First Hawaiian Bank has signed a five year contract with, SEI Private Trust Company, a subsidiary of SEI Investments, for account administration and back office services at its trust department.
Under the agreement, SEI Private Trust will assume responsibility for automating and centralising trust accounting, income collection and other processes.
The bank says it will also utilise SEI's software for order routing and execution, performance reporting and portfolio management, enabling it to operate in a straight-through processing (STP) environment.
Additionally, the bank says it will work with SEI to develop customised wealth management solutions for high net worth clients, including separately managed accounts and asset allocation models.
First Hawaiian Bank has also announced it is extending its administration and distribution services contract with SEI Investments for Bishop Street Funds, its group of proprietary mutual funds.
Robin Midkiff, executive vice president, First Hawaiian Bank, says by outsourcing to SEI the bank has been able to focus on asset management and relationship management and customer service.
SEI has been providing mutual fund services to First Hawaiian since 1995.