SEI announced today that it has appointed Allfunds to its roster of U.K. sub-custodians. It joins a number of other SEI sub-custodians that provide support to the SEI Wealth Platform’sSM U.K. and European funds.
Allfunds is Europe’s largest mutual fund platform. In selecting Allfunds, SEI sought to appoint a provider that has flexible, agile and scalable client servicing capabilities. During the selection process, Allfunds demonstrated the ability to adapt and update its technology to meet the ongoing challenges and opportunities of the changing market.
The SEI Wealth Platform, which provides outsourced investment processing technology for leading private banks and wealth management firms, ended 2015 with assets under administration at £25.2 billion, up from £21.7 billion 12 months earlier. The number of end clients using the platform grew from 162,000 to 197,000 over the same period.
Martin Steer, Commercial Director, SEI Wealth Platform, U.K. Private Banking, commented:
“After examining all the available options, we are pleased to have appointed Allfunds on the basis that it can offer the broadest possible coverage and scalability for our client base. Above all else, we feel that the Allfunds team comprehensively proved, at every stage of the process, its ability to respond and adapt in the best interests of our clients.
“The industry is operating in an environment of ongoing uncertainty and turbulence which shows no sign of diminishing. Our discussions with Allfunds convinced us that it is well prepared to address any risks that may emerge in the market over the coming years.
“We are delighted to welcome Allfunds to our list of sub-custodian firms and look forward to working with them in due course.”
Simon Shapland, Allfunds Bank’s Head of U.K. and Ireland said:
“We are delighted that SEI, and its highly successful SEI Wealth Platform, has chosen Allfunds’ award winning multi-currency, multi-domicile full lifecycle funds dealing and custody solution, to support its ever growing business. We welcome SEI to the growing number of U.K. clients wishing to benefit from the market leading global funds services offered by Allfunds Bank.”