SEI WEALTH PLATFORM FLOWS INCREASE MORE THAN 30 PERCENT YEAR-OVER-YEAR IN UK
UK Net Flows Reached £1.6 Billion in First Half of 2015
SEI (NASDAQ:SEIC) announced today significant growth in its U.K. Private Banking business, demonstrating more than 30 percent year-over-year growth as compared to the first half of 2014, according to the company’s most recent earnings announcement. Through the SEI Wealth Platform, SEI’s U.K. Private Banking business provides core outsourced investment processing technology for leading U.K. wealth management and advisory firms, including Towry, Tilney Bestinvest, and Brewin Dolphin.
The company’s total U.K. Private Banking business saw U.K. assets under administration grow by 9.2 percent from £21.7 billion to £23.7 billion during the first six months of 2015. In addition, the SEI Wealth Platform recently achieved B+ status by financial ratings firm AKG, making it now one of the highest-rated U.K. wealth management platforms.
Brett Williams, Managing Director, SEI Wealth Platform, U.K. Private Banking, commented on the strong performance, “We are pleased with our progress year to date and are now working to ensure we remain ready for the next phase of our growth.
“With regulatory and competitive pressures for wealth managers remaining, the U.K. market continues to be strong as more firms see the benefits of outsourcing their technology to companies such as SEI. We believe this trend will continue as wealth management firms burdened by time-consuming administrative challenges seek operational efficiencies. Ultimately, these firms are beginning to see significant benefits to focusing on growing their core business and providing financial advice to their clients.”
SEI recently announced that U.S.-based Wells Fargo will adopt the SEI Wealth Platform, the same technology used by the company’s existing U.K. clients. “More and more large, international banks and wealth managers are adopting or considering the Platform to better position themselves to meet the future needs of clients,” Williams continued.
“We are looking forward to the next 12 months, including moving our location to our fresh, new office space in the Alphabeta building in Finsbury Square, complete with a 12-year lease. Our new larger location, coupled with long-term client contracts and the strengthening of our sales team, demonstrates our commitment to significant growth in the U.K. market.”