LONDON, Aug. 25, 2016 (GLOBE NEWSWIRE) -- SEI (NASDAQ:SEIC) announced today that it has appointed Allfunds to its roster of U.K. sub-custodians. It joins a number of other SEI sub-custodians that provide support to the SEI Wealth Platform’sSM U.K. and European funds.
Allfunds is Europe’s largest mutual fund platform. In selecting Allfunds, SEI sought to appoint a provider that has flexible, agile and scalable client servicing capabilities. During the selection process, Allfunds demonstrated the ability to adapt and update its technology to meet the ongoing challenges and opportunities of the changing market.
The SEI Wealth Platform, which provides outsourced investment processing technology for leading private banks and wealth management firms, ended 2015 with assets under administration at £25.2 billion, up from £21.7 billion 12 months earlier. The number of end clients using the platform grew from 162,000 to 197,000 over the same period.[1]
Martin Steer, Commercial Director, SEI Wealth Platform, U.K. Private Banking, commented:
“After examining all the available options, we are pleased to have appointed Allfunds on the basis that it can offer the broadest possible coverage and scalability for our client base. Above all else, we feel that the Allfunds team comprehensively proved, at every stage of the process, its ability to respond and adapt in the best interests of our clients.
“The industry is operating in an environment of ongoing uncertainty and turbulence which shows no sign of diminishing. Our discussions with Allfunds convinced us that it is well prepared to address any risks that may emerge in the market over the coming years.
“We are delighted to welcome Allfunds to our list of sub-custodian firms and look forward to working with them in due course.”
Simon Shapland, Allfunds Bank’s Head of U.K. and Ireland said:
“We are delighted that SEI, and its highly successful SEI Wealth Platform, has chosen Allfunds’ award winning multi-currency, multi-domicile full lifecycle funds dealing and custody solution, to support its ever growing business. We welcome SEI to the growing number of U.K. clients wishing to benefit from the market leading global funds services offered by Allfunds Bank.”
About the SEI Wealth PlatformSM
The SEI Wealth Platform (the Platform) is an outsourcing solution for wealth managers encompassing wealth processing services and wealth management programs, combined with business process expertise. With the Platform, SEI provides wealth management organisations with the infrastructure, operations, and administrative support necessary to capitalise on their strategic objectives in a constantly shifting market. The SEI Wealth Platform supports trading and transactions on 136 stock exchanges in 52 countries and 40 currencies, through the use of straight-through processing and a single operating infrastructure environment. For more information, visit: http://www.seic.com/enUK/banks/288.htm.
About SEI
SEI (NASDAQ:SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of June 30, 2016, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $707 billion in mutual fund and pooled or separately managed assets, including $269 billion in assets under management and $438 billion in client assets under administration. For more information, visit seic.com.
About Allfunds Bank
Allfunds Bank Group offers integrated fund solutions (operational, analysis and information). Created in 2000 and owned in equal parts by the Santander and Intesa Sanpaolo groups, today Allfunds Bank has more than €225 Billion (c. £190 Billion) AuA and offers close to 47,000 funds from 514 leading fund managers. Allfunds Bank has a local presence in Spain, Italy, UK, Chile, UAE, Switzerland, Colombia, Singapore and Luxembourg and has more than 495 institutional clients, including major commercial banks, private banks, insurance companies, fund managers, financial supermarkets, international brokers, and specialist firms from 33 different countries.
This information is issued by SEI Investments (Europe) Ltd, 1st Floor, Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, which is authorised and regulated by the Financial Conduct Authority.
[1] SEI, SEI Wealth Platform Delivers 30 Percent Net Flows Increase In The UK, 10th March 2016