SEI (SEIC) today announced that it has been selected by ORIX Investment Corporation (OIC) to provide a complete back- and middle-office outsourcing solution for the firm's hedge-fund business.
OIC sought to outsource its back- and middle-office functions to gain greater operational efficiencies while focusing its internal resources on core client service and investment functions. The selection is the latest in a series of recent wins for SEI, further extending its leadership position in the investment-outsourcing space.
Under the agreement, SEI will provide OIC with a full range of middle- and back-office services including fund accounting and administration, trade processing and administration, investment accounting, investor reporting, risk and attribution, and collateral-management services. SEI will provide its services in a straight-through processing environment with an automatic reconciliation tool designed specifically for reconciling high transaction volumes with CTAs and brokerage firms.
"Having worked with SEI in the past, we know their technology and service are second to none and that made this decision easy," said Yuji Takenaga, Senior Vice President of OIC. "In this environment, it's more important than ever to find efficiencies and use our resources where they matter most in our business. We trust in the expertise of SEI's team and outsourcing our back- and middle-office services to SEI gave us a more streamlined and competitive operational infrastructure. That means we can focus on doing what we do best, which is managing investments and servicing clients."
"Managers are increasingly becoming more comfortable in outsourcing key middle-office functions to us as they realize how our award-winning technology and operational best practices can drive automation, reduce risk, and enable greater transparency," said Philip Masterson, Senior Vice President and Managing Director, SEI's Investment Manager Services division. "We've spent a tremendous amount of time and resources investing in our back- and middle-office platform and expanding our capabilities. We're pleased that OIC is using us as a strategic partner to help them create a more streamlined operational infrastructure and achieve their business goals."