SEI Reports Second-Quarter 2023 Financial Results

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[{"type":"text","content":"OAKS, Pa., July 26, 2023 /PRNewswire/ -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the second-quarter 2023. Diluted earnings per share were $0.89 in second-quarter 2023 compared to $0.81 in second-quarter 2022.\nConsolidated Overview\n(In thousands, except earnings per share)\nFor the Three Months Ended June 30,\nFor the Six Months Ended June 30,\n2023\n2022\n%\n2023\n2022\n%\nRevenues\n$489,057\n$481,670\n2 %\n$958,176\n$1,063,113\n(10) %\nNet income \n118,851\n111,276\n7 %\n225,866\n301,584\n(25) %\nDiluted earnings per share\n$0.89\n$0.81\n10 %\n$1.68\n$2.17\n(23) %\n\"Our second-quarter financial results reflect solid sales and revenue growth and increasing profitability. In particular, our technology and investment processing businesses delivered strong performance in the quarter, contributing to both top- and bottom-line growth,\" said CEO Ryan Hicke.\n\"Over the past year, we have evolved our leadership team, invested in talent, increased our market presence, and aligned our resources to drive an enterprise-wide approach to our markets. We are engaged with our clients, building new relationships across our markets, and expanding our reach globally, and we will continue making prudent, strategic investments to drive long-term, sustainable growth for our stakeholders.\"\nSummary of Second-Quarter Results by Business Segment\n(In thousands)\nFor the Three Months Ended June 30,\nFor the Six Months Ended June 30,\n2023\n2022\n%\n2023\n2022\n%\nPrivate Banks:\nRevenues\n$134,099\n$124,184\n8 %\n$256,702\n$337,732\n(24) %\nExpenses\n116,061\n121,060\n(4) %\n230,337\n243,015\n(5) %\nOperating Profit\n18,038\n3,124\nNM\n26,365\n94,717\n(72) %\nOperating Margin\n13 %\n3 %\n10 %\n28 %\nInvestment Advisors:\nRevenues\n109,580\n113,194\n(3) %\n216,118\n232,424\n(7) %\nExpenses\n64,178\n63,375\n1 %\n127,724\n127,895\n— %\nOperating Profit\n45,402\n49,819\n(9) %\n88,394\n104,529\n(15) %\nOperating Margin\n41 %\n44 %\n41 %\n45 %\nInstitutional Investors:\nRevenues\n75,145\n83,483\n(10) %\n149,435\n170,322\n(12) %\nExpenses\n45,516\n43,925\n4 %\n86,384\n89,283\n(3) %\nOperating Profit\n29,629\n39,558\n(25) %\n63,051\n81,039\n(22) %\nOperating Margin\n39 %\n47 %\n42 %\n48 %\nInvestment Managers:\nRevenues\n165,339\n155,926\n6 %\n326,025\n312,827\n4 %\nExpenses\n107,761\n100,807\n7 %\n213,627\n199,644\n7 %\...

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