SEI and Tenon Form a Strategic Partnership to Embrace Innovative Wealth Management Model
Tenon Positions Itself For the Future With New Discretionary Capabilities
LONDON, May 12 /PRNewswire-FirstCall/ -- SEI (Nasdaq: SEIC) announced today that it has been selected to provide its Global Wealth Services platform to Tenon Financial Services (TFS), the wealth management arm of the Tenon Group, the UK's 9th largest accountancy firm. TFS, "IFA of the Year" at the 2008 Shares Awards, have 2bln pounds in assets with over 50 IFAs covering 17 regional branches across the UK.
With this new relationship, Tenon has made the strategic decision to transform the business model of its financial services division, enhance its existing advisory business and support a discretionary management offering. TFS will create a more scalable, profitable, consistent and personal client experience, centred on advice and service. Tenon anticipates these new services will enhance the value and volume of its financial services business, better deploy resources and ultimately increase its share of clients within the Tenon Group.
SEI's unique Global Wealth Services will support TFS by providing end-to-end wealth processing needs via a single, integrated platform. As a result it will create a scalable, repeatable acquisition model for all new business and a conversion plan for the existing 2bln pounds of client assets.
Brandon Sharrett, Director, SEI Global Wealth Services said:
"Tenon Financial Services is embracing a new wealth management model and understands the strength of forming a strategic partnership to align itself for growth. We believe that our offering will provide a key differentiator for their business, offering a platform designed to facilitate this growth whilst managing operational risk and reducing capital expenditures.
"The wealth management industry is undergoing a radical transformation which is forcing all intermediaries to adapt. Tenon has embraced this transformation and the platform shapes part of their growth model going forward. It will enhance the services already on offer to their clients, help manage ever-increasing regulatory requirements and ease administration. SEI is delighted to act as the enabler for Tenon's vision by helping them to streamline their processes, promote growth and reduce costs more than ever before."
Commenting on the announcement, Peter O'Sullivan, head of Tenon Financial Services said: "We chose SEI because they understand and share our vision for growth and can work with us on ways to enhance the service we offer Tenon clients. They have a deep knowledge of the wealth management market and we look forward to building a strategic partnership which delivers more comprehensive and consistent discretionary management solutions to our clients."
Andy Raynor, CEO of Tenon Group added, "We have ambitious growth plans for our financial services division, and this strategic partnership is another step in our drive to significantly increase both the scale and value of the division and more rapidly achieve those goals."
About SEI's Global Wealth Services
SEI's Global Wealth Services is an outsourcing solution for Wealth Managers which encompasses a comprehensive suite of services relating to client acquisition, client management, investment management, investment processing, infrastructure and business services management. The integrated offering aims to provide wealth management organisations the infrastructure operations and administrative support necessary to capitalise on their strategic objectives in a constantly shifting market by helping clients grow revenue, reduce cost and risk and leverage resources, enabling transformation.
At the heart of the solution lies the Global Wealth Platform, launched two years ago through the conversion of its first client, a major UK Private Bank. To date, GWP is operating in twelve countries, transacting in nineteen currencies and trading on twelve exchanges, all using straight through processing.
About SEI's Private Banks Segment
SEI's Private Banks business segment delivers investment management and investment processing services to private banks and wealth management organisations. SEI enables wealth managers to meet the rapidly evolving business and investment needs of their clients. SEI's solutions are designed to help their clients succeed by growing revenue, reducing cost and risk and leveraging resources. SEI's solutions are used by over 290 clients in 9 countries. For more information, visit http://www.seic.com/banks/.
About SEI
SEI (Nasdaq: SEIC) is a leading global provider of outsourced asset management, investment processing and investment operations solutions. The company's innovative solutions help corporations, financial institutions, financial advisors, and affluent families create and manage wealth. As of March 31, 2009, through its subsidiaries and partnerships in which the company has a significant interest, SEI administers $354 billion in mutual fund and pooled assets and manages $123 billion in assets. SEI serves clients, conducts or is registered to conduct business and/or operations, from more than 20 offices in over a dozen countries. For more information, visit www.seic.com.
About Tenon Financial Services Limited (TFS)
Tenon Financial Services Limited are Chartered Financial Planners, authorised and regulated by the Financial Services Authority. TFS aims to provide both individuals and corporate clients with expert, fully independent advice in areas including; investments, pensions, protection, employee benefits and wealth management. TFS is one of the fastest growing financial advisers in the UK.
TFS is a member of the Tenon Group plc, providing advice to entrepreneurs and their wealth-creating businesses throughout England and Scotland. In 2008, Tenon Group had sales of 160m pounds and employed 1800 people across 40 offices.
In November 2007 Tenon Financial Services was awarded 'Chartered Status' from the Chartered Insurance Institute, and in November 2008 Tenon Financial Services was awarded 'IFA of the Year' at the 2008 Share Magazine Awards.
* Tenon final results, year to 30 June 2008
Issued by:
This information is issued by SEI Investments (Europe) Limited, 4th Floor, Time & Life Building 1 Bruton Street,, London W1J 6TL which is authorised and regulated by the Financial Services Authority.
SOURCE SEI
Released May 12, 2009