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FIS Group to acquire Piedmont Investment Advisors

Philadelphia-based FIS Group Inc. is set to acquire Durham, N.C.-based institutional investment company Piedmont Investment Advisors LLC.

Piedmont will become FIS Group's wholly owned subsidiary after the acquisition. Both companies will continue to work with their respective clients from their current operational locations.

The combined company expects to have more than $10 billion in assets under management by the time the transaction closes.

The merger, subject to certain required approvals, is expected to close in the third quarter.