SEI (NASDAQ:SEIC) has invested $10 million in TIFIN, a Wealthtech firm leveraging artificial intelligence (AI) to improve wealth management. Terms of the investment were not immediately available. SEIC currently has a market cap of around $8.9 billion.
SEI is a tech firm providing services to asset management firms, corporations, family offices, and more. SEI currently manages about $1.4 trillion in assets.
TIFIN has garnered the support of big financial services firms like JP Morgan, Hamilton Lane, Morningstar, and others.
The strategic investment expects to accelerate innovation regarding AI and wealth management.
Sneha Shah, Head of New Business Ventures at SEI, explained the industry is changing faster than ever, and AI holds tremendous potential. By working with certain strategic partners, SEI can increase the speed of adoption of AI and wealth management.
Vinay Nair, founder and CEO of TIFIN, said in a corporate statement they are in a golden age of incorporating AI to better-individualized investment products:
“TIFIN has built and continues to build products to accelerate this future. SEI has the scale and distribution to detect opportunities and deliver the solutions needed. This makes it a powerful combination, and we are thrilled to partner with SEI. We believe that our cultural synergies, access to talent and expertise, and network of strategic partners will help power the future of wealth.”
