Source: SEI Investments
SEI Investments (NASDAQ:SEIC), the global provider of outsourced asset management and investment technology solutions, announced today it has entered into a long-term agreement with National City Corporation, one of the nation's largest financial holding companies. SEI will deliver its portfolio processing and accounting system capabilities to National City's wealth management and institutional asset management businesses.
National City will become the largest user of SEI's integrated portfolio management system, which provides decision support, trade order management, trade execution, compliance and performance reporting services in a straight- through processing environment.
"Our management team felt that SEI's current capabilities and new strategic direction align well with those of National City as we pursue our business objectives," said Chameli Naraine, Senior Vice President of Corporate Operations, Acquisition & Strategic Sourcing at National City.
"This agreement is a win for SEI on many levels," said Robert F. Crudup, Executive Vice President and head of SEI's Private Banking and Trust Business. "It reinforces the fact that our services continue to be well-respected by the largest organizations in the banking industry. It also validates SEI's long- term strategy and affirms the value the market places on our client-focused, partner-like approach to working with our clients."
SEI, a long-standing industry leader in the large bank private client and trust market, is used by seven of the top 10 largest U.S. banks. National City chose SEI after an extensive, year-long process in which they evaluated several providers.
"SEI has demonstrated its ability to meet our changing needs," said Robert Arnold, Senior Vice President of Trust Operations at National City Corporation. "This relationship allows us to reallocate our resources to focus on our client relationships, while providing the scale and flexibility we need to grow our business."