Marketwired

‘SEI Firm Compliance’ Centralizes Asset Managers’ Internal and Outsourced Compliance Functions, Helping Them Manage Increasingly Complex Regulation
April 13, 2015: 09:00 AM ET

SEI (NASDAQ: SEIC) today introduced SEI Firm Compliance, a new global regulatory management framework that equips investment organizations to oversee and orchestrate compliance functions firm-wide, across investment products and regulatory jurisdictions. SEI’s Investment Manager Services (IMS) division developed the compliance framework as an add-on to the customized global operating platform it provides to its investment manager clients.

SEI’s offering takes a new approach, in that it centralizes an investment firm’s internal and outsourced compliance functions in a single management framework tailored to the user’s mix of business activities. SEI has incorporated the compliance framework into the Manager Dashboard of SEI’s global operating platform, so executives can access and manage a firm’s entire range of compliance activities right from their desktops.

“Staying on top of a complex, ever changing regulatory landscape has become a daunting task, especially for alternative managers and global investment organizations,” said Steve Meyer, Executive Vice President of SEI and Head of SEI’s Investment Manager Services division. “SEI Firm Compliance is designed to help investment managers rein in the escalating resource drain, non-compliance risks, and personal liability resulting from the industry’s fast-growing body of regulation.”

SEI’s regulatory analysis has identified close to 500 financial regulators, exchanges, and industry groups around the globe, each with its own requirements.

Over the past 25 years SEI has steadily expanded its compliance-related services, which include automated outsourced regulatory filings, regulatory reporting, recordkeeping for compliance functions, and support for Chief Compliance Officers (CCO).

Designed for all types of investment organizations, SEI Firm Compliance adds:

– A comprehensive compliance program assessment and “gap analysis.” SEI’s team will review each firm’s program against a customized inventory of all regulations affecting its products, across all jurisdictions in which they are sold and regulated. Deliverables will include a gap analysis pinpointing deficiencies, risks of non-compliance, and remedial actions needed. SEI has partnered with EisnerAmper, a leading global compliance consultant, to develop and continually update an inventory of regulations covering a wide range of jurisdictions in North America, Europe, and Asia.

– A set of tools for centralized management of all internal and outsourced compliance functions. The toolkit includes a master compliance calendar, timelines and workflows geared to filing deadlines, and employee trading and risk assessment modules. SEI licensed an application developed by BasisCode Compliance, a financial services compliance software specialist, to help build those regulatory management and oversight components.

– Ongoing compliance updates and program monitoring. SEI’s services include a daily feed of global regulatory news headlines powered by Thomson Reuters as well as ongoing annual program reviews based on EisnerAmper’s global inventory of regulatory requirements.

“Previous regulatory solutions in our industry have been siloed, focusing on one product type, regulator, or regulatory regime. Our new offering is a major step forward, providing investment managers with a new level of control over regulatory monitoring, compliance, and risk management,” said Meyer.

The new offering is the latest in a series of compliance services SEI has introduced over the past two years. Those services include automated filings of Form PF for alternative managers and, Form CPO-QPR for commodity pool operators, as well as regulatory reporting to meet requirements of the Foreign Account Tax Compliance Act (FATCA) and the EU’s Alternative Investment Fund Managers Directive (AIFMD).

About SEI’s Investment Manager Services Division SEI IMS supplies investment organizations of all types with advanced operating infrastructure they must have to evolve and compete in a landscape of escalating business challenges. SEI’s award-winning global operating platform provides asset managers with customized and integrated capabilities across multiple investment vehicles, strategies, and jurisdictions. Our services enable investment managers to gain scale and efficiency, keep pace with marketplace demands, and run their businesses more strategically. SEI presently partners with more than 300 traditional, alternative and sovereign wealth managers representing $13 trillion in assets, including 28 of the top 100 managers worldwide. For more information visit seic.com/ims.

About SEI SEI (NASDAQ: SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of December 31, 2014, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $625 billion in mutual fund and pooled or separately managed assets, including $253 billion in assets under management and $372 billion in client assets under administration. For more information, visit www.seic.com

About BasisCode Compliance BasisCode Compliance offers the industry’s broadest set of integrated software that improves compliance management for asset managers, investment advisors, broker/dealers, insurance companies and other financial services providers. The intuitive BasisCode Compliance software spans functionality, from testing and risk assessment to personal trading and certifications — all within a single unified platform — enhancing compliance controls and decision-making for financial services firms and their clients. For more information, visit www.basiscode.com.

About EisnerAmper EisnerAmper is one of the largest accounting firms in the nation with nearly 1,200 employees, including 180 partners. Recognized internationally as one of the premier firms providing audit, tax, and advisory and compliance services to the financial services industry and related portfolio companies, EisnerAmper serves more than 1,200 hedge funds and more than 175 private equity and venture capital fund families with more than 1,000 entities. The firm works with more than 75 broker-dealers serving investment banks and retail brokerages.
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