U.S. Bank will migrate its wealth management and investment services businesses to a new technology platform provided by SEI.
U.S. Bank will adopt the SEI Wealth Platform (SWP) for its wealth management, institutional trust and custody, global corporate trust, global fund custody and investment advisor services businesses.
SWP is SEI’s technology infrastructure that enables organisational and digital transformation for financial institutions.
“Our successful, 43-year relationship with SEI has been based on trust, collaboration and a truly strategic alliance, and we are excited to continue our journey ahead together,” said Dale R. Smith, executive vice president of U.S. Bank Trust Technology and Support Services.
“With a component-based, configurable architecture to support our flexible business operating model, the SEI Wealth Platform will enable us to drive greater efficiency and deliver enhanced services to our wealth management and investment services clients globally.”
U.S. Bank joins more than 50 other SEI clients across the industry utilising SWP as a core technology and infrastructure to grow and modernise their wealth management and institutional services businesses.
“By employing the SEI Wealth Platform’s scale and scope within a software-as-a-service model, U.S. Bank will benefit from a unified, straight-through-processing environment across all of their businesses globally,” said Sandy Ewing, senior vice president for North America private banking at SEI.
Earlier this year, SEI expanded its outsourced chief investment officer (CIO) platform to institutional investors with a range of new operational support tools.
The Enhanced CIO platform enables institutional investors such as pension funds and family officers that have in-sourced investment management to choose from a custom platform that improves operational due diligence with integrated reporting.