SEI adds £6.2bn in AUM, amid further growth predictions
Private banking platform SEI Wealth has increased its assets under management £6.2bn in the first half of 2017, representing 20% growth.
This strong performance saw AUA reach just shy of £38bn and meant that numbers of clients using the SEI Wealth Platform, which provides outsourced investment processing technology for private banks and wealth management firms, hit 300,000 for the first time.
The 2017 ISA season is much stronger than 2016, says SEI, with asset flows up 50% on last year, with financial markets bolstering strong investor sentiment.
Martin Steer, commercial director at SEI Wealth Platform, UK Private Banking (pictured left), said: “The first half of this year has seen some uncertainty creep into the broader market, so it is very pleasing to see another period of strong growth for the platform.
“Notably, we fully completed the WHIreland on-boarding, while extending a key, long-term relationship with Tilney Bestinvest. We look forward to adding more clients in the coming months.”
He added SEI felt “well positioned” to capitalise on opportunities over the rest of the year as regulatory pressure mounts and more wealth managers consider outsourcing non-core functions.