SEI, which has spent much of the last three years building an outsourcing platform for the fragmented but large private wealth management industry, has signed its first client. HSBC’s UK Onshore Private Banking business – one of the largest private banks in the UK – has chosen the SEI Global Wealth Service to support its front, middle and back office processing needs.
The service promised by SEI is a comprehensive one, encompassing investment strategy management, decision support and full client accounting, portfolio administration and reporting services, plus the technology and people to deliver these services. SEI describes the new service as “the result of three years of intensive investment in understanding how to support the specific needs of wealth managers globally.”
Mark McCombe of HSBC Private Bank says the bank chose SEI on the basis of that deep understanding. “We have a strong relationship with SEI and look forward to partnering with them in the UK to deliver wealth management solutions for our private banking clients,” he adds.
Joseph P.Ujobai of SEI Global Private Banking explains that private banks are looking for outsourcing solutions, so they can concentrate on managing relationships with clients. “We believe that our Global Wealth Service offering will provide HSBC Private Bank with a key differentiator for their business, providing a platform for growth whilst managing risk and reducing capital expenditures,” he says. “We are very pleased to have been selected by HSBC and are confident our service will help them to realise their strategic objectives in the rapidly evolving wealth management market.”
SEI currently administers $331.6 billion in mutual fund and pooled assets and manages $160.1 billion in assets.