Guardian Wealth Management (GWM) has chosen SEI as its sole international platform provider for all its offices around the world.
The roll-out programme is to start in the UK, where GWM has just received the necessary permissions from the Financial Services Authority, and move on to the Middle East and then Asia.
As clients reach their annual review dates they will switch out of current arrangements with wrap propositions such as AXA’s Elevate and Transact, or discretionary management portfolios, and move over to SEI.
Speaking at GWM’s annual conference in Budapest, CEO David Howell said there were two key reasons why, after a detailed due diligence beauty parade process, SEI was selected. First, the multi-jurisdictional capabilities of the system and second, the “culture and DNA” which he said combined a front and back office infused with technology know how and back-up support driven by SEI’s CEO Al West who has a programming background.
Howell added that when they compared the cost of Transact with SEI there was a 50% saving by using SEI and he also emphasised that the one common technology and processing partner would create a consistent approach. There will also be an international attitude to risk approach with no UK bias, he said.
The plan is to create an asset universe in each territory and re-calculate attitudes to risk, both in terms of the client’s own profile based on a tool such as Finametrica, and to design investment portfolios following the appointment of a new investment manager at GWM.
David Simpson, senior business development director of SE1, said: “we are ‘whole of market’ as far as this is possible. We have access to over 6000 funds, through over 100 fund managers although this changes frequently. Should there be a fund that we cannot access, we would be happy to establish a link."
He added that SEI “offers access to many financial instruments, not just funds for example, equities, bonds, gilts, structures and alternatives. We are also open to wrappers. Our approach is to be non restrictive.”