Bank Leumi (TASE:LUMI) and US funds management firm Sei Investments (Nasdaq:SEIC) have reached an agreement under which it will manage mutual funds for Bank Leumi customers. The funds will be managed by the multi-manager method, in which the management company manages the customers’ assets through a large number of fund managers suited to the customers.
Sei Investments is a leading company of this type, managing $80 billion worth of mutual funds.
Sei Investments will market Bank Leumi global mutual funds to its customers in Israel and overseas, using the asset allocation financial planning method, in which mutual funds are adapted to the customer’s needs.
Bank Leumi stated this was a new product in Israel whose marketing required the approval of the Israel Securities Authority, which has not yet been granted. Bank Leumi USA will begin marketing the new funds, followed by Bank Leumi in Israel. The bank’s international private banking division will coordinate the marketing.
Sei Investments provides outsourcing financial services for leading international banks and financial institutions. The company mostly handles financial investments and manages mutual fund portfolios.
Published by Globes [online] - www.globes.co.il - on March 25, 2003