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SEI bucks Isa dip as assets increase 25%

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SEI Wealth Platform increased its assets under administration by 25 per cent in 2016 to £31.6bn from £25.2bn the previous year.

In an announcement today, the business says net flows in its UK private banking business rose by 21 per cent in 2016.

SEI’s data shows that the 2016 Isa season was slower than expected, with flows 27 per cent lower than the previous year.

The business says it saw a slowdown in flows around the Brexit vote in June 2016 but that flow volumes recovered by the end of the year.

SEI Wealth Platform and UK Private Banking commercial director Martin Steer says: “Wealth managers across the sector are seeing significant growth opportunities, yet with an environment of increased regulation and a more digitally demanding consumer, it has never been more costly or risky to provide advice.”

“Our objective is to ensure that our clients are able to maximise these opportunities whilst minimising cost and mitigating risk. We feel we are well positioned to capitalise on the changing market dynamics ahead of us in 2017.”

In 2016, SEI added WHIreland, Netwealth, and Munnypot as clients and Steer says SEI will announce more partnerships in the coming months.

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