SEI Joins DTCC's Managed Account Communication Service
Move Marks Company's Ongoing Commitment to Innovation, Leadership in the SMA Space
OAKS, Pa., July 16 /PRNewswire-FirstCall/ -- SEI (Nasdaq: SEIC), a leading global provider of outsourced asset management, investment processing and investment operations solutions, today announced that it is one of a small group of industry leaders participating in a pilot test of The Depository Trust & Clearing Corporation's (DTCC) Managed Accounts Service. The service is a standard communications platform designed to streamline communications and increase security and overall efficiency related to separate account data. SEI's involvement is in line with the company's stated goal of being at the forefront of innovations in the Separately Managed Accounts (SMA) space.
SEI intends to integrate the DTCC standards into its industry leading workflow management tool, creating new levels of efficiency and ultimately enabling a straight through processing environment for its clients. This development is expected to streamline the communication process for clients, increase the amount of data processed automatically, and reduce risk.
"Our goal is to create and adopt innovations that will increase efficiencies and standardization for our SMA operations and our clients and this service clearly falls in that category," said Phil McCabe, Managing Director, SEI's Investment Manager Services division. "Our workflow tool has been pointed to as a major differentiator and this service compliments and enhances that process. We're excited to be involved with this program."
Through the initiative, managed account information, including a comprehensive message containing all details to set up a new account, is exchanged in the form of standard messages through DTCC's automated network. The process is designed to significantly reduce operational costs and risk of errors. The service is built on DTCC's self-healing, resilient network to ensure secure data exchange and safety of investors' private records.
"SEI's reputation as an innovator and a leading outsource provider in the SMA space is well documented and they are exactly the type of organization we wanted for this pilot," said Ann Bergin, managing director and general manager of DTCC Wealth Management Services. "We are excited to partner with them as we prepare for widespread industry release later in the year."
About DTCC
The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. DTCC is also a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for 2.8 million securities issues from the United States and 100 other countries and territories, valued at $36 trillion. In 2006, DTCC settled more than $1.5 quadrillion in securities transactions. DTCC has operating facilities in multiple locations in the United States and overseas. DTCC's managed accounts service is offered through DTCC Solutions, a subsidiary of DTCC. For more information on DTCC, visit http://www.dtcc.com .
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 March 31, 2007, through its subsidiaries and partnerships in which the company has a significant interest, SEI administers $382.4 billion in mutual fund and pooled assets and manages $190.0 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 Jason Rocker
Company: SEI Braithwaite Communications
Voice: 610-676-2459 215-564-3200 x 10
E-mail dgrosser@seic.com jrocker@braithwaitepr.com
SOURCE SEI
Released July 16, 2007