The TIFIN business is working to speed up use of AI tech in the wealth management space, among others.

US-headquartered SEI has invested $10 million into an innovation platform called TIFIN that is designed to speed up wealth managers’ use of AI. 

SEI called its move a “strategic investment.” TIFIN has been backed by JP Morgan, Morningstar, Hamilton Lane, Franklin Templeton, Motive Partners, and Broadridge, among others.

The partnership will cover areas such as weighing up new ideas to find ways to build or co-invest in opportunities; sharing best practices and resources to keep abreast of AI changes, and developing and finding talent in this space.

“Like many emerging trends, AI has tremendous potential to disrupt financial services, as well as accelerate opportunity, access, and impact,” Sneha Shah, head of new business ventures at SEI, said. “We need a deep curiosity and willingness to challenge convention in order to realize the promise of AI in driving greater personalization, helping clients find signal in noise, and meeting our clients where and when they want."

The move highlights how AI is a hot trend in financial services. 

SEI manages, advises, or administers about $1.4 trillion in assets as the end of 2023. In the case of TIFIN, the business, founded by Vinay Nair, creates and operates new companies that apply data science, AI, and technology to address frictions in wealth and asset management. TIFIN’s companies have included 55ip (sold to JP Morgan), Paralel and currently include Magnifi, TIFIN Wealth, TIFIN Give, TIFIN AG, TIFIN AMP, Helix, TIFIN @Work, and Sage. TIFIN has offices in India and the US.