Built to scale: A depositary partnership designed for growth.

As private asset strategies become increasingly sophisticated, asset managers require a depositary partner that combines deep private asset expertise with responsive, relationship-led service.

When a leading global asset manager sought a depositary provider better aligned to the needs of its growing private credit platform, it turned to SEI.

Rafal Moryson, CEO of the Irish Depositary Company, explains why the client selected SEI and how SEI’s depositary services—built on extensive private asset experience, collaborative client servicing, and deep regulatory insight—support firms navigating the complexity of private markets. 

The unique demands of private assets

With private asset strategies evolving in both scale and complexity, traditional depositary models may not be well-suited. Less standardised processes, intricate deal structures, and a broader range of counterparties place greater demands on depositary oversight.

One example is SEI’s client—a large global asset manager with a growing private credit platform. They recognised that private credit required a fundamentally different approach to oversight than traditional assets. “In this case, the client approached us directly,” Moryson said. “They were aware of our reputation in the market and wanted to explore whether we could offer a better fit for their private asset strategy.”

With extensive experience supporting private asset managers, SEI has designed its depositary offering around the realities of private markets to combine regulatory expertise with a pragmatic understanding of how private asset structures operate.

Collaborative approach to oversight

SEI delivers depositary services through an integrated, client-focused model.

Unlike providers who are structured around functional rather than client-based teams, SEI’s clients work with dedicated professionals who understand their structures, service providers, and operating model end-to-end. This reduces handoffs, improves accountability, and enables issues to be resolved more efficiently. 

SEI’s flexible approach to implementation was also important during the transition. The client wanted to retain its existing custodian and banking relationships, as transitioning them can often create additional operational complexity in private asset structures. 

From its experience, SEI recognised these challenges and, rather than having the client change its operating model outright, SEI adapted its service delivery permitting the client to work within their existing framework.

“In private assets, changing custody or banking arrangements can create a significant operational burden,” Moryson said. “We work with clients to retain those relationships and adapt our model around them.”