Wells Fargo recently completed its systems integration with Wachovia, after acquiring the bank in 2008. It also had a long-standing relationship with SEI, stretching back over thirty years.

"With the increase in our size, Wells Fargo needs a wealth processing and accounting system that can accommodate a much larger client base," Rob Prigge, senior vice president, Wells Fargo Trust Operations, said in a statement.

SEI’s scale, stability and conversion expertise and ability to assist in Well’s integration efforts with Wachovia “were the major factors,” in Wells Fargo’s decision, according to Al Chiaradonna, senior vice president within SEI's Private Banks segment.  

Recent months have been busy for SEI. Earlier in April, for example, WealthBriefing, revealed that Brown Brothers Harriman recently signed a preferred arrangement with SEI in providing back-office functions to wealth managers in the UK.

SEI has also expanded its capabilities related to the processing and accounting of side pocket investments for fund managers, and collaborated with financial data provider RiskMetrics to offer in-depth, independent risk management reports to its clients.