Dorsey & Whitney Trust Company and Hills Bank and Trust Go Live on the SEI Wealth Platform in a Fully Remote Environment

OAKS, Pa., Oct. 5, 2020 /PRNewswire/ -- SEI (NASDAQ: SEIC) announced today that Dorsey & Whitney Trust Company LLC and Hills Bank and Trust Company converted to the SEI Wealth Platform^SM (SWP) after virtually transitioning from SEI's legacy wealth management platform, TRUST 3000^®, on their originally scheduled implementation dates. SWP is a fully-integrated, single-infrastructure technology solution that enables organizational transformation, provides front-, middle-, and back-office services, and supports an end-to-end, digital experience for wealth management organizations and their clients. SWP is part of SEI's Global Wealth Management Services business, comprised of market-leading, innovative solutions designed to support the future growth of investment and wealth managers globally. This news was first announced on SEI's second-quarter 2020 earnings call.

"Previously, remote implementations were not something for which you needed to plan," said Al Chiaradonna, Senior Vice President of North America Private Banking at SEI. "But at its core, the success of these conversions was due to the strength of our strategic partnership with Dorsey & Whitney Trust Company and Hills Bank and Trust Company, as well as our collective readiness, adaptability and willingness to take on procedural and technological challenges in order to meet all milestones necessary to go live on schedule. During these extraordinary times, we have remained focused on keeping implementations on track, helping to ease the incremental expenses, firmwide distraction and risk of disruption that can come with delaying conversion dates."

"Having worked with SEI for 18 years, we felt comfortable that we could accomplish comprehensive training, well-prepared dress rehearsals and a live conversion in a completely virtual setting, even though we had never done this before," said Carl Schmidtman, President of Dorsey & Whitney. "We're excited to enhance our offering to our clients, providing a modern, web-based solution that will transform their overall experience, as well as enable us to serve our clients more efficiently and grow our business."

Dorsey & Whitney Trust Company and Hills Bank and Trust Company will benefit from SWP's ability to provide their clients with increased efficiency and scale, user-friendly mobile access to key client information, enhanced communication and automation improvements.

The SEI Wealth Platform continues to gain significant market momentum. Of the 53 signed global clients, 45 private banking firms are installed, with another 8 clients in various stages of implementation.

About the SEI Wealth Platform^SM 
The SEI Wealth Platform (the Platform) is an outsourcing solution for wealth managers encompassing wealth processing services and wealth management programs, combined with business process expertise. With the Platform, SEI provides wealth management organizations with the infrastructure, operations, and administrative support necessary to capitalize on their strategic objectives in a constantly shifting market. The SEI Wealth Platform supports trading and transactions on 133 stock exchanges in 42 countries and 43 currencies, through the use of straight-through processing and a single operating infrastructure environment. For more information, visit: seic.com/wealthplatform.

About SEI
After 50 years in business, SEI (NASDAQ:SEIC) remains a leading global provider of investment processing, investment management, and investment operations solutions designed to help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of June 30, 2020, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers approximately $1 trillion in hedge, private equity, mutual fund and pooled or separately managed assets, including approximately $318 billion in assets under management and $693 billion in client assets under administration. For more information, visit seic.com.

About Dorsey & Whitney Trust Company
We are a full service trust company chartered in the State of South Dakota, wholly owned by Dorsey & Whitney LLP, an international law firm with a 100-year history of providing trusted counsel and representation to individuals, businesses and charities. Our Trust Company is a direct outgrowth of the role Dorsey's Trusts & Estates attorneys have played for decades as trusted advisors to their clients. The law firm established the Trust Company to provide Dorsey clients and others with trust and estate administration and wealth management services of the highest quality.

About Hills Bank and Trust Company
Hills Bank spans 19 locations with more than 500 co-workers across three eastern Iowa counties. We have achieved this growth by earning our customers' respect and connecting with them, one at a time. With a large asset base and a local focus, we can offer the services of a regional bank with the responsiveness of a community bank, and advanced digital banking with a personal touch.

SOURCE SEI Investments Company