2006 Recap: SEI Adds Eight New Multiemployer Plan Clients
Strong Multiemployer Sales Help Drive Firm's Overall Pension Asset Growth
OAKS, Pa., Feb. 20 /PRNewswire-FirstCall/ -- SEI (Nasdaq: SEIC) today announced that as part of its strong 2006 global institutional sales the company received commitments from eight new multiemployer clients. Last year, SEI introduced its PensionConnect 360(TM) for Multiemployer Plans solution and the immediate industry adoption contributed to the company's total addition of nearly $5 billion in new pension assets under management. Among SEI's new multiemployer clients added in 2006 are Connecticut Plumbers and Pipefitters, Minnesota Cement Masons and Plasterers Pension Fund, Northwest Ohio Plumbers and Pipefitters Pension Plan, Pennsylvania Heavy and Highway Contractors and St. Louis Graphic Arts Pension Plan.
The ongoing growth of SEI's retirement business points to an emerging trend where multiemployer trustees are seeking solutions that provide greater control over the strategic direction of their plans. New legislation around funding rules and eroding credit balances is compelling trustees to shift away from fragmented plan management models, in favor of a more integrated and strategic approach. SEI's PensionConnect 360(TM) for Multiemployer Plans meets that need by integrating all plan components into one model, providing a coordinated, risk controlled approach that allows trustees to fully evaluate scenarios and implement customized strategies.
"In today's complex investment and regulatory environments, accountability and visibility are critical to every plan's success," said Michael Cagnina, Managing Director of Multiemployer Plans for SEI's Global Institutional Group. "The market has reacted so positively to our model because it provides a single integrated view of all plan elements along with an additional layer of fiduciary protection for the plan. We anticipate these demands to continue and we will continue to tailor our model to meet the emerging needs of the market."
About SEI's Global Institutional Group
SEI's Global Institutional Group delivers integrated retirement and nonprofit solutions to over 470 clients in seven different countries. SEI enables clients to meet financial objectives, reduce business risk, and fulfill their due diligence requirements through implemented strategies for the management of defined benefit plans, defined contribution plans, endowments, foundations and board designated funds. For more information, visit http://www.seic.com/institutions.
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 the period ending December 31, 2006, through its subsidiaries and partnerships in which the company has a significant interest, SEI administers $366.6 billion in mutual fund and pooled assets and manages $181.5 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/.