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Rating:New Push on Wrap Accounts Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, April 25, 2001

New Push on Wrap Accounts

Reported by Alfred Wang

Building on the profitability of its separate account business line, SEI launched a hybrid program aimed at RIAs. This product combines individually managed accounts with style-specific, multi-manager mutual funds based upon account size and desired asset allocation mix.

The program permits access to specialist money managers who manage and customize individual portfolios of stocks and bonds for high net-worth clients. SEI selects and oversees the money manager based on the company's "manager-of-managers" program. To ensure investment style discipline, SEI monitors manager stock-picking.

The program is also expected to supply simplified administration by rebalancing portfolios quarterly, consolidating the reporting platform, eliminating proxies or confirms, and informing accountholders with an annual tax letter and daily internet account access.

After SEI's announcement of first quarter earnings, Alfred P. West, Jr., chairman and ceo, explained to analysts that the firm's separate account business was a strong contributor to its success in the quarter. While total assets under management and administration at SEI grew just 2 percent to $270.3 billion, assets in its high-net-worth and institutional investors business lines grew 15 percent to $78.1 billion.  

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