OAKS PA -- (Marketwire) -- 05/24/12 -- SEI (NASDAQ: SEIC) announced today that Northern Bank has gone live with the company's Global Wealth Services (GWS) offering. Through GWS, SEI will provide Northern Bank with investment processing, order management, and client servicing solutions.
SEI first announced Northern Bank as a new infrastructure client on its third-quarter 2011 earnings conference call. After converting a portion of the business during the fourth quarter of 2011, SEI has now successfully converted the balance of Northern Bank's discretionary business.
Northern Bank, a wholly owned subsidiary of Danish bank Danske, is one of the leading retail banks in Northern Ireland and offers a full range of banking services to personal, business, and corporate customers.
The strategic partnership will enable Northern Bank to enhance its client experience, promote its services and products in the intermediary market, establish a foundation for future growth, and offer clients access to more efficient wealth management services. In particular, SEI will support Northern Bank's operating model, including the underlying platform and practices that drive its Wealth Planning and Asset Management activities.
At the core of SEI's offering is its Global Wealth Platform (GWP), which will provide Northern Bank with a single, scalable, and integrated wealth management infrastructure to efficiently and actively manage client portfolios.
SEI provides its GWS to a range of firms across the wealth-management spectrum and today's announcement follows recent strategic partnerships established with Premier Asset Management and ARIA.
Ryan Hicke, Managing Director, SEI's Global Wealth Services U.K., said:
"SEI has a long-standing pedigree of delivering investment processing services to banks, and we are very excited to add Northern Bank to that group. Northern Bank has a clear commitment to both improving its current client position and creating a more scalable infrastructure to power its growth plans. Northern Bank shares our goal of creating a unique set of wealth-management solutions that can be implemented across client segments."
Jeremy Stewart, General Manager Private Banking and Wealth Management, Northern Bank, said:
"We were looking for a strategic partner who could springboard the re-launch of our Wealth Planning and Asset Management offering. SEI's Global Wealth Services has the scalability and flexibility to accommodate our current and future needs. By outsourcing investment-processing services to SEI we will be able to navigate and adapt to an ever-changing market. Additionally, we will be able to focus on servicing our clients and growing our business."
About SEI's Global Wealth Services
SEI's Global Wealth Services is an outsourcing solution for wealth managers combining wealth processing technology and wealth management programs, coupled with business process expertise. The integrated offering aims to provide wealth management organisations the infrastructure, operations and administrative support necessary to capitalise on their strategic objectives in a constantly shifting market.
At the heart of the solution lies the Global Wealth Platform, which supports trading and transactions on 102 stock exchanges in 46 countries and 33 currencies, all using straight-through processing. For more information, visit www.seic.com/pwi.
SEI (NASDAQ: SEIC) is a leading global provider of investment processing, fund processing, and investment management business outsourcing solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of March 31, 2012, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $428 billion in mutual fund and pooled assets or separately managed assets, including $189 billion in assets under management and $239 billion in client assets under administration. For more information, visit http://www.seic.com/enUK/index.htm.
About Northern Bank Asset Management
Northern Bank Asset Management has over 50 years experience in managing investments on behalf of individuals, businesses, charities, trusts and pension schemes. It provides a local and accessible approach to investment management through a highly experienced investment team who offer a range of innovative investment strategies.
Northern Bank is one of the leading retail banks in Northern Ireland. Northern is part of the Danske Bank Group, a major Nordic Bank and International Asset Manager managing more than EUR 66 billion in assets.