SEI to Leverage Unique Industry Position to
Meet Market Demand and
Streamline Investment
Process for Alternatives
OAKS,
Pa., Dec. 21, 2023 /PRNewswire/ --
SEI® (NASDAQ:SEIC) today announced the acquisition of
Altigo, a cloud-based technology platform that provides inventory,
e-subscription, and reporting capabilities for alternative
investments. With 35% of investors aged 25 to 44 years indicating
an increased demand for alts1 and global alternative
assets expected to hit $23 trillion
by 20272, fund sponsors are seeking efficient access to
private clients, and SEI believes those investors want access to a
variety of high-quality alternative investment products. While not
a material capital transaction, SEI expects the acquisition of
Altigo to drive growth and expand its strategic opportunity in the
alternatives space.
Ryan Hicke, SEI CEO, said:
"We sit at the center of the financial services industry, which
positions us to connect all components of the ecosystem in a way
that others can't. Our client footprint across financial
intermediaries and fund sponsors—combined with the breadth of our
capabilities across technology, operations, and asset
management—gives us opportunities to transform private fund
investing and widen access to alternative investment products for
investors."
As part of the transaction, SEI will welcome Altigo team members
who collectively bring technical, sales, client service, and
marketing expertise. The company intends to provide the
distribution of and access to a selection of alternative investment
products in a Software-as-a-Service model to its existing
investment manager, advisor, and banking clients in the first half
of 2024. SEI is a market leader in supporting sponsor firms'
operational and information needs, and the integration of Altigo
with SEI's capabilities across intermediary wealth channels will
enable the delivery of a broader, end-to-end solution.
Kevin Crowe, Senior Vice
President at SEI, added:
"Investor expectations for a personalized wealth management
experience continue to drive the demand for investment flexibility,
and alternatives can play an important role in a diversified
portfolio that meets an investor's financial goals—but access to
alternative investments is largely exclusive. Financial
intermediaries often seek guidance on how to source and utilize
these products, the process to invest in these products can be
complicated and slow, and ongoing management is typically manual.
This platform is built on the idea that investing in alternative
securities could be made much more efficient and manageable using
online technology tools and digital workflows.
"By leveraging our unmatched position to connect fund sponsors
to intermediaries and intermediaries to investment options that
cater to their clients' goals, we believe we can enable
distribution beyond today's access points, empower financial
professionals to make faster, more confident investment decisions
for their clients, and drive future growth."
1 Prequin, "2022 Global Alternatives
Report"; 2 Prequin, "Future of Alts in 2027"
About SEI®
SEI (NASDAQ:SEIC) delivers
technology and investment solutions that connect the financial
services industry. With capabilities across investment processing,
operations, and asset management, SEI works with corporations,
financial institutions and professionals, and ultra-high-net-worth
families to help drive growth, make confident decisions, and
protect futures. As of Sept. 30,
2023, SEI manages, advises, or administers approximately
$1.3 trillion in assets. For more
information, visit seic.com.
This release contains forward-looking statements within the
meaning or the rules and regulations of the Securities and Exchange
Commission. In some cases you can identify forward-looking
statements by terminology, such as "may," "will," "expect,"
"believe," and "continue" or "appear." Our forward-looking
statements include our current expectations as to:
- investor desire for access to a variety of high-quality
alternative investment products,
- our ability to transform private fund investing and widen
access to alternative investment products for investors,
- the solutions we will offer and the timing of such
offerings,
- the drivers of investor demands for flexibility,
- the degree to which investing in alternative securities could
be made much more efficient and manageable using online technology
tools and digital workflows, and
- our ability to enable distribution beyond today's access points
and empower financial professionals to make faster, more confident
investment decisions for their clients and drive future
growth.
You should not place undue reliance on our forward-looking
statements, as they are based on the current beliefs and
expectations of our management and subject to significant risks and
uncertainties, many of which are beyond our control or are subject
to change. Although we believe the assumptions upon which we base
our forward-looking statements are reasonable, they could be
inaccurate. Some of the risks and important factors that could
cause actual results to differ from those described in our
forward-looking statements can be found in the "Risk Factors"
section of our Annual Report on Form 10-K for the year ended
Dec. 31, 2022, filed with the
Securities and Exchange Commission.
Company
Contact:
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Leslie Wojcik
SEI
+1 610-676-4191
lwojcik@seic.com
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Kerry Mullen
Vested
+1 917-765-8720
kerry@fullyvested.com
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View original
content:https://www.prnewswire.com/news-releases/sei-acquires-altigo-302020994.html
SOURCE SEI Investments Company