Wednesday, July 30, 2008
New Fund Group Gives Away Mandate
News summary by MFWire's editors
has picked up an outsourcing mandate for a newly formed fund group. Frost Investment Advisors
, which launched its first ten funds in June, has chosen SEI to provide full service fund operations outsourcing for its $1.7 billion fund complex.
, president of Frost Investment Advisors, said that leveraging SEI's services will allow the firm to focus on growing its fund business and not worry about building its own platform.
Company Press Release
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
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.
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.
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