SEI has secured contract extensions with all of its wealth platform clients in the UK.

Veritas Investment Management has extended its contract with SEI UK Private Banking to use the SEI Wealth Platform for an additional three years.

The firm first started working with SEI in 2011. Other users of the wealth management platform include Towry, Tilney Bestinvest, Brewin Dolphin and WH Ireland. 

Over the first three quarters of 2016, SEI Wealth Platform’s net flows in the UK reached £3.6 billion, representing a 38 per cent increase from a year earlier. In July, the platform hit £30 billion in assets under administration for the first time.

“As the industry continues to adjust to the broader technological upheaval impacting the market, we are finding that both current clients and prospects are aware of the need to update their systems to cope with today’s turbulent conditions,” said Brett Williams, managing director of SEI Wealth Platform, UK Private Banking. 

“Firms that two years ago said they would never outsource non-core elements of their proposition, such as technology, are now contacting us to initiate conversations.”