SEI has been selected by fund of hedge funds manager Silver Creek Capital Management to provide operations outsourcing services for its alternative investment funds, which SEI says further
SEI has been selected by fund of hedge funds manager Silver Creek Capital Management to provide operations outsourcing services for its alternative investment funds, which SEI says further strengthens its position as a leader in alternative investment outsourcing and in the wider operations outsourcing market.
Oaks, Pennsylvania-based SEI says the deal also points to an emerging market shift as investment managers move away from specialised providers to outsourcing partners with diverse expertise and platforms that work across investment product lines.
SEI will provide a complete outsourced solution for all of Silver Creek’s funds including fund accounting, administration and investor servicing, and was selected following an extensive search because of its expertise and reputation in the fund of hedge funds field, as well the ability to create a tailored solution to handle Silver Creek’s sophisticated fund structures.
Silver Creek, which has offices in Seattle and New York, manages a range of multi-manager investment products designed to deliver superior risk-adjusted absolute returns. ‘SEI’s internal processes, people, and technology solutions, coupled with its ability to provide customised solutions for our product offerings, were the key differentiating factors in our decision,’ says chief financial officer LeAnne Kolb. ‘Those attributes are invaluable to our organisation and our investors as our funds continue to grow.’
Steve Meyer, an executive vice-president at SEI and head of its investment manager services division, says: ‘SEI has positioned itself as a leader in the fund of hedge funds space, but more importantly we’ve demonstrated our outsourcing expertise, regardless of investment product line. We’re focused on our clients’ success by helping them anticipate and meet their emerging needs.’
The investment manager services division provides total operations outsourcing solutions to managers of mutual funds, hedge and private equity funds, separately managed accounts and institutional client services. SEI is a provider of outsourced asset management, investment processing and investment operations solutions to corporations, financial institutions, financial advisors and affluent families. At the end of last year, the group administered USD426bn in mutual fund and pooled assets and managed USD197bn in assets from offices in more than a dozen countries.
