SEI Wealth Platform(SM) Selected by IDB Bank(R) for Technology, Operations, and Wealth Management Services
SEI's Comprehensive Wealth Management Platform to Power Full Client Lifecycle Across IDB Bank's International Custody Division Business
OAKS, PA -- (Marketwired) -- 09/05/13 -- SEI (NASDAQ: SEIC) today announced that it has been selected by Israel Discount Bank of New York (IDB Bank) to provide end-to-end technology, operations, and wealth management services through its single-infrastructure wealth management solution, the SEI Wealth Platform(SM) (the Platform). IDB Bank will convert its International Custody Division to the Platform. IDB Bank's selection of SEI continues the growing momentum of the SEI Wealth Platform, as the company has had two U.S. bank clients go live on the Platform during the first half of the year. SEI first mentioned IDB as a new client during its first-quarter 2013 earnings conference call.
"IDB Bank's growth strategy and forward-looking goals make them a perfect strategic partner for SEI and a natural fit for the SEI Wealth Platform," said Al Chiaradonna, Senior Vice President, SEI Wealth Platform. "IDB Bank's main objectives are to provide advanced wealth management services to their clients by increasing efficiencies and leveraging superior technology. We look forward to helping IDB Bank achieve these goals and build their success for years to come."
Once IDB Bank's conversion to the Platform is complete, SEI will support all levels of its processing, investment management, and end-client needs. IDB Bank pointed to the ability of the SEI Wealth Platform to support multiple global wealth management affiliates on a single infrastructure as a key differentiator in partner selection.
"We are very happy to announce our strategic partnership with SEI," said Robert Plante, COO and CIO of IDB Bank. "The combination of multi-currency technology and operational support offered in the SEI Wealth Platform will allow us to improve service to our clients and gather more assets while increasing efficiency in our operations."
About the SEI Wealth Platform(SM)
The SEI Wealth Platform (the Platform) is an outsourcing solution for wealth managers encompassing wealth processing services and wealth management programs, combined with business process expertise. With the Platform, SEI provides wealth management organizations with the infrastructure, operations, and administrative support necessary to capitalize on their strategic objectives in a constantly shifting market. The SEI Wealth Platform supports trading and transactions on 104 stock exchanges in 45 countries and 33 currencies, through the use of straight-through processing and a single operating infrastructure environment. For more information, visit: www.seic.com/seiwealthplatform.
About SEI
SEI (NASDAQ: SEIC) is a leading global provider of investment processing, fund processing, and investment management business outsourcing solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of June 30, 2013, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $507 billion in mutual fund and pooled or separately managed assets, including $204 billion in assets under management and $303 billion in client assets under administration. For more information, visit www.seic.com.
About IDB Bank
IDB Bank is a New York State-chartered commercial bank and a member of the FDIC. The Bank provides domestic and international, personal and commercial banking services to its U.S. and foreign clientele through its main office in Manhattan and Private Banking offices in Staten Island, NY, Brooklyn NY and Short Hills, NJ, Other locations include Beverly Hills and Downtown Los Angeles, California; and Aventura, Florida.
Company Contact:
Dana Grosser
SEI
+1 610-676-2459
dgrosser@seic.com
Media Contact:
Alex Dalgliesh
Braithwaite Communications
+1 215-564-3200 x116
adalgliesh@gobraithwaite.com
Source: SEI
Released September 5, 2013