SEI has acquired family office technology provider Archway Technology Partners.
The investment services and processing firm acquired Archway for an undisclosed sum. The purchase gives SEI, which oversees $779 billion (£602 billion) in assets, access to the $7 trillion global family-office market.
Archway Technology’s software solution supports the accounting, investment management and reporting functions for family offices, private banks, private wealth advisers and fund administrators.
The software is designed to handle complex partnership, portfolio and corporate accounting alongside bill payment, investment management and multi-asset class data aggregation.
The deal represents something of a shift from SEI’s long-held belief in purely organic growth. ‘We believe there is value in growing through carefully considered strategic acquisitions that add to our expanding geographic footprint, market reach, platform functionality and expertise,’ SEI CEO and chair Alfred West said.
SEI executive vice president and head of its investment manager services division Steve Meyer added: ‘Archway’s specialised technologies and deep knowledge of the private wealth services industry give us a more powerful, differentiated solution to a $7 trillion global family-office market that has been underserved by legacy service providers.
‘SEI’s operating solutions, enhanced by Archway’s capabilities, will help family offices, institutions, wealth managers, and asset owners better navigate this new operational frontier and service their clients more effectively.’
Archway CEO Jason Brown said that joining the SEI network would help the firm provide the next level of state-of-the-art solutions to the family office and wealth management marketplace.
‘SEI’s market focus and commitment to the broader asset management segments aligns directly with, and is uniquely complementary to, our focus on providing services to the family office, high-end wealth advisory, and institutional wealth management segments,’ Brown said.
‘Our two organisations also share a strong service ethic and culture of innovation that are perfectly suited to our unique and demanding client base. We are excited to be a part of the SEI family and look forward to the expanded opportunities that lie ahead for our combined organisation.’
Story originally posted on New Model Adviser
