SEI Investments Company · NASDAQ:SEIC
SEI Investments — Investor Day (June 2009)
90 slides from SEI Investments's investor day presentation, Jun 3, 2009
Slide 1: SEI Investor Conference
SEI Investor Conference June 3, 2009 Oaks, PA This presentation may include "forward-looking statements," and discussions about future operations, strategies, and financial results. Future revenues and income could differ from expected results. We have no obligation to publicly update or correct any
Slide 2: SEI Agenda
SEI Agenda Introduction to Strategy Al West Global Wealth Platform Jeanne Durante & Mitch Benton Private Banks Joe Ujobai Investment Managers Steve Meyer Investment Advisors Wayne Withrow Institutional Investors Ed Loughlin Summary Al West SEI Investor Conference 3 June 2009 2
Slide 3: SEI: Client Experience Vision
SEI: Client Experience Vision Helping clients succeed through improving their businesses and lives SEI Investor Conference 3 June 2009 3
Slide 4: SEI: Markets & Businesses
SEI: Markets & Businesses Pct of 2008 Revenues* 41% 23% 20% 15% 1% Client 615 6,000 550 180 Relationships* * Revenue percentages exclude affiliate LSV. Revenue percentages including LSV were: Private Banks 33%; Investment Advisors 18%; Institutional Investors 16%; Investment Managers 11%; New Busine
Slide 5: A history of innovation and market expansion
SEI: A history of innovation and market expansion Trust System Invest idle cash balances Manager of Managers Advice & goal-based investing Innovations Asset allocation Fee-based advisor platform Integrated pension & finance Back-office investment processing Total operations outsourcing Globalization
Slide 6: SEI: Solutions & Services
SEI: Solutions & Services SEI Investor Conference 3 June 2009 6
Slide 7: SEI: Business Model
SEI: Business Model “Our business model has served us well.” • Sell into large and growing markets • Focus on growth opportunities • Not acquisitive • Forge intimate client relationships • Deliver solutions addressing emerging client needs • Adopt “win-win” pricing models • Focus on long-term growth
Slide 8: SEI: Competitive Advantages
SEI: Competitive Advantages “We are well-positioned for the realities of today’s markets.” • SEI recognized as an industry leader • Large and diverse client base • Facilitates new business and cross-sale success • Strategies well-developed and coordinated • R & D investments completed or well-underw
Slide 9: SEI: The future is now! Short Term Imperatives
SEI: The future is now! Short Term Imperatives • Cost Control • Focus on Growth – Retain clients – New services to existing clients – New clients • Concentrate on key market segments • Retain key employees • Maintain strong balance sheet • Keep building for the future SEI Investor Conference 3 June
Slide 10: Strategic Imperatives
SEI: With an eye toward tomorrow! Strategic Imperatives • Client Intimacy • Thought Leadership • Full Transformational Solutions • Co-sourced Win-win business model • Accountable for total client experience SEI Investor Conference 3 June 2009 10
Slide 11: New Solutions
SEI: New solutions for all target markets New Solutions • GWP & GWS • TOO • Goal-based Investment Platform • PensionConnect 360 SEI Investor Conference 3 June 2009 11
Slide 12: Portfolio of Businesses
SEI: Moving forward! Portfolio of Businesses • Investment Managers • Institutional Investors • Private Banking • Advisors Institutional Investors Investment Managers Advisors Banking SEI Investor Conference 3 June 2009 12
Slide 13: GWP Update
S FE New ways. New answers? GWP Update Al West PERIENCED / INNOVATIVE / SOLUTIONS / EMPOWERING / INSIGH IG / INTEGRATIVE / STRATEGIC / ENCOMPASSING / INFORMATIVE DUSTRIOUS / STRUCTURED / ELEVATING / INTERNATIONAL / SU RING / INFORMATIVE / SUPPORTIVE / ENTREPRENEURIAL / INSP TRATEGIC / EFFECTIVE / IN
Slide 14: SEI Objectives
SEI Objectives To Answer: • Why did we build GWP? • What’s the status of GWP? • What is it going to do for our clients and their clients? • What opportunities does it provide us? Also, to show you some of GWP’s functionality SEI Investor Conference 3 June 2009 14
Slide 15: Middle Offices are Proliferating
SEI Background/Context Middle Offices are Proliferating • Filling the gaps in automation and process • Permitting client customization • Almost totally manual processes • Becoming very expensive and burdensome SEI Investor Conference 3 June 2009 15
