The US firm has identified provision of depositary services for private market funds as an important growth area.

Pennsylvania-headquartered SEI, a technology and investment solutions provider, is targeting Luxembourg’s alternative investment funds space, offering depositary services.

SEI says it the largest US fund administrator for private market funds in the European jurisdiction. In total, SEI said its depositary assets surged to $100 billion in 2024 from $17 billion in 2018.

While demand for private market assets has grown, asset managers labour with a “complex ecosystem” of providers to support operations, the US firm said. 

“The launch of these services in Luxembourg will complement SEI’s offering that includes fund administration, registrar and transfer agent, and regulatory reporting services – providing asset managers with a single point of contact for their technology and operations' requirements,” the firm said in a statement yesterday. 

Bryan Astheimer, head of SEI’s investment managers business, EMEA, added: “The addition of our depositary services not only enhances our comprehensive offering across Europe, but it also positions us well to capitalise on these trends and opportunities to drive growth for our clients and SEI.”

This Luxembourg business will run alongside SEI’s existing depositary services arm in Ireland which, like Luxembourg, is a hub for funds registered in the European Union. 

SEI said it can provide depositary services to non-EU managers seeking to market non-EU funds to European Union investors under the Depo Lite Regime.

WealthBriefing spoke to Serge Weyland (pictured below), ALFI chief executive, last May, about trends affecting Luxembourg’s funds sector.

Serge Weyland