WH Ireland told DirectorsTalk today that it has executed a seven year agreement with SEI Investments (Europe) Ltd to outsource its Private Wealth Management back office operations, currently performed out of the Company’s Manchester office. As a consequence of this agreement, the Company, in due course, will be moving to a “Model B” arrangement with SEI’s Wealth Platform, supported by a new internal middle office function. It is anticipated that the middle office function should be in place by the second quarter of 2017. The Company’s Manchester Wealth Management and Wealth Planning presence will be unaffected by this change.
Richard Killingbeck stated “This arrangement is of significant importance to the ongoing process of change at WH Ireland. By partnering with SEI and by moving our clients onto their Wealth Management platform, we will be able to make a quantum leap in client reporting, IT functionality and regulatory robustness. We also believe that this will be of benefit to all of our clients and forms a major aspect of WH Ireland Private Wealth Management’s progression to a primarily fee paying business model.”
This announcement forms part of the ongoing change process within WH Ireland. The Board of WH Ireland expect this decision to help drive internal efficiencies within the Wealth Management Division, the full impact of which will be felt in the year 2018.