DUBAI, United Arab Emirates, Jan. 10, 2011 /PRNewswire/ -- SEI (Nasdaq: SEIC), a leading global provider of outsourced asset management, investment processing, and investment operations solutions, announced today a partnership with Allfunds Bank to offer a greater choice of investment solutions for Shariah investors in the Gulf Cooperation Council (GCC).
The agreement brings together SEI's Shariah asset management capabilities and Allfunds' platform and intermediary services to give banks, wealth managers, and insurance providers the opportunity to access world-class Shariah-compliant funds and deliver more efficient and diversified investment choices to their clients.
Launched in May 2007, the SEI Islamic Investment Funds provide investors with a Shariah-compliant program of four global equity funds with oversight from HSBC Amanah's Shariah Committee. These funds include the SEI Islamic US Equity, SEI Islamic Pacific Basin Equity, SEI Islamic European Equity, and SEI Islamic Emerging Markets Equity Funds. The Funds use SEI's Manager-of-Managers process to select, combine, and monitor some of the world's leading investment managers. The SEI Islamic Investment Funds are domiciled in Dublin and offer daily liquidity.
Commenting, Jahangir Aka, Senior Executive Officer, SEI Middle East, said:"We are pleased to offer the SEI Islamic Investment Funds through the Allfunds platform to enable wealth management providers to present a broader range of investment choices to their Shariah clients. Diversification remains important for the Shariah investor and the SEI Islamic Investment Funds are designed to provide global equity exposure to a Shariah portfolio." About SEI SEI (Nasdaq: SEIC) is a leading global provider of outsourced asset management, investment processing and investment operations solutions. The company's innovative solutions help corporations, financial institutions, financial advisors, and affluent families create and manage wealth. As of September 30, 2010, through its subsidiaries and partnerships in which the company has a significant interest, SEI administers $402 billion in mutual fund and pooled assets and manages $164 billion in assets. SEI serves clients, conducts or is registered to conduct business and/or operations, from numerous offices worldwide. For more information, visit http://www.seic.com/enME/index.htm About Allfunds Bank Founded in 2000 and jointly owned by the Santander and Intesa San Paolo groups, Allfunds Bank is the leading global distribution and advice B2B platform. With $70 billion in assets under intermediation, it is specialized in delivering Open Architecture solutions to institutional clients, by offering them as many as 20,000 funds from 400 plus leading international and local fund houses on a purely automated dealing platform. The company offers comprehensive fund distribution solutions based on operational excellence, comprehensive information and leading fund research capabilities. Allfunds Bank has more than 300 institutional clients including major commercial banks, private banks, insurance companies and fund managers in over 15 countries.