OAKS, Pa., Oct. 31, 2016 – SEI (NASDAQ:SEIC) announced today the conversion of Webster Bank and MassMutual Trust to the SEI Wealth PlatformSM (the Platform). The Platform, a fully-integrated, single-infrastructure wealth management technology solution, supports 11 private banks and trust clients across the United States through client relationship management including front-, middle-, and back-office fiduciary investment and account administration processing services. Webster Bank and MassMutual Trust are both implementing the suite of the Platform’s services, including Client Acquisition Services, Advisor Desktop Experience, and operational outsourcing.
“The conversion of these two companies onto the SEI Wealth Platform represents the continued momentum not only to adopt the Platform as seen through MassMutual Trust, but also for our Trust 3000 clients to move over to the Platform, as is the case with Webster Bank,” said Al Chiaradonna, Senior Vice President, SEI Wealth Platform, North America Private Banking. “This demonstrates the value that our clients see in SEI’s comprehensive servicing abilities, as well as the tremendous growth opportunities in the foreseeable future for the Platform.”
As a critical component of the ‘execution phase’ of its long-term strategic plan, Webster Bank’s roll-out of SEI’s integrated wealth management infrastructure supports its centralized, relationship-based client service model. Webster Bank is leveraging the Platform to facilitate accelerated organic growth and economic profit through enabling more effective and efficient wealth managers, and a more scalable and easily deployable platform for expansion in geographic footprint.
“Over the years, our priority has always been our customers. The SEI Wealth Platform gives us the ability to remain focused on this priority by offering a full range of financial services through an integrated Private Banking solution,” says Timothy Throckmorton, Director of Fiduciary Services at Webster Bank. “The Platform allows us to create invaluable consistency and efficiency while continuing to deliver leading institutional investment solutions that align with our client objectives.”
MassMutual Trust’s conversion to the SEI Wealth Platform will implement the technology and operational infrastructure to create a more efficient, robust and user-friendly business platform. The Platform technology will be leveraged to enhance the agent/staff and end-client experiences, as well as support strong asset growth objectives.
“We recognize the importance of staying ahead of increasingly evolving technology, and through our implementation of the SEI Wealth Platform, we are confident that we are better positioned to continue to serve and meet our clients’ needs with the utmost efficiency and innovation,” said Joe Rokowski, President of MassMutual Trust. “The strong alignment between our company’s objectives to improve our business and SEI’s ability to enable our growth will provide us with the opportunity to even better serve our client needs.”
The Platform currently supports private banking firms and their clients around the world.
About the SEI Wealth PlatformSM
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 138 stock exchanges in 52 countries and 40 currencies, through the use of straight-through processing and a single operating infrastructure environment. For more information, visit: seic.com/wealthplatform.
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 September 30, 2016, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $751 billion in mutual fund and pooled or separately managed assets, including $281 billion in assets under management and $470 billion in client assets under administration. For more information, visit seic.com.
Webster Financial Corporation is the holding company for Webster Bank, National Association.With $25.1 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment services through 176 banking centers and 349 ATMs. Webster also provides telephone banking, mobile banking, and Internet banking. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank, which provides health savings account trustee and administrative services. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.
About The MassMutual Trust Company
The MassMutual Trust Company, FSB is a wholly owned subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual). MassMutual has a rich history of strength and stability. Since 1851, MassMutual has grown and thrived - surviving wars, depressions, recessions and changing market conditions. Through its Private Client Services, MassMutual Trust offers an array of personalized services and investment expertise delivered by a team of highly qualified professionals who work with financial professionals. And, as a fiduciary, MassMutual Trust always acts in the best interests of its clients.