Slide 16: Global (UK) Market
SEI GWP Background/Context Global (UK) Market • Attempt to create opportunity in global markets • Engaged with 3 London private banks • Project to investigate globalizing Trust 3000 Findings: • Impossible to globalize T3000 (including trade date) • Global platform needed to take a different path SEI
Slide 17: US Banks and Advisor emerging needs
SEI GWP Background/Context US Banks and Advisor emerging needs • Improve client experience • Efficiency • Manage relationships, not • Streamline middle office accounts • Consolidate systems & • Automate front end of client processes process • Straight through Processing • Mass customize client portf
Slide 18: Trust 3000
SEI GWP Background/Context Trust 3000 • Very reliable & efficient • Extremely viable as back office system But... • Legacy system - difficult to enhance • Settlement date only • Account Centric • Relegated to the back office • Limited Global Capabilities SEI Investor Conference 3 June 2009 18
Slide 19: Build Decision – Required
SEI The Decision to Build GWP Build Decision – Required: • To tap global markets • To retain and grow US banking business • To grow US advisor business SEI Investor Conference 3 June 2009 19
Slide 20: GWP Build methodology
SEI The Decision to Build GWP GWP Build methodology • Modular construction & open architecture • Buy non-critical & commodity modules • Build critical intellectual property modules • Build modules needed for full integration • Start with global functionality first; then US • Build from back office t
Slide 21: GWP Design Tenets
SEI The Decision to Build GWP GWP Design Tenets • Global • Trade date • Around the clock operation • Intermediary business service and process oriented • Relationship based (client centric) • Enterprise database/open Architecture • HTML based (internet) • Straight through processing SEI Investor Con
Slide 22: Build
SEI The Build Build • Design started in 2002 • Build started in 2004 • First Beta client went live in 2006 • First client went live in 2007 SEI Investor Conference 3 June 2009 22
Slide 23: Key Functionality - Global
SEI The Build Key Functionality - Global • Asset types (475) • Exchanges (501/71) • Currencies (31/28) • Countries (41) • Languages (multiple;2) • 24 hour a day operation SEI Investor Conference 3 June 2009 23
Slide 24: Key Functionality – Fixes/enhancements
SEI The Build Key Functionality – Fixes/enhancements GWP Trust 3000 • Trade date & settlement date • Settlement date only • Straight through processing • MO & BO handoffs • Client oriented • Account oriented • Business process oriented • Transaction oriented • Compound transactions • Simple transact
Slide 25: Key Functionality – Core additions
SEI The Build Key Functionality – Core additions • Integrated Client Relationship Management • Integrated Client Portfolio Management • Business Intelligence (Data services) • Sales tracking/proposal generation • End client transition services • Goal-based investing SEI Investor Conference 3 June 20
Slide 26: Current Deliverables
SEI The Build Current Deliverables • Release Q4, 2008 (ISIN/SEDOL, CPM) • Release Q4, 2009 (BOM; multi-firm; UK) • Release Q2, 2010 (US taxlots; UK IWA) • Release Q1, 2011 (US core functionality) SEI Investor Conference 3 June 2009 26
Slide 27: Delays
SEI The Build Delays • Complex first client with wide & deep functionality needs • Missing differences between ISIN & SEDOL • Crisis required shift of market segment & functionality • An enormous job SEI Investor Conference 3 June 2009 27
Slide 28: Benefits to End Client
SEI Benefits Benefits to End Client • Household is managed holistically • Better tax and investment decisions • Aligns with mental accounting of wealth • End client reporting consistent with mental accounting • Higher quality of service (less errors) SEI Investor Conference 3 June 2009 28
Slide 29: Benefits to Client Firm
SEI Benefits Benefits to Client Firm • Ability to grow – investment management to wealth management • Reduces costs and risks • Preserves capital • Leverages human talent SEI Investor Conference 3 June 2009 29
Slide 30: Benefits to SEI
