Wealth manager WH Ireland Group has signed a deal with SEI Investments (Europe) to outsource its private wealth management back office operations.
WH Ireland said its Manchester office, which currently manages its back office operations, will remain unaffected by the change.
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The wealth manager will eventually transition to a Model B arrangement with SEI’s wealth platform, supported by a new internal middle office function that is expected to be implemented in the second quarter of 2017.
The board of WH Ireland expects the outsourcing deal to improve internal efficiencies in the company’s wealth management arm, with its impact felt in 2018.
WH Ireland CEO Richard Killingbeck said: "This arrangement is of significant importance to the ongoing process of change at WH Ireland. By partnering with SEI and by moving our clients onto their Wealth Management platform, we will be able to make a quantum leap in client reporting, IT functionality and regulatory robustness.
"We also believe that this will be of benefit to all of our clients and forms a major aspect of WH Ireland Private Wealth Management’s progression to a primarily fee paying business model."
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By GlobalDataSEI managing director Brett Williams added: "There has never been a greater need for advice in the industry. Private client investment managers who are able to take advantage of this opportunity, whilst mitigating risk and adapting to meet the evolving needs of their clients, are the most likely to succeed."
