In an agreement that further reflects the popularity of outsourcing non-core business, Oaks, Pa.-based SEI Investments, will provide mutual fund administration, accounting, distribution and compliance services to Westwood Holdings Group.

SEI, which administers $312.1 billion in assets, will service Westwood Holding's Income Opportunity Fund and its SMidCap Fund, a pair of new institutional, no-load mutual funds.

SEI officials would not comment on financial details of the contract.

"SEIs integrated solutions, reputation for operational excellence and their focus on compliance clearly set them apart as we evaluated several other providers," said Brian Casey, president and CEO of Dallas-based Westwood Holdings. "We were impressed with their product and distribution expertise, technology, and dedicated client service model. We feel SEI is a partner that provides us with an infrastructure to support our current needs and evolve with the future growth of our mutual fund business."

John Alshefski, head of new business development for SEI Investment Management Service, said, "As the investment management marketplace continues to evolve and investors' expectations have increased, more firms are embracing the concept of outsourcing non-core activities. SEI's best in class model provides a comprehensive infrastructure to provide front, middle and back office solutions, and allows the investment manager to focus on their core business, resulting in an enhanced customer experience."

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