Austin-based Kestra Financial Holdings is buying Reliance Trust Co. of Delaware from financial services technology firm FIS.
Reliance Trust has some $7 billion in assets and works with financial advisors to offer trust services.
"With a record-breaking $30 trillion to be passed from baby boomers to their heirs, the demand for trust services is only expected to grow in the years to come," according to Kestra President and CEO James Poer.
"In light of these realities, the additional personal trust services delivered by Reliance Trust will complement our current network of companies, while expanding our depth as a premier financial services provider," Poer added.
The deal is expected to close this year. Afterward, Reliance Trust's platform, offices and 90-plus staff will remain in their current locations.
Kestra Financial works with more than 2,300 independent financial advisors via Kestra Investment Services, Kestra Advisory Services, Kestra Private Wealth Services, Kestra Institutional Services and H. Beck, all federally registered investment advisors.
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