2007 Recap: SEI Adds $680 Million in New Nonprofit Assets
OAKS, Pa., Feb. 4 /PRNewswire-FirstCall/ -- SEI (Nasdaq: SEIC) today announced that as part of its strong 2007 global institutional sales, the company received commitments from 13 new nonprofit clients, adding more than $680 million in new foundation and endowment assets under management. SEI has seen a two-year period of record growth for the company's nonprofit institutional business with the addition of 26 clients and over $1.6 billion in new assets under management.
Among SEI's new North American nonprofit clients are Arcadia University, Des Moines University, Southwest Florida Community Foundation, Greater St. John Community Foundation, Jewish Federation of San Antonio, Jewish Community Foundation of Southern Arizona, The Orchard School and The Sir Mortimer B. Davis Jewish General Hospital Foundation. SEI's nonprofit business continues to expand as the organization now has over 105 nonprofit institutional clients and over $5.6 billion in nonprofit institutional assets under management.
A key driver for this growth is the alignment between the expanding needs of nonprofit organizations and how well SEI's solutions address those needs. In 2007, SEI introduced a new comprehensive administration platform to further complement the company's Manager of Managers investment offering. The result is a complete, web-based administration solution integrated with investment management, fiduciary services and donor support needs. In addition, the company continues to introduce investment products suited to the needs of nonprofits including the recently launched Screened World Equity ex-U.S.Fund, which divests both Sudan and Iran.
"Nonprofits continue to be challenged from an accounting, fundraising, operational and investment management standpoint, and we believe SEI's integrated solution effectively addresses these challenges within their costs," said Carolyn McLaurin, Vice President and Managing Director of SEI's Nonprofit Group. "SEI's overall nonprofit solution has proven to help our nonprofit clients effectively manage the organization's investments as well as the overall needs of the organization. This allows for a greater focus on their overall mission."
Investment committees are outsourcing to SEI's Manager of Managers model in an effort to increase diversification, add a layer of fiduciary security and reallocate their resources to focus more on oversight. New clients also saw SEI's administration platform as a differentiator because of its ability to offer on-line reporting, performance and transaction information, customized donor communications and accounting services.
About SEI's Global Institutional Group
SEI's Global Institutional Group delivers integrated retirement, healthcare and nonprofit solutions to over 495 clients in seven different countries. SEI enables clients to meet financial objectives, reduce business risk, and fulfill their due diligence requirements through implemented strategies for the management of defined benefit plans, defined contribution plans, endowments, foundations and board designated funds. For more information, visit http://www.seic.com/institutions.
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 December 31, 2007, through its subsidiaries and partnerships in which the company has a significant interest, SEI administers $426 billion in mutual fund and pooled assets and manages $197 billion in assets. SEI serves clients, conducts or is registered to conduct business and/or operations from more than 20 offices in over a dozen countries. For more information, visit www.seic.com.
Contact:
Frank Wilkinson Elisabeth Behr
SEI Braithwaite Communications
610-676-1483 215-564-3200 x 113
fwilkinson@seic.com ebehr@braithwaitepr.com
SOURCE SEI
Released February 4, 2008