Atlanta-based diversified wealth management company Reliance Financial has acquired a SunGard subsidiary that offers outsourced back-office ...

Atlanta-based diversified wealth management company Reliance Financial has acquired a SunGard subsidiary that offers outsourced back-office services for wealth management organisations. Terms of the transaction we not disclosed. SunGard and Reliance have also 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. "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," said Jim Maxwell, chief operating officer of Reliance, in a statement.