SEI Launches the First Shariah-Compliant Manager of Managers Equity Funds

SEI Launches the First Shariah-Compliant Manager of Managers Equity Funds

SEI Attracts $160m in Assets in First Month

SEI (Nasdaq: SEIC), a leading global provider of asset management, investment processing and investment operations solutions, today announced the launch of the first dedicated Islamic Manager of Managers equity funds. The SEI Islamic Investments Fund Plc (SIIF) is a new umbrella UCITS III fund designed to offer Shariah-
compliant investments.
This represents the first phase of SEI's expansion plans for the Middle
East and Islamic Finance market, where it has already attracted significant
interest in SIIF among High Net Worth investors in partnership with a major
global private bank, gathering $160m in assets in the first month since
launch.
Commenting, Brandon Sharrett, Managing Director of SEI's Global Private
Banking business in the EMEA region said:
"Investors globally are familiar with the Manager of Managers concept
and have been benefiting from this approach for quite some time. This is
the first time Islamic investors will be able to take advantage of our
sophisticated, internationally-recognised Manager of Managers programme.
Our launch of these funds represents SEI's first step towards targeting the
rapidly growing Islamic Finance market."
The SIIF umbrella fund will have four initial underlying Manager of
Managers sub-funds. These are the SEI Islamic US Equity Fund, the SEI
Islamic European Equity Fund, the SEI Islamic Emerging Markets Equity Fund
and the SEI Islamic Pacific Basin Equity Fund. These can be used to build
global asset allocation models and benefit from a rigorous manager
selection process designed to limit volatility, manage risk and deliver
consistent returns.
The adviser for Shariah compliance is HSBC Amanah, the Islamic Finance
Division of HSBC Securities (USA), part of the HSBC Group. Shariah
compliance is specifically included in the investment objective of each
SIIF sub-fund, with customised Shariah guidelines for each underlying fund
manager.
About SEI
SEI (Nasdaq: SEIC) is a leading global provider of outsourced asset
management, investment processing and investment operations solutions. The
company's innovative solutions help corporations, financial institutions,
financial advisors, and affluent families create and manage wealth. As of
the period ending March 31, 2007, through its subsidiaries and partnerships
in which the company has a significant interest, SEI administers $382.4
billion in mutual fund and pooled assets and manages $190.0 billion in
assets. SEI serves clients, conducts or is registered to conduct business
and/or operations, from more than 15 offices in over a dozen countries. For
more information, visit http://www.seic.com