Financial Results

SEI's UK Private Banking Business Boosts Asset Growth

Josh O'Neill Assistant Editor 9 February 2018

SEI's UK Private Banking Business Boosts Asset Growth

The group made new relationships and also extended existing ones in 2017.

SEI said yesterday its UK private banking business added £9.3 billion ($12.9 billion) in assets under administration to its books last year as client account numbers hit new highs. 

The NASDAQ-listed group’s wealth platform grew its assets 33 per cent year-on-year, totalling £41.1 billion, through a combination of net sales totalling £7.5 billion and “positive market growth,” it said. The platform added 124,000 new accounts in 2017, a 38 per cent rise to 445,000 in total and also processed nearly £23 billion in on-and off-book business. 

“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,” Martine Steer, commercial director of SEI Wealth Platform, UK private banking, said. 

Last year, SEI extended its relationship with Tilney Group for another six years. Three new clients adopted the platform, of which two are now live and third is expected be up and running in the first half of this year, SEI said, without providing names. WH Ireland also began using the platform last year. 

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