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Wednesday, October 09, 2002|
Union Bank Wins Custodian Duties
The Advisor's Inner Circle Trust has selected Union Bank of California to provide custody services for its 25-member, $2.5 billion fund family. The funds in the family, which was established by SEI, range from U.S. domestic bond funds to emerging markets strategies. The mutual funds are subadvised by more than twelve investment-management firms, and the fund complex operates through a single board and functions as an independent entity.
"Union Bank of California was the natural choice for us," said Mike Dwyer of SEI Mutual Funds Services, the administrator and distributor for Advisors' Inner Circle Trust. "The company has a well established track record in the industry, provides the full array of services we require and offers a high level of technical and human expertise."
One key consideration in choosing Union Bank was the firm's standing in the West coast, a major regional market for the fund family, said Dwyer. The bank was also deemed the "Best Value for Money" and earned top honors as the best global custodian for portfolios valued greater than $1 billion dollars in an industry survey.
Dwyer declined to comment on the identity of the other candidates evaluated during the search.
"Union Bank maintains a strong and ongoing commitment to the institutional securities services market," said Carl Schultz, senior vice president and head of institutional securities services at Union Bank. "We are very pleased to be able to deploy our capabilities to meet the needs of Advisor's Inner Circle Trust and its clients."
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