SEI Introduces Functionality to Support UCITS IV Requirements
Online Tools Facilitate and Simplify KIID Production, Provide Automated Compliance Monitoring
OAKS, PA -- (MARKET WIRE) -- 08/22/11 -- SEI (NASDAQ: SEIC) announced today the launch of new tools designed to assist investment managers in meeting mandatory requirements under the Undertakings for Collective Investment in Transferable Securities IV (UCITS) Directive. SEI has developed an online solution to simplify the production and servicing of the required Key Investor Information Document (KIID), while also enhancing its portfolio compliance monitoring system to account for UCITS-specific investment restrictions.
Under the UCITS IV Directive, asset managers will be obligated to replace their current simplified prospectus with a KIID for their UCITS products. The introduction of the KIID is aimed at promoting transparency and uniform standards across EU member states, with documentation provided in each jurisdiction's home language and limited to two pages.
SEI's web-based application provides a standard template layout designed to meet the regulatory guidelines, while still allowing for flexibility to create a unique look and feel for clients. SEI also offers assistance in writing and translating the KIID into the local language as prescribed by the regulations.
SEI has also made additional enhancements to its portfolio compliance monitoring system, which has now been specifically designed to test UCITS investment restrictions on an automated basis. These UCITS-specific tests are now part of a library of nearly 100 compliance tests and benchmark comparison functionalities. The flexible system allows the client to determine certain thresholds of risk and exposure based on daily positions and trades, and results can be reported on a daily basis in both a summary and detail report.
"SEI is committed to offering state-of-the-art technology to help investment managers understand and adapt to evolving regulatory requirements," said Philip Masterson, Senior Vice President and Head of Business Development, Europe, for SEI's Investment Manager Services division. "The increased depth of regulation under UCITS IV and amount of preparation required to produce KIID documentation within a limited timeframe can be an additional burden to fund managers, so we sought to streamline and automate the process as much as possible. By enabling managers to enhance and consolidate their compliance oversight and controls, they are in a better position to satisfy not only regulatory requirements, but to also provide additional comfort to current and prospective investors."
About SEI's Investment Manager Services Division
SEI's Investment Manager Services division provides comprehensive operational outsourcing solutions to support investment managers globally across a range of registered and unregistered fund structures, diverse investment strategies and jurisdictions. With expertise covering traditional and alternative investment vehicles, the division applies customized operating services, industry-leading technologies, and practical business and regulatory insights to each client's business objectives. SEI's resources enable clients to meet the demands of the marketplace and sharpen business strategies by focusing on their core competencies. The division has been recently recognized by HFMWeek as "Most Innovative Fund Administrator (Over $30bn AUA)" and "Best Funds of Hedge Funds Administrator (Over $30bn AUA)" in both the US and Europe. Additionally, SEI has been recognized as "Service Provider of the Year" by the Money Management Institute, among other industry awards. For more information, visit http://www.seic.com/enUS/investment-managers.htm.
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, 2011, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $430 billion in mutual fund and pooled assets or separately managed assets, including $180 billion in assets under management and $250 billion in client assets under administration. For more information, visit www.seic.com.
Company Contact: Dana Grosser SEI +1 610-676-2459 Email Contact Media Contact: Jason Rocker Braithwaite Communications +1 215-564-3200 x 110 Email Contact
Source: SEI
Released August 22, 2011