SEI Investments has announced it will offer a straight-through mutual fund processing solution. SEI intends to offer the solution on an outsourced basis to national, regional and community banks; independent trust companies; investment advisors; broker/dealers, and investment managers in the United States, from the second quarter of 2003.
As part of the straight-through processing solution, SEI has reached an agreement with Charles Schwab Clearing Services to integrate SEI’s mutual fund processing platform with Schwab’s mutual fund supermarket. This integrated processing platform will significantly streamline many of the accounting, processing, reconciliation, and clearing activities, one of the most challenging back office areas at financial institutions.
SEI’s relationship with Schwab complements its continuing relationship with Vertical Management Systems, Inc. (VMS). Earlier this year, SEI announced its plans to integrate its investment processing system with VMS’s mutual fund automated tools.
Robert Crudup, SEI Executive Vice President and head of the firm’s Private Banking and Trust Segment, stated, “This outsourced business solution is designed to provide financial services organizations with the necessary straight-through trading and processing capabilities to improve profitability, mitigate risk and focus on their core business of enhancing products and services for their clients.”
“We are pleased to be working with SEI Investments on their new service offering,” said Bill Thomas, Senior Vice President of Charles Schwab Clearing Services. “The agreement provides SEI with access to a broad selection of mutual funds, offered through a single efficient interface between our firms. This new agreement is an extension of a long-standing alliance between Charles Schwab and SEI Investments.”