Press Releases
SEI Investments' Net Asset Value Calculations Get "Green Light" from Anexinet
Solution Provider Built Automated Dashboard Validation System
Philadelphia, PA – February 18, 2003 - Anexinet Corporation, a leading regional solutions provider based in Philadelphia, announced today that SEI Investments is implementing the first phase of a business re-engineering effort within its Mutual Fund Administration Unit. At the center of the effort is an application called "NAV Production," developed by Anexinet to automate the collection and validation of all information required to compute a Mutual Fund Net Asset Value (NAV) or yield, enabling SEI's accounting personnel to work in a virtually paperless, exception-based environment.
"We've implemented the first phase of the NAV system, which is designed to support Money Market Portfolios," said Mark Hornbrook, Vice President of Mutual Fund Administration at SEI Investments. "Most fund administrators rely on paper trade tickets, fax machines and Excel documents to calculate and validate money market fund yields and NAV's. Anexinet helped us to achieve a virtual, straight-through process within our fund accounting operations, which will enable our people to spend less time on clerical processes and significantly more time focused on analytical, value-added activities for our clients."
SEI Investments' fund accountants, responsible for calculating the Net Asset Value (NAV) of individual mutual fund portfolios at the close of each trading day, previously used a manual process that was both paper and resource intensive. Anexinet designed a system that allows mutual fund data to flow through their existing mutual fund accounting platform and automatically validate or flag exceptions to the fund accounting data. Now, 80% of the data is automatically processed; 20% is exception-based.
"We worked together with SEI Investments’ business sponsors and IT staff to design and deliver an application that would meet their business objectives," said Diego F. Calderin, President of Anexinet. "This collaboration resulted in a solution that provides SEI Investments with a real competitive advantage."
Anexinet developed this XML-based application, with rule-based validation and workflow components, and then integrated it with SEI Investments’ existing mutual fund accounting system.
The project followed Anexinet's S.A.F.E-T2™ proven delivery model, an iterative development process that captures more than 20 years of collective best practices in systems development, project management and knowledge transfer. Most of the application development took place at a "Near-Site Development Center," established five minutes from SEI Investments’ headquarters. In this unique approach, Anexinet provides dedicated workspace and systems to enable project teams to design, develop and test solutions without disrupting the client's current systems and organization. This minimizes cost, time and resources.
About Anexinet
Anexinet, a premier solutions integrator based in Philadelphia, applies leading-edge technology to complex business challenges to simplify business processes, strengthen IT organizations and provide competitive advantage. Anexinet offers application development, implementation and integration, business intelligence and technology infrastructure services to mid-sized and Fortune 1000 companies in the mid-Atlantic region. Anexinet's experienced consultants ensure the success of each client's solutions through the company's S.A.F.E-T2™ delivery model, a proven and pragmatic approach based on more than 20 years of collective best practices in business-based technology. Clients include ACE Insurance, Exelon and SEI Investments.
Anexinet: Where Leading-Edge Technology Meets Competitive Advantage.
About SEI Investments
SEI Investments (NASDAQ:SEIC) is a leading global provider of asset management and investment technology solutions. The company’s innovative solutions help corporations, financial institutions, financial advisors, and affluent families create and manage wealth. As of the period ending December 31, 2002, SEI administers $241 billion in mutual fund and pooled assets, manages $78 billion in assets, processes almost $50 trillion of investment transactions annually and operates 21 offices in 10 countries. For more information, visit www.seic.com.
Media contact for SEI Investments:
Mark Nagle
mnagle@seic.com
Phone: 610-676-1000
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