have combined decades of operations and processing experience with an effective partnering approach to outsourcing in building this business,” said Jim Maxwell, chief operating officer of Reliance. “Our clients can focus on the areas where they add distinctive value for their clients and leave the operations work to us.”