SEI has reported a 20 per cent increase in platform division assets under administration in the first half of 2017 to £37.9bn.
Over the six-month period the platform reached 300,000 end clients and more than 750,000 buy and sell trades were made each month.
The platform, which is part of SEI’s UK private banking business, has also added three new clients in addition to extending its contract with Tilney Bestinvest and bringing wealth manager WH Ireland on board.
SEI Wealth Platform commercial director Martin Steer said he was unable to name the three additional business but says the group includes start-ups. It’s other start-up partners include Netwealth and Munnypot.
Steer says there are other firms on the hook to partner with the business.
He says: “We attract relatively large firms and they have to change their systems and come on board so it does take a bit of time. This is the strongest pipeline we have seen with some very large firms who previously said they would never outsource their technology and administration are changing their tune. It is not a question of if they outsource it is when they outsource.”
SEI’s data show the 2017 ISA season was much stronger than 2016.
A statement from the company says: “Together, with financial markets bolstering strong investor sentiment and investments continuing at a higher rate over the summer, asset flows onto the platform were up 50 percent versus flows from clients this time last year.”