SEI, is to transition Frost, a subsidiary of Cullen/Frost Bankers, Inc., to SEI’s innovative Global Wealth Services application.
SEI’s new application provides Frost, a financial institution with $24.2 billion in trust assets, with a broad set of wealth management services that will allow the bank to offer a more proactive relationship-centric experience to their clients and address the growing complexities of the global financial markets. Frost, a client of SEI for 18 years, is one of the first US adopters of SEI’s Global Wealth Services solution.
“For almost two decades, SEI has been a valued and forward-thinking strategic partner. SEI’s enhanced Global Wealth Services solution aligns well with our way of doing business. We know from our past experience with SEI that their innovative culture and support of our clients’ needs will help us achieve our long-term growth and profitability initiatives,” says Richard Kardys, group executive vice president, Frost Bank.
SEI’s Global Wealth Services offering encompasses a range of services and provides wealth management organisations with a holistic view of clients’ objectives and financial holdings. The Global Wealth Services application processes private banking business in twelve countries, transacts in twenty-seven currencies and trades on fifty-three exchanges all using straight-through processing. The integrated offering will provide Frost the infrastructure necessary to capitalise on their strategic objectives in the constantly shifting wealth management market.
“We’ve developed Global Wealth Services to help banks transform their businesses into next-generation wealth management organizations by allowing them to focus on growing revenue while minimizing cost, enabling risk management and allocating capital more effectively. Frost is uniquely positioned to serve the new wealthy in their marketplace and their adoption of Global Wealth Services will move them forward in that initiative. We’re very excited that they’ve chosen to be an early adopter of Global Wealth Services and we look forward to helping them grow their business,” says Joseph Ujobai, executive vice president, SEI’s Private Banking business.
Frost Bank joins additional SEI Global Wealth Services early adopters including Centier Bank, a privately-held bank in Indiana, and HSBC Private Bank in the UK.