OAKS, Pa., June 30, 2016 – SEI (NASDAQ:SEIC) announced today that it has converted Israel Discount Bank’s (IDB) Investment Management & Trust business to the SEI Wealth Platform SM (the Platform). IDB has an existing relationship with SEI as the bank is already using the Platform for its International Custody division. The adoption of the Platform for its Domestic and International Investment Management & Trust business provides IDB a holistic client picture through a consolidated view of both businesses.

“As technology continues to shape the future of banking, IDB is squarely at the forefront of adopting innovation that will directly impact the customer experience,” said Al Chiaradonna, Senior Vice President, SEI Wealth Platform, North America Private Banking. “Beyond an improved customer experience, the enterprise-wide workflows and integration offered by the Platform will enable IDB’s wealth managers to increase productivity. And, importantly, using a single, unified platform will provide IDB better oversight of its global business, mitigating risk. We’re proud to expand this relationship, supporting IDB across its enterprise.”

“After measuring the impact of the SEI Wealth Platform on our Custody business, it was an easy decision to convert Investment Management & Trust as well.”

SEI now supports processing, investment management and end-client needs for IDB’s Investment Management & Trust business as well as its International Custody division. As a result of adopting the Platform for a new line of business, IDB will be able to better serve customers through enhanced functionality and more robust reporting. Further, the Platform will provide an enhanced level of data integrity and security for the bank and its customers while making system maintenance, enhancements and user experience easier.

“After measuring the impact of the SEI Wealth Platform on our Custody business, it was an easy decision to convert Investment Management & Trust as well,” said Robert Plante, Chief Operating Officer and Chief Information Officer of IDB. “From more effective performance to more accurate, personalized reporting, the Platform will ultimately improve the Investment Management & Trust customer experience and reflect the benefits our International Custody customers are already enjoying.”

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 135 stock exchanges in 52 countries and 36 currencies, through the use of straight-through processing and a single operating infrastructure environment. 

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, 2016, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $684 billion in mutual fund and pooled or separately managed assets, including $265 billion in assets under management and $419 billion in client assets under administration. 

About Israel Discount Bank

IDB Bank is a New York State-chartered commercial bank and a member of the FDIC. The Bank provides domestic and international, personal and commercial banking services to its U.S. and foreign clientele through its main office in Manhattan and Private Banking offices in Staten Island, NY, Brooklyn NY and Short Hills, NJ, Other locations include Beverly Hills and Downtown Los Angeles, California; and Aventura, Florida.