Aquiline Capital Partners LP, a private investment firm with an office in Philadelphia, recently entered into a definitive agreement with Oaks-based SEI, a financial technology, operations, and asset management services provider, to purchase SEI’s Family Office Services business for $120 million.
The Family Office Services business provides services to ultra-high-net-worth families using SEI’s Archway Platform. The platform streamlines family office operations and enables advanced financial reporting. The platform had assets totaling $723 billion as of Dec. 31.
After the deal closes, the business will operate as Archway. Family Office Services employees in Oaks, Denver and Indianapolis will transition with the business.
“The Archway Platform has long been the premier provider of accounting and reporting software solutions to family offices across the country,” Vincenzo La Ruffa, Aquiline managing partner, said. “Its powerful general ledger engine can support the most complex families, and we are excited to further invest and extend the platform. We are delighted to be partnering with SEI, a leader in the financial services industry who has shepherded this business for nearly a decade.”
The transaction is expected to close during the second quarter, subject to regulatory approval and customary closing conditions.
Aquiline also has offices in New York and London.