SEI Benefits Benefits to SEI • Enlarges markets – global; larger relationships • Transforms us from outsourcing processor to service provider • New target market segments for Banking & Advisor • Improves quality, reduces costs and risk • Gives us capabilities unmatched among competition • Platform i
Slide 31: Five target markets
SEI Opportunities Five target markets • Global Private Banks • UK IWA’s • US, UK, and European Private Banks • US Community Banks • US Advisors/wealth managers SEI Investor Conference 3 June 2009 31
Slide 32: Global Wealth Platform
Global Wealth Platform Jeanne Durante and Mitch Benton
Slide 33: GWS (Platform) Agenda
GWS (Platform) Agenda • Transformational Model • Design Principles • Demonstration • Client Centric – Investment Groups – Portfolio Management Consolidated View • Global – Preferred Currency Settlement • Straight-through-Processing – Limit Order • Open Architecture – Investment Products SEI Investor
Slide 34: Transformational Business Model
Transformational Business Model Traditional Unbundled Model (DIY) Client Focused and Firm Aligned Delegated Business Model Wealth Management Advice Advice Sales Service Client Client Acquisition Management Disparate System Wealth SIMPLIFIED CUSTODY Service Asset Processing Firm Management FINANCIAL
Slide 35: Global Wealth Services Key Design Principles
Global Wealth Services | Key Design Principles Client Open Straight Through Global Enabled Centric Architecture Processing •Relationship Based Client Management Services •Holistic View •Business Intelligence thru Workflow Automation •Embedded Investment Compliance Asset Management Services •Hybrid A
Slide 36: 2009 Baseline and Development Strategy
2009 Baseline and Development Strategy Asset Management Client Management Processing Advanced IA • Goals IA • Proposal Generation IA • Cash Sweep • Managed Household • Firm Data Services • Fee Enhancements • Substitution • Institutional Reporting • Asset Aggregation • Performance Attribution • UMA P
Slide 37: Private Banks
S FE New ways. New answers? Private Banks Joe Ujobai PERIENCED / INNOVATIVE / SOLUTIONS / EMPOWERING / INSIGH IG / INTEGRATIVE / STRATEGIC / ENCOMPASSING / INFORMATIVE DUSTRIOUS / STRUCTURED / ELEVATING / INTERNATIONAL / SU RING / INFORMATIVE / SUPPORTIVE / ENTREPRENEURIAL / INSP TRATEGIC / EFFECTIV
Slide 38: SEI: Markets & Businesses
SEI: Markets & Businesses • US: Banks • UK: Banks and larger non-Bank Wealth Managers • Canada: Banks and larger non-Bank Wealth Managers • Middle East & Asia: Banks (limited resources) SEI Investor Conference 3 June 2009 38
Slide 39: Global Wealth Services Empowering Wealth Management Transformation
SEI Global Wealth Services Empowering Wealth Management Transformation Support a recurring revenue growth model by Grow Revenue and enabling the delivery of high-value, holistic Expand Relationships advice that is both customised and scalable Enable capital redeployment towards client Deploy Resourc
Slide 40: Global Wealth Services Solution Framework
Global Wealth Services Solution Framework Outsourced • Global Wealth Platform (or T3000) • Relationship based • Integrated – Client Management – Portfolio Management • Complex transactions • Complex asset types • Custody and other admin service Transformation Turnkey or Client Portfolio Management •
Slide 41: What's changed given the current environment?
What’s changed given the current environment? The market situation is challenging and some segments aren’t buying as business models are stressed… • Asset based revenue has declined; focus on growing recurring revenue • Increased focus on cost reduction and risk management • Capital is increasingly
Slide 42: Our growth strategy hasn't changed
Our growth strategy hasn’t changed, but it is focused on three current opportunities • Convert Towry Law and Tenon Financial Continued rollout of • Focus GWS sales efforts on UK IWA’s GWS in the UK • Drive sales through Thought Leadership Refocus sales on • Sell GWS enabled by Trust 3000 Local Banks
Slide 43: UK Market Opportunity
UK Market Opportunity IWA’s IFA Full Service Private Client UK Boutique Global Bank UK Based Stock Broker Investment Private Bank Universal Manager Bank Number 29 Greater 13 29 Greater 12 Greater 3 (HSBC, 1 of Firms than than $500 than $500 Barclays, (Lloyds/ $1 Billion Million Million RBS) HBOS) in
Slide 44: UK: Why IWA's?
