Bryan Astheimer, head of investment managers business, EMEA, at SEI, said the fund services provider is bring “technology and operational solutions” to growing private credit fund firms. Photos: SEI, Codioful/Unsplash; montage: Maison Moderne

Bryan Astheimer, head of investment managers business, EMEA, at SEI, said the fund services provider is bring “technology and operational solutions” to growing private credit fund firms. Photos: SEI, Codioful/Unsplash; montage: Maison Moderne

SEI has signed up Arrow Global as a client, as Luxembourg’s private debt fund market continues to grow.

The fund administration and investor services provider SEI has scored a contract with Arrow Global, a European alternative asset manager with €90bn in assets under management.

SEI will support Arrow Global’s “fund administration, loan operations and investor services for its private credit fund domiciled in Luxembourg,” SEI said in a press release on 29 November 2024.

European private debt deal volumes have doubled over the past two years, according to a published last week by the Alternative Credit Council and EY. Assets under management in European private debt funds grew by 22% in the last six months of 2023, a separate by the Association of the Luxembourg Fund Industry and KPMG found.

Bryan Astheimer, head of SEI’s investment managers business, EMEA, stated in the announcement: “As access to the alternatives market continues to expand, asset managers like Arrow Global are looking to meet investor demand through technology and operational solutions that are tailored to their needs and increase efficiency.”

SEI said that it was seventh largest out of 129 fund administrators in Luxembourg, based on assets under administration, and is “the largest fund administrator for private market funds in Luxembourg that are managed by a US firm and the largest private credit fund administrator by assets globally,” citing figures from the data outfit Preqin.

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According to business register (RCS) filings, SEI posted net turnover in 2023 of €22.6m “related to fund administration services to funds domiciled in Luxembourg,” compared to €16.3m in 2022. Its Luxembourg business posted a profit of €7.4m in 2023, compared to €4.2m in 2022. It had 21 employees in Luxembourg City-Centre in 2023, up from 14 in 2022.

In addition to the grand duchy, SEI has operational centres in Dublin, London and near Philadelphia in the US, the company stated. Globally, its investment managers business has $1.5trn in assets under administration.

Arrow Global had five employees in the Gare district in 2023, up from three in 2022, according to business register filings.

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