SEI Wealth Platform has seen growth of more than 30 percent in its UK private banking business in the first six months of 2015, with net flows reaching £1.6 billion.
The private banking business provides outsourced investment processing technology for wealth management and advisory firms through the SEI Wealth Platform.
Assets under administration in the UK also grew by 9.2 percent in the first half of 2015, increasing from £21.7 billion to £23.7 billion.
Brett Williams, managing director of SEI’s UK Private Banking business, said: “We are pleased with our progress year-to-date and are now working to ensure we remain ready for the next phase of our growth.”
“With regulatory and competitive pressures for wealth managers remaining, the UK market continues to be strong as more firms see the benefits of outsourcing their technology to companies such as SEI.”
“We believe this trend will continue as wealth management firms burdened by time-consuming administrative challenges seek operational efficiencies. Ultimately, these firms are beginning to see significant benefits to focusing on growing their core business and providing financial advice to their clients.”
