SEI has recently acquired Lifeyield, a tax-smart technology provider based in Boston. Through this acquisition, SEI will be the first in the industry to provide real-time, automated unified managed household (UMH) capabilities in a cost-effective, fully bundled overlay solution. The acquisition aims to deliver a new, fully bundled technology solution to provide real-time UMH and tax capabilities.
Lifeyield's technology will be integrated into SEI's wealth platform to accelerate investment implementation across multiple accounts within the same household. SEI intends to expand these capabilities with a new front-end solution for on* and off-platform distribution to help financial advisors, institutions, and asset managers better manage and implement household accounts.
According to J. Womack, SEI's Chief Product Officer, the acquisition aims to position SEI as the industry leader in enabling the efficient accumulation and transfer of wealth, as well as maximizing retirement income, by addressing the increasing investor demands for tax management and personalized portfolio management.
Mark Hoffman, CEO of Lifeyield, expressed excitement about the acquisition, emphasizing the potential to make tax-smart tools available to a wider audience through SEI's position in the industry.
The acquisition is seen as a significant step in helping advisors and investors quantify the multi-account benefits of tax management, building upon existing capabilities. Arthur Worthington, Senior Business Development Director at SEI, believes that the acquisition further widens the gap between SEI and its competitors, allowing for greater control, choice, and personalization at scale.
As part of the acquisition, SEI will welcome Lifeyield team members who collectively bring technical, sales, client service, and marketing expertise. SEI had previously announced a strategic partnership with Lifeyield in 2022 to provide wealth managers in the U.K. and private banks and trust companies in the U.S. with the ability to deploy a single investment model across multiple accounts within the same household.
The acquisition of Lifeyield is not considered significant to SEI's operations or financial results. As of September 30, 2024, SEI manages, advises, or administers approximately $1.6 trillion in assets.
The market has reacted to these announcements by moving the company's shares 0.6% to a price of $85.91. If you want to know more, read the company's complete 8-K report here.
