OAKS, Pa. -- SEI Investments selected First Rate Investment Systems, Dallas, over several larger firms to provide performance measurement and reporting capabilities to SEI's trust clients.
SEI Trust Co. provides trust services to more than 80 clients, including some of the nation's largest banks and investment companies, with more than 125,000 accounts totaling more than $85 billion in assets.
Operating one of the largest trust accounting systems in the country, SEI signed a partnership agreement with First Rate over major players like Thomson Financial, StatPro Group PLC, Advent Software Inc. and FMC Software Consulting. In addition to adopting First Rate's performance measurement system for all internally managed portfolios, SEI will present a private label version of the software -- called PerformanceStation -- to its bank clients.
Under terms of the agreement, SEI will sell, service and support PerformanceStation as a proprietary workstation compatible with its TRUST 3000 portfolio accounting system.
SEI officials declined to comment on the First Rate partnership, saying they would prefer to make their own announcement. But, in a First Rate newsletter interview, Brian Calobrisi, director-systems development of SEI Investments, was quoted as saying, "SEI believes that the First Rate solution delivers high-quality performance measurement ahead of the rest of the market today."
"By partnering with the provider of portfolio data, we become a truly robust extension of the base system and . . . can provide calculations and data at a level of quality not currently realized by third-party performance providers," David Stone, president of First Rate Investment Systems, said in an interview.
First Rate, founded in 1991, specializes in performance measurement calculation, attribution analysis and portfolio reporting. According to Jeff Clark, marketing director, First Rate was the first to offer dynamic web-based performance measurement and reporting on a daily basis rather than static periodic performance data.
Investment clients have direct access to performance data via the web. Performance may be customized to deliver a wide variety of information, including daily updates both before and after taxes and net or gross of fees. Once users select the performance reports, the software includes a polished PDF report based on the data, said Mr. Clark.
The SEI system is based on First Rate's Snapshot platform, a browser-based application that can deliver client-ready performance measurement information and customized portfolio presentations on local area networks, wide area networks, corporate intranets or the Internet.
SEI decided on the First Rate partnership to provide high-quality performance measurement capabilities to its clients, rather than develop its own internal system, said Mr. Clark. Some SEI clients had been turning to other vendors for performance measurement.