Under the transaction, the entity has been merged into Reliance Trust Company of Delaware and also launched five new offices at Los Angeles, Texas, Arizona, Florida and New Jersey in the US.
The acquirer has received nearly 2,500 accounts and $1.5bn in assets under administration, while all the 30 staff of the acquired company has been absorbed by the new company.
Commenting on the deal, Reliance Financial chairman, CEO and president James Maxwell said, "This acquisition allows us to continue our focus on the institutional marketplace and will strengthen our competitive position as a leading national trustee."
"It also increases our market share and reflects Reliance’s standing as a leading provider of advisor-based fiduciary services in the Delaware market and nationally."
With over $118bn in assets under management and administration, Reliance Financial carries out business through Reliance Trust Company based in Georgia and Reliance Trust Company of Delaware, and other subsidiaries and affiliated offices.
