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Sei Investments Company
SEI Reports Third-Quarter 2024 Financial Results
Business
Oct 23 2024
5 min read

SEI Reports Third-Quarter 2024 Financial Results

Net Sales Events, AUM, and AUA Drive Record Quarter

OAKS, Pa., Oct. 23, 2024 /PRNewswire/ -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the third quarter 2024. Relative to the third quarter 2023, EPS increased by 37%, and revenue and operating income grew by 13% and 33%, respectively, with operating margins increasing to 26.8%.

All business segments reported revenue and operating margin growth relative to both the third quarter 2023 and the second quarter 2024. Net sales events of $46 million represent the highest level ever achieved in a single quarter. Total assets under management, administration, and advisement grew to a record high of approximately $1.6 trillion.

Consolidated Overview

(In thousands, except earnings per share)

For the Three Months Ended September 30,

For the Nine MonthsEnded September 30,

2024

2023

%

2024

2023

%

Revenues

$537,396

$476,759

13 %

$1,567,961

$1,434,935

9 %

Operating income

143,832

108,472

33 %

406,197

322,840

26 %

Operating margin

26.8 %

22.8 %

18 %

25.9 %

22.5 %

15 %

Net income

154,900

115,661

34 %

425,420

341,527

25 %

Diluted earnings per share

$1.19

$0.87

37 %

$3.23

$2.54

27 %

"Over the last two years, we have made meaningful adjustments that have reinforced the foundation for executing our growth strategy—driving quality sales, increasing client engagement, and capitalizing on market opportunities. Our record third-quarter results highlight our market momentum and that we are running our company differently," said CEO Ryan Hicke.

"I am confident that SEI's combination of stability, culture, balance sheet strength, client focus, and willingness to invest in innovation and scalable solutions will drive competitive differentiation and accelerated growth. We are focused on maximizing our enterprise value for our shareholders, and we are proud of our employees' dedication and enthusiasm."

Summary of Third-Quarter Results by Business Segment

 

(In thousands)

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

 

Private Banks:

2024

2023

%

2024

2023

%

Revenues

$138,734

$119,664

16 %

$401,272

$372,980

8 %

Expenses

115,097

111,207

3 %

339,961

337,834

1 %

Operating Profit

23,637

8,457

179 %

61,311

35,146

74 %

Operating Margin

17 %

7 %

15 %

9 %

Investment Advisors:

   Revenues

126,836

110,461

15 %

370,141

326,579

13 %

Expenses

70,152

64,280

9 %

206,063

192,004

7 %

Operating Profit

56,684

46,181

23 %

164,078

134,575

22 %

Operating Margin

45 %

42 %

44 %

41 %

Institutional Investors:

   Revenues

71,626

70,479

2 %

214,911

219,914

(2) %

Expenses

37,851

39,953

(5) %

116,386

126,337

(8) %

Operating Profit

33,775

30,526

11 %

98,525

93,577

5 %

Operating Margin

47 %

43 %

46 %

43 %

Investment Managers:

   Revenues

184,607

162,982

13 %

537,128

476,683

13 %

Expenses

114,118

103,585

10 %

334,955

308,483

9 %

Operating Profit

70,489

59,397

19 %

202,173

168,200

20 %

Operating Margin

38 %

36 %

38 %

35 %

Investments in New Businesses:

   Revenues

15,593

13,173

18 %

44,509

38,779

15 %

Expenses

18,440

18,265

1 %

55,403

52,919

5 %

Operating Loss

(2,847)

(5,092)

NM

(10,894)

(14,140)

NM

Totals:

   Revenues

$537,396

$476,759

13 %

$1,567,961

$1,434,935

9 %

Expenses

355,658

337,290

5 %

1,052,768

1,017,577

3 %

Corporate Overhead Expenses

37,906

30,997

22 %

108,996

94,518

15 %

Income from Operations

$143,832

$108,472

33 %

$406,197

$322,840

26 %

 

Third-Quarter Business Highlights:

