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June 20, 2024
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Alternative Investments

SEI Investments (SEIC) Buys Altigo, Seeks Growth in Alternatives


In order to meet increasing investor demand and expand in the alternative investments space, SEI Investments Company SEIC acquires Altigo. Altigo is a cloud-based technology platform that provides inventory, e-subscription and reporting capabilities for alternative investments.

SEIC is a leader in supporting sponsor firms’ operational and information needs. With the integration of Altigo within SEIC’s capabilities across intermediary wealth channels, the company will be able to deliver a broader end-to-end solution.

The CEO of SEIC, Ryan Hicke, said, “We sit at the center of the financial services industry, which positions us to connect all components of the ecosystem in a way that others can’t. Our client footprint across financial intermediaries and fund sponsors—combined with the breadth of our capabilities across technology, operations, and asset management—gives us opportunities to transform private fund investing and widen access to alternative investment products for investors.”

With this acquisition, SEIC intends to provide the distribution of and access to a selection of alternative investment products in a software-as-a-service model to existing investment managers, advisors and banking clients in the first half of 2024.

Kevin Crowe, SEIC’s senior vice president, stated, “Investor expectations for a personalized wealth management experience continue to drive the demand for investment flexibility, and alternatives can play an important role in a diversified portfolio that meets an investor’s financial goals—but access to alternative investments is largely exclusive. This platform is built on the idea that investing in alternative securities could be made much more efficient and manageable using online technology tools and digital workflows.”

Crowe added, “By leveraging our unmatched position to connect fund sponsors to intermediaries and intermediaries to investment options that cater to their clients’ goals, we believe we can enable distribution beyond today’s access points, empower financial professionals to make faster, more confident investment decisions for their clients, and drive future growth.”

Over the past six months, SEIC shares have gained 10% compared with the industry’s growth of 19.3%.

 

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Currently, SEIC carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Expansion Efforts by Finance Firms

A few days ago, LPL Financial Holdings Inc. LPLA took a minority stake in Independent Advisor Alliance (“IAA”), which is a hybrid registered investment advisory (“RIA”) firm focused on empowering financial advisors to succeed as independent business owners. The deal is among a few transactions wherein LPLA has taken a minority stake in a hybrid RIA and office of supervisory jurisdiction.

LPLA purchased a 20% stake in IAA, which has $16.8 billion in client assets under supervision and 226 financial advisors.

A couple of months ago, Affiliated Managers Group, Inc. AMG acquired a minority equity interest in Ara Partners, a specialized private markets manager focused on industrial decarbonization.

The partnership with Ara Partners is expected to enhance AMG’s exposure to secular growth areas, including private markets and sustainable investing.

Jay C. Horgen, the president and CEO of AMG, stated, “Our partnership with Ara Partners broadens AMG’s participation in private markets in a specialized, impactful area with significant growth potential, further diversifying our business. Given the global focus on a lower-carbon economy and energy transition, Ara Partners is well-positioned to benefit from accelerating client demand for industrial decarbonization investments, and AMG’s strategic partnership solutions can catalyze the firm’s next phase of development.”

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