SEI has been selected by Pennant Management to provide full-service operational outsourcing for the firm’s recently launched mutual fund offerings.
This selection expands an existing relationship, as SEI has already been providing operational outsourcing services for Pennant’s Collective Investment Trust product.
For the new mutual fund offerings, the outsourcing services will be implemented through SEI’s Advisors’ Inner Circle series trust which enables investment managers to reduce time to market and quickly gain scale and efficiencies.
SEI’s solution encompasses mutual fund administration, accounting, investor servicing, and distribution services.
In addition, Pennant Management benefits from SEI’s distribution support model that gives the firm faster access to more than 175 intermediary firms and platforms.
"We’re pleased that Pennant values the expertise and services we provide them and have chosen to expand their relationship with us," says John Alshefski, senior vice president, SEI’s investment manager services division. "Our goal is to provide world-class services across our clients’ multiple investment products and structures. By doing so, clients gain a more seamless operating environment, and it enables their success because they can rely on us as a trusted, strategic partner. We value our relationship with Pennant and are proud to play an increasing role in helping them achieve their goals."
Mark Elste, president and chief executive of Pennant Management, adds: "We’ve seen first hand the expertise and value that SEI brings to our business from an outsourcing standpoint and that made this decision easy. SEI’s platform has been the best solution to support our CIT offering and they are the best partner to help us launch and build our mutual fund business. With SEI, we know we can focus on what we do best because they’ve got the operations covered."