LONDON, 19 June, 2019 – SEI (NASDAQ:SEIC) today announced the SEI Wealth PlatformSM (the Platform) has delivered a Costs and Charges reporting service, created in collaboration with FinoComp, a leading wealth management software development company. As UK wealth managers face a significant regulatory reporting challenge, the service enables compliance with complex MiFID II disclosure rules requiring firms to report costs and charges as cash amounts, as well as percentage figures.
The integrated reporting service enables wealth managers to ensure the delivery of compliant reporting to their clients through a flexible, automated and seamless process. The new functionality takes advantage of the Platform’s open architecture to gather multi-sourced data, which is then transferred to FinoComp for disclosure calculation and production. All Platform clients are able to benefit from SEI’s Costs and Charges reporting solution, potentially saving them significant time and cost when compared to managing regulatory reporting requirements internally.
Brett Williams, Managing Director, SEI Wealth Platform, said:
“The MiFID II disclosure rules are new and complex, and many wealth management firms have had to dedicate a significant amount of time and resources to achieving compliance. With this in mind, we went through a rigorous selection process to identify the best strategic partner to collaboratively innovate a solution to this challenge for our clients. The SEI Wealth Platform’s flexibility and our ability to integrate with expert providers help ensure our clients continue to have access to a broad range of services.”
Ray Tubman, CEO, FinoComp, added:
“We are delighted to have been selected to partner with SEI in providing a transparent, flexible and innovative solution to MiFID II costs and charges regulation. This collaboration will enable clients to access precise data analysis, including bespoke date ranges and accurate performance reporting. This will ensure clarity around the costs and charges that have been taken and the impact they have had on performance.”
“As the industry moves towards increasing collaboration in the technology space and platforms begin to take on multiple tech partners – each offering “best in breed,” we continue to witness the inherent advantages to wealth management companies and their end clients of componentised microservice architecture. SEI has a phenomenal reputation in the market for being at the cutting edge of innovation, and we are thrilled to be working together to help to deliver a first-rate solution for their clients.”
About the SEI Wealth Platform
The SEI Wealth Platform (the Platform) is an outsourcing solution for wealth managers encompassing wealth processing services and wealth management programs, combined with business process expertise. With the Platform, SEI provides wealth management organizations with the infrastructure, operations, and administrative support necessary to capitalize on their strategic objectives in a constantly shifting market. The SEI Wealth Platform supports trading and transactions on 158 stock exchanges in 55 countries and 43 currencies, through the use of straight-through processing and a single operating infrastructure environment.
After 50 years in business, SEI (NASDAQ:SEIC) remains a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of March 31, 2019, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $945 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $332 billion in assets under management and $609 billion in client assets under administration.
FinoComp is a software development company with a unique approach in delivering exceptional technology solutions as MicroServices to the Wealth Management Industry. We develop our software as individual components, MicroServices, rather than the traditional approach of a “one size fits all” monolithic system. This offers our clients huge benefits including reductions in cost, shorter development and delivery times and massive improvements in software quality. This is achieved through automating each step of the development journey, from design through to delivery. This approach is part of our DNA at FinoComp, where our standalone individual technology components offer unrivalled quality. FinoComp’s growing eco-system of MicroServices include Intermediary Tools, Back Office Components and Regulatory Tools. Recent developments include market leading tools for MIFID II 10% depreciation reporting and Ex-Post Costs and Charges Disclosures. Our software can be used by wealth management companies of all sizes because MicroService architecture affords companies the flexibility to choose components suitable to their proposition. Companies such as AEGON, Novia, Copia Capital, Nucleus and SEI are all benefiting from the use of FinoComp’s exceptional software.
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