First Horizon National Corporation to Transition Newly Acquired Wealth Management Book of Business to SEI
First Horizon National Corporation to Transition Newly Acquired Wealth Management Book of Business to SEI Following Merger, First Horizon National Corporation to Move Legacy IBERIABANK Business to SEI |
[01-December-2020] |
OAKS, Pa., Dec. 1, 2020 /PRNewswire/ -- SEI (NASDAQ:SEIC) announced today that First Horizon National Corporation will convert IBERIABANK's wealth business to SEI. Following its previously announced merger and an extensive due diligence process, the combined First Horizon Wealth Management and Trust business will operate on TRUST 3000®, SEI's legacy wealth management platform. On July 6, 2020, Memphis, Tenn.-based First Horizon National Corporation (NYSE: FHN) and Lafayette, La.-based IBERIABANK announced the completion of a merger of equals. First Horizon National Corporation has been a TRUST 3000 client since 2003. IBERIABANK currently runs its wealth management business on a competitor platform. "We are proud to extend and expand our 17-year relationship with First Horizon National Corporation, a key strategic partner poised for faster growth in the southeastern United States," said Sandy Ewing, Senior Vice President for North America Private Banking at SEI. "Trust and collaboration with our client partners are at the heart of what we do. Our ability to tailor the scope of services and technology platforms to best suit First Horizon's business needs reflects our customized client approach, as well as our long-term focus on and commitment to the wealth management industry." This new arrangement allows SEI to continue providing its current scope of technology services to the new, larger organization. The conversion of First Horizon National Corporation's additional book of business is targeted to occur in 2021. TRUST 3000 is part of SEI's Global Wealth Management Services business, comprised of market-leading, innovative solutions designed to support the future growth of investment and wealth managers globally. "Through our longstanding and successful relationship with SEI, we knew they could provide the best scalable infrastructure in an increasingly competitive market, from which we plan to aggressively grow our wealth business," said Rhomes Aur, CEO of First Horizon Advisors. "By having our wealth management business on SEI's platform, First Horizon will be able to better increase our market share and meet growing client demands. We believe this will also allow us to achieve increased operational efficiency and scale, cost savings and reduced redundancies via consolidation with one solution." This news was first announced on SEI's second-quarter 2020 earnings call. About SEI About First Horizon
View original content:http://www.prnewswire.com/news-releases/first-horizon-national-corporation-to-transition-newly-acquired-wealth-management-book-of-business-to-sei-301181699.html SOURCE SEI Investments Company | ||||||||||||
Company Codes: NASDAQ-NMS:SEIC, NYSE:FHN |
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