Business outsourcing provider SEI has been selected by Washington, DC headquartered EIG Global Energy Partners to provide an operational outsourcing solution for the firm’s alternative investment business. This is the latest in a series of private equity contracts for SEI as more firms adopt operational outsourcing to focus resources on core business functions.
Under the agreement, SEI will provide a full range of services for EIG’s private funds; including accounting, treasury, LP/investor servicing, workflow, data management, and performance reporting.
SEI (NASDAQ: SEIC) today announced that it has been selected by EIG Global Energy Partners to provide an operational outsourcing solution for the firm’s alternative investment business. Given its recent spin-out from Trust Company of the West and its aggressive growth projections, EIG required a partner with a global presence as well as greater processing depth and power to accommodate the increasing number of investors and expanding quantity of data. This is the latest in a series of private equity wins for SEI as more firms adopt operational outsourcing to focus resources on core business functions.
Under the agreement, SEI will provide a full range of services for EIG’s private funds; including accounting, treasury, LP/investor servicing, workflow, data management, and performance reporting. SEI was selected in a competitive bid process among some of the most notable providers in the industry. The company’s ability to grow and scale with EIG, as well as its customized reporting to the firm’s sophisticated LPs, strong global presence, and ability to handle EIG’s highly complex product offerings were pointed to as key differentiators in the selection process.
“As we evaluated our operational model, we wanted a strategic partner that would not only help us gain efficiencies and automation, but also create a better experience for our investors,” said Pritpal Aujla, Chief Financial Officer of EIG. “We looked at a lot of great companies, but SEI really set itself apart. The data management and reporting features offered through both the Manager and Investor Dashboards were particularly attractive in helping us meet our investors’ demanding reporting needs. SEI also has expertise across a variety of investment products and asset classes, which we found appealing since our investment strategies are unique. We’re excited to partner with them as we look to continue growing our business in the years ahead.”
“EIG plans to grow its business significantly in the next five years and it needs a company that can accommodate that expansion both in the U.S. and globally,” said Steve Meyer, President of SEI’s Investment Manager Services division. “We can help them achieve what we call a ‘return on operations,’ so they can focus on providing return on investment to their clients. Our goal is to provide the infrastructure, stability, and transparency EIG needs to achieve more from their operational environment. We’re pleased that EIG has placed their trust in us and we look forward to working with them as their business continues to grow and evolve.”
About SEI’s Investment Manager Services Division
SEI’s Investment Manager Services division provides comprehensive operational outsourcing solutions to support investment managers globally across a range of registered and unregistered fund structures, diverse investment strategies and jurisdictions. With expertise covering traditional and alternative investment vehicles, the division applies customized operating services, industry-leading technologies, and practical business and regulatory insights to each client’s business objectives. SEI’s resources enable clients to meet the demands of the marketplace and sharpen business strategies by focusing on their core competencies. The division has been recently recognized by the Money Management Institute as “Service Provider of the Year,” by Buy-Side Technology as “Best Fund Administrator” and by HFMWeek as “Best Single Manager Hedge Fund Administrator (Over $30B AUA — US),” and “Best Funds of Hedge Funds Administrator (Over $30B AUA — Europe).” For more information, visit http://www.seic.com/IMS.
SEI (NASDAQ: SEIC) is a leading global provider of investment processing, fund processing, and investment management business outsourcing solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of September 30, 2011, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $395 billion in mutual fund and pooled assets or separately managed assets, including $162 billion in assets under management and $233 billion in client assets under administration. For more information, visit www.seic.com.
EIG Global Energy Partners is a leading institutional investor to the global energy sector with $9.2 billion under management as of September 30, 2011. EIG specializes in private investments in global energy, resources and related infrastructure and was formerly the Energy & Infrastructure Group of Trust Company of the West. During its 29-year history, EIG has invested over $13 billion in the sector through more than 260 projects or companies in 33 countries on 6 continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, DC, with offices in Houston, London, Sydney, and Hong Kong.
Take your pick!
- Buyouts delivers exclusive news and analysis about private equity deals, fundraising, top-quartile managers and more. Get your FREE trial or subscribe now.
- VC Journal provides exclusive news and analysis about venture capital deals, fundraising, top-quartile investors and more. Get your FREE trial or subscribe now.