SEI (NASDAQ:SEIC) today announced that it will be expanding its outsourcing services for Geni Capital ("Geni") to support Geni's partnership with AREIT Management Limited and the newly launched Geni GCC Commercial Real Estate Opportunities Fund.
The Fund will target investments across the Gulf Cooperation Council ("GCC") States, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Under the terms of the agreement, SEI will provide administration, accounting and investor servicing to the Fund. The choice by Geni to expand their partnership with SEI was due to SEI's expertise and reputation in servicing and supporting Middle Eastern funds, as well as its ability to create a tailored and innovative solution to handle Geni's expanding needs.
"SEI's knowledge and scalability within the Middle East were key differentiating factors," said Nick Goodson, Partner, Geni Capital. "As we looked to establish this new fund, we needed someone who could help us set up quickly, cost effectively, and offer a truly integrated operating environment. Throughout our relationship with SEI, we have found their internal processes, people, and technology solutions, together with their ability to provide customised solutions for our product offerings to be first class. We recognise these attributes are invaluable to our organisation and investors as we continue to grow."
John Alshefski, Senior Vice President and Managing Director for SEI's Investment Manager Services division commented, "We continue to see the Middle East as an important centre for us and we are focused on supporting our clients' changing and increasing needs in the region. As fund managers look to expand globally, SEI is able to service their multiple investment products worldwide and as such are delighted to be working with Geni and AREIT and supporting them with this important expansion for their businesses in the Middle East."