Brown Brothers Harriman Awarded SEI Global Subcustodian Mandate in Dublin; Major New Client Win for BBH Dublin.

Business/Technology Editors

DUBLIN--(BUSINESS WIRE)--July 3, 2001

Brown Brothers Harriman (BBH) announced today its appointment as global subcustodian to SEI Global Master Fund plc. SEI Global Master Fund, with over $1 billion in assets, will be serviced by Brown Brothers Harriman Trustee Services (Ireland) Limited.

SEI Global Master Fund is a series of Manager-of-Manager funds using over 35 investment managers. This first umbrella has been primarily distributed in South Africa and the UK and has already amassed over $1.4 billion. SEI has been extremely pleased with the existing fund and plans to launch two additional umbrella funds in July which will be distributed into the UK, Europe and Japan.

Jeffrey R. Holland, managing director of Brown Brothers Harriman Dublin said, "We are very pleased to work with SEI on these important initiatives. We view our appointment as an affirmation of the success of BBH's client focused strategy. Our global custody offering from Dublin continues to strengthen based on BBH's industry reputation for partnering with our clients to gain a solid understanding of their businesses. BBH looks forward to expanding our relationship with SEI and continuing our strategy of working closely with the top tier of asset managers to provide a full suite of products and services to meet our clients' needs."

BBH assets under custody have grown considerably over the past 18 months from US$580billion at the beginning of 1999 to the current level of US$900billion. This outstanding growth in custody assets has been achieved organically, as opposed to through asset acquisitions.

Patricia Lewers, European Product Manager of SEI said, "SEI selected BBH based on its strong reputation of close partnership with its clients. By providing an unparalleled and integrated service, BBH continues to attain a high level of efficiency. Going forward, we are very confident that BBH will become a key partner in our efforts to meet the challenges of the ever changing global capital markets."

About SEI

SEI Investments (www.seic.com) is a leading global provider of asset management and investment technology solutions. The company's innovative solutions help corporations, financial institutions, financial advisors, and affluent families create and manage wealth. SEI processes (as of 3/31/01) over $1.5trillion of investment transactions daily, administers more than $270billion in mutual fund and pooled assets, manages more than $78billion in assets, and operates 25 offices in 11 countries.

About Brown Brothers Harriman

A global leader with 180 years of experience, Brown Brothers Harriman (BBH) helps many of the world's most sophisticated mutual funds, investment managers, banks and insurance companies achieve their international business objectives. BBH provides specialist services and innovative solutions to clients in 102 markets for custody, accounting, administration, securities lending, foreign exchange and brokerage services. Combining entrepreneurial thinking, innovative technology and unmatched client service, BBH is consistently ranked among the world's top global custodians and maintains a presence in each of the principal financial centres around the globe. For more information on BBH's unique integrated approach, please visit www.bbh.com.