SEI Investments says its three-year old relationship with California-based City National Bank is expanding. The bank first selected SEI to administer and distribute its CNI Charter Funds, its family of proprietary mutual funds with $4 billion in assets under management, in 1999. Back then, SEI ran just three money market mutual funds worth only $2 billion.
A year later it won the right to service a further six additional mutual funds, including equity and taxable as well as tax-exempt fixed income funds. Now City National is so pleased with the results it has renewed its contract with SEI.
“SEI has long been a trusted and valuable provider of mutual fund services, as well as investment processing and liquidity services ,” says Vernon Kozlen, Executive Vice President of City National Bank . “We’re especially pleased with SEI’s contributions of ideas and tangible activities that have helped us increase our revenues and minimize expenses in our mutual fund business.”
“City National Bank is an ideal client. Their growth and success reflect their commitment to excellence,” adds Brandon Sharrett, SEI Senior Vice President and head of the Advisor Network, Banks and Trust Companies unit. “By outsourcing their mutual fund administration to SEI, the bank can focus on their own strengths that will continue to drive this growth. We at SEI look forward to further opportunities to help them grow their business through our unique solutions.”
City National Corporation is a n NYSE-listed company with assets of $11.2 billion. City National Bank, a wholly owned subsidiary, is California’s Premier Private and Business Bank, serving small to mid-sized businesses, professionals, entrepreneurs and high-net-worth individuals.