UK: Why IWA’s? SEI Investor Conference 3 June 2009 44
Slide 45: UK IWA is a Business Model: A Transformation Case Study
UK IWA is a Business Model: A Transformation Case Study CURRENT/ PRE GWS TRANSFORMED / POST GWS Defined by individual advisor (75+), Advice & Client Centralised through one office, varying degrees of consistency Acquisition a single, end-to-end process for in discovery and review all advisers Invest
Slide 46: IWA Sales Campaign
IWA Sales Campaign – Targeted Internet Based Awareness Campaign – Direct Marketing – Thought Leadership Series: IWA, UMA, Risk & Regulation SEI Investor Conference 3 June 2009 46
Slide 47: US Local Banks
US Local Banks Market Opportunity Value Proposition • 300 Local Banks • Global Wealth Services – $500 mm to $5 billion in total assets • Enabled by Trust 3000 – $300 mm to $3 billion in managed • Banks evolving from manufacturing to assets distribution orientation – $325 billion in collective assets
Slide 48: Complexity of Business
Current Clients: Market Opportunity In-House Capabilities or Abilities LOW MEDIUM MED. HIGH HIGH DOMINANT PLAYERS Complexity of Business COMPLEX SPECIALTY Clients: 17 Clients: 18 Revenue: $129 million Revenue: $15 million Prospects: 10 Prospects: 20 ADVANCED GENERALISTS Clients: 13 Revenue: $47 mill
Slide 49: Successful History of Expansion
A Deeper Look at our Capabilities: Successful History of Expansion We have been in the outsourcing business since the late 80’s and have been growing and scaling the outsourcing solution since 2003. We have: • Grown and scaled our relationships – In 2003 the largest client was 2,500 accounts: First
Slide 50: Focus on Growing our Current Client Relationships
Focus on Growing our Current Client Relationships • 24 month focus Re-contracting • Continued fee pressure • Sell additional services and extended term • 30+ existing relationships Large Scale • 20+ years in Invest Processing outsourcing Outsourcing • Continued infrastructure investments ASP to BSP
Slide 51: Conclusion
Conclusion We have growth opportunities in the short term and a great long term strategy • Increase sales activity in focused segments • ASP to BSP focus • We’ve invested significantly in this business – Geographic growth by globalization – Market growth beyond trust accounting • The market trends a
Slide 52: Investment Managers
Investment Managers Steve Meyer
Slide 53: SEI: Markets & Businesses
SEI: Markets & Businesses Pct of 2008 Revenues* 41% 23% 20% 15% 1% Client 615 6,000 550 180 Relationships* * Revenue percentages exclude affiliate LSV. Revenue percentages including LSV were: Private Banks 33%; Investment Advisors 18%; Institutional Investors 16%; Investment Managers 11%; New Busine
Slide 54: Overview
Overview Serving All Key Investment Manager Product Segments: Institutional Separately Managed Alternative Mutual Funds CTF ETF Accounts Accounts Our Solutions Business Process Solution Focused on Investment Operations Back Office Middle Office Front Office SEI Investor Conference 3 June 2009 54
Slide 55: Our Business Today
Our Business Today • $230 billion assets (March 31, 2009) • $148 million annual revenue (December 31, 2008) • 450+ Mutual funds serviced • 575+ Alternative funds serviced • 58,000+ Separately managed accounts serviced • Approximately split 50/50 - Alternative/Traditional Assets under Administration
Slide 56: Investment Manager Business Process
Overview Investment Manager Business Process Portfolio Trade Mgmt. Client Admin. Service Compliance Sales & Marketing Collateral / Cash Mgt. Investor Processing Asset Data Services Maintenance & Processing Fund Admin. Security Fund Valuation Accounting Info. Delivery Portfolio Attribution Recon. Ana
Slide 57: Our Solution: Total Operational Outsourcing
Our Solution: Total Operational Outsourcing Dashboard Decision Executive Portfolio Sales Client Operations Support Marketing Mgmt Mgmt Service Mgmt Distribution Thought Knowledge Partnership / Compliance Advantage Leadership Data / Information Data Management and Governance Outsourcing FRONT OFFICE
Slide 58: The Value…
The Value… “Our business model focuses on the Investment Manager.” • Breadth and depth Comprehensive • All investment products • The investment managers business in its entirety • Integrated data and information Manage Their • One stop for consolidated view across firm Business Better • Actionable a
Slide 59: How Are We Positioned?
