Source: SEI SEI (NASDAQ:SEIC) UK Private Banking today announced that it has extended its contract with Veritas Investment Management LLP (Veritas) for an additional three years. As a result, SEI has now secured contract extensions with all of its current SEI Wealth PlatformSM (the Platform) UK clients. Veritas will continue to benefit from the size and scale of the Platform, which is also used by Towry, Tilney Bestinvest and Brewin Dolphin. The contract extension signals the next phase of SEI’s relationship with the firm - which goes back to 2011 - and means that Veritas will remain in a strong position to navigate the technological and regulatory disruption likely to impact the market in the coming years. Today’s announcement comes as newly published figures reveal that the Platform’s net flows in the UK reached £3.6bn during the first three quarters of 2016, which represents a 38 percent increase over the same period of 2015. In July of this year, SEI achieved a major milestone when the SEI Wealth PlatformSM business reached £30bn in assets under administration for the first time, which is a 19 percent increase from the end of 2015. Additionally, SEI won numerous new clients across a range of market segments, including WH Ireland, Netwealth and Munnypot, and cemented its position as one of the highest-rated UK wealth management platforms when it received a B+ status rating from AKG, a financial ratings firm. Brett Williams, Managing Director, SEI Wealth Platform, UK Private Banking, said: “As the industry continues to adjust to the broader technological upheaval impacting the market, we are finding that both current clients and prospects are aware of the need to update their systems to cope with today’s turbulent conditions. Firms that two years ago said they would never outsource non-core elements of their proposition, such as technology, are now contacting us to initiate conversations. “The Veritas re-contract exemplifies how we can use our prior experiences working with clients to help them better meet the changing demands of consumers. Our 2017 outlook is extremely positive with a strong new business pipeline and the re-contracts of an entire existing client base.”
SEI UK Private Banking has extended its contract with Veritas Investment Management for another three years, securing the business of its current SEI Wealth PlatformSM UK clients. The two firms first partnered in 2011, and insiders say the deal will allow Veritas to cope with forthcoming "technological and regulatory disruption". In July, the SEI Wealth PlatformSM achieved the milestone of £37.8bn ($30bn) of "assets under administration", a rise of 19% on 2015.