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Linking Third Party Performance Tools to Existing, In-House Solutions
SEI Investments finds First Rate Performance is a perfect fit.
SEI Investments manages $78 billion in assets, processes almost $50
trillion of investment transactions annually and provides a custodial
accounting platform for some of the most prominent financial
institutions in the United States. SEI Strataweb® gives institutional
and trust investment firms Web-based access to custodial data in a
robust and user-friendly format that is popular among the more than
thirty institutions leveraging this solution.
“We have had tremendous success with First Rate; they
are an ideal vendor because they are committed to our success
and treat us like a partner.”
– Shawn Gillespie, Product Manager, SEI |
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Client Situation
The original SEI Strataweb solution provided dynamic access to
portfolio holdings and transactions, enabling users to track the
activity within their portfolios. SEI determined that the solution
needed a mechanism to help users understand if their investment
strategy was going to meet their lifetime investment goals, using
analysis of portfolio performance relative to market indicators.
SEI conducted a best-of-breed search for performance measurement
engines capable of handling high volumes of data and clearly
communicating this type of performance analysis. They identified
First Rate Performance® as the solution with the best
tools to complement Strataweb and enhance their users’ experience.
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The Solution
The First Rate Performance suite of applications is a combination of
products designed to address different clients’ specific performance
reporting needs. The suite utilizes a single performance engine that
populates data tables and provides analysis through various
applications, or ports data to existing third-party environments.
SEI conducted diligent testing of the First Rate Performance suite’s
capabilities to verify that the solution could address the needs of
their client institutions. Composite calculation, attribution analysis
and the flexibility to adapt to client-directed investments were some
of the functions that impressed the SEI decision makers.
SEI worked with the
First Rate Consulting team to build a truly robust data
interface between the SEI Trust 3000 custodial accounting system and
First Rate Performance. The interface automatically compensates for
unusual data and anomalies such as corporate actions, backdated
trades, accruals and missed trades, and provides high quality rates of
return with minimal data “scrubbing” or manual intervention.
“First Rate Performance’s multi-tiered platform is flexible enough to
let us run the production version in-house and link it into our
proprietary Web-based platform without changing the base code,” said
Shawn Gillespie, SEI Investments. “We leverage the expertise and tools
of a ‘best of breed’ performance vendor while delivering a completely
customized user interface that seamlessly integrates First Rate’s
performance data into our Strataweb environment.”
The Results
The solution was so successful for SEI in their Private Banking line
of business that they added more than 100,000 additional portfolios
from the SEI Investment Advisory Group, which handles back-office
investment portfolio processing for independent registered investment
advisors. |
