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SEI expands bank loan outsourcing services

SEI is expanding its bank loan operational outsourcing solution by using new technologies that increase loan processing automation and incorporate independently-sourced data.

The new functionality is delivered through Geneva, Advent Software’s portfolio management and fund accounting solution.

Advent recently entered into an agreement with Virtus Partners to integrate Geneva with Virtus’ bank loan data offering.

Through this relationship, SEI clients gain access to automated loan data feeds from Virtus, which can be electronically posted directly into Geneva via a standard integration tool developed by Advent and Virtus. This helps SEI maximise efficiency and use straight through processing of loan data within its operations.

SEI has engaged NorthPoint Solutions, a business consultancy focused on the alternative investment sector, to ensure that industry best practices are applied to its processes, controls and output as part of the expansion.

The enhancement to SEI’s existing platform includes the implementation of Advent Geneva’s bank loan functionality in conjunction with Virtus’ bank loan database, by integrating a centralised loan data feed directly into a processing and accounting platform.

SEI is offering a set of reports that enable clients to gain bank loan-specific details and also, through integration with other asset classes, a consolidated portfolio view across all holdings. SEI is also implementing a multi-billion dollar beta client onto the platform.

"With Geneva and its new Virtus interface, we will further automate our bank loan processing capability and gain access to one of the industry’s leading sources of bank loan data," says Phil McCabe, senior vice president and solution head, SEI’s investment manager services division. "We’re very pleased to be one of the first fund outsourcers to take advantage of Advent and Virtus’ new relationship, and to deliver such a valuable solution to the market. SEI has an ongoing philosophy of implementing and integrating best-in-class technologies to deliver industry-leading solutions for our clients. Clients will now have access to higher quality data, greater efficiency, and the increased operational risk mitigation that is so critical in today’s environment."

"With this new offering, we have three centers of excellence all coming together to provide a world-class solution for bank loan processing," says Robert Tomicic, partner, Virtus Partners. "It is clear that SEI has a history of expertise in handling bank loans, Geneva has one of the pre-eminent investment processing platforms, and we’ve got an industry-leading base of specific experience, industry knowledge, and detailed bank loan data. We’re proud to be a part of this collaboration."

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