Financial Results

SEI's Private Banking Business In UK Enjoys Growth Surge

Julia Reinholdsson 10 August 2015

SEI's Private Banking Business In UK Enjoys Growth Surge

The UK private banking business of SEI, the financial services group that provides outsourcing services to wealth managers, has seen a rise in assets under administration.

SEI, the US-headquartered financial services company, has announced more than 30 per cent year-on-year growth in its UK private banking business compared to the first half of 2014.

SEI’s UK net flows reached £1.6 billion ($2.5 billion) for the first six months of 2015. Its total UK private banking business saw UK assets under administration grow to £23.7 billion from £21.7 billion, an increase of 9.2 per cent for the first half of 2015. The SEI Wealth Platform recently achieved B+ status by AKG, the financial ratings firm.

Through the SEI Wealth Platform, the firm's UK business provides outsourced investment processing technology for British wealth management and advisory firms, such as Towry, Tilney Bestinvest and Brewin Dolphin.

“With regulatory and competitive pressures for wealth managers remaining, the UK market continues to be strong as more firms see the benefits of outsourcing their technology to companies such as SEI,” said Brett Williams, managing director, SEI Wealth Platform, UK Private Banking.

“We believe this trend will continue as wealth management firms burdened by time-consuming administrative challenges seek operational efficiencies. Ultimately, these firms are beginning to see significant benefits to focusing on growing their core business and providing financial advice to their clients,” he said.

On 3 July, the company announced it had appointed Andrew Booker as head of sales within its private banking business to help boost its UK presence.

As of 30 June 2015, through its subsidiaries and partnerships, SEI managed or administered $661 billion in mutual funds and pooled or separately managed assets, including $262 billion in assets under management and $399 billion in client assets under administration.

 

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