  • Diluted EPS of $1.19, up 37% from the prior year, represents the second-highest level in SEI's history. SEI's strong EPS growth is attributable to double-digit revenue growth, margin expansion in each segment, a one-time gain of $8.2 million, or $0.05 impact, due to the sale of property located in New York, and a large one-time performance fee from LSV, of which our portion was approximately $5.3 million, or $0.03 impact.
  • Consolidated revenues increased by 13% from Q3 2023, with each business segment posting positive growth. Both the Private Banks and Investment Advisors segments realized double- digit revenue growth in the quarter.
    • Drivers of revenue growth were broad-based, with positive contributions from market appreciation, cross-sales to existing clients, and sales to new clients.
    • Private Banks revenue growth of 16% was driven by backlog implementations, converting new clients onto the SEI Wealth PlatformSM (SWP), and growth in the volume of assets processed on SWP.
    • Investment Advisors revenue growth of 15% was driven by a positive contribution from the FDIC program, which contributed $10.7 million to revenue in the quarter, and strong performance in separate account offerings.
  • Average assets under administration increased by 2%, and average assets under management increased by 4%, relative to the second-quarter 2024. On a year-over-year basis, average AUA and AUM increased by 15% and 16%, respectively.
    • Combined assets under management, administration, and advisement reached a record balance of approximately $1.6 trillion at quarter-end.
    • Increases in assets were driven by a mix of market appreciation and positive net inflows, notably in the Investment Advisors and Investment Managers segments.
  • Operating profit margins of 26.8% increased on both a year-over-year and sequential basis. Margins also increased for each of our business segments, also on a year-over-year and sequential basis. Margin improvement was driven by operating leverage on revenue growth in addition to focused cost management efforts, most notably in the Private Banks and Institutional Investors businesses.
  • Net sales events during the third quarter 2024 were $46.4 million, a record level of net sales events for any single quarter. Net sales events in third quarter are expected to generate net annualized recurring revenues of approximately $34.9 million when contract values are completely realized (see the Sales Events schedule for further details).
  • Earnings from LSV increased to $36.5 million in the third quarter 2024 as compared to $29.9 million in the third quarter 2023 due to market appreciation and higher performance fees. Net negative cash flows from existing clients and client losses partially offset the increase in earnings from LSV.
  • SEI repurchased 1.3 million shares of common stock for $85.8 million during the third quarter 2024 at an average price of $67.40 per share.
  • SEI recognized other income of $8.2 million, or $0.05 diluted earnings per share, in third quarter 2024 from the sale of property located in New York, NY, noted above.

Earnings Conference CallA conference call to review earnings is scheduled for 5 p.m. Eastern time on Oct. 23, 2024. Investors and the public may listen to the call and replay at seic.com/ir-events.

About SEI®SEI (NASDAQ:SEIC) delivers technology and investment solutions that connect the financial services industry. With capabilities across investment processing, operations, and asset management, SEI works with corporations, financial institutions and professionals, and ultra-high-net-worth families to help drive growth, make confident decisions, and protect futures. As of Sept. 30, 2024, SEI manages, advises, or administers approximately $1.6 trillion in assets. For more information, visit seic.com.

This release contains forward-looking statements within the meaning or the rules and regulations of the Securities and Exchange Commission. In some cases you can identify forward-looking statements by terminology, such as "may," "will," "expect," "believe" and "continue" or "appear." Our forward-looking statements include our current expectations as to:

  • the degree to which our combination of stability, culture, balance sheet strength, client focus, and willingness to invest in innovation and scalable solutions will drive competitive differentiation and accelerated growth; and
  • when and if we will generate net annualized recurring revenues from sales events that occurred during the quarter, as well as the amount of any such revenue.

We anticipate that we may deliver forward-looking statements during today's earnings call that include our current expectations as to the matters in this release and set forth above as well as:

  • our strategic priorities and the strength of our execution against these priorities, including, without limitation, sales, client engagement, marketing and enterprise positioning, expanding our share of total addressable markets and the markets that we identify for expansion;
  • our investment priorities;
  • the opportunities available to us for growth and to gain share in the markets in which we currently, and seek to, participate;
  • our opportunities for earnings growth, including the opportunities for growth for our Institutional business and delivering single products to our Institutional clients;
  • the performance of our various businesses, including the margins and profitability of such businesses;
  • the strength and elements of our balance sheet;
  • the strength of our pipelines and the momentum that each may have;
  • our run rate and the stability of the elements of that run rate;
  • the effects of any change to the federal funds rate on our businesses or products and the revenue associated with these items;
  • the effects of consolidation in the industries in which we participate;
  • the demand for our products and services, including the outsourcing services of our Investment Managers business, Data Cloud and Integration Transition Services;
  • platform adoption in the RIA space and the potential to win clients as a consequence of consolidation in the RIA space;
  • the amount of revenue we may generate from the cash balances in our Integrated Cash Program and the volatility of these cash deposits;
  • the amount, if any, of management fees that may be received by LSV and the contribution of such management fees to our equity income; and
  • the market dynamics affecting our businesses.

