(August 3 – 14:30 ET) – Royal Trust says it has acquired the performance measurement business of SEI Investments Canada.
Known as the Funds Evaluation Service, this business measures and evaluates investment portfolio performance for more than 300 institutional clients. Financial terms of the deal were not disclosed. In June, SEI Investments Canada announced its decision to exit the performance measurement market.
“This represents a major strategic acquisition for us in our performance measurement services. It marks a significant move for Royal Trust into more consultative and advisory services,” explains José Placido, senior vice-president of global securities services at Royal Trust.
In a statement Royal Trust says the acquisition complements its strategy of taking a more comprehensive approach to institutional clients’ needs, including advisory services and a broader array of measurement tools.
The company says a transition plan is in development for integrating the business including clients, employees and systems to Royal Trust by the end of 2000. Offers of employment have been extended to affected SEI employees.
-IE Staff