SEI has been selected by FaithShares Advisors to provide a fully integrated turnkey solution to support the firm’s faith-based exchange-traded funds.

SEI’s integrated ETF solution, which includes a suite of back- and middle-office services, is designed to help investment managers enter the ETF market quickly without the need for a large financial commitment, while also providing operational efficiency and supporting the industry’s demand for greater transparency.

The deal marks an ongoing outsourcing trend in the marketplace, especially among managers offering ETFs for the first time.
 
Under the terms of the agreement, SEI will provide a complete outsourcing solution that includes both back- and middle-office services as well as a transfer agent and custody solution. Among the back-office services SEI will deliver are fund administration, accounting, and investor servicing, while SEI’s middle-office services will encompass portfolio accounting, daily reconciliation and order management.

SEI will also provide daily and monthly portfolio measurement, full business continuity and disaster recovery, and authorised participant processing for the FaithShares ETFs in a straight-through electronic processing environment. 

“As we went through the process, SEI stood out at every turn with its ETF expertise and best-in-class technology,” says J. Garrett Stevens, president of FaithShares Advisors. “SEI’s integrated solution takes the back- and middle-office components completely off our plate, and allows us to keep our focus where it should be – on servicing our customers and managing their money in accordance with the tenets of their faith. We’re excited to partner with a leader like SEI.”
 
“SEI’s integrated solution allowed FaithShares to get up and running quickly and confidently,” adds John Alshefski, senior vice president, SEI’s investment manager services division. “Operations outsourcing is becoming the norm in the ETF space as it is a model that offers flexibility, scalability, transparency, and most of all, it allows managers to focus on their expertise. We’re pleased that FaithShares put their trust in SEI and we’re excited to partner with them to help them grow their unique business.”