OAKS, Pa., Dec. 1, 2020 /PRNewswire/ -- SEI
(NASDAQ:SEIC) announced today that First Horizon National
Corporation will convert IBERIABANK's wealth business to SEI.
Following its previously announced merger and an extensive due
diligence process, the combined First Horizon Wealth
Management and Trust business will operate on TRUST
3000®, SEI's legacy wealth management platform.
On July 6, 2020, Memphis, Tenn.-based First Horizon National
Corporation (NYSE: FHN) and Lafayette,
La.-based IBERIABANK announced the completion of a merger of
equals. First Horizon National Corporation has been a TRUST 3000
client since 2003. IBERIABANK currently runs its wealth management
business on a competitor platform.
"We are proud to extend and expand our 17-year relationship with
First Horizon National Corporation, a key strategic partner poised
for faster growth in the southeastern United States," said Sandy Ewing, Senior Vice President for North
America Private Banking at SEI. "Trust and collaboration with our
client partners are at the heart of what we do. Our ability to
tailor the scope of services and technology platforms to best suit
First Horizon's business needs reflects our customized client
approach, as well as our long-term focus on and commitment to the
wealth management industry."
This new arrangement allows SEI to continue providing its
current scope of technology services to the new, larger
organization. The conversion of First Horizon National
Corporation's additional book of business is targeted to occur in
2021. TRUST 3000 is part of SEI's Global Wealth Management
Services business, comprised of market-leading, innovative
solutions designed to support the future growth of investment and
wealth managers globally.
"Through our longstanding and successful relationship with SEI,
we knew they could provide the best scalable infrastructure in an
increasingly competitive market, from which we plan to aggressively
grow our wealth business," said Rhomes
Aur, CEO of First Horizon Advisors. "By having our wealth
management business on SEI's platform, First Horizon will be able
to better increase our market share and meet growing client
demands. We believe this will also allow us to achieve increased
operational efficiency and scale, cost savings and reduced
redundancies via consolidation with one solution."
This news was first announced on SEI's second-quarter 2020
earnings call.
About SEI
After 50 years in business, SEI
(NASDAQ:SEIC) remains a leading global provider of investment
processing, investment management, and investment operations
solutions designed to help corporations, financial institutions,
financial advisors, and ultra-high-net-worth families create and
manage wealth. As of Sept. 30, 2020,
through its subsidiaries and partnerships in which the company has
a significant interest, SEI manages, advises or administers
approximately $1 trillion in hedge,
private equity, mutual fund and pooled or separately managed
assets, including approximately $330
billion in assets under management and $755 billion in client assets under
administration. For more information, visit seic.com.
About First Horizon
First Horizon National Corp.
(NYSE:FHN), with $83 billion in
assets, is a leading regional financial services company, dedicated
to strengthening the lives of our associates, clients,
shareholders, and communities. Headquartered in Memphis, TN, the banking subsidiary First
Horizon Bank operates nearly 500 bank locations in 12 states across
the Southeast. With more than 288 years of combined First Horizon
Bank and IBERIABANK financial experience, the Company and its
subsidiaries offer commercial, private banking, consumer, small
business, wealth and trust management, retail brokerage, capital
markets, fixed income, mortgage, and title insurance services.
First Horizon is recognized as one of the nation's best employers
by Fortune and Forbes magazines and a Top 10 Most Reputable U.S.
bank. More information is available
at www.FirstHorizon.com
Company
Contact:
|
Media
Contact:
|
Leslie
Wojcik
|
Jacqueline
Gogel
|
SEI
|
Vested
|
+1 610-676-4191
|
+1
917-765-8720
|
lwojcik@seic.com
|
jacqueline@fullyvested.com
|
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SOURCE SEI Investments Company