OAKS, Pa., Aug. 3, 2016 – SEI (NASDAQ:SEIC) announced today that Centier Bank (Centier) has extended its contract with the company for an additional three years. The new agreement will continue the successful relationship between the two companies until at least 2020.
Centier has been an SEI client for 18 years and was converted to the SEI Wealth PlatformSM (the Platform) in January 2013. At that time, Centier was the first U.S. bank client to adopt SEI’s fully-integrated, single-infrastructure wealth management platform. Through the extension of this strategic partnership, SEI will continue to provide Centier with investment and back-office core processing services, as well as outsourced management services and client services solutions.
“We are extremely happy to expand our relationship with Centier Bank,” said Al Chiaradonna, Senior Vice President, SEI Wealth Platform, North America Private Banking. “In today’s wealth management landscape, modern systems and solutions are necessary to help wealth managers reduce risk and execute plans to grow their businesses. SEI aims to help Centier grow by providing the bank with flexible, simplified technology infrastructure, which allows for faster response times and embedded efficiencies. It’s our goal to help our clients integrate disconnected processes and programs, giving them the required ability to focus on actual wealth management and increasing their overall revenue.”
“When we converted to the SEI Wealth Platform in 2013, we were excited to employ the high levels of customization, configuration, and approval functions offered by the Platform to better unify our systems and processes,” said Timothy Coleman, Senior Vice President and Director of Wealth Management, Centier Bank. “We need partners who understand the industry, embrace innovation, and will work with us as we continue to grow. We have this type of partnership with SEI and we look forward to continuing our work with them.”
Today's announcement follows the recent news that SEI converted Israel Discount Bank’s Investment Management & Trust business to the Platform and also extended its contract with SEI.
“We are thrilled by the market adoption of the platform,” added Chiaradonna. “These recent re-contracts are among a few early U.S. Platform adopters to extend their term, and demonstrate the comprehensive relationships SEI has with its clients.”
About the SEI Wealth Platform
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 136 stock exchanges in 52 countries and 40 currencies, through the use of straight-through processing and a single operating infrastructure environment.
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 June 30, 2016, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $707 billion in mutual fund and pooled or separately managed assets, including $269 billion in assets under management and $438 billion in client assets under administration.
About Centier Bank
Founded in 1895, Centier Bank is the largest privately-owned independent bank in Indiana and remains committed to being owned and operated by the Schrage family for generations to come. Centier has been honored as the “Best Bank for Business” by the Northwest Indiana Business Quarterly publication and has been listed on the Indiana Chamber’s “Best Places to Work” list for the past ten years.
Centier Bank has built lasting partnerships with families and businesses in Indiana for more than 121 years. With assets of $3.2 billion and strong growth, Centier operates in ten counties across the state, with 53 locations throughout Allen, Elkhart, Hamilton, Lake, La Porte, Marshall, Marion, Porter, St. Joseph, and Tippecanoe Counties in Indiana. For more information on Centier products and services, visit centier.com.