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Global X Management chooses SEI technology to support ETFs

05 May 2009  |  1726 views  |  0 Source: SEI

SEI (NASDAQ:SEIC) today announced that it has been selected by Global X Management Company to provide a fully integrated, turnkey solution to support the firm's global exchange traded funds (ETFs).

SEI's integrated ETF solution is designed to help investment managers meet the emerging market demand for launching new ETF products, while supporting greater transparency and efficiency. It also provides an efficient way for managers to enter the market quickly with limited investment.

Under the terms of the agreement, SEI will provide a complete outsourcing solution that includes fund administration, accounting, investor servicing, distribution and authorised participant (AP) processing for Global X's ETFs in a straight-through electronic processing environment. SEI was selected following a thorough search process that included the major providers in the ETF space. The company's best-in-class approach, scalability, and straight-through processing environment were pointed to as key factors in the decision.

"SEI's fully integrated solution provides a comprehensive, single source environment that isn't possible when working with multiple vendors," said Bruno del Ama, CEO of Global X Management. "We are launching funds in different countries and SEI's experience and knowledge in the ETF business is a big advantage for us. We know that they have the depth to service us now and, more importantly, they have the ability to scale this offering with us as we grow - and that's critical."

SEI is the leading processor for ETF trades for authorised participants. With its first family of ETFs, Global X is launching global ETFs focusing on the Nordic region, Colombia, Argentina, Peru, Philippines, and Egypt.

"Global X's goal is to focus on their advantage of being a first mover into their specific target markets and scale quickly. Our complete solution is designed to enable them to achieve that goal while relying on SEI to provide the heavy lifting and infrastructure," said John Alshefski, Head of Business Development for SEI's Investment Manager Services division. "We're pleased to partner with Global X to help them achieve their business objectives."

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