SEI UK Private Banking has extended its contract with Veritas Investment Management for an additional three years.
As a result, SEI has now secured contract extensions with all of its current SEI Wealth Platform UK clients.
The platform is also used by Towry, Tilney Bestinvest and Brewin Dolphin.
The contract extension signals the next phase of SEI’s relationship with the firm, which goes back to 2011.
The platform’s net flows in the UK reached GBP3.6 billion during the first three quarters of 2016, a 38 per cent increase over the same period of 2015.
In July, the SEI Wealth Platform business reached GBP30 billion in assets under administration for the first time, a 19 per cent increase from the end of 2015.
Brett Williams, managing director, SEI Wealth Platform, UK Private Banking, says: “As the industry continues to adjust to the broader technological upheaval impacting the market, we are finding that both current clients and prospects are aware of the need to update their systems to cope with today’s turbulent conditions. Firms that two years ago said they would never outsource non-core elements of their proposition, such as technology, are now contacting us to initiate conversations.
“The Veritas re-contract exemplifies how we can use our prior experiences working with clients to help them better meet the changing demands of consumers. Our 2017 outlook is extremely positive with a strong new business pipeline and the re-contracts of an entire existing client base.”
