The move by the UK investment manager reflects a growing trend of larger British wealth managers choosing to outsource their operations.

Waverton Investment Management has started using the SEI Wealth Platform to boost the wealth management services it offers to customers across the high net worth spectrum.

Announced earlier this week, the partnership is part of Waverton’s growth plans for reinforcing its position in the market. The company, which has made a number of acquisitions, will help it enable organisational transformation and digitisation, SWP said.

“The strategic partnership will enable Waverton to leverage our experienced team, proven process and leading technology,” Nick Tucker, chief executive officer of Waverton, said. “Cultural alignment was a key part of our selection criteria, and it is clear to us that SEI understands our business and our culture and is focused on truly partnering with us to achieve our growth aspirations.” 

The partnership will see no planned redundancies, while a number of Waverton employees will join the SWP operations team as part of the agreement. The investment manager promised a smooth transition of its staff. Waverton, located in London’s Piccadilly, has more than 150 employees.

The move comes during a time when a growing trend of larger UK wealth managers are choosing to outsource their operations. Earlier in the year, SEI, which is US-based, reported on a number of new private bank clients, as well as renewals of contracts and implementation of technologies and other solutions. It is an example of the sort of firm that powers the industry.

“By partnering with SEI and taking advantage of our powerful SEI Wealth Platform, Waverton is well positioned to achieve their growth aspirations amid an increasingly competitive wealth management environment,” Brett Williams, managing director, SEI Wealth Platform, UK Private Banking, said. “The strategic partnership will enable Waverton to leverage our experienced team, proven process and leading technology.”

Part of SEI’s Global Wealth Management services business, which helps the financial services industry with technology and investment, SWP supports transactions on 137 stock exchanges in 42 countries and 43 currencies. As of 31 December 2020, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers around $1 trillion in hedge, private equity, mutual funds and pooled or separately managed assets.