SEI, which manages or administers $495bn of assets globally across pooled and separately managed accounts, will now move toward automated order processing for transactions across its retail fund range and goals-based Strategic Portfolios.

The move will result in faster turnaround times for order confirmations and contract notes which in turn allow SEI and client counterparties to reduce processing time and benefit from a substantial reduction in operational risk.

Calastone's system allows all parties in the process - third party administrator, distributor or platform to choose which messaging format they wish to communicate with, the order message is then routed and translated by Calastone into the preferred format, as determined by SEI.
Andrea Hohlachoff, Head of Asset Management Solutions at SEI, said the business had already witnessed the operational benefit of working with Calastone.

She added: "We are pleased to have selected Calastone as our connectivity partner and have been impressed by their flexibility in providing us with the facility to process fund orders electronically with our clients. We very much look forward to expanding the use of the order routing service and enabling more of our clients to benefit from the system."

In addition, SEI will be able to follow each order through the entire lifecycle of the trade, using Calastone's Execution Management Systems (EMS), a web-enabled graphic user interface (GUI) which allows users a real-time view of the transaction. The EMS also has the ability to flag any potential restrictions, which otherwise would have to be dealt with manually.

Paul Jacobs, UK Sales Director at Calastone, said: "We are looking forward to working with SEI to help improve efficiencies and mitigate operational risk during their order routing activity. We hope the industry continues to recognise the clear benefits of moving away from manual processes."