Business
SEI Reports Third-Quarter 2021 Financial Results
OAKS, Pa., Oct. 20, 2021 /PRNewswire/ -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the third-quarter 2021. Diluted earnings
About this update from Sei Investments Company
[{"type":"text","content":"OAKS, Pa., Oct. 20, 2021 /PRNewswire/ -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the third-quarter 2021. Diluted earnings per share were $0.97 in third-quarter 2021 compared to $0.75 in third-quarter 2020. \nConsolidated Overview\n(In thousands, except earnings per share)\nFor the Three Months Ended September 30,\nFor the Nine Months Ended September 30,\n2021\n2020\n%\n2021\n2020\n%\nRevenues\n$485,322\n$424,927\n14%\n$1,416,659\n$1,240,335\n14%\nNet income \n138,045\n111,096\n24%\n401,293\n321,404\n25%\nDiluted earnings per share\n$0.97\n$0.75\n29%\n$2.79\n$2.14\n30%\n\"Our results reflect positive markets entering the third-quarter, continued sales momentum and delivery across our business segments. As the financial services industry continues to experience unrelenting change, we continue to make strategic investments in our business, our solutions and workforce to drive growth,\" said Alfred P. West, Jr., SEI Chairman and CEO. \n\"Our talented workforce is the key to our ability to serve our clients globally and create opportunities for our future. As we look forward, we will continue to capitalize on market opportunities to deliver long-term value to our shareholders, employees, clients and communities.\"\nSummary of Third-Quarter Results by Business Segment\nFor the Three Months Ended September 30,\nFor the Nine Months Ended September 30, \n(In thousands)\n2021\n2020\n%\n2021\n2020\n%\nPrivate Banks:\nRevenues\n$123,018\n$114,792\n7%\n$364,302\n$335,739\n9%\nExpenses\n116,679\n113,066\n3%\n345,057\n331,442\n4%\nOperating Profit\n6,339\n1,726\nNM\n19,245\n4,297\n348%\nOperating Margin\n5\n%\n2\n%\n5\n%\n1\n%\nInvestment Advisors:\nRevenues\n124,768\n103,189\n21%\n357,458\n299,218\n19%\nExpenses\n62,107\n51,519\n21%\n176,267\n154,100\n14%\nOperating Profit\n62,661\n51,670\n21%\n181,191\n145,118\n25%\nOperating Margin\n50\n%\n50\n%\n51\n%\n48\n%\nInstitutional Investors:\nRevenues\n85,759\n79,583\n8%\n255,957\n235,309\n9%\nExpenses\n41,643\n37,812\n10%\n122,696\n113,016\n9%\nOperating Profit\n44,116\n41,771\n6%\n133,261\n122,293\n9%\nOperating Margin\n51\n%\n52\n%\n52\n%\n52\n%\nInvestment Managers:\nRevenues\n147,412\n123,846\n19%\n426,639\n359,815\n19%\nExpenses\n89,594\n79,838\n12%\n257,609\n228,795\n13%\nOperating Profit\n57,818\n44,008\n31%\n169,030\n131,020\n29%\nOperating Margin\n39\n...