Source: SEI Investments
SEI Investments (Nasdaq: SEIC), a leading global provider of outsourced asset management and investment technology solutions, announced today that, through its affiliates, it has entered into a multi-year agreement with South Carolina Bank and Trust (Nasdaq: SCBT) for back office trust department processing and outsourced wealth management solutions for high-net-worth and institutional investors.
As part of the agreement, South Carolina Bank and Trust will offer SEI's wealth management solutions to high-net-worth individuals, defined benefit plans and non-profit organizations. This includes SEI's Integrated Managed Account Platform (IMAP) and mutual fund wrap program.
IMAP provides investors with access to 13 institutional class, specialized portfolio managers who separately manage each client's account. IMAP also includes an overlay manager who seeks optimal tax management, customization and coordination among portfolio managers. The mutual fund wrap program provides investors access to one of the top "Manager of Managers" mutual fund programs in the nation. SEI identifies, hires and manages specialist money managers to create their own family of multi-manager mutual funds.
Additionally, SEI Private Trust Company, a wholly owned subsidiary of SEI Investments, will assume operational responsibility for trust accounting and processing and other operational functions.
"Across the industry, wealthy clients are looking for more than what banks have traditionally given them and we are positioning ourselves to provide our clients with the best possible solutions," said Todd Harward, President, SCBT Wealth Management Group. "We are now able to focus resources on providing the optimum client experience."
"Forward-looking banks such as South Carolina Bank and Trust know that the emerging wealthy generation is bringing a sea of change to the wealth management industry - they are demanding a greatly enhanced experience," said Brandon Sharrett, managing director for Regional and Community Banks at SEI Investments. "This agreement will allow them to focus on customer-facing activities that will drive their growth in this critical market segment."