HSBC Private Bank in the UK has signed a major deal with SEI Investments, the US-based investment manager and technology group, which will s...

HSBC Private Bank in the UK has signed a major deal with SEI Investments, the US-based investment manager and technology group, which will see SEI provide its global wealth service for the private bank’s onshore business. In a statement, SEI said its global wealth service “is designed to support HSBC’s UK private banking end-to-end business processing needs for the front, middle and back office via a comprehensive suite of services.” “The service provides a holistic wealth management solution,” Joseph Ujobai, head of private banking for SEI told WealthBriefing. “It combines investment strategy management, decision support and full client accounting, portfolio administration and reporting services.” Mr Ujobai said the deal with HSBC has been negotiated over a long period of time, underlining the importance both firms attach to the agreement. But he was not able to disclose any details on the price of the deal for SEI. He added that other similar agreements are in SEI's pipeline.