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Wells Fargo Outsources Wealth Management Services To SEI

Wells Fargo has entered into a multi-year agreement with SEI, a global provider of outsourced asset management, investment processing and investment operations solutions, to provide core processing and accounting systems for the firm’s wealth management and institutional retirement businesses.

SEI’s global wealth services is an outsourcing solution for wealth managers encompassing wealth processing services and wealth management programs, coupled with business process expertise. The integrated offering aims to provide wealth management organizations the infrastructure, operations and administrative support necessary to capitalize on their strategic objectives in a constantly shifting market.

SEI has provided wealth processing and selectively outsourced solutions to Wells Fargo for over 34 years. In 2008, Wachovia merged with Wells Fargo.

Rob Prigge, senior vice president of trust operations at Wells Fargo, said: “With the increase in our size, Wells Fargo needs a wealth processing and accounting system that can accommodate a much larger client base. We have had a long and very positive history with SEI, and their record of successful conversions makes them a great partner for us.”

Al Chiaradonna, senior vice president of private banks segment at SEI, said: “Wells Fargo told us that our scale, stability, and conversion expertise coupled with our ability to assist in their integration efforts with Wachovia were the major factors in their decision. We are extremely proud of the long-standing relationship we have had with Wells Fargo. As we continue investing in SEI’s global wealth services solution, we look forward to helping them meet their strategic objectives and compete in this increasingly global business.”