OAKS, Pa., June 16 /PRNewswire-FirstCall/ -- SEI (Nasdaq: SEIC) announced today that it has entered into a long-term agreement with Wilmington Trust (NYSE: WL) to provide core processing and accounting systems for the firm's two advisory businesses, Wealth Advisory Services (WAS) and Corporate Client Services (CCS). Wilmington Trust will utilize SEI's fully integrated investment management solution and added services that will assist with a variety of operational and processing activities. SEI's wealth processing and accounting system is a long-standing industry leader in the large bank market.
"It's critical for us to provide a superior, seamless client experience," said James Combs, Senior Vice President and Head of Trust and Custody Services for Wilmington Trust. "SEI's global footprint, implementation and professional services expertise, and ongoing technological innovation will help us meet this important objective and support the growth of our advisory businesses into the future."
"Our demonstrated commitment to and investment in Global Wealth Services was a significant consideration in Wilmington Trust's decision," said Al Chiaradonna, Senior Vice President, SEI's Private Banks segment. "They believe this will help enable them to meet strategic objectives for both advisory businesses in the U.S. and overseas."
The advisory businesses generate more than 50 percent of Wilmington Trust's revenue, and they are key elements of the company's growth strategies. The WAS business offers a comprehensive array of personal trust, wealth planning, fiduciary, asset management, and family office services to high-net-worth individuals and families throughout the United States. The CCS business offers institutional trustee, agency, administrative, and retirement services to institutions that seek to conduct business in advantageous jurisdictions throughout the United States, Europe, and the Caribbean.
About SEI's Global Wealth Services
SEI's Global Wealth Services is an outsourcing solution for Wealth Managers encompassing wealth processing services and wealth management programs, coupled with business process expertise. The integrated offering aims to provide wealth management organizations the infrastructure, operations and administrative support necessary to capitalize on their strategic objectives in a constantly shifting market.
About SEI's Private Banks Segment
SEI's Private Banks business segment delivers investment management and wealth processing services through its Global Wealth Services solution to private banks and wealth management organizations. SEI enables wealth managers to meet the rapidly evolving business and investment needs of their clients by helping them grow and protect revenue, minimize cost and allocate capital effectively, enable risk management and help manage transformation. SEI's solutions are used by over 290 clients in 9 countries. For more information, visit http://www.seic.com/banks .
SEI (Nasdaq: SEIC) is a leading global provider of outsourced asset management, investment processing and investment operations solutions. The company's innovative solutions help corporations, financial institutions, financial advisors, and affluent families create and manage wealth. As of March 31, 2010, through its subsidiaries and partnerships in which the company has a significant interest, SEI administers $394 billion in mutual fund and pooled assets and manages $162 billion in assets. SEI serves clients, conducts or is registered to conduct business and/or operations, from numerous offices worldwide. For more information, visit www.seic.com.
About Wilmington Trust
Wilmington Trust Corporation (NYSE: WL) is a financial services holding company that provides Regional Banking services throughout the mid-Atlantic region, Wealth Advisory services to high-net-worth clients in 36 countries, and Corporate Client services to institutional clients in 89 countries. Its wholly owned bank subsidiary, Wilmington Trust Company, which was founded in 1903, is one of the largest personal trust providers in the United States and the leading retail and commercial bank in Delaware. Wilmington Trust Corporation and its affiliates have offices in Arizona, California, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam. For more information, visit www.wilmingtontrust.com.