SEI (NASDAQ: SEIC) today announced that it has been selected by Israel Discount Bank of New York (IDB Bank) to provide end-to-end technology, operations, and wealth management services through its single-infrastructure wealth management solution, the SEI Wealth Platform (the Platform).
IDB Bank will convert its International Custody Division to the Platform. IDB Bank's selection of SEI continues the growing momentum of the SEI Wealth Platform, as the company has had two U.S. bank clients go live on the Platform during the first half of the year. SEI first mentioned IDB as a new client during its first-quarter 2013 earnings conference call.
"IDB Bank's growth strategy and forward-looking goals make them a perfect strategic partner for SEI and a natural fit for the SEI Wealth Platform," said Al Chiaradonna, Senior Vice President, SEI Wealth Platform. "IDB Bank's main objectives are to provide advanced wealth management services to their clients by increasing efficiencies and leveraging superior technology. We look forward to helping IDB Bank achieve these goals and build their success for years to come."
Once IDB Bank's conversion to the Platform is complete, SEI will support all levels of its processing, investment management, and end-client needs. IDB Bank pointed to the ability of the SEI Wealth Platform to support multiple global wealth management affiliates on a single infrastructure as a key differentiator in partner selection.
"We are very happy to announce our strategic partnership with SEI," said Robert Plante, COO and CIO of IDB Bank. "The combination of multi-currency technology and operational support offered in the SEI Wealth Platform will allow us to improve service to our clients and gather more assets while increasing efficiency in our operations."