SEI Wealth Platform has registered growth of over 30% in its UK private banking business in the first half of 2015, with net flows reaching £1.6bn.
Through the SEI Wealth Platform, SEI’s UK Private Banking business provides core outsourced investment processing technology to major UK wealth management and advisory firms, including Towry, Tilney Bestinvest, and Brewin Dolphin.
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The company’s total UK private banking business saw UK assets under administration rise by 9.2% from £21.7bn to £23.7bn during the first six months of 2015.
Brett Williams, managing director, SEI Wealth Platform, UK Private Banking, said: "We are pleased with our progress year to date and are now working to ensure we remain ready for the next phase of our growth.
"With regulatory and competitive pressures for wealth managers remaining, the U.K. market continues to be strong as more firms see the benefits of outsourcing their technology to companies such as SEI. 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."
SEI recently announced that US-based Wells Fargo will adopt the SEI Wealth Platform, the same technology used by the company’s existing UK clients.
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By GlobalData"More and more large, international banks and wealth managers are adopting or considering the Platform to better position themselves to meet the future needs of clients," Williams added.
