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LONDON (Alliance News) - Wealth manager and corporate broker WH Ireland Group PLC on Thursday said it has signed a deal with US-based investment processing and management firm SEI Investments (Europe) Ltd to outsource back office operations in its private wealth management business for seven years.
WH Ireland said its Manchester office, which currently handles the work, will not be affected by the change.
It added it will move to a 'Model B' arrangement with SEI's wealth platform, supported by a new middle office function which WH Ireland expects to be in place by the second quarter of 2017.
"This arrangement is of significant importance to the ongoing process of change at WH Ireland. By partnering with SEI and by moving our clients onto their Wealth Management platform, we will be able to make a quantum leap in client reporting, IT functionality and regulatory robustness," said Richard Killingbeck, WH Ireland's chief executive.
"We also believe that this will be of benefit to all of our clients and forms a major aspect of WH Ireland Private Wealth Management's progression to a primarily fee paying business model," he added.
WH Ireland shares were untraded on Thursday morning, having last traded at 90.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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