SEI, a US-based investment processing solutions provider, has appointed mutual fund platform Allfunds to its roster of sub-custodians for UK business.
Allfunds will provide support to the SEI Wealth Platform’s UK and European funds.
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“During the selection process, Allfunds demonstrated the ability to adapt and update its technology to meet the ongoing challenges and opportunities of the changing market,” SEI said in a statement.
The SEI Wealth Platform, which provides outsourced investment processing technology for private banks and wealth management firms, ended 2015 with assets under administration at £25.2bn, up from £21.7bn a year ago.
Over the same period, the number of end clients using the platform grew from 162,000 to 197,000.
Martin Steer, commercial director, SEI Wealth Platform, UK Private Banking, commented: “After examining all the available options, we are pleased to have appointed Allfunds on the basis that it can offer the broadest possible coverage and scalability for our client base. Above all else, we feel that the Allfunds team comprehensively proved, at every stage of the process, its ability to respond and adapt in the best interests of our clients.”
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By GlobalDataAllfunds Bank head of UK and Ireland Simon Shapland said: “We are delighted that SEI, and its highly successful SEI Wealth Platform, has chosen Allfunds’ award winning multi-currency, multi-domicile full lifecycle funds dealing and custody solution, to support its ever growing business. We welcome SEI to the growing number of UK clients wishing to benefit from the market leading global funds services offered by Allfunds Bank.”
