LONDON, March 10, 2016 – SEI (NASDAQ:SEIC) has announced today that it increased year-over-year net flows in its UK Private Banking business by 30 percent in 2015.
The business, which provides outsourced investment processing technology for leading private banks and wealth management firms through the SEI Wealth Platform, ended the year with assets under administration at £25.2 billion, up from £21.7 billion 12 months earlier. End clients using the platform grew from 162,000 to 197,000 over the same period. SEI’s UK Private Banking business counts Towry and Brewin Dolphin among its clients.
SEI Wealth Platform’s significant year of growth was cemented by the Private Banking team moving into the company’s new London offices in the Alphabeta building in Finsbury Square, which have been secured on a long-term lease. It also gained B+ status by financial ratings firm AKG in 2015, making it now one of the highest-rated UK wealth management platforms.
Brett Williams, Managing Director, SEI Wealth Platform, UK Private Banking, commented:
“Our full year results acknowledge the significant progress made in our UK private business over the course of 2015. We extended contracts with the vast majority of our clients during the year and discussions are at an advanced stage with SEI’s remaining clients with a view to completing new contracts with the entire UK client base within the next few months. When combined with the pipeline of potential new business we can see for the year ahead, the prospects for continued growth remain very strong.
“The firms we work with experienced great ISA seasons in 2015. We now have over 100,000 ISAs on our platform and we anticipate another good ISA season in 2016. This activity is helping to create a positive outlook for those operating in the wealth management space. Furthermore, an increasing number of firms are seeing that the risks of delivering core services has dramatically increased given the changing regulatory landscape. We therefore expect to see the trend of wealth management firms concentrating on growing their core businesses, while outsourcing other aspects of their business, to intensify.”
About the SEI Wealth PlatformSM
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 132 stock exchanges in 51 countries and 35 currencies, through the use of straight-through processing and a single operating infrastructure environment.
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, 2015, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $670 billion in mutual fund and pooled or separately managed assets, including $262 billion in assets under management and $408 billion in client assets under administration.