SEI Wealth Platform has seen assets under management grow by £9.3bn over the past year, but is targeting further growth in the year ahead.
The platform, which provides outsourced investment services for private banks and wealth managers, says total assets under management have grown by 33 per cent, thanks to a combination of increased net sales and positive market growth.
SEI Wealth says increased net sales account for £7.5bn of this growth. Its positive trading figures also reflect the fact many of its wealth manager clients have benefited from a strong Isa season last year and increased asset flows due to pension freedoms.
In its annual results SEI Wealth says it had added 124,000 accounts in 2017, giving it a total of 445,000 accounts– a 38 per cent increase. The company also processed almost £23 billion in on- and off-book business.
The company also confirmed that it has extended its relationship with Tilney Group for a further six years.
SEI Wealth Platform’s commercial director Martin Steer says: “Our ability to add nearly £10bn of assets as well as significantly increase the number of client accounts puts us in a position to continue this upward trajectory.”
Steer adds: “We see significant opportunity as the wealth management industry continues to evolve. The regulatory landscape has gone through a substantial change, particularly with the introduction of Mifid II, and we are proud to support our clients through these major transitions.”