2006 Recap: SEI Adds Nearly $1 Billion in New Nonprofit Assets
OAKS, Pa., Feb. 7 /PRNewswire-FirstCall/ -- SEI (Nasdaq: SEIC) today announced that as part of its strong 2006 global institutional sales, the company received commitments from 13 new nonprofit clients, adding more than $970 million in new foundation and endowment assets under management. SEI's total nonprofit assets under management increased by almost 20% in 2006 to more than $5 billion, marking an ongoing trend of nonprofit organizations moving to a Manager of Managers investment model. Among SEI's new North American nonprofit clients are North Carolina State University, Saint Lawrence University, Northern Development Initiative Trust, Vancouver Hebrew Academy, Gould Academy and The Jewish Federation of Broward County.
One factor influencing SEI's growth is the emerging outsourcing trend among investment committee's for larger nonprofit organizations. Three new clients each outsourced more than $150 million in assets to SEI, as organizations respond to ongoing resource constraints, increased competition for donors and the pressure to deliver higher returns.
"Nonprofit investment committees are electing to outsource 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 and accountability," said Carolyn McLaurin, Vice President and Managing Director of SEI's Nonprofit Group. "These benefits are directly aligned with the needs of many investment committees as they continue to be challenged with enhancing performance while also managing overall risk and volatility."
New nonprofit clients pointed to key differentiators in the decision process including increased diversification and SEI's objective-based solutions that are customized around growth and spending. Additional differentiators noted were SEI's proactive investment process, global research capabilities and strategic advice process.
About SEI's Global Institutional Group
SEI's Global Institutional Group delivers integrated retirement and nonprofit solutions to over 470 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 the period ending December 31, 2006, through its subsidiaries and partnerships in which the company has a significant interest, SEI administers $366.6 billion in mutual fund and pooled assets and manages $181.5 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: Frank Wilkinson Jason Rocker SEI Investments Braithwaite Communications 610-676-1483 215-564-3200 x 10 fwilkinson@seic.com jrocker@braithwaitepr.com SOURCE SEI
Released February 7, 2007