WASHINGTON - The Office of Thrift Supervision on Friday approved SEI Investments Co.'s application to organize a trust-only federal savings bank.
The asset management company will operate SEI Federal Trust Co. out of its Oaks, Pa., headquarters and will set up a trust office in Wilmington, Del., that will offer services only to investment advisers.
"We will not offer traditional thrift products," said Richard B. Lieb, SEI director and president of the investment systems and services division. "We'll offer products for financial planners to help their [high-end] customers with mutual funds, securities, and other services like charitable remainder trusts."
SEI Federal will take over most of the fiduciary activities now conducted by SEI's state-chartered trust company. "It will enable us to provide trust services nationally, rather than going state-by-state," Mr. Lieb said.