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 Harris Investment Management to provide operations outsourcing services for the firm's growing separate account business.
Harris is the latest institution to make the switch from internal account processing to an outside firm, marking an ongoing outsourcing trend in the SMA space.
Under the agreement, SEI will provide Harris with a fully outsourced, customized solution centering on business processes, account administration, reconciliation and reporting. The switch to an outsourcing provider by Harris was prompted by the firm's stated goal to significantly grow its business in 2008. SEI was chosen as a partner to help achieve that growth for a number of reasons including its technology expertise, electronic workflow process and its ability to provide a straight-through-processing environment. SEI's proven track record of success completing large conversions was also pointed to as a key factor in the selection process.
"In SEI we've got a partner that has the technology and the expertise to not only grow with our business, but actually help drive that growth," said Martin J. McHale Jr., Chief Operations Officer at Harris Investment Management. "With the success they've had and the clients they work with, SEI has clearly emerged as a leader in the outsourcing space. We look forward to working with them as we continue to build our SMA offering into one of the largest in the industry."
"Harris has some very aggressive growth goals for their business and we're pleased to be chosen as the firm to help them get there," said John Alshefski, Head of Business Development for SEI's Investment Manager Services division. "Our people, technology and processes have proven themselves on some of the largest deals and we're confident our work with Harris will be our next success."