SEI (NASDAQ: SEIC) today announced that the company’s 7,400 Independent Advisor Solutions clients in the U.S. are now live on the SEI Wealth PlatformSM (the Platform), a fully-integrated, single-infrastructure technology solution that supports an end-to-end, seamless experience, including front-, middle- and back-office services, for wealth management providers and their clients. Over 340,000 accounts*, totalling over $58.7 billion in assets under management* (AUM), converted to the Platform over a series of 12 migration periods.
“Our 50-year heritage is founded upon our commitment to helping our global clients transform their businesses, while transforming our own. In recent years, we have turned challenges into tailwinds, propelling us forward into new potential markets,” said Wayne Withrow, Executive Vice President of SEI and Head of Independent Advisor Solutions by SEI. “As the market’s digital demands continue to increase, advisors are seeking to retire legacy systems and upgrade infrastructure to meet their clients’ needs. The SEI Wealth Platform provides a modernized solution that helps independent advisors adapt in our rapidly evolving industry, remain competitive in the face of mounting challenges – from fee compression to consolidation – and deliver an enhanced, holistic wealth management experience for advisors to help clients reach their financial goals.”
Built from the ground up to support portfolio management and construction – not products, the Platform features integrated and simple, intuitive tools to support a truly robust, goals-based, financial planning approach. SEI’s business enterprise platform and its dynamic dashboards are built around a customized advisor experience, highlighted by the following:
- One of the only unified managed account structures that provides an aggregated household view of the client and enables advisors to manage multiple models within a single account
- Straight-through processing that alleviates manual trade and settlement date reconciliation
- Web-based, real-time tax impact to support model management
- Real-time, model management and “what if” analysis
- Customizable views of a firm’s AUM, fee revenue and IRA services
- Flexible reporting and streamlined communication for enhanced oversight of and insight into clients’ investments
“At a time when custodians and fintech businesses are looking to integrate more technology into every advisory practice, it can be challenging to sort through all the options. The SEI Wealth Platform’s breadth of capabilities within a single enterprise platform truly makes it unique,” said Jereme Ransick, Chief Operating Officer of Principled Wealth Advisors of Covington, Kentucky. “We are excited to continue our 15-year relationship with SEI and have a strategic partner to support streamlining our operations, overcoming market challenges, and better serving our clients.”
Anticipating a major shift in the global wealth management industry, SEI launched the SEI Wealth Platform in the U.K. more than a decade ago. With the addition of SEI’s U.S.-based advisor clients and SEI Private Wealth Management’s ultra-high-net-worth clients, the Platform continues to gain significant market momentum. Of the 48 signed global private banking clients, 38 firms are installed and another 10 U.S. banking clients are in various stages of implementation.
Wirex Launches Enhanced Cryptoback™
Today, payments platform Wirex launched a supercharged update of their revolutionary Cryptoback rewards programme. Customers can now earn up to 1.5% back in Bitcoin on Wirex Visa card purchases.
Released in 2018, Cryptoback was the world’s first rewards programme that paid out 0.5% in cryptocurrency for all in-store spending with the Wirex Visa card. Thanks to the recent launch of the Wirex Token (WXT), customers can now triple the amount of BTC they earn – making investing in cryptocurrency easier than ever before.
Depending on the amount of WXT held, in-store Wirex card purchases now generate up to 1.5% in Bitcoin. There are three levels of crypto rewards available:
- 500,000 WXT = 1.5% Cryptoback
- 100,000 WXT = 1.0% Cryptoback
- 50,000 WXT = 0.75% Cryptoback
Wirex have calculated that the average UK consumer stands to earn more than £300 in Cryptoback every year, just by using their Wirex Visa card for day-to-day spending. Unlike many other cashback programmes, Wirex doesn’t impose restrictions on what customers can do with their rewards. Cryptoback can be redeemed instantly into their Bitcoin accounts, or quickly and easily exchanged into fiat for spending.
Enhanced Cryptoback is just one of the ways that holding Wirex Tokens allows customers to get even more out of their account. They can also enjoy heavily discounted fees based on the same structure, with access to premium products, merchant offers and airport lounges coming soon. As Wirex co-founder Pavel Matveev explains:
“We created the Wirex Token to be something that provides tangible value and benefits for holders beyond its market trajectory. Enhanced Cryptoback is the perfect example of this, as it allows customers to earn and invest in digital currency with a minimum of fuss. We’re looking forward to introducing even more benefits for WXT holders soon.”
