HSBC Private Bank has renewed its contract with SEI Global Wealth Services - which powers the firm’s UK private banking offering - to stretch until 2015.

HSBC opted for SEI’s Global Wealth Services in 2007, which SEI said helped to solidify its position in the UK market and expand its offering to a broader segment of clients.

SEI’s Global Wealth Services is an outsourcing solution for wealth managers combining wealth processing technology and wealth management programmes, coupled with business process expertise.

The global wealth platform supports trading and transactions on 101 stock exchanges in 46 countries and 33 currencies.

At end June, through its subsidiaries and partnerships in which the company has a significant interest, SEI managed or administered $424 billion in mutual fund and pooled or separately managed assets, including $182 billion in assets under management and $242 billion in assets under administration.