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FirstMerit To Sell SEI Separate Account Services

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NU Online News Service, June 12, 3:10 p.m. – SEI Investments Inc., Oaks, Pa., will be helping FirstMerit Corp., Akron, Ohio, a bank holding company with $10 billion in assets and 157 offices in Ohio and Pennsylvania, sell separately managed account services to endowments, charitable foundations, companies and individuals with at least $2 million to invest.

Separate accounts are the modern version of what used to be called large, diversified portfolios of stocks and bonds. Investment companies are promoting the accounts as alternatives to mutual funds for institutions and wealthy individuals that want more customization and fewer taxable distributions.