Reliance, a privately held diversified financial services and wealth management company, acquired 100% of the stock of Citigroup Trust-Delaware, a subsidiary of Citibank, N.A., which will result in the opening of five new offices across the United States.
“We could not be more pleased with the transaction and are excited to serve our new clients,” said Michael Roberts, executive vice president of Reliance Trust and president of Reliance Trust Company of Delaware. “Our five new locations are open for business today, and we are thrilled to have all 30 of the Citi employees join Reliance and continue to service these clients.”
The transaction consisted of approximately 2,500 accounts and $1.5 billion in assets under administration, and positions Reliance as a national provider in the adviser-based fiduciary services market. Reliance Trust Company of Delaware’s new locations include: Los Angeles; Irving, Texas; Phoenix; Palm Beach Gardens, Florida; and Jersey City, New Jersey. Additional locations include: Wilmington, Delaware; Atlanta, Georgia; and Charlotte, North Carolina.
“Our personal trust delivery platform is built to provide our clients with a high level of personalized service, and we look forward to rolling out our platform to our new clients,” said Anthony Guthrie, a founding partner of Reliance Financial Corporation.
The Atlanta-based Reliance Financial Corporation is a financial services and wealth management company with more than $118 billion in assets under management and administration. Reliance Trust Company of Delaware will offer trust and wealth management, investment, retirement plan and outsourcing services to individuals, corporations and institutions, as well as to other banks, brokerage firms and insurance companies. For more information about the company, please visit http://www.reliance-trust.com.