Financial Results
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.