You should not place undue reliance on our forward-looking statements, as they are based on the current beliefs and expectations of our management and subject to significant risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe the assumptions upon which we base our forward-looking statements are reasonable, they could be inaccurate. Some of the risks and important factors that could cause actual results to differ from those described in our forward-looking statements can be found in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended Dec. 31, 2023, filed with the Securities and Exchange Commission.

 

SEI INVESTMENTS COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data) (Unaudited)

 

For the Three MonthsEnded September 30,

For the Nine Months Ended September 30,

2024

2023

2024

2023

 

Asset management, admin. and distribution fees

 

$423,859

 

$380,594

 

$1,237,623

 

$1,131,244

Information processing and software servicing fees

113,537

96,165

330,338

303,691

 

Total revenues

 

537,396

 

476,759

 

1,567,961

 

1,434,935

Subadvisory, distribution and other asset mgmt. costs

47,969

47,531

141,279

142,157

Software royalties and other information processing costs

8,936

8,095

25,503

23,784

Compensation, benefits and other personnel

191,740

180,470

570,534

529,591

Stock-based compensation

13,696

7,979

37,224

23,458

Consulting, outsourcing and professional fees

53,291

54,203

159,258

176,619

Data processing and computer related

37,556

34,016

112,790

102,301

Facilities, supplies and other costs

21,622

16,999

58,795

58,825

Amortization

10,413

9,797

31,284

28,851

Depreciation

8,341

9,197

25,097

26,509

 

Total expenses

 

393,564

 

368,287

 

1,161,764

 

1,112,095

Income from operations

143,832

108,472

406,197

322,840

Net gain (loss) from investments

427

(206)

3,349

1,053

Interest and dividend income

13,579

11,125

35,950

29,453

Interest expense

(141)

(116)

(419)

(396)

Other income

8,151

—

8,151

—

Equity in earnings of unconsolidated affiliate

36,513

29,927

102,375

91,517

 

Income before income taxes

 

202,361

 

149,202

 

555,603

 

444,467

Income taxes

47,461

33,541

130,183

102,940

 

Net income

 

$154,900

 

$115,661

 

$425,420

 

$341,527

 

Basic earnings per common share

 

$1.20

 

$0.87

 

$3.26

 

$2.57

 

Shares used to calculate basic earnings per share

 

129,418

 

132,231

 

130,550

 

133,035

 

Diluted earnings per common share

 

$1.19

 

$0.87

 

$3.23

 

$2.54

 

Shares used to calculate diluted earnings per share

 

130,671

 

133,504

 

131,830

 

134,250

 

Dividends declared per common share

 

$—

 

$—

 

$0.46

 

$0.43

 

SEI INVESTMENTS COMPANY

CONSOLIDATED BALANCE SHEETS

(In thousands) (Unaudited)

 

September 30,

2024

December 31, 2023

  Assets

  Current Assets:

Cash and cash equivalents

$901,134

$834,697

Restricted cash

302

301

Receivables from investment products

54,585

55,886

Receivables, net of allowance for doubtful accounts of $1,833 and $663

609,794

501,434

Securities owned

30,289

31,334

Other current assets

61,433

54,464

Total Current Assets

1,657,537

1,478,116

 

Property and Equipment, net of accumulated depreciation of $489,143 and $474,034

 

164,927

 

171,364

Operating Lease Right-of-Use Assets

29,567

22,477

Capitalized Software, net of accumulated amortization of $633,932 and $612,971

237,236

239,783

Available for Sale and Equity Securities

175,722

155,413

Investments in Affiliated Funds, at fair value

8,410

7,316

Investment in Unconsolidated Affiliate

49,675

110,781

Goodwill

138,085

137,333

Intangible Assets, net of accumulated amortization of $52,964 and $42,520

74,041

82,443

Deferred Contract Costs

42,527

40,221

Deferred Income Taxes

58,373

37,709

Other Assets, net

48,329

37,047

     Total Assets   

$2,684,429

$2,520,003

Liabilities and Equity

Current Liabilities:

Accounts payable

$8,250

$10,618

Accrued liabilities

258,167

318,945

Current portion of long-term operating lease liabilities

7,926

8,118

Deferred revenue

11,330

15,366

Total Current Liabilities

285,673

353,047

Long-term Income Taxes Payable

803

803

Long-term Operating Lease Liabilities

24,647

17,235

Other Long-term Liabilities

18,896

17,090

Total Liabilities

330,019

388,175

Shareholders' Equity:

Common stock, $0.01 par value, 750,000 shares authorized; 128,755 and 131,178 shares issued and outstanding

 

1,288

 

