The alliance, which combines Leumi's client relationship expertise and distribution network with SEI's extensive experience in selecting, monitoring and replacing managers, allows Leumi's clients to take advantage of a sophisticated solution. It was implemented via the creation of five funds, the Leumi Global Managers Funds (LGM), registered in Luxemburg. These LGM funds invest in SEI's Dublin-domiciled manager-of-managers Funds and are distributed through Leumi's Global Private Banking network. The five Leumi Global Managers Funds were created to meet various objectives: capital appreciation, income generation and a combination of these objectives (see Notes to Editors).

The alliance underlines SEI's continuing expansion globally. SEI has a number of established distribution partnerships with significant institutions including HSBC Private Bank, Bipiemme SpA in Italy and Commerzbank in Germany.

The alliance also underscores the rapid development of Leumi's Global Private Banking Division and its leadership position in serving its niche customer base globally.

Commenting on the alliance, Jean Louis Azoulay, Director, SEI Investments (Europe), said:

"We are very pleased to have entered into an alliance with Leumi. This distribution relationship reflects our growing global presence. We look forward to working with Leumi worldwide."

Commenting on the new relationship, Zvi Itskovitch, Head of the Global Private Banking Division at Leumi said:

"We undertook a thorough selection process before deciding to enter into an alliance with SEI to provide a manager-of-managers solution to our customers. We feel that SEI provides the most comprehensive solution for our customers and see our companies as well-suited for a strategic alliance of this kind. We believe there is significant demand for this product among our target customer base and look forward to working with SEI to achieve success in this area."