SEI Selected by Frost Investment Advisors to Provide Investment Operations Outsourcing
July 30 2008 - 10:08AM
PR Newswire (US)
Scalable Infrastructure, Turnkey Solution Critical for Frost Mutual
Funds OAKS, Pa., July 30 /PRNewswire-FirstCall/ -- SEI
(NASDAQ:SEIC) today announced that it has been selected by Frost
Investment Advisors to provide full service fund operations
outsourcing for its $1.7 billion mutual fund offering. The deal is
the latest in a series of outsourcing wins for SEI. The company
believes this growth will continue as fund managers look to
outsourcing partners for turnkey capabilities as they expand their
investment products to target new distribution channels and grow
assets. SEI's series trust solution, known as Advisors' Inner
Circle, allows investment managers like Frost to reduce time to
market and quickly gain scale and efficiencies by leveraging SEI's
infrastructure. SEI is one of the industry's leaders in the series
trust space with more than 15 years of experience and over $18
billion in assets. The comprehensive solution encompasses fund
administration, accounting, investor servicing and distribution
services. In addition, Frost benefits from an independent and
established board of trustees, a complete compliance program, and
scaled infrastructure. SEI's deep experience in the mutual fund
industry and its strong distribution capabilities were pointed to
as key factors in the selection process for Frost. "As investment
managers begin to package their expertise into different investment
products to target additional pools of assets, they're looking to
implement a scalable infrastructure quickly," said Phil Masterson,
Managing Director, for SEI's Investment Manager Services division.
"Frost's goal is to grow this fund family, and our solution gives
them a best-in-class environment in which to do so. At the same
time, we're using our distribution expertise to help them reach
their objectives. We're excited to partner with Frost to support
their growth." "We've worked with SEI in other aspects of our
business, and we've seen the strength of their expertise and
infrastructure first-hand," said Tom Stringfellow, President of
Frost Investment Advisors. "With SEI as our partner, we can focus
on growing our mutual fund business without having to worry about
building a platform to compete. We look forward to growing with
them for years to come." About Frost Investment Advisors Frost
Investment Advisors is a Registered Investment Advisor entity and a
subsidiary of Frost that provides institutional investors access to
13 Frost-managed mutual funds. Previously, the funds were part of
Frost's proprietary commingled funds and were only available to
trust clients and through qualified employee retirement plans.
Frost is the banking, investments and insurance subsidiary of
Cullen/Frost Bankers, Inc. (NYSE:CFR), a financial holding company
headquartered in San Antonio, with assets of $13.7 billion and
trust assets of $23.9 billion as of June 30, 2008. The corporation
provides a full range of business and consumer banking products,
investment and brokerage services, insurance products and
investment banking services. Frost operates more than 100 financial
centers across Texas in the Austin, Corpus Christi, Dallas, Fort
Worth, Houston, Rio Grande Valley and San Antonio regions. Founded
in 1868, Frost is one of the largest banking organizations
headquartered in Texas, with a legacy of helping Texans with their
financial needs during three centuries. For more information, visit
http://www.frostbank.com/. About SEI's Investment Manager Services
Division SEI's Investment Manager Services division provides total
operations outsourcing solutions to global investment managers
focused on mutual funds, hedge and private equity funds, exchange
traded funds, collective trusts, separately managed accounts and
institutional and private client services. The unit applies
operating services, technologies, and business and regulatory
knowledge to each client's business objectives. Its resources
enable clients to meet the demands of the marketplace and sharpen
business strategies by focusing on their core competencies. About
SEI SEI (NASDAQ:SEIC) is a leading global provider of outsourced
asset management, investment processing and investment operations
solutions. The company's innovative solutions help corporations,
financial institutions, financial advisors, and affluent families
create and manage wealth. As of June 30, 2008, through its
subsidiaries and partnerships in which the company has a
significant interest, SEI administers $420 billion in mutual fund
and pooled assets and manages $178 billion in assets. SEI serves
clients, conducts or is registered to conduct business and/or
operations, from more than 20 offices in over a dozen countries.
For more information, visit http://www.seic.com/. Company Contact
Media Contact Dana Grosser Jason Rocker SEI Braithwaite
Communications 610-676-2459 215-564-3200 x 110 DATASOURCE: SEI
CONTACT: Dana Grosser of SEI, +1-610-676-2459, , or Jason Rocker of
Braithwaite Communications, +1-215-564-3200 ext. 110, Web site:
http://www.seic.com/ http://www.frostbank.com/
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