MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, May 17, 1999 SunTrust Renews Relationship with SEI SEI Investments (SEIC) Mutual Funds Services Group announced today that SunTrust Banks' STI Classic Funds has renewed its administration and distribution services contract for five years. The move was spurred by the impending merger of SunTrust with Crestar which resulted in an early due diligence process and recontracting negotiations. "SunTrust's success in the mutual fund arena is tied directly to the organization's top-down commitment of continuously enhancing its offering to meet customers' needs," said Richard B. Lieb, president of SEI's Investment Systems and Services division. "Their proactive approach and foresight are evidenced in new product and service offerings, and in the development of their sales, marketing and training initiatives. We are extremely pleased to secure such a long-term agreement with SunTrust." SEI Investments has been the administrator and distributor for SunTrust's proprietary mutual funds since their inception in 1992. Initially STI Classic Funds was a complex of six funds, primarily funded with trust conversion assets, which has now grown to 24 funds with $13 billion in assets under management. Following the merger with Crestar's CrestFunds later this month, assets of the STI Classic Funds will exceed $19 billion. Printed from: MFWire.com/story.asp?s=24863 Copyright 1999, InvestmentWires, Inc. All Rights Reserved |