SEI Global Wealth Services And Paradigm Group Partner To Launch Workplace Platform
SEI to provide technology and processing solution for Jargon Free Benefits
LONDON, 8 Aug., 2011 – SEI (NASDAQ:SEIC) announced today that it has been selected as a strategic partner to the Paradigm Group to launch a workplace investment platform accessed through JargonFreeBenefits, a front-end flex benefit system to manage workplace pensions, benefits, and payroll.
Launched in 2007, the Paradigm Group now provides support services to over 500 firms. Paradigm Pensions, run by Steve Bee and launched in 2010, is an employee benefits business which offers online work-based benefit solutions to employees. The launch of its workplace investment platform will run alongside the existing software to create a fully integrated corporate solution.
It is expected that the new system will be launched at Paradigm’s annual conference in September with functionality to include processing group pension accounts, ISA’s, general investment accounts, and deposit accounts.
Ryan Hicke, Managing Director, SEI’s Global Wealth Services U.K., said:
“We’ve known the team at Paradigm for many years and have been consistently impressed with their ability to create and deliver successful business solutions to intermediaries. With the group’s clear focus on continued growth and service, they are a great fit for SEI, both strategically and culturally.
"Our commitment to ongoing innovation enables our clients to increase efficiency, accelerate business development, and enhance their client experiences. The power of a single investment processing infrastructure improves scale and capacity, enabling Paradigm to achieve their ambitious growth goals.”
Commenting on the announcement, Paul Hogarth, Senior Partner, Paradigm said:
“JargonFreeBenefits aims to provide our partner firms with a single platform to provide low-cost product proposition in the workplace under one roof. We expect the corporate market to develop considerably over the forthcoming years and with the changes within the RDR advisers will need to be able to demonstrate holistic value and advice to employees if they are to be retained as clients.
"The workplace platform is designed to allow advisers to provide a broad investment proposition to a broad range of customer from the board level director to the entry level employee.
"We are genuinely excited to be partnering with SEI on this project as their reputation and experience on delivery of scale projects is second to none We have some aggressive plans for further growth over the coming years. This relationship will allow us to achieve these.”
Steve Bee, Partner, Paradigm Pensions, stated:
“Paradigm Pensions' JargonFreeBenefits concept has been designed to radically change the UK workplace pension market following the advent of automatic-enrolment. This tie-up with SEI will give the project the scale and credibility required to make a significant impact.”
About SEI’s Global Wealth Services
SEI’s Global Wealth Services is an outsourcing solution for wealth managers combining wealth processing technology and wealth management programs, coupled with business process expertise. The integrated offering aims to provide wealth management organisations the infrastructure, operations and administrative support necessary to capitalise on their strategic objectives in a constantly shifting market.
At the heart of the solution lies the Global Wealth Platform, which supports trading and transactions on 100 stock exchanges in 53 countries and 31 currencies, all using straight-through processing. For more information, visit www.seic.com/pwi.
SEI (NASDAQ:SEIC) is a leading global provider of investment processing, fund processing, and investment management business outsourcing solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of June 30, 2011, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $430 billion in mutual fund and pooled assets or separately managed assets, including $180 billion in assets under management and $250 billion in client assets under administration. For more information, visit www.seic.com.