OAKS, PA -- (Marketwire) -- 12/17/12 -- SEI (NASDAQ: SEIC) today announced that it has been selected by Cornerstone Advisors, one of the leading RIAs in the country with over $2.5 billion in assets under management, to launch a series of multi-manager mutual funds through the company's Advisors' Inner Circle Fund® (AIC) series trust offering. SEI believes this type of mutual fund offering may be reflective of a movement by investment advisors away from the use of third-party mutual funds and towards launching their own funds using multiple sub-advisors to execute their strategies. The manager-of-managers approach allows Cornerstone to offer their proven sophisticated strategies in a manner that provides both access and economies-of-scale to clients.

"This structure benefits our investors, increases operational efficiency, and enriches implementation in addition to enabling us to carry out the investment strategies we have developed since our founding in 1984," said Kenneth Hart, CEO of Cornerstone. "Once we decided to move to a series trust, the decision to partner with SEI seemed ideal. Their track record in implementing multi-manager funds, and their impressive client base, resources, and board experience instilled a great deal of confidence. Ultimately, our partnership with SEI lets us focus our attention on portfolio management and client service."

SEI has offered a mutual fund series trust solution to managers for more than 20 years, and with more than $22 billion in assets under management, is one of the leading turnkey mutual fund platforms in the industry. Cornerstone pointed to SEI's proven track record of converting fund managers to a series trust model and its history of supporting manager-of-managers mutual funds as key factors in the decision.

"As we've seen with many institutional managers, Cornerstone was looking for a more efficient way of delivering their proven strategies without changing the core of what makes those strategies successful," said John Alshefski, Senior Vice President, SEI's Investment Manager Services division. "Our AIC solution allows them to keep their strategies consistent while providing them with an infrastructure that supports greater flexibility and efficiency, and gets them to market quickly. We're proud to help Cornerstone in their endeavor to meet the goals of their investors and the growth goals of their business."

About SEI's Investment Manager Services Division
SEI's Investment Manager Services division provides comprehensive operational outsourcing solutions to support investment managers globally across a range of registered and unregistered fund structures, diverse investment strategies and jurisdictions. With expertise covering traditional and alternative investment vehicles, the division applies customized operating services, industry-leading technologies, and practical business and regulatory insights to each client's business objectives. SEI's resources enable clients to meet the demands of the marketplace and sharpen business strategies by focusing on their core competencies. The division has been recently recognized by Buy-Side Technology as "Best Outsourcing Provider to the Buy Side" and "Best Fund Administrator," by Hedge Funds World Middle East as "Best Service Provider," by Global Investor as "Hedge Fund Administrator of the Year," and by HFMWeek as "Most Innovative Fund Administrator (Over $30B AUA)" in the U.S. and "Best Administrator - Technology Provider" in Europe. For more information, visit www.seic.com/ims.

About SEI
SEI (NASDAQ: SEIC) is a leading global provider of investment processing, fund processing, and investment management business outsourcing solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of September 30, 2012, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $448 billion in mutual fund and pooled or separately managed assets, including $195 billion in assets under management and $253 billion in client assets under administration. For more information, visit www.seic.com.

About Cornerstone Advisors
Founded in 1984, Cornerstone Advisors provides portfolio construction & management, family office services and financial counsel to wealthy individuals, families, foundations and endowments. Cornerstone Advisors is one of the top RIAs in the country with over $2.5 billion in assets under management. The privately-held firm is headquartered in Bellevue, Wash. and has 54 employees. More information on the firm is available at www.buildbeyond.com