Reliance Integrated Solutions names Steve Randolph president and COO
21 July 2006 | 2075 views | 0
Reliance Financial Corporation (Reliance), an Atlanta-based diversified wealth management company, announced today the appointment of Steve Randolph as president and chief operating officer of Reliance Integrated Solutions LLC (RIS), a subsidiary providing back-office processing and technology solutions for wealth managers and trust companies.
Randolph joined Reliance in February to oversee the acquisition of the outsourcing firm from SunGard Data Systems.
Randolph has 25 years of senior management experience in the wealth management industry, with particular experience in the retirement plan business and overseeing large investment and trust operations. Most of his career was spent with SunTrust Bank in Atlanta, Ga., and Orlando, Fla., where in addition to his business line responsibilities he also led significant merger integration, consolidation, and system conversion efforts. Prior to joining Reliance, he briefly served Covenant College as its chief financial officer.
The acquisition of the SunGard subsidiary, consummated in April, significantly expands Reliance's profile in the trust and investment outsourcing business. Once RIS is consolidated into the company's existing Atlanta operations, Reliance Financial Corporation subsidiaries will have responsibility for servicing trust assets in excess of $80 billion. "While Reliance has had a very successful outsourcing business for the past 13 years, this acquisition positions the company to serve a broader range of institutions competing in the wealth management business," said Randolph. "We are now building scale that will help us maintain a price-competitive platform, and the acquisition adds new capabilities that will help us serve the unique need of our client institutions."
Reliance Integrated Solutions LLC provides its outsourcing clients investment and trust accounting, securities processing, client reporting and the underlying technology platform for investment and trust advisor businesses. Additionally, through a group of other subsidiary companies, Reliance can provide ancillary services in the investment, insurance and retirement plan service areas.