SEI Investments Inc., which has done brisk business selling mutual fund wrap products through fee-based advisers, aims to parlay that success in the bank channel.According to Cerulli Associates Inc. of Boston, SEI outpaced Citigroup Inc.'s Salomon Smith Barney unit last year as the largest provider of wrap accounts - investment programs in which investors pay an annual fee to an adviser for managing a customized portfolio of mutual funds.

But the Oaks, Pa., company has some wood to chop. Only $2.8 billion of its $65 billion of assets under management on March 31 came from sales through banks, said Robert C. Aller, senior vice president of SEI's Investment Advisory Group, which distributes products through intermediaries. About $21 billion of its total managed assets came through advisers, he said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.