SEI participates in DTCC's managed accounts service pilot

The service is a standard communications platform designed to streamline communications and increase security and overall efficiency related to separate account data. SEI's involvement is in line with the company's stated goal of being at the forefront of innovations in the Separately Managed Accounts (SMA) space.

SEI intends to integrate the DTCC standards into its industry leading workflow management tool, creating new levels of efficiency and ultimately enabling a straight through processing environment for its clients. This development is expected to streamline the communication process for clients, increase the amount of data processed automatically, and reduce risk.

"Our goal is to create and adopt innovations that will increase efficiencies and standardization for our SMA operations and our clients and this service clearly falls in that category," said Phil McCabe, Managing Director, SEI's Investment Manager Services division. "Our workflow tool has been pointed to as a major differentiator and this service compliments and enhances that process. We're excited to be involved with this program."

Through the initiative, managed account information, including a comprehensive message containing all details to set up a new account, is exchanged in the form of standard messages through DTCC's automated network. The process is designed to significantly reduce operational costs and risk of errors. The service is built on DTCC's self-healing, resilient network to ensure secure data exchange and safety of investors' private records.

"SEI's reputation as an innovator and a leading outsource provider in the SMA space is well documented and they are exactly the type of organization we wanted for this pilot," said Ann Bergin, managing director and general manager of DTCC Wealth Management Services. "We are excited to partner with them as we prepare for widespread industry release later in the year."