Oak’s SEI Investments has agreed to sell its family office services business to New York-based investment firm Aquiline Capital Partners, writes Jeff Blumenthal for Philadelphia Business Journal.
The $120 million sale is expected to close in the late second quarter.
Following the sale, the business will rebrand as Archway, adopting the name of SEI’s well-known wealth management technology platform. SEI stated the sale allows the company to monetize the division and reinvest in core business areas aligned with its growth strategy.
SEI’s family office services unit provides technology and outsourced solutions for accounting, investment management, and reporting. As of Dec. 31, the Archway Platform supported $723 billion in assets. Approximately 150 SEI employees in Oaks, Indianapolis, and Denver, including leadership team members, will transition to Aquiline. However, family office services head Sandy Ewing will remain with SEI to oversee the transition.
Ewing said Aquiline’s expertise in financial services and technology will enhance the client experience and drive growth. Aquiline, which has a Philadelphia-area office, manages $11.3 billion in assets.
Morgan Stanley & Co. advised Aquiline, while Ropes & Gray and Holland & Knight provided legal counsel.
Read more about SEI Investments’ sale in the Philadelphia Business Journal.
