SEI (NASDAQ:SEIC), a leading global provider of outsourced asset management, investment processing and investment operations solutions, today announced that is has been selected by Aberdeen Asset Management to provide a turnkey operations or "umbrella trust" solution for its new U.S.-focused mutual fund offering.
The deal points to a growing outsourcing trend where fund managers are turning to turnkey solutions as a way to reduce critical time to market, gain scale and efficiencies, and focus on their core competencies. SEI is one of the industry's leaders in the umbrella trust space with more than 15 years of experience and over $15 billion in assets.
SEI's umbrella trust solution, known as Advisors' Inner Circle, allows investment managers like Aberdeen to focus on the primary drivers of their success - investment performance and investor relations - by leveraging SEI's infrastructure. The comprehensive solution encompasses fund administration, accounting, investor servicing and marketing and distribution. In addition, investment managers benefit from an independent and established board of trustees, a complete compliance program and scaled infrastructure.
"By leveraging our Advisors' Inner Circle platform, investment managers can efficiently offer a mutual fund product," said Phil Masterson, Managing Director, Investment Manager Services division. "In addition, as managers look to get into the market quickly without building costly infrastructures, the case for an umbrella trust such as Advisors' Inner Circle continues to be persuasive."
"As we enter a new market, SEI's outsourcing solution provides us with an infrastructure that allows us to concentrate on investment strategy, not administrative matters," said Bev Hendry, Director in charge of Aberdeen's US Mutual Fund Division. "The growing complexity of the regulatory landscape makes the selection of an outsourcing partner even more critical in today's market. The depth and expertise of SEI's team was evident throughout the selection process. We look forward to working with them as we grow our mutual fund business in the U.S."