OAKS, Pa., June 4, 2018 – SEI (NASDAQ:SEIC) today announced that BBVA Compass will adopt the SEI Wealth PlatformSM (the Platform) to drive business efficiency and scalability, as well as enhance the client and advisor experience. The Platform is a fully-integrated, single-infrastructure wealth management solution developed to support client relationship management.
“We are excited to join BBVA Compass on this next step of their growth journey, providing a unified solution that will improve efficiency and create the scale they are looking for,” said Al Chiaradonna, Senior Vice President of Private Banking at SEI. “Like most industries, wealth management is changing, which requires firms to adapt. We are seeing a growing number of institutions recognize the value of upgrading their technology infrastructure, and we are proud to be one of the only industry partners that can provide a truly modern, web-based solution.”
BBVA Compass will take advantage of the Platform’s workflow automation and multi-currency applications that will help enable domestic and global growth. The firm will migrate their existing book of business currently on SEI’s legacy platform, TRUST 3000®, to the SEI Wealth Platform.
“BBVA Compass is undergoing a digital transformation so that we can create amazing experiences for our clients and the employees who serve them, and providing digital solutions that improve their lives is important to us,” said Maria Holmes, BBVA Compass Head of Asset Management. “We believe SEI’s state-of-the-art technology and years of experience in client relationship management will support our transformation and long-term goals.”
The SEI Wealth Platform has gained significant market momentum since its 2013 U.S. launch. Of the 22 clients that have signed on to adopt the Platform, 13 private banking firms have already installed, and another nine clients are in various stages of implementation.
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 649 branches, including 336 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 45 in Florida, 37 in Colorado and 18 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 6th nationally in the total number of SBA loans originated in fiscal year 2017. Additional information about BBVA Compass can be found at www.bbvacompass.com. For more BBVA Compass news, follow @BBVACompassNews on Twitter or visit newsroom.bbvacompass.com.
About the SEI Wealth PlatformSM
The SEI Wealth Platform (the Platform) is a 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 158 stock exchanges in 56 countries and 43 currencies, through the use of straight-through processing and a single operating infrastructure environment.
Now in its 50th year of business, 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, 2018, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $869 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $335 billion in assets under management and $530 billion in client assets under administration.