A unit of SI Financial Group Inc. in Willimantic, Conn., is selling its trust operations outsourcing business to an Atlanta wealth management company.
Reliance Integrated Solutions LLC, a unit of Reliance Financial Corp., will buy SI Trust Servicing, which operates as a unit of the $927.5 million-asset Savings Institute Bank and Trust Co. Reliance Integrated Solutions LLC is expected to complete the acquisition by the end of March. Reliance Financial did not disclose the deal's price.
"This transaction represents a unique opportunity to grow our outsourcing business in a way that is a natural extension for Reliance," James T. Maxwell, Reliance Financial's chairman, president and chief executive, said in a press release Tuesday. "Use of a similar software platform coupled with the consistent client-centric service culture of the SITS team makes this an exciting opportunity for us."
Reliance Integrated Solutions specializes in serving trust companies and wealth managers for high net worth and institutional clients. Reliance Financial, a financial services and wealth management company, has more than $88 billion in assets under management.