SEI Reports First-Quarter 2019 Financial Results

About this update from Sei Investments Company

[{"type":"text","content":"OAKS, Pa., April 24, 2019 /PRNewswire/ -- SEI Investments Company (NASDAQ: SEIC) today announced financial results for the first-quarter 2019. Diluted earnings per share were $0.73 in first-quarter 2019 compared to $0.86 in first-quarter 2018.\n\"Our first-quarter earnings reflect the recovery from the financial markets' swoon in late 2018, offset by reduced processing fees from non-recurring activities and a higher tax rate. While our net sales results for the quarter were down, our company's new sales activities, which are not reflected in first-quarter close results, are robust, and we expect they will translate into stronger levels in the future,\" said Alfred P. West, Jr., SEI Chairman and CEO.\n\"As we continue to advance our industry's modernization, SEI hit a key milestone with the completion of the Investment Advisors segment's migration, as well as additional client conversions, to the SEI Wealth PlatformSM late in the quarter. While keeping our focus on costs and profitability, we continue making key investments in our company to enhance long-term growth and shareholder value.\"\nSummary of First-Quarter Results by Business Segment\n \nFirst-Quarter Business Highlights:\nRevenues from Asset management, administration, and distribution fees decreased due to lower assets under management from the carryover effect of the downturn in the capital markets during the fourth-quarter 2018, negatively impacting our asset-based fee revenues; however, this decrease was partially offset by increased fees from higher assets under administration, resulting from positive cash flows from new and existing clients in our Investment Managers segment. Our average assets under management, excluding LSV, decreased $10.4 billion, or four percent, to $223.2 billion, as compared to $233.6 billion during the first-quarter 2018 (see attached Average Asset Balances schedules for further details). Our average assets under administration increased $63.9 billion, or 12 percent, to $594.2 billion in the first-quarter 2019, as compared to $530.3 billion during the first-quarter 2018 (see attached Average Asset Balances schedules for further details). Our Subadvisory, distribution and other asset management costs decreased in first-quarter 2019, primarily from lower assets under management due to the previously described unfavorable market conditions. ...

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