Back officer service provider SEI has scored an exchange-traded fund mandate.
The firm announced that it was selected by Highland Capital Management Fund Advisors’ mutual fund division to support the firm’s open-end senior bank loan exchange traded fund, dubbed the Highland/iBoxx Senior Loan ETF (SNLN).
SEI will provide fund administration and accounting, investor servicing, portfolio accounting, daily reconciliation, as well as distribution services and order management to Highland.
“The bank loan debt space is expanding rapidly as investors are seeking alternative sources of income through registered fund structures and we are very pleased to help Highland bring this strategy to the ETF marketplace,” stated John Alshefski, Senior Vice President, SEI’s Investment Manager Services division.
SEI currently services over $525 billion in ETF assets.