Aegis Capital Corp. is pleased to announce its commitment to Equity Research
Aegis Capital Corp. continues to expand its equity research platform with the addition of Benjamin Zucker and James Jang. Benjamin joined in May 2019 as Head of Specialty Finance and James joined in June 2019 to head up the Maritime & Special Situations. These new coverage areas will bolster Aegis’ existing research footprint in the Internet/TMT and Healthcare sectors.
Mr. Zucker joined Aegis from BTIG LLC, where he was a Director and lead analyst covering Mortgage REITs and real estate finance companies. Prior to BTIG, Mr. Zucker was a Vice President at JMP Securities LLC where he covered similar sectors. Benjamin began his career in equity research at Pritchard Capital Partners. At Aegis, Mr. Zucker’s coverage will span across several Specialty Finance sub-sectors including Mortgage REITs, Equity REITs, Business Development Companies (BDCs) and Financial Technology firms (FinTech). Benjamin’s current coverage list includes: Medalist Diversified REIT (MDRR), Sachem Capital Corp. (SACH), and Saratoga Investment Corp. (SAR).
Mr. Jang joined Aegis from Maxim Group LLC, where he was a Senior Vice President and lead analyst covering the Industrials, Infrastructure and Clean-Technology sectors. Previously, Mr. Jang was a senior analyst at Sidoti & Co. covering furniture and textiles and was an equity research associate at Canaccord Genuity covering Maritime and Upstream E&P companies. Since joining, Mr. Jang has expanded Aegis’ research platform into the Agriculture, Oilfield Services, and Industrial Technology sectors with coverage of Profire Energy (PFIE), Marrone Bio Innovations (MBII), Yield10 Bioscience (YTEN) and Sigma Labs (SGLB).
Michael Pata Aegis’ Head of Business Development commented: “Hiring Benjamin and James continues to show Aegis’ commitment to equity research, which brings institutional quality analysis to the small and mid-cap universe.”
SOURCE Aegis Capital
LexinFintech Announces US$300 Million Private Placement of Convertible Notes with PAG
LexinFintech Holdings Ltd. (NASDAQ: LX) (“Lexin” or the “Company”), a leading fintech platform for educated young adults in China, today announced that it has entered into a convertible note purchase agreement with PAG, a leading Asia-focused private equity firm with over US$30 billion in capital under management, pursuant to which the Company will issue and sell convertible notes in an aggregate principal amount of US$300 million to PAG through a private placement. The private placement is subject to satisfaction of customary closing conditions and is expected to close on or around September 16, 2019. The gross proceeds raised from this placement will be approximately US$296.4 million.
The convertible notes will mature in seven years, bearing interest at a rate of 2.0% per annum. The notes will be convertible into fully paid Class A ordinary shares of the Company or ADSs at a conversion price of US$14 per ADS at the holder’s option from the date that is six months after the issuance date. The holder of the notes will have the right to require the Company to repurchase for cash all or any portion of the notes on the fourth anniversary of the issuance date.
At closing, the Company will appoint to its Board of Directors one person designated by PAG.
Mr. Jay Wenjie Xiao, Founder, chairman and chief executive officer of the Company, said, “We are excited to have PAG as our new investor. This investment will enable Lexin to further develop and enhance our consumption-based ecosystem, improve product offerings to our educated adult customers, continue to invest in technology, build up additional consumption scenarios, and provide more consumer benefits to our customers.”
“PAG has a strong commitment to and deep understanding of China’s financial services industry, and we have a demonstrated track record of seeking out and engaging with the industry’s leading companies,” said PAG Chairman & CEO Weijian Shan. “Lexin has an unparalleled platform for meeting young consumers’ credit needs while strictly controlling and minimizing credit risks, which makes it unique, and we are looking forward to supporting the company as it embarks on its next stage of growth.”
Goldman Sachs (Asia) L.L.C., BofA Merrill Lynch and China Renaissance acted as the private placement agents to Lexin on the transaction.
SOURCE LexinFintech Holdings Ltd.
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