OAKS, Pa., May 10, 2017 (GLOBE NEWSWIRE) -- SEI (NASDAQ:SEIC) announced today that TIAA-CREF Trust Company, FSB will adopt the SEI Wealth Platform SM (the Platform) as part of the firm’s commitment to deliver a seamless client and employee wealth management experience. The Platform is a fully-integrated, single-infrastructure wealth management technology solution developed to support client relationship management, including front-, middle-, and back-office services. This news was first announced during SEI’s first-quarter 2017 earnings call.
“TIAA-CREF Trust Company’s implementation of the SEI Wealth Platform reinforces the value of adopting a fully-integrated infrastructure to best serve future prospects, participants, and employees,” said Al Chiaradonna, Senior Vice President, SEI Wealth Platform, North America Private Banking. “We look forward to helping them drive efficiency, scale, and transparency through strategic integration.”
TIAA-CREF Trust Company, FSB will utilize the SEI Wealth Platform to offer an efficient, web-based solution that will help better manage risk, enhance business productivity, and bring client and employee experience to a new level.
“We recognize the need to employ a cutting-edge technological infrastructure that meets present and future needs. Through a fully-integrated and modernized wealth management solution, we can train new employees faster and increase the time devoted to servicing participants by eliminating administrative responsibilities through automation,” said Kathie Andrade, Chief Executive Officer, Retail Financial Services, TIAA. “We look forward to working alongside SEI to deliver new opportunities to our employees and the best possible client experience.”
TIAA-CREF Trust Company has been an SEI client since 2001 and plans to convert their existing book of business, currently on SEI’s TRUST 3000 solution, to the SEI Wealth Platform in 2018. Gaining market momentum since its U.S. launch in 2013, the SEI Wealth Platform now supports 11 private banking firms and their clients, and has another six clients, including TIAA-CREF Trust Company, in various stages of implementation. For more information, please visit seic.com/wealthplatform.
“We have enjoyed a great relationship with SEI during the past 16 years, and we look forward to continuing to build and strengthen it as we transition to the new platform. This is a key initiative for us as we continue to provide important services for clients and participants,” said Stephanie Adams, Vice President, Head of Trust Services, TIAA-CREF Trust Company, FSB.
About TIAA-CREF Trust Company, FSB
TIAA-CREF Trust Company, FSB (www.tiaadirect.org) is a unique financial partner. TIAA-CREF Trust Company, FSB is a subsidiary of TIAA (www.tiaa.org), which is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $938 billion in assets under management (as of 3/31/2017) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services. TIAA-CREF Trust Company, FSB is a leading provider of trust and investment management services with $22 billion in assets under management.
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 138 stock exchanges in 52 countries and 40 currencies, through the use of straight-through processing and a single operating infrastructure environment. For more information, visit: seic.com/wealthplatform.
About SEI
SEI (NASDAQ:SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of March 31, 2017, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $779 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $297 billion in assets under management and $478 billion in client assets under administration. For more information, visit seic.com.