SEI Chosen by Eudaimonia Asset Management to Provide Turnkey Total Operations Outsourcing
Deal Marks Continuing Outsourcing Trend among Investment Management Firms
OAKS, Pa., Sept. 17 /PRNewswire-FirstCall/ -- SEI (Nasdaq: SEIC) today announced that it has been selected by Eudaimonia Asset Management to provide a turnkey outsourcing solution for their institutional separate accounts. The deal points to an emerging outsourcing trend where money management firms are outsourcing these functions to leverage infrastructure and scale to compete in the evolving institutional space. Eudaimonia, which focuses on institutional clients, was recently founded by three highly-regarded former Nicholas-Applegate managers.
Under the agreement, SEI will provide Eudaimonia with a full range of integrated services including order management, portfolio accounting, performance measurement, comprehensive reporting, business continuity and disaster recovery. SEI's ability to provide a scalable and complete offering, integrate with the client's current systems, as well as its extensive experience were pointed to as key factors in the selection process.
"As managers look to package their investment expertise through various product and distribution strategies, it's important to have the supporting technology and infrastructure that enables that flexibility," said Steve Meyer, Executive Vice President, SEI and head of SEI's Investment Manager Services division. "Managers are finding that they can leverage technology to improve investment performance, build relationships with clients, and expand the range of products provided, among other things. We're seeing more managers looking for operational and technology expertise and innovation when selecting an outsourcing partner."
"As an emerging institutional asset manager, it's critical that our operations procedures match the robustness of our investment processes to ensure the reliability of our new endeavor," said Travis Prentice, Co-Founder and President of Eudaimonia. "We were attracted to SEI for its comprehensive solution -- including its knowledgeable staff of operations professionals, integrated business processes, and state-of-the-art information technology platform. Working with SEI is a real game-changer as it allows our boutique to compete on a level playing field with large asset managers. SEI's outsourcing solution is unique in that it's both institutional-caliber and cost-effective, enabling us to enhance our overall value proposition. Backed by a dedicated client service team at SEI, our Chief Operating Officer oversees our operations activities, freeing-up our investment professionals to focus on the task of generating alpha."
"SEI's institutional separate account processing solution incorporates all the operational and administrative components to support Eudaimonia's business," said John Alshefski, Head of Business Development for SEI's Investment Manager Services division. "Our solution gives managers the opportunity to grow their business without having to bear all the operational risk and cost. This is a great long-term strategic partnership and we're pleased to be working with such highly-respected money managers."
"This outsourcing model is a key enabler as it allows asset managers to establish a foothold in the market without financing the human resource and systems burden associated with building an in-house operations department," said Montie Weisenberger, Co-Founder and Senior Vice President of Eudaimonia. "It empowers portfolio managers to employ their intellectual capital and provide a focused offering without compromising the level of service and soundness required by institutional investors."
About Eudaimonia
Eudaimonia Asset Management is a majority-owned, institutionally-focused small and micro-cap investment boutique located in Encinitas, California. The firm will provide investment advisory services to pension plans, foundations, endowments, Taft-Hartley, investment advisors, and high-net worth clients across the world. It is in the process of seeking registration as an investment advisor with the U.S. Securities and Exchange Commission. The firm will implement a behaviorally-based investment philosophy and disciplined process across all its investment products. For further information see http://www.eudaimonia-invest.com, or call (760) 519-1508.
About SEI's Investment Manager Services Division
SEI's Investment Manager Services division provides total operations outsourcing solutions to investment managers focused on mutual funds, hedge and private equity funds, separately managed accounts and institutional client services. The division applies operating services, technologies, and business and regulatory knowledge to each client's business objectives. Its resources enable clients to meet the demands of the marketplace and sharpen business strategies by focusing on their core competencies.
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 June 30, 2007, through its subsidiaries and partnerships in which the company has a significant interest, SEI administers $407 billion in mutual fund and pooled assets and manages $199 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 http://www.seic.com.
Contact: Dana Grosser Travis Prentice
Company: SEI Eudaimonia Asset Management
Voice: 610-676-2459 760-519-1508
E-mail dgrosser@seic.com tprentice@eudaimonia-invest.com
SOURCE SEI
Released September 17, 2007