SEI (Nasdaq: SEIC), a leading global provider of outsourced asset management, investment processing and investment operations solutions, today announced that it has been selected by ING Investment Management Co. to provide an operations outsourcing solution for the firm's separate account business.
The deal is one of the largest in the SMA space this year and adds to SEI's reputation as a provider to large SMA managers.
Under the agreement, SEI will provide ING with a fully outsourced, customized SMA solution centering on business processes, account administration, reconciliation and reporting. In addition to streamlining administrative functions through electronic workflow and web-accessed real- time account information, the SEI solution enables SMA managers to meet widely varying requirements of non-standardized sponsor platforms, with an ongoing focus on compliance and documentation.
"SEI's solution went beyond providing efficiency and scale. They are a premier provider with technology that will seamlessly integrate ING and SEI's operations, giving us a level of control and transparency that we didn't think was possible," said David Bercaw, Senior Vice President and Head of Business Support and Operations at ING.
"We're extremely pleased to have won ING. As a market leader in this space, we are uniquely positioned to help managers - especially those whose size pose unique challenges - more effectively manage their SMA business," said Steve Meyer, head of SEI's Money Manager business segment. "Our fully integrated technology and processes are tailored to meet ING's operational needs and we look forward to helping them achieve their business and service goals for a long time to come."