SEI Launches in the Middle East
03 March 2008
DUBAI, UAE, March 3 /PRNewswire-FirstCall/ -- Investors around the Middle East may now have access to the expertise offered by SEI (Nasdaq: SEIC) following the opening of its office in the Dubai International Financial Centre (DIFC). SEI is a leading global provider of outsourced asset management, investment processing and investment operations solutions.
The DIFC formally recognized SEI as a foreign branch on February 21, 2008, and the Dubai Financial Services Authority ("DFSA") gave approval of SEI as an Authorized Firm on February 24, 2008.
This follows an active development period by the company in the region, which included the launch of a series of SEI Shariah compliant manager of manager equity funds, the first of their kind, in July 2007. The appointment of a Dubai-based Managing Director secures SEI's expansion in the region.
Commenting on the expansion plans, Jahangir Aka, Managing Director for SEI in the Middle East said:
"The Middle East markets have been experiencing tremendous growth over the last few years and it's an exciting time for us here. In the last twelve months we have been involved in numerous discussions across the region to ensure our solutions are aligned to market needs. The feedback has been very positive, and we see a great opportunity for us to be partners in developing the regional wealth management and asset management industry.
We have already been managing assets in the region through our offices in London and aim to build on this by offering our Global Wealth Services solution, which encompasses a comprehensive suite of services to help wealth management organizations capitalize on their strategic objectives in the constantly shifting wealth management market."
Commenting on SEI's entry to the region, Mr. Nasser Al Shaali, CEO, DIFC Authority, said:
"SEI has a proven track record in building world class investment and administration capabilities, and as regional banks, institutions and families grow and develop onshore asset management and wealth management capabilities, SEI has a key role to play in this region."
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 December 31, 2007, through its subsidiaries and partnerships in which the company has a significant interest, SEI administers $426 billion in mutual fund and pooled assets and manages $197 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.This information is issued by SEI Investments (Europe) Limited, 4th Floor, Time & Life Building 1 Bruton Street, London W1J 6TL which is authorised and regulated by the Financial Services Authority. No offer of any security is made hereby. Recipients of this information who intend to apply for shares in any SEI Fund are reminded that any such application may be made solely on the basis of the information contained in the Prospectus.