Turnkey asset management provider SEI has acquired Finomial, an investor lifecycle management firm specialising in cloud-native financial technology, for an undisclosed sum.
The deal is expected to bolster SEI’s existing investor-focused platforms, including SEI Trade, the SEI Manager Dashboard, SEI Investor Platform, and the Global Regulatory and Compliance Platform.
It will add data-mapping tools, flexible data models, and rules engines to these platforms.
The addition of Finomial’s technology will also help the firm enhance its capabilities in automation and digitisation as well as reporting and transparency.
SEI global wealth management services head Steve Meyer said that the firm is considering immediate applications of Finomial’s digital collaboration tools and solutions in its wealth management solutions in addition to outsourcing and fund administration services.
Meyer commented: “We’re excited to welcome the Finomial team to the SEI family, as we believe their expertise in cloud-native technology will help drive our strategic initiatives as we continue to execute our One SEI strategy.”
Finomial founder and CEO Meredith Moss along with its team of 42 employees, including engineers, cloud specialists and client service personnel from the US and India, will join SEI.
Finomial’s clients, representing around $500bn in assets under administration, are expected to benefit from the combined expertise of the companies.
Moss said: “I’m proud to be part of the SEI family and to continue our efforts across SEI’s platforms and clients. The SEI team shares our commitment to fostering relationships, and we’re excited to continue our work on a larger scale.”
The latest deal follows SEI’s acquisition of Oranj’s cloud-native technology platform in this April.
In March this year, Brewin Dolphin announced plans to extend its contract with SEI until November 2023, ensuring continued access for customers to the SEI Wealth Platform.