Pacific Premier Trust to Convert Wealth Business to SEI Wealth Platform
SEI’s Modern Technology Offering and Robust Integration Strategy Key to Growth
Pacific Premier Trust to Convert Wealth Business to SEI Wealth Platform
OAKS, Pa., Dec. 15, 2020 – SEI (NASDAQ:SEIC) announced today that Pacific Premier Trust, a division of Pacific Premier Bank, will convert their wealth business to the SEI Wealth PlatformSM (SWP). Pacific Premier Trust will also benefit from SEI’s comprehensive integration strategy, including an extensive API offering and an ecosystem of web services geared toward wealth and asset management markets. SWP is a fully-integrated, single-infrastructure technology solution that enables organizational transformation, provides front-, middle-, and back-office services and supports an end-to-end, advanced digital experience for wealth management organizations and their clients.
“We are proud to welcome Pacific Premier Trust to the SEI family and look forward to supporting their current needs and future strategic growth initiatives through a simplified and truly modern technology and processing environment,” said Al Chiaradonna, Senior Vice President of North America Private Banking at SEI. “Even during the pandemic’s disruption, the market’s confidence in the SEI Wealth Platform continues to grow. For decades, SEI has been a long-standing market leader and innovator when it comes to providing core wealth platforms and data integration solutions. By leveraging our advanced API strategy, Pacific Premier Trust will be able to further differentiate and grow their business more efficiently amid an increasingly competitive landscape.”
Another key driver in Pacific Premier Trust’s decision was SEI’s vast expertise in outsourcing as a leading 30-year provider of investment processing back-office services. Although Pacific Premier Trust currently runs their business on a competitor’s technology platform, they have always run their operations in house. This will be Pacific Premier Trust’s first time outsourcing any part of their back office. The conversion of Pacific Premier Trust’s wealth business to SWP is targeted to occur in the first half of 2021.
“The SEI Wealth Platform and SEI’s API integration offering will significantly support our future growth aspirations, enabling us to better serve and expand our current client base, while differentiating our services to attract new clients,” said Rich Immesberger, President of Pacific Premier Trust. “In addition to streamlining and simplifying our business and technology infrastructure, we will enhance the wealth management experience for our clients and advisors by more efficiently delivering fully integrated services to them.”
SWP is part of SEI’s Global Wealth Management Services business, comprised of market-leading, innovative solutions designed to support the future growth of investment and wealth managers globally. Pacific Premier Trust joins more than 50 other SEI clients across the industry utilizing SWP as a core technology and infrastructure to grow and modernize their wealth management businesses.
This news was first announced on SEI’s third-quarter 2020 earnings call.
About the SEI Wealth PlatformSM
The SEI Wealth Platform (the Platform) is an outsourcing solution for wealth managers encompassing wealth processing services and wealth management programs, combined with business process expertise. With the Platform, SEI provides wealth management organizations with the infrastructure, operations, and administrative support necessary to capitalize on their strategic objectives in a constantly shifting market. The SEI Wealth Platform supports trading and transactions on 137 stock exchanges in 42 countries and 43 currencies, through the use of straight-through processing and a single operating infrastructure environment. For more information, visit: seic.com/wealthplatform.
After 50 years in business, SEI (NASDAQ:SEIC) remains a leading global provider of investment processing, investment management, and investment operations solutions designed to help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of Sept. 30, 2020, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers approximately $1 trillion in hedge, private equity, mutual fund and pooled or separately managed assets, including approximately $330 billion in assets under management and $755 billion in client assets under administration. For more information, visit seic.com.
About Pacific Premier Trust
Pacific Premier Trust (formerly PENSCO Trust Company), a division of Pacific Premier Bank, has been helping investors use their retirement account funds to invest in real estate, private equity, and other non-exchange traded assets since 1989. As the trusted custodian of approximately $15.0 billion in assets and approximately 45,000 client accounts, Pacific Premier Trust works with financial institutions, capital raisers and financial advisors, as well as self-directed investors who typically have a point of view about alternative investments based on their own knowledge or expertise and want to put tax-advantaged retirement dollars to work in these opportunities. For additional information about Pacific Premier Trust, visit their website: www.PacificPremierTrust.com.
About Pacific Premier Bancorp, Inc.
Pacific Premier Bancorp, Inc. (Nasdaq: PPBI) is the parent company of Pacific Premier Bank, a California-based commercial bank focused on serving small, middle-market, and corporate businesses throughout the western United States in major metropolitan markets in California, Washington, Oregon, Arizona, and Nevada. Founded in 1983, Pacific Premier Bank has grown to become one of the largest banks in the western region of the United States, with approximately $20 billion in total assets. Pacific Premier provides banking products and services, including deposit accounts, digital banking, and treasury management services, to businesses, professionals, entrepreneurs, real estate investors, and nonprofit organizations. Pacific Premier Bank also offers a wide array of loan products, such as commercial business loans, lines of credit, SBA loans, commercial real estate loans, agribusiness loans, franchise lending, home equity lines of credit, and construction loans. Pacific Premier Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Commerce Escrow division. Pacific Premier Bank offers clients IRA custodial services through its Pacific Premier Trust division, which has approximately $15 billion of assets under custody and approximately 45,000 client accounts comprised of self-directed investors, financial institutions, capital syndicators, and financial advisors. Additionally, Pacific Premier Bank provides nationwide customized banking solutions to HOA and Property Management companies. Pacific Premier Bank is an Equal Housing Lender and Member FDIC. For additional information about Pacific Premier Bancorp, Inc. and Pacific Premier Bank, visit our website: www.ppbi.com.
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