Pennsylvania Trust has renewed its trust department outsourcing contract with SEI Investments for another six years.
Continuing a relationship begun in 1996, Penn Trust will use SEI for automated and centralized trust accounting, advanced statement solution and other processing functions. Penn Trust will also use SEI's fully integrated, real-time solutions for order routing and execution in conjunction with SEI's trade order system.
"Our mission is to provide outstanding service to our clients," said Bill Lobley, senior vp and chief fiduciary officer at $1 billion Pennsylvania Trust. "By outsourcing our back office functions with SEI, we can spend more time and resources focused on offering the highest level of service to our clients."
By outsourcing its back office operations, Penn Trust is free to focus on relationship management as well as the investment and tax aspects of wealth management, according to Brandon Sharrett, managing director of SEI's private banking and trust division.
"The Pennsylvania Trust Company realized the value of an outsourcing solution years ago," Sharrett said.
Founded in 1986, Pennsylvania Trust provides investment management and fiduciary services for individuals, families and institutions including private foundations, endowments and both public and private employee benefit plans.
SEI administers $230 billion in mutual fund and pooled assets, manages $78 billion in assets, processes almost $50 trillion of investment transactions annually and operates 21 offices in 10 countries.