SEI Announces Outsourcing Contract Renewal With CNI Charter Funds
Partnership Approach Key to Long-Term Relationship
OAKS, Pa., July 28 /PRNewswire-FirstCall/ -- SEI (Nasdaq: SEIC) today announced that CNI Charter Funds has renewed its contract with the company. SEI provides fund accounting, administration, investor servicing and distribution services for the $7.5 billion CNI Charter Funds. SEI also serves as the transfer agent and has been the outsourcing partner since the Funds' inception in 1999. CNI Charter Funds are advised by City National Asset Management, Inc., a wholly-owned subsidiary of City National Bank, and by CCM Advisors, LLC, wholly-owned by Convergent Capital Management LLC.
The renewal marks nearly a decade-long partnership between the two companies. SEI's in-depth understanding of CNI Charter Funds' business needs, its comprehensive compliance program, as well as the company's capabilities across product platforms were pointed to as key decision factors in the contract renewal.
"SEI has been with us since the beginning and they have proven their value over and over again for the last nine years," said Richard Weiss, President and CEO of CNI Charter Funds and President of City National Asset Management, Inc. "SEI understands our business and we've counted on them to help us navigate through major milestones in our business. They're a true partner and we really value their knowledge and capabilities."
"SEI has been CNI Charter Funds' partner since the inception of these funds and we are very proud of what that signifies," said Steve Meyer, Executive Vice President, SEI and head of SEI's Investment Manager Services division. "We have helped them as they have grown through acquisition, and we've provided strategic advice and expertise as they have diversified their business into new areas. We're excited to help them continue that growth and continue to serve their shareholders in the future."
About City National Asset Management, Inc.
City National Asset Management, Inc. ("CNAM") provides the CNI Charter Funds with investment manager services. CNAM is a wholly-owned subsidiary of City National Bank (CNB), a federally chartered commercial bank founded in the early 1950's. CNB is itself a wholly-owned subsidiary of City National Corporation, a New York stock exchange listed company. As of June 30, 2008, City National Corporation had approximately $53.5 billion in assets under management and administration, $34 billion of which is under management
About CCM Advisors LLC
CCM Advisors, LLC ("CCMA") provides the AHA Investment Funds, a Series of the CNI Charter Funds with investment management services. CCMA is wholly-owned by Convergent Capital Management, LLC, which in turn is majority-owned by City National Corporation.
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, separately managed accounts and institutional client services. The division 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 www.seic.com.