Business
SEI South Africa Achieves Level 2 B-BBEE Rating
Achievement Demonstrates Continued Commitment to South African Economic Empowerment JOHANNESBURG, March 18, 2021 /PRNewswire/ -- SEI (NASDAQ: SEIC) today
About this update from Sei Investments Company
[{"type":"text","content":"Achievement Demonstrates Continued Commitment to South African Economic Empowerment\n\n\nJOHANNESBURG, March 18, 2021 /PRNewswire/ -- SEI (NASDAQ: SEIC) today announced that its South African business, SEI Investments South Africa (Pty) Limited, achieved a Level 2 Broad-Based Black Economic Empowerment (B-BBEE) Rating, scoring more than 95 points on its B-BBEE Certificate. \n\"We are exceptionally proud of our long-standing commitment to the South African market,\" said Paul Klauder, Executive Vice President and Head of SEI's Institutional Group. \"We consider ourselves market leaders in this regard, bringing global best practices to a host of South African clients and a strong belief in the B-BBEE's agenda for transformation.\"\nSEI completed its first in Black Economic Empowerment transaction in 2018 by concluding a share ownership deal with South African staff. SEI earned this rating by meeting B-BBEE requirements in the following elements:\nOwnership Management Control Skills Development Enterprise and Supplier Development Socio-Economic Development\"Achieving this rating is a notable accomplishment and testament to SEI's commitment to socio-economic development initiatives and driving a more inclusive economy,\" said Santoshi Jugmohun, Managing Director and Head of Operations for SEI's Institutional Group in South Africa. \"One of the major objectives of B-BBEE is to promote economic transformation in order to enable meaningful participation of previously disadvantaged people in the South African economy—both directly and through the multiplier effect of preferential procurement.\" \nSEI Investments South Africa (Pty) Ltd. complies with the requirements of the Financial Sector Transformation Council (FSTC). The FSTC requires all financial institutions in South Africa to submit a valid B-BBEE certificate or Affidavit to evidence that the company is complying with the requirements.\nAbout SEI's Institutional GroupSEI's Institutional Group provides institutional investors with outsourced investment management services and custom platforms to support insourced investment staffs. SEI is one of the first and largest global providers of outsourced or OCIO investment management services to the institutional marketplace and recently launched its Enhanced CIO services globally to institutional investors that desire to have internal r...