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SEI RESIGNS BANC ONE PROPRIETARY FUND ACCOUNT

 WAYNE, Pa., Sept. 2 /PRNewswire/ -- SEI Corporation (NASDAQ: SEIC) announced today that it will not compete to renew its role as administrator and distributor of Banc One's (NYSE: ONE) proprietary funds complex.
 SEI has been Banc One's supplier of these services for the past three years.
 Richard B. Lieb, president of SEI's Investment Services group stated, "The reduced scope of services the bank is willing to outsource is not consistent with our proprietary fund strategy and will not allow us to make reasonable profit margins."
 Henry H. Greer, SEI's president and chief operating officer added, "The loss of Banc One proprietary funds will have an immaterial effect on our profitability. We will concentrate on cutting costs related to this project and expanding our proprietary funds balances with new funds from existing complexes and the addition of new complexes."
 SEI's fund balances total $39.2 billion, of which $20.6 billion are proprietary funds. Banc One balances are currently $5.1 billion.
 Banc One continues to be one of SEI's largest customers through the purchase of other financial, consulting and technology services.
 /delval/
 -0- 9/2/93
 /CONTACT: Rick Lieb of SEI Corporation, 215-254-1430/
 (SEIC ONE)


CO: SEI Corporation; Banc One ST: Pennsylvania IN: FIN SU:

MJ-JM -- PH023 -- 8560 09/02/93 16:31 EDT
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Publication:PR Newswire
Date:Sep 2, 1993
Words:214
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