SEI Launches Enhanced Integrated Managed Accounts Solution to the U.S. Bank Market
South Carolina Bank and Trust to Implement Integrated Wealth Management Program OAKS, Pa., April 15 /PRNewswire-FirstCall/ -- SEI (NASDAQ:SEIC) announced today that its Private Banking segment has introduced an enhanced integrated managed account solution to the U.S. banking market in response to emerging client needs and an industry moving towards integrated solutions. South Carolina Bank and Trust (NASDAQ:SCBT), an SEI client for nearly three years, has recently implemented SEI's Integrated Managed Account Program (IMAP(R)).
IMAP(R) is a component of SEI's Global Wealth Services solution, a comprehensive suite of services designed to help organizations capitalize on their strategic objectives in the rapidly evolving wealth management market. "Our IMAP(R) service meets the increasing demand for a packaged solution that includes comprehensive asset management capabilities enabled by a single integrated platform to support the relationship managers in their client management activities," said David Campbell, Senior Vice President for SEI's Private Banking Solutions.
SEI, one of the world's largest manager of managers with $197 Billion in assets under management, has $3.1 Billion of those assets in traditional managed account programs, and $3.6 Billion in tax-optimized integrated managed account programs (as of March 31, 2008). The key differentiator of the new enhanced IMAP solution is that it utilizes the tax efficiency, customization, diversification, and manager coordination of SEI's existing IMAP solution and adds a complete, seamless integration to their customers' trust and wealth management processing environment. "The wealth industry is moving toward integrated account models. SCBT's Trust Asset Management Division was searching for better access to more market segments while remaining competitive in this environment," said J. West Summers, III, Director of Investments for SCBT's Wealth Management Group. "Additionally, increased efficiency in our back-office operations will enable SCBT to focus more resources on the Ultra High Net Worth market." According to the Money Management Institute, the need for integrated managed account solutions is growing -- there are currently over three million separately managed accounts in the US, a number that is expected to rise to 12.5 million accounts over the next few years. "We are excited to partner with South Carolina Bank and Trust in this initiative and believe that together we'll bring world class investments coupled with personalized customer service to their end investors," said Campbell.
About South Carolina Bank and Trust SCBT Financial Corporation, Columbia, South Carolina is a registered bank holding company incorporated under the laws of South Carolina. The company has three subsidiary banks which are South Carolina Bank and Trust, N.A., the fourth largest bank headquartered in South Carolina; South Carolina Bank and Trust of the Piedmont, N.A.; and The Scottish Bank, N.A. Providing financial services for over 73 years, SCBT Financial Corporation operates 50 financial centers in 16 South Carolina counties and Mecklenburg County of North Carolina and has assets of approximately $2.5 billion. More information can be found at http://www.scbtonline.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 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 http://www.seic.com/. Company Contact: Media Contact: First Call Analyst:
CONTACT: Dana Grosser of SEI, +1-610-676-2459, dgrosser@seic.com; or Web site: http://www.seic.com/
2008-04-15 19:23:39 0336837 PRNEWSWIRE
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