According to the firm, which provides outsourced investment processing technology, assets under administration jumped to £25.2bn as a result of the net flows. The number of end clients using the platform rose from 162,000 to 197,000 over the same period.
Brett Williams, managing director of the SEI Wealth Platform, UK Private Banking said the growth acknowledged “the significant progress” made by the UK arm of the Nasdaq-listed firm.
He added: “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.”
And, he said, given its current pipeline of potential new business, he expects growth to continue in 2016, driven by both the continued growth in ISAs on the platform and the increasing regulatory burden being placed on wealth managers.
“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,” he said.
