The UK private banking arm of SEI saw a 33% pickup in the level of inflows, which it said was down to a combination of £7.5bn net sales and “positive market growth”.
Last year, the outsourcing solutions provider for wealth managers added 124,000 accounts to the platform, taking the total number of accounts to 445,000. Over the period, it processed close to £23bn of on-and-off-book business on behalf of its users.
Its Nasdaq-listed parent company SEI advises or administers $861bn in hedge, private equity, mutual fund and pooled or separately managed assets, including $337bn in assets under management.
During 2017, SEI extended its relationship with Tilney Group for another six years and converted strategic partner, WH Ireland, onto the UK platform.
“Our 2017 results are a great testament to the work and effort our team has put into growing the SEI Wealth Platform in the UK,” said Martin Steer, commercial director of SEI Wealth Platform.
“Our ability to add nearly £10bn of assets, as well as significantly increase the number of client accounts, puts us in an incredible position to continue this upward trajectory. Larger flows reflect the significant growth experienced by many of our clients in the last year, following a strong ISA season and the recent trend of increased assets arising from pensions freedoms.”
Following the changes of the regulatory landscape post-Mifid II, Steer added “we see significant opportunity as the wealth management industry continues to evolve”.