How Are We Positioned? Investment Manager Market Trends How can SEI help? Obstacles & Needs • Market turmoil & • Pressure to reduce • Outsourcing is a core business skepticism operating costs • Component solutions • Damaged industry • Weakened client reputation relationships • Scalable daily servici
Slide 60: Growth Strategy
Growth Strategy “Same Direction…..Different Roads” • Retain and re-contract existing clients Grow our Current Clients • Leverage our solutions across our clients • Solve their needs/pressures • In-sourcers • Component outsourcing Grow New Clients • Global opportunities • Current trends • Our Investm
Slide 61: Growth Opportunities
Growth Opportunities • Market + Madoff = Investor Pressure “In-sourcers” • Need Scalable Infrastructure • Need Broader and Deeper Capabilities • Areas of Stress in a Managers Business Component Outsourcing • Reconciliation/Performance/Billing/Middle Office • SMA/Institutional Accounts • Focused Expa
Slide 62: Summary
Summary We have invested in the right areas. Market turmoil and trends have put the need for our solutions in the spotlight: • There is clear demand and opportunity for growth based on current market needs • Our strategy of TOO will bode well for our long- term growth SEI Investor Conference 3 June
Slide 63: Investment Advisors
Investment Advisors Wayne Withrow
Slide 64: SEI: Markets & Businesses
SEI: Markets & Businesses Pct of 2008 Revenues* 41% 23% 20% 15% 1% Client 615 6,000 550 180 Relationships* * Revenue percentages exclude affiliate LSV. Revenue percentages including LSV were: Private Banks 33%; Investment Advisors 18%; Institutional Investors 16%; Investment Managers 11%; New Busine
Slide 65: SEI's Advisor Platform
SEI’s Advisor Platform SEI Investor Conference 3 June 2009 SEI Investor Conference 3 June 2009 65
Slide 66: Ideal SEI Client
Ideal SEI Client Characteristics Advisors Ideal SEI Advisor Business Model Complete Control Delegator Revenue Fees & Commissions Fee Based Life Cycle Start-up Growth Stage Growth Stage Steady State Stage Breakaway Brokers Competition Schwab Asset Mark Fidelity Brinker Broker Dealer Platforms Securia
Slide 67: 2009 Strategy
2009 Strategy Retain existing clients Grow existing clients Recruit new advisors Innovate our solution SEI Investor Conference 3 June 2009 67
Slide 68: Retain Existing Clients
Retain Existing Clients Communicate, Communicate, Communicate SEI Investor Conference 3 June 2009 68
Slide 69: SEI's Commitment to Advisors | Retention Programs
SEI’s Commitment to Advisors | Retention Programs Increased Communications - Advisor: Major Market Announcements w/ Impact Statements, Economic Perspectives, Research Papers, Product-specific commentaries - Investor: Market and Event Commentaries, Statement Stuffers, Research Papers, Letter Template
Slide 70: Retain Existing Clients
Retain Existing Clients • Communicate, Communicate, Communicate • Reinforce the economic benefits of outsourcing • Help Advisors grow SEI Investor Conference 3 June 2009 70
Slide 71: Grow Existing Advisors
Grow Existing Advisors • Help Advisors document value proposition • Help Advisors define ideal client • Help Advisors develop a strategy • Help Advisors create a growth account plan SEI Investor Conference 3 June 2009 71
Slide 72: Sample Growth Plan
Sample Growth Plan • Client appreciation events • Client education events • Prospect seminars • Newsletters and email campaigns Send monthly newsletter to clients • Newspaper ads • Articles and interviews • Press releases • Web site • Sponsorships • Television and radio spots *This complimentary mar
Slide 73: Recruit New Advisors: Today's Needs
Recruit New Advisors Today’s Needs…. • Replace lost revenue • Fix firm cost structure • Reduce firm risk SEI Investor Conference 3 June 2009 73
Slide 74: Innovate our Solution: What does GWP mean?
