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Cornerstone, SEI Offer New Mutual Fund Family

Cornerstone Advisors has selected SEI to launch a series of multi-manager mutual funds through SEI's Advisors' Inner Circle (AIC) Fund series trust offering.

The registered investment adviser cited expertise supporting manager-of-managers mutual funds, a track record for converting fund managers to series trust models, and extensive client base and resources as reasons for selecting the AIC solution offered by SEI's Investment Manager Services division.

"Cornerstone was looking for a more efficient way of delivering their proven strategies without changing the core of what makes those strategies successful. Our AIC solution allows them to keep their strategies consistent while providing them with an infrastructure that supports greater flexibility and efficiency, and gets them to market quickly,” said John Alshefski, senior vice president in SEI’s investment manager services division, in a press statement.

"This structure benefits our investors, increases operational efficiency, and enriches implementation in addition to enabling us to carry out the investment strategies we have developed since our founding in 1984," chief executive officer Kenneth Hart of Cornerstone added. "Ultimately, our partnership with SEI lets us focus our attention on portfolio management and client service."

Oaks, Penn.-based SEI manages $22 billion in assets. Its investment manager services division provides operational outsourcing solutions to support investment managers across a range of registered and unregistered fund structures, investment strategies and jurisdictions.

Cornerstone, which is headquartered in Bellevue, Wash., boasts over $2.5 billion in assets under management.