SEI wins Sands capital operational outsourcing deal
29 September 2010 | 1598 views | 0
SEI (Nasdaq: SEIC) announced today that it has been selected by Sands Capital Management to provide full-service operational outsourcing for the firm's recently created U.S. mutual fund and Dublin-based UCITS (Undertakings for Collective Investment in Transferable Securities) offerings. SEI's ability to provide fully scalable and industry-proven solutions to support both fund structures was a key factor in the selection process for Sands Capital.
SEI's comprehensive mutual fund solution encompasses fund administration, accounting, investor servicing, and distribution services. For Sands Capital's mutual fund offering, the outsourcing services will be implemented through SEI's Advisors' Inner Circle series trust. This turnkey solution allows investment managers to reduce time to market and quickly gain scale and efficiencies by leveraging SEI's infrastructure.
SEI has one of the industry's leading turnkey mutual fund platforms, having offered a series trust to managers for more than 18 years. In addition, SEI's distribution support model gives Sands Capital faster access to a broad range of intermediary firms and platforms. SEI has more than 175 relationships, allowing its investment manager clients to increase the speed at which their funds are available for sale on platforms and with intermediary firms.
For Sands Capital's UCITS fund, SEI will provide Irish trustee and custodial services in addition to fund administration, accounting, and investor servicing. The UCITS directive is a "passport" system that allows managers to operate throughout European Union member nations under a uniform regulatory framework. SEI has established itself as a leader in the UCITS space as more managers utilise the structure to efficiently distribute their funds across, and even outside, Europe. For Sands Capital, the structure allows them to further capitalise on their existing global investor relationships.
"When Sands Capital decided to launch multiple fund structures in multiple markets, they wanted a single strategic outsourcing partner with the experience and solutions necessary to meet their diverse needs," said John Alshefski, Senior Vice President, SEI's Investment Manager Services division.
"SEI has invested time and resources in creating a fully scalable platform that provides the integration and continuity across business models and asset classes that our clients need."
Robert C.oberobert C. Hancock, Managing Director, Chief Operating Officer and Chief Compliance Officer at Sands Capital Management, said, "SEI's proven platform and its expertise across fund structures gave us the single platform services we needed to quickly bring our funds to market in the U.S. and Europe without having to build out our own back office processes. Ultimately our partnership allows us to focus on managing money, not infrastructure."