Oaks-based SEI Investments Acquires Finomial to Accelerate Digitalization of Its Wealth Management Offerings

By
SEI buys Finomial
Image via SEI Investments.

Oaks-based SEI Investments has acquired Boston-based fintech Finomial to accelerate the digitalization of its wealth management offerings, writes Jeff Blumenthal for the Philadelphia Business Journal.

SEI provides platforms for investment processing, investment management, and investment operations for wealth managers, financial advisors, investment managers, and family offices, as well as institutional and private investors.

Meanwhile, Finomial automates investor servicing from end to end using cloud-based investor lifecycle management software.

The companies did not disclose the financial terms of the deal, but SEI’s head of global wealth management services Steve Meyer said it was not financially material.

Meyer referred to Finomial as a “great small company with a great idea and technology that can be a disruptor” and added that it becoming part of SEI will provide the company with scale and credibility.

He also said that the sale will also benefit Finomial’s clients by providing them with the combined expertise and expanded opportunities for alternative market participants.

Finomial’s technology will be added to SEI’s existing investor-focused platforms to improve their automation and digitization capabilities along with reporting and transparency.

“Speed to market is incredibly important these days and this will help us with that,” said Meyer.

Read more about SEI in the Philadelphia Business Journal.

Advertisement