SEI Corp. has introduced a product designed to help banks' corporate clients better manage their short-term cash.
The product, dubbed the SEI Cash Strategies Program, determines a company's cash flow needs and automatically invests the money to maximize liquidity and return.
"Corporate treasurers have very little time to spend on their short-term cash and this program gives them a good feel for how their cash flows would play out over a 12-month horizon," said Dennis McGonigle, a SEI senior vice president.
Initially, Mr. McGonigle said, SEI plans to introduce the product through 16 banks that are currently marketing the Wayne, Pa.-based company's cash sweep product.
The company's liquidity management group, which Mr. McGonigle heads, has more than $16 billion of assets in short-term investments for more than 400 banks, trust companies, and institutional investors.