SEI gets focused on the competition

The US giant’s initiative to overtake its number one rival will centre on outsourcing, as Roxane McMeeken reports.

SEI Investments is planning to bring its wealth management administration and investment solutions service to Europe in a bid to out-class its rival Frank Russell. The US giant, which launched its multi-manager business on this side of the Atlantic barely two years ago, has recruited a Citibank man to spearhead the new initiative. Francis Jackson was formerly global head of the investor solutions group at Citibank Global Securities Services, where he oversaw the end-to-end management of the firm’s global custody and US domestic custody. Mr Jackson said by offering outsourced back and middle office administration, SEI hopes to gain a competitive edge over its key opponent in the manager-of-managers market, Russell. “We have been up against Frank Russell in Europe, but they don’t have the administrative capability that we have”, he said. Mr Jackson is to spend the next year working with consultants to ascertain the needs of Europe’s private bankers and asset managers before taking on clients. He said: “This isn’t an American company hitting Europe, then after two years deciding they haven’t made enough money and getting out.” He aims to sign up between 30 and 50 clients within five years.