SEI Investments (SEIC) and Aquiline said Thursday that the private investment firm agreed to acquire SEI's family office services business for $120 million.

The companies expect to close the transaction in late Q2, conditional on regulatory approval and other customary requirements.

Employees and core leadership of the family office services business will transition with the business and on completion, the business will be renamed as Archway, according to the companies.

SEIC shares were 0.9% higher in recent trading.

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