SEI Acquires Finomial to Enhance Capabilities with Investor-Focused, Cloud-Native Tech

SEI (NASDAQ: SEIC) has announced the acquisition of Finomial, an investor lifecycle management company providing Cloud-native financial technology.

As mentioned in a release, the technology is expected to be “added to SEI’s existing investor-focused platforms to further enhance automation and digitization capabilities, as well as reporting and transparency.”

Steve Meyer, Head of SEI’s Global Wealth Management Services, stated:

“We were impressed with Finomial’s cloud-native investor-focused technology platform. We see potential for immediate applications of their digital collaboration tools and solutions—not just in our outsourcing and fund administration services, but also in our wealth management solutions.” 

Meyer added that they are pleased to welcome the Finomial team to the SEI family, as they think that their expertise in cloud-native tech will help support their strategic initiatives as they continue to execute their One SEI strategy. Meyer further noted that they are “pleased to welcome Finomial’s clients, who will continue to benefit from Finomial’s technology, as well as SEI’s scale.”

As noted in the update, Finomial’s Cloud-powered tech is “expected to complement SEI’s existing platforms, including SEI Trade, the SEI Manager Dashboard, SEI Investor Platform and the Global Regulatory and Compliance Platform.”

The announcement also mentioned that this technology will add data-mapping tools, flexible data models, and rules engines “to further enhance current capabilities.” The technology has “the ability to enhance and streamline existing anti-money laundering and know-your-client services, while adding depth and flexibility to data and reporting capabilities,” the update explained.

Finomial Founder and CEO Meredith Moss joins SEI, alongside “a total of 42 engineers, developers, cloud specialists and client service personnel from the U.S. and India,” the announcement revealed.

As stated in the release:

“This talented team will support a smooth integration, and their deep domain expertise in cloud development will be an invaluable asset to SEI. We believe Finomial’s clients, representing approximately $500 billion in assets under administration, will also benefit from the combined expertise and expanded opportunities for alternatives market participants.”

Moss added that they think time could be better spent establishing solid investor relationships, “not managing documents and workflows.”

Moss pointed out that they created Finomial to “transform interactions between investors, asset managers, and asset servicers—encouraging collaboration and transparency, while maintaining peerless regulatory compliance.”

Moss remarked:

“I’m proud to be part of the SEI family and to continue our efforts across SEI’s platforms and clients. The SEI team shares our commitment to fostering relationships, and we’re excited to continue our work on a larger scale.”

This transaction was “first announced on SEI’s third-quarter 2021 earnings call,” the update noted.

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