LONDON, 8 Feb., 2018 – SEI (NASDAQ:SEIC) announced today that its U.K. Private Banking business increased assets under administration (AUA) by nearly £10 billion in 2017, taking total AUA to £41.4 billion.
Providing outsourced investment solutions for leading private banks and wealth management firms, the SEI Wealth PlatformSM (the Platform) added £9.3 billion, a 33 percent increase from last year, through a combination of net sales (£7.5 billion) and positive market growth. The Platform added 124,000 accounts in 2017 and increased its total number of accounts by 38 percent to 445,000, whilst also processing almost £23 billion of on- and off-book business.
In 2017, SEI extended its relationship with Tilney Group for another six years. Three new clients adopted the Platform, of which two firms are now live and the third firm is expected to go live in the first half of 2018. Additionally, WHIreland, which entered into a long-term strategic partnership with SEI in June 2016, was successfully converted onto the Platform last year.
Martin Steer, Commercial Director, SEI Wealth Platform, U.K. Private Banking, commented:
“Our 2017 results are a great testament to the work and effort our team has put into growing the SEI Wealth Platform in the U.K. Our ability to add nearly £10 billion of assets, as well as significantly increase the number of client accounts, puts us in an incredible position to continue this upward trajectory. Larger flows reflect the significant growth experienced by many of our clients in the last year, following a strong ISA season and the recent trend of increased assets arising from pension freedoms.
We see significant opportunity as the wealth management industry continues to evolve. The regulatory landscape has gone through a substantial change, particularly with the introduction of MiFID II, and we are proud to support our clients through these major transitions. Our client relationships are built on trust, and we aim to support them in maximising available opportunities, whilst mitigating risks and minimising costs.”
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 156 stock exchanges in 55 countries and 43 currencies, through the use of straight-through processing and a single operating infrastructure environment.
Now in its 50th year of business, SEI (NASDAQ:SEIC) is 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 December 31, 2017, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $861 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $337 billion in assets under management and $518 billion in client assets under administration.
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