SEI Files Exemptive Application for ETF Multi-Share Class

OAKS, Pa., Dec. 12, 2024 - SEI^® (NASDAQ:SEIC) today announced the filing of an exemptive application with the Securities and Exchange Commission (SEC), seeking approval to establish an ETF multi-share class structure of mutual funds administered and distributed by SEI.

As industry demand for this fund structure has increased, SEI has evaluated the ETF multi-share class model and how it can help effectively meet the needs of its proprietary mutual funds and clients utilizing its Advisors' Inner Circle Fund^® (AIC) platform. While most exemptive applications to date have been filed by the investment advisor to a set of mutual funds, SEI's application is filed on behalf of SEI's mutual fund administration and distribution subsidiaries. If granted by the SEC, this structure will benefit investment advisors using SEI's AIC platform, as those investment advisors would be able to rely upon SEI's exemption rather than incurring the additional cost and delay of filing their own exemptive application with the SEC. The AIC, SEI's turnkey, series trust platform, serves 45 clients and 121 funds with more than $100 billion in assets under management.¹

Mike Beattie, Managing Director of SEI's Investment Managers business, said:

"We've always been committed to enablingour clients' success by evolving our platform to provide the operational infrastructure and expertise that help them meet investors' demands and remain competitive in an evolving industry. With a strong demand for the ETF multi-share class structure from the unaffiliated third-party investment advisors on our AIC platform, we believe we can more efficiently deliver this model's benefits through our approach to this filing."

Chapman and Cutler and KCG Advisory Group, LLC supported the preparation of SEI's exemptive application with the SEC.

¹As of Sept. 30, 2024.

About SEI^®

SEI (NASDAQ:SEIC) delivers technology and investment solutions that connect the financial services industry. With capabilities across investment processing, operations, and asset management, SEI works with corporations, financial institutions and professionals, and ultra-high-net-worth families to help drive growth, make confident decisions, and protect futures. As of Sept. 30, 2024, SEI manages, advises, or administers approximately $1.6 trillion in assets. For more information, visit seic.com.

About Chapman and Cutler LLP

Chapman and Cutler is among the leading law firms to the investment management industry, including numerous ETF sponsors. As a law firm focused on finance, Chapman has been representing investment companies since the 1960s, when they helped form the first tax-exempt unit investment trust. Today, Chapman's Investment Management team represents fund issuers and boards of trustees operating in every area of the investment company space and collaborates with industry organizations and market participants leading advocacy initiatives to advance ETF products and regulatory reform.

About KCG Advisory Group^®

KCG Advisory Group stands as a distinguished consultancy firm with 30 years of industry expertise, specializing in providing strategic guidance to asset managers, wealth advisors, and investment platforms. Their track record in execution, strategic vision, and meticulous planning has consistently delivered accelerated asset growth, revenue generation, margin expansion, vehicle development, and product innovation. At the core of their services is a commitment to assisting its prestigious clients in exploring innovative ways to diversify their businesses, effectively manage assets, allocate resources, analyze market trends, and enhance resource efficiency to meet and exceed asset growth targets.