SEI Wealth Platform Records Another Year of Success in the UK
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 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’s 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.”