SEI has increased year-over-year net flows in its UK Private Banking business by 30 per cent in 2015.
The business, which provides outsourced investment processing technology for leading private banks and wealth management firms through the SEI Wealth Platform, ended the year with assets under administration at GBP25.2 billion, up from GBP21.7 billion 12 months earlier. End clients using the platform grew from 162,000 to 197,000 over the same period. SEI's UK Private Banking business counts Towry and Brewin Dolphin among its clients.
SEI Wealth Platform's significant year of growth was cemented by the Private Banking team moving into the company's new London offices in the Alphabeta building in Finsbury Square, which have been secured on a long-term lease. It also gained B+ status by financial ratings firm AKG in 2015, making it now one of the highest-rated UK wealth management platforms.
Brett Williams, Managing Director, SEI Wealth Platform, UK Private Banking, says: "Our full year results acknowledge the significant progress made in our UK private business over the course of 2015. We extended contracts with the vast majority of our clients during the year and discussions are at an advanced stage with SEI's remaining clients with a view to completing new contracts with the entire UK client base within the next few months. When combined with the pipeline of potential new business we can see for the year ahead, the prospects for continued growth remain very strong.
"The firms we work with experienced great ISA seasons in 2015. We now have over 100,000 ISAs on our platform and we anticipate another good ISA season in 2016. This activity is helping to create a positive outlook for those operating in the wealth management space. Furthermore, an increasing number of firms are seeing that the risks of delivering core services has dramatically increased given the changing regulatory landscape. We therefore expect to see the trend of wealth management firms concentrating on growing their core businesses, while outsourcing other aspects of their business, to intensify."