CNI Charter Funds renews SEI outsourcing contract

SEI (Nasdaq: SEIC) today announced that CNI Charter Funds has renewed its contract with the company.

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SEI provides fund accounting, administration, investor servicing and distribution services for the $7.5 billion CNI Charter Funds. SEI also serves as the transfer agent and has been the outsourcing partner since the Funds' inception in 1999. CNI Charter Funds are advised by City National Asset Management, Inc., a wholly-owned subsidiary of City National Bank, and by CCM Advisors, LLC, wholly-owned by Convergent Capital Management LLC.

The renewal marks nearly a decade-long partnership between the two companies. SEI's in-depth understanding of CNI Charter Funds' business needs, its comprehensive compliance program, as well as the company's capabilities across product platforms were pointed to as key decision factors in the contract renewal.

"SEI has been with us since the beginning and they have proven their value over and over again for the last nine years," said Richard Weiss, President and CEO of CNI Charter Funds and President of City National Asset Management, Inc. "SEI understands our business and we've counted on them to help us navigate through major milestones in our business. They're a true partner and we really value their knowledge and capabilities."

"SEI has been CNI Charter Funds' partner since the inception of these funds and we are very proud of what that signifies," said Steve Meyer, Executive Vice President, SEI and head of SEI's Investment Manager Services division. "We have helped them as they have grown through acquisition, and we've provided strategic advice and expertise as they have diversified their business into new areas. We're excited to help them continue that growth and continue to serve their shareholders in the future."

Separately, SEI (Nasdaq: SEIC) today announced a broadening of its institutional investment solutions with the launch of the SEI Screened World Equity Ex-U.S. Fund. The new fund addresses the increased desire of institutional investors, specifically nonprofit organizations, to invest in funds that eliminate companies that generate revenue through business relationships with Sudan or Iran. The fund has already been supported by nine of SEI's nonprofit institutional clients who have allocated over $80 million in seed investments for the launch.

The new fund represents a further expansion of SEI's overall solutions geared towards meeting the unique needs of nonprofit institutional investors. Earlier this year, SEI introduced a new comprehensive administration platform to further complement the company's Manager of Managers investment offering. The result is a complete, web-based administration solution integrated with investment management, fiduciary services and donor support needs. SEI's Screened World Equity Ex-U.S. Fund will invest in securities of foreign issuers located in developed and emerging market countries, excluding companies whose activities directly or indirectly benefit the governments of countries that support terrorism, genocide or human rights abuses.

"Nonprofit organizations in particular have become increasingly sensitive to what types of activities their investments support," said Carolyn McLaurin, Vice President and Managing Director of SEI's Nonprofit Group. "The new fund is another example of SEI expanding our investment options to meet the social investment criteria of our clients and prospects."

The actively-managed fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment strategies to manage portions of the fund's portfolio. The investment strategies utilize diversified sources of alpha with the objective of achieving returns above the Fund's benchmark (MSCI All Country World ex-US Index adjusted for screens).

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