21 February 2018
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Evercore chooses SEI for wealth processing services

01 December 2009  |  976 views  |  0 Source: SEI

SEI (Nasdaq: SEIC) announced today that it has entered into a multi-year agreement with Evercore Trust Company, to provide outsourced back-office investment accounting and processing services.

This agreement supports both Evercore Trust Company's and Evercore Wealth Management's strategic initiatives.

Evercore Wealth Management serves high-net-worth individuals and institutional investors by providing investment, trust, and financial planning services. On May 1, 2009, Evercore acquired the Bank of America Special Fiduciary Services Division and established the Evercore Trust Company to focus on investment management, independent fiduciary, and trustee services to independent benefit plans of large corporations.

Approaching its one-year anniversary, Evercore has accumulated approximately $21 billion in assets under management and administration.

"The opportunities afforded to us by partnering with SEI have allowed us to put tremendous focus on client-facing activities and fulfill our value proposition from 'day one,'" said Jeffrey S. Maurer, CEO of Evercore Wealth Management. "SEI has demonstrated great flexibility and a strong willingness to work with us as a strategic partner when we launched this business."

Having completed a successful implementation, SEI is providing Evercore its Wealth Processing Solution. Services include operational outsourcing and a comprehensive suite of browser-based applications, fully integrated with a powerful system to help firms manage clients across their lifecycles and manage money across market cycles.

"We're very gratified to begin on the ground floor with Evercore and the forward-thinking management team they have in place," said Al Chiaradonna, Senior Vice President for SEI's Private Banks segment. "Evercore management told us they selected SEI because of our ability to simplify the business complexity of their operating model so they could maximize efficiencies as they launched. We believe Evercore's model presents great opportunity, and look forward to helping them succeed."

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