Growth Reinforces Value of SEI’s Comprehensive CIT Trustee Services and Turnkey Operational Platform
SEI, a leading global provider of technology and investment solutions, announced that its collective investment trust (CIT) business has eclipsed over $200 billion in net assets as of April 1, 2022, representing a 117% increase year over year. Through SEI Trust Company, SEI now manages 570 funds across 167 global asset managers.
Plan sponsors and participants are demanding more personalized retirement solutions and lower fees to accommodate a participant’s broad financial picture. CITs have proven to be one of the most efficient investment vehicles for this personalized approach due to their pricing flexibility and short creation and launch time. CITs also give access to a wide variety of asset classes, including alternative investments.
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John Alshefski, Senior Vice President and Managing Director of SEI’s Investment Manager Services division, said:
“As plan sponsors and participants demand more personalized retirement solutions and access to a wide variety of asset classes, CITs are increasingly becoming the vehicle of choice in the defined contribution market. To support that demand, it’s critical that investment managers select a strategic partner who brings deep expertise, a powerful suite of trustee services, and the operational infrastructure needed to support the CIT vehicle.”
SEI’s growth in CIT net assets continued as a result of a new relationship with Allspring Global Investments, which chose SEI Trust Company as the successor trustee for its CIT business.
Joseph A. Sullivan, Chair and Chief Executive Officer at Allspring, said:
“As a newly independent asset management company, we are pleased to partner with the SEI Trust Company as trustee to our Allspring CIT suite. With a wide range of asset classes and customization, our CIT platform is designed to offer plan sponsors and participants improved retirement investment flexibility. We are confident that SEI’s strategic partnership and operational platform will position us to best deliver for our global client base.”
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Robb Muse, President of SEI Trust Company, added:
“When considering CITs, working with an experienced trustee is one of the best ways to implement a firm’s investment expertise. SEI Trust Company has an established, proven service model and a dedicated team of experts who can deliver comprehensive support to asset managers and plan sponsors alike as they consider launching CITs.”
With more than 30 years of experience servicing CITs, SEI provides a comprehensive, fully integrated turnkey operational environment, offering trustee, accounting, distribution and administration services, transfer agency, and compliance support. By using SEI’s services, investment managers can quickly and seamlessly bring their products to market and manage their existing funds with greater ease and efficiency.
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