SEI's half year results show that its UK private banking business increased assets under administration (AUA) by 20% (£6.2 billion) in the first half of this year.
This takes its total AUA to £37.9 billion. A large part of the inflows came through the partnership with WH Ireland which saw the wealth manager put £2 billion on to the platform.
In addition, SEI also secured a contract extension with Tilney Bestinvest this year, to 2023.
‘Really the story for us is the growth of our existing clients,’ Martin Steer (pictured), commercial director, SEI Wealth Platform told Wealth Manager.
‘A lot of the firms we support have had a really good start to the year, like True Potential and Tilney Bestinvest, so we had a good start to the year by winning the new Tilney Bestinvest contract.’
From an industry perspective, Steer said that the 2017 ISA season was much stronger compared to 2016, with ISA investment up 24% from last year. This coupled with financial markets reinforcing strong investor sentiment saw asset flows onto the platform up 50% versus this time last year.
Steer stated the platform has now reached 310,000 end-clients for the first time and is seeing more than 750,000 buy-and-sell trades each month.
He added that SEI is used to dealing with the high volumes as the firm has $14 trillion dollars across its two platform products (The SEI Wealth Platform and Trust 3000) globally.
Looking forward to H2
‘I’ve worked for SEI for three years and the pipeline is the strongest I’ve ever seen it. What is interesting is these firms are coming to us now, having previously told us and their shareholders that they would never outsource, they are now saying it is not a matter if we outsource it is when,' said Steer.
He attributes this to growth in regulatory pressures from Mifid II and the speed of technology growth.
He added: ‘What wealth managers do best is manage people’s money and they deal well with clients. They don’t deal well with operations, regulation and technology and these things are forever increasing in cost.’