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SEI assets climb 25% on ‘second wave of outsourcing’

SEI’s client assets rose 25% in 2016 due to what it described as a ‘second wave’ of outsourcing.

‘It is an interesting time now with a lot of clients now coming to us with the idea of outsourcing,’ said SEI commercial director Martin Steer (pictured).

‘It is the second wave of outsourcer really, so people who previously said they would never outsource are actually coming to us.’

Client assets hit £31.6 billion at year end, the group said in its full-year update, up from £25.2 billion in 2015. Steer highlighted the majority of the £6 billion increase was gained from existing clients.  

‘You [previously] had the first period of firms that were willing to outsource.

‘Firms who were not part of that waited to see if it was successful, but over the last few years, lots of things have changed in the marketplace be it the cost of regulation, the general cost of running a platform, and the technology advances.

‘So a lot of those firms are seeing that their added value is to deal with their clients and choose the investments for those clients—not with the back office systems and regulation.’

Net flows into the firm’s UK private banking business, headed up by former cover star Brett Williams, rose by 21%.

Steer added the firm expects to see another £2 billion added to the books in Q2 with the as a result of its partnership with WH Ireland. 

In 2016 SEI also added start-ups Netwealth and Munnypot to its client base and extended contracts with Danske Bank and Veritas Investment Management.

‘Our pipeline of new business remains very strong and we expect to announce additional partnerships in the coming months.’

Article source: http://citywire.co.uk/new-model-adviser/news/sei-assets-climb-25-on-second-wave-of-outsourcing/a1003873

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