OAKS, Pa., Dec. 1, 2020 – SEI (NASDAQ:SEIC) announced today that First Horizon National Corporation will convert IBERIABANK’s wealth business to SEI. Following its previously announced merger and an extensive due diligence process, the combined First Horizon Wealth Management and Trust business will operate on TRUST 3000®, SEI’s legacy wealth management platform.
On July 6, 2020, Memphis, Tenn.-based First Horizon National Corporation (NYSE: FHN) and Lafayette, La.-based IBERIABANK announced the completion of a merger of equals. First Horizon National Corporation has been a TRUST 3000 client since 2003. IBERIABANK currently runs its wealth management business on a competitor platform.
“We are proud to extend and expand our 17-year relationship with First Horizon National Corporation, a key strategic partner poised for faster growth in the southeastern United States,” said Sandy Ewing, Senior Vice President for North America Private Banking at SEI. “Trust and collaboration with our client partners are at the heart of what we do. Our ability to tailor the scope of services and technology platforms to best suit First Horizon’s business needs reflects our customized client approach, as well as our long-term focus on and commitment to the wealth management industry.”
This new arrangement allows SEI to continue providing its current scope of technology services to the new, larger organization. The conversion of First Horizon National Corporation’s additional book of business is targeted to occur in 2021. TRUST 3000 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.
“Through our longstanding and successful relationship with SEI, we knew they could provide the best scalable infrastructure in an increasingly competitive market, from which we plan to aggressively grow our wealth business,” said Rhomes Aur, CEO of First Horizon Advisors. “By having our wealth management business on SEI’s platform, First Horizon will be able to better increase our market share and meet growing client demands. We believe this will also allow us to achieve increased operational efficiency and scale, cost savings and reduced redundancies via consolidation with one solution.”
This news was first announced on SEI’s second-quarter 2020 earnings call.
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 First Horizon
First Horizon National Corp. (NYSE:FHN), with $83 billion in assets, is a leading regional financial services company, dedicated to strengthening the lives of our associates, clients, shareholders, and communities. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates nearly 500 bank locations in 12 states across the Southeast. With more than 288 years of combined First Horizon Bank and IBERIABANK financial experience, the Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, mortgage, and title insurance services. First Horizon is recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. bank. More information is available at www.FirstHorizon.com