SEI Selected By Evercore Trust Company and Evercore Wealth Management to Provide Trust and Wealth Processing Services
Strategic Partnership Will Allow Evercore to Focus on Client Relationships
OAKS, Pa., Dec. 1 /PRNewswire-FirstCall/ -- SEI (Nasdaq: SEIC) announced today that it has entered into a multi-year agreement with Evercore Trust Company, to provide outsourced back-office investment accounting and processing services. This agreement supports both Evercore Trust Company's and Evercore Wealth Management's strategic initiatives.
Evercore Wealth Management serves high-net-worth individuals and institutional investors by providing investment, trust, and financial planning services. On May 1, 2009, Evercore acquired the Bank of America Special Fiduciary Services Division and established the Evercore Trust Company to focus on investment management, independent fiduciary, and trustee services to independent benefit plans of large corporations.
Approaching its one-year anniversary, Evercore has accumulated approximately $21 billion in assets under management and administration.
"The opportunities afforded to us by partnering with SEI have allowed us to put tremendous focus on client-facing activities and fulfill our value proposition from 'day one,'" said Jeffrey S. Maurer, CEO of Evercore Wealth Management. "SEI has demonstrated great flexibility and a strong willingness to work with us as a strategic partner when we launched this business."
Having completed a successful implementation, SEI is providing Evercore its Wealth Processing Solution. Services include operational outsourcing and a comprehensive suite of browser-based applications, fully integrated with a powerful system to help firms manage clients across their lifecycles and manage money across market cycles.
"We're very gratified to begin on the ground floor with Evercore and the forward-thinking management team they have in place," said Al Chiaradonna, Senior Vice President for SEI's Private Banks segment. "Evercore management told us they selected SEI because of our ability to simplify the business complexity of their operating model so they could maximize efficiencies as they launched. We believe Evercore's model presents great opportunity, and look forward to helping them succeed."
About Evercore Wealth Management.
Evercore Wealth management L.L.C. is a newly formed Registered Investment Advisor subsidiary that will focus on individual and personal wealth management. Evercore Partners Inc. is a leading investment banking boutique and investment firm. Evercore's Advisory business counsels its clients on mergers, acquisition, divestitures, restructurings and other strategic transactions. Evercore's Investment Management business comprises private equity investing, institutional asset management and wealth management. Evercore serves a diverse set of clients around the world from its offices in New York, San Francisco, London, Mexico City and Monterrey, Mexico. More information about Evercore can be found on the Company's website at www.evercore.com.
About SEI's Private Banks Segment
SEI's Private Banks business segment delivers investment management and wealth processing services through its Global Wealth Services solution to private banks and wealth management organizations. SEI enables wealth managers to meet the rapidly evolving business and investment needs of their clients by helping them grow and protect revenue, minimize cost and allocate capital effectively, enable risk management and help manage transformation. SEI's solutions are used by over 290 clients in 9 countries. For more information, visit http://www.seic.com/banks/.
About SEI
SEI (Nasdaq: SEIC) is a leading global provider of outsourced asset management, investment processing and investment operations solutions. The company's innovative solutions help corporations, financial institutions, financial advisors, and affluent families create and manage wealth. As of September 30, 2009, through its subsidiaries and partnerships in which the company has a significant interest, SEI administers $383 billion in mutual fund and pooled assets and manages $156 billion in assets. SEI serves clients, conducts or is registered to conduct business and/or operations, from numerous offices worldwide. For more information, visit www.seic.com.
SOURCE SEI
Released December 1, 2009