SunGard has sold off its wealth management services business to Atlanta-based Reliance Financial Corporation. Financial terms of the transaction were not disclosed.
The unit provides outsourced back offices services to wealth management firms. Reliance Financial says the acquisition expands its existing outsourcing services business.
Jim Maxwell, chief operating officer of Reliance, says: "We are focused on providing outsourcing services for trust and investment advisors as a core component of our overall company strategy."
In addition, SunGard and Reliance have entered into a multi-year agreement, under which Reliance will continue to use the vendor's asset management, trust accounting and securities processing system, AddVantage, for its wealth management outsourcing operations.
Commenting on the deal, Don Birdwell, group CEO of SunGard's wealth management and brokerage business, says: "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."
The transaction is not expected to have a material impact on SunGard's financial results.