FIS will provide a fully integrated trust and wealth management technology platform and BMO Global Asset Management will provide a full spectrum of back office services, including custody, trust operations, securities settlement, mutual fund trading and more.
This continues a trend by financial institutions to leverage FIS’ best practices in outsourcing.
FIS™, the world’s largest provider of banking and payments technology, announced that it has signed a new multi-year business process outsourcing agreement with Diversified Trust, a wealth management firm based in the southeastern United States with more than $5 billion in assets under management.
Under the new agreement, FIS will provide a fully integrated trust and wealth management technology platform and BMO Global Asset Management will provide a full spectrum of back office services, including custody, trust operations, securities settlement, mutual fund trading and more. In addition, Diversified Trust has elected to utilize the FIS fully automated data aggregation services with the fully integrated held-away asset reporting capabilities to provide their clients with holistic wealth management services.
This deal continues a trend by financial institutions of all sizes to leverage FIS’ best practices in outsourcing, developed over its more than 40-year history of serving the back-office needs of the financial industry. Diversified Trust previously used multiple different processing systems to fulfill its business needs and to meet client requirements. Consolidating these functions onto a single, integrated technology platform will simplify internal procedures and improve the client experience.
“Increasing regulatory changes are making it harder and harder for financial institutions to focus on servicing their clients and growing their business. Diversified Trust needed a better answer so it could continue to put its clients first,” said Anthony Jabbour, EVP, FIS North American Financial Institutions. “Working with FIS gives Diversified Trust the ability to streamline operations in order to save time and money, and unify the work so there’s only one fully integrated system to keep compliant.”
“We pride ourselves on the level of personal service we offer our clients,” said John Seckman, president and COO, Diversified Trust. “Partnering with FIS and BMO Global Asset Management allows us to focus more completely on our clients’ needs while remaining secure in the knowledge that we are fully compliant with all financial regulations.”
Diversified Trust (diversifiedtrust.com) is an employee-owned wealth management firm, with offices in Atlanta, Greensboro, N.C., and Memphis and Nashville, Tenn. Its clients include individuals, multi-generational families, family offices, foundations, endowments and retirement plans.
FIS (fisglobal.com) is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 110 countries. Headquartered in Jacksonville, Fla., FIS employs more than 37,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 434 on the Fortune 500 and is a member of Standard & Poor’s 500® Index.
About BMO Global Asset Management
BMO Global Asset Management is a global investment manager with more than $132 billion in assets under management, including discretionary and non-discretionary assets under management, and more than $162 billion in assets under administration as of Oct. 31, 2013.
Its two multi-disciplined teams are based in Toronto and Chicago/Milwaukee, and its network of world-class boutique managers is strategically located across the globe. They include Monegy, Inc., Pyrford International Ltd., Lloyd George Management and Taplin, Canida & Habacht, LLC. BMO Global Asset Management delivers service excellence from offices throughout North America, and in London, Abu Dhabi, Mumbai, Beijing, Shanghai, Hong Kong, Melbourne and Sydney. Its approach has led it to be recognized by Pension & Investments as one of the world’s largest 100 asset managers based on combined assets under management as of Dec. 31, 2012.
BMO Global Asset Management is a part of BMO Financial Group (NYSE: BMO), a fully diversified financial services organization with C$537 billion total assets and more than 45,500 employees as of Oct. 31, 2013.
For More Information:
Nancy Murphy, Senior Vice President
FIS Investor Relations
P: +1 904-438-6192 - E: nancy.murphy[.]fisglobal.com.