Tilney Group has extended its contract with SEI Wealth Platform for a further six years.
The new agreement will end in December 2023.
The two companies have already worked together for the past six years.
Tilney chief executive Peter Hall says the business conducted a review where it considered a “range of different options” at the beginning of the year.
He says: “It is extremely important for us to have a strategic partner as our platform provider who invest strongly in leading-edge technology and who we trust to support us proactively in delivering the highest level of service to our clients.”
Hall adds: “We have worked with SEI for a number of years and they support us across our full range of services from the Bestinvest online investment service through to the Tilney advised offering.”
The agreement includes a commitment from Tilney to use the SEI Wealth Platform as the default option for future new clients.
However, Hall says legacy clients will not be moved. Tilney’s other primary platform Bank of New York Mellon-owned Pershing.
He says: “This is around new business and we do have some legacy clients on other platforms. We don’t currently have a plan to move them. It can be disruptive to a client to change a platform or custodian and our primary consideration is always to offer the highest level of service without disruption.”
SEI Wealth Platform managing director Brett Williams calls the agreement a “strong statement”.
He says: “We are delighted to have extended our partnership and contract with Tilney. They have grown the business both organically and through acquisition and Towry, one of their latest acquisitions, was also a client of ours.”
Williams adds: “From our point of view it is a strong statement that we have worked in partnership and we are carrying on doing that as Tilney and ourselves grow our businesses.”