Atlanta, GA – April 6, 2006 – SunGard and Reliance Financial Corporation (Reliance), an Atlanta, GA-based diversified wealth management company, announced today that Reliance 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 SunGard’s financial results.
The acquisition of a wealth management outsourcing business expands Reliance’s existing outsourcing business. In addition, SunGard and Reliance have entered into a multi-year agreement, under which Reliance will continue to use SunGard’s AddVantage, an asset management, trust accounting and securities processing solution, for its wealth management outsourcing operations.
“We are focused on providing outsourcing services for trust and investment advisors as a core component of our overall company strategy,” said Jim Maxwell, chief operating officer of Reliance. “This agreement with SunGard was a natural progression in our commitment to grow our outsourcing services. We have combined decades of operations and processing experience with an effective partnering approach to outsourcing in building this business. Our clients can focus on the areas where they add distinctive value for their clients and leave the operations work to us. We are very pleased to have the opportunity to serve our new clients and look forward to improving services for all of our clients as a result of this expansion.”
Don Birdwell, group chief executive officer of SunGard’s Wealth Management & Brokerage business, said, “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. We will continue to assist Reliance, and all SunGard customers, to achieve their growth objectives by providing an integrated suite of solutions to help asset managers and advisors meet the financial needs of their clients, and capitalize on growing opportunities in wealth management. SunGard remains committed to providing client profiling, financial planning, asset allocation, portfolio management, securities processing, asset accounting, consolidated client reporting, and performance measurement.”
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