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SEI Acquires Family Office-Focused Technology Firm Archway
Archway, a firm providing technology services to family offices, has been acquired by one of the largest investment/technology solutions groups in the US.
Oaks, PA-headquartered investments and technology solutions firm SEI has acquired Archway, a firm serving the family office market that recently scooped awards from this news organization.
SEI said the acquisition "further establishes SEI as a leading player in the family office segment", according to a statement issued yesterday. Financial terms of the transaction weren't disclosed.
“This announcement represents a modest shift in SEI’s long-held belief in purely organic growth. We believe there is value in growing through carefully considered strategic acquisitions that add to our expanding geographic footprint, market reach, platform functionality and expertise,” Alfred West, Jr., chairman and chief executive of SEI, said.
Steve Meyer, who heads up SEI's investment manager services business, added: "Archway’s specialized technologies and deep knowledge of the private wealth services industry give us a more powerful, differentiated solution to a $7 trillion global family-office market that has been underserved by legacy service providers."
Archway Technology Partners, to give its full name, cemented its credentials earlier this year at the 2017 Family Wealth Report Awards program (see here for details), organized by the publisher of this news service. The business provides technology and other services to the family offices sector.
SEI works with more than 300 traditional, alternative and hybrid managers representing $15.5 trillion in assets. In total, the firm manages or administers $779 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $297 billion in assets under management and $478 billion in client assets under administration (as of March 31).
Archway Technology Partners is a technology firm whose software solution supports the accounting, investment management and reporting functions for family offices, private banks, private wealth advisors and fund administrators.