Innovate our Solution What does GWP mean? • Streamlined middle office • Enable holistic client management – Increase share of wallet – Recruit new TAMP advisors • Enter new advisor segments SEI Investor Conference 3 June 2009 74
Slide 75: Future GWP Platform
Future GWP Platform Services Client Discovery Assessment Proposal Generation Implementation Client Mgmt CPM Client Servicing Baseline Solution Practice Mgmt Custody\Processing Services IWA TAMP Flexible TAMP Platform (D/Y) B/D SEI Investor Conference 3 June 2009 75
Slide 76: Conclusion
Conclusion 1. Near Term: Solidify our foundation for the eventual recovery • Strengthen our relationship with existing Advisors • Recruit new Advisors 2. Long Term: Differentiate our offering, add wallet share and enter new segments…all enabled by GWP SEI Investor Conference 3 June 2009 76
Slide 77: Institutional Investors
Institutional Investors Ed Loughlin
Slide 78: SEI: Markets & Businesses
SEI: Markets & Businesses Pct of 2008 Revenues* 41% 23% 20% 15% 1% Client 615 6,000 550 180 Relationships* * Revenue percentages exclude affiliate LSV. Revenue percentages including LSV were: Private Banks 33%; Investment Advisors 18%; Institutional Investors 16%; Investment Managers 11%; New Busine
Slide 79: What market segments does the Institutional group serve?
What market segments does the Institutional group serve? We operate in six markets: US Canada UK Netherlands Hong Kong South Africa Serving four market segments: Endowments & Corporations Hospitals Unions Foundations Offering three solutions centered around: Retirement Endowed Operating Assets Asset
Slide 80: Ideal Client Profile
Ideal Client Profile • Asset pools of $20 million to $3 billion • Open to outsourcing / delegating • Change agent within the organization • Corporate and Union defined benefit plans • Hospitals with multiple asset pools • Community foundations, Jewish Federations, and universities SEI Investor Confe
Slide 81: What is the retirement solution value proposition?
What is the retirement solution value proposition? Strategic Advice & Investment Management Management - Portfolio Structure - Financial Modeling - Manager Research & Selection - Goal Setting & Monitoring - Manager Oversight & Replacement - Strategy Development - Transition Management - Asset / Liab
Slide 82: SEI Client Benefits
SEI Client Benefits • Greater probability of achieving plan goals • Reduced time commitment required of financial executives • Lower cost • True delegation of fiduciary responsibilities • Accountable partners Insert Presentation Tile in FOOTER 82
Slide 83: Institutional Investors Strategy
Institutional Investors Strategy Retain clients Sell new relationships Continue to innovate solutions SEI Investor Conference 3 June 2009 83
Slide 84: Retention Strategy
Retention Strategy • Communicate client expectations with client plan • Revisit goals through advice process • Increased levels of outreach and client communication SEI Investor Conference 3 June 2009 84
Slide 85: Communicate client expectations with client plan
Communicate client expectations with client plan Date Agenda Topics 1st QTR 2009 February 23 • 2008 Defined Benefit YE Review • Operations/Business Strategy Review relative to non-Pension Assets • On-going intra-quarter strategy sessions to discuss Pension and non- Pension 2nd QTR 2009 April 13 • 20
Slide 86: Increased Client Outreach and Communications
Increased Client Outreach and Communications March 26, 2009 Hedge Fund Update December 2, 2008 Pension Funding Update Keith Pivik, SEI’s Managing Director of Alternative Investments reviews the Jon Waite, F.S.A., E.A., Chief Actuary, provides a detailed look at the current hedge fund market, discuss
Slide 87: SEI's Goals-Based Advice Increased Client's Funded Ratio by 21%
SEI’s Goals-Based Advice Increased Client’s Funded Ratio by 21% 120% Added Extended Suspended Rebalancing Reduced 115% Duration Bonds Duration, 110% Increased Credit Exposure 105% 100% 95% 90% 85% Reduced Equity, Added Absolute 21% 80% Return 75% 70% 65% 60% 55% Jan-08 Mar-08 May-08 Jul-08 Sep-08 No
Slide 88: Recent Headlines Support Sales Opportunities
Recent Headlines Support Sales Opportunities Investment outsourcers get jolt of new business Pensions & Investments, May 2009 Consulting Industry Needs Consultants feel the heat over Major Reform research on Madoff Fundfire, April 2009 Pensions & Investments, January 2009 Increase in outsourcing ope
Slide 89: Solution Enhancements
Solution Enhancements • Incorporate discretion in advice process based on recent market environment • Enhance technology and analysis tools • Develop additional alternative investments • Develop administrative platform for not-for-profit market SEI Investor Conference 3 June 2009 89
Slide 90: Conclusion
Conclusion • Recent market environment re-enforces outsourcing proposition • Sales activities support a growing pipeline • Clients are benefiting from SEI’s solution • Sales cycles continue to be protracted SEI Investor Conference 3 June 2009 90