1,312

Capital in excess of par value

1,477,880

1,404,962

Retained earnings

901,908

762,586

Accumulated other comprehensive loss, net

(26,666)

(37,032)

Total Shareholders' Equity

2,354,410

2,131,828

Total Liabilities and Shareholders' Equity

$2,684,429

$2,520,003

 

SEI INVESTMENTS COMPANY

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands) (Unaudited)

 

For the Nine Months Ended September 30,

2024

2023

Cash flows from operating activities:

Net income

$425,420

$341,527

Adjustments to reconcile net income to net cash provided by operating activities

$1,654

$4,455

Net cash provided by operating activities

$427,074

$345,982

Net cash used in investing activities

($57,185)

($48,237)

Net cash used in financing activities

($310,392)

($294,886)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

6,941

(1,474)

Net increase in cash, cash equivalents and restricted cash

66,438

1,385

Cash, cash equivalents and restricted cash, beginning of period

834,998

853,359

Cash, cash equivalents and restricted cash, end of period

$901,436

$854,744

 

ENDING ASSET BALANCES

(In millions) (Unaudited)

Sept. 30,

2023

Dec. 31,

2023

Mar. 31,

2024

Jun. 30,

2024

Sept. 30,

2024

Private Banks:

Equity and fixed-income programs

 

$23,039

 

$24,496

 

$25,282

 

$25,031

 

$26,565

Collective trust fund programs

6

4

5

5

5

Liquidity funds

3,636

3,916

2,733

2,699

2,948

Total assets under management

$26,681

$28,416

$28,020

$27,735

$29,518

Client assets under administration

4,399

7,267

8,024

7,813

8,349

Total assets

$31,080

$35,683

$36,044

$35,548

$37,867

Investment Advisors:

Equity and fixed-income programs

 

$66,911

 

$71,634

 

$74,715

 

$74,556

 

$78,361

Liquidity funds

5,175

4,812

4,722

4,301

2,790

Total Platform assets under management

$72,086

$76,446

$79,437

$78,857

$81,151

Platform-only assets

16,232

18,324

20,516

21,908

24,501

Platform-only assets-deposit program

—

843

897

894

2,447

Total Platform assets

$88,318

$95,613

$100,850

$101,659

$108,099

Institutional Investors:

Equity and fixed-income programs

 

$72,387

 

$77,208

 

$75,969

 

$75,542

 

$79,252

Collective trust fund programs

4

1

1

1

1

Liquidity funds

2,119

1,734

2,179

2,309

1,829

Total assets under management

$74,510

$78,943

$78,149

$77,852

$81,082

Client assets under advisement

4,085

6,120

6,862

7,886

8,038

Total assets

$78,595

$85,063

$85,011

$85,738

$89,120

Investment Managers:

Collective trust fund programs (A)

 

$146,991

 

$156,376

 

$161,660

 

$192,747

 

$204,429

Liquidity funds

180

114

202

221

233

Total assets under management

$147,171

$156,490

$161,862

$192,968

$204,662

Client assets under administration

871,385

920,757

959,904

998,315

1,022,515

Total assets

$1,018,556

$1,077,247

$1,121,766

$1,191,283

$1,227,177

Investments in New Businesses: Equity and fixed-income programs

 

$2,017

 

$2,174

 

$2,269

 

$2,285

 

$2,825

Liquidity funds

202

209

223

631

246

Total assets under management

$2,219

$2,383

$2,492

$2,916

$3,071

Client assets under advisement

1,070

1,150

1,248

1,886

2,021

Client assets under administration

14,997

14,807

15,411

14,848

15,110

Total assets

$18,286

$18,340

$19,151

$19,650

$20,202

LSV Asset Management:

Equity and fixed-income programs (B)

 

$83,684

 

$89,312

 

$93,616

 

$90,197

 

$93,855

Total:

Equity and fixed-income programs (C)

 

$248,038

 

$264,824

 

$271,851

 

$267,611

 

$280,858

Collective trust fund programs

147,001

156,381

161,666

192,753

204,435

Liquidity funds

11,312

10,785

10,059

10,161

8,046

Total assets under management

$406,351

$431,990

$443,576

$470,525

$493,339

Client assets under advisement

5,155

7,270

8,110

9,772

10,059

Client assets under administration (D)

890,781

942,831

983,339

1,020,976

1,045,974

Platform-only assets

16,232

19,167

21,413

22,802

26,948

Total assets

$1,318,519

$1,401,258

$1,456,438

$1,524,075

$1,576,320

(A)   

Collective trust fund program assets in the Investment Managers segment are included in assets under management since SEI is the trustee. Fees earned on this product are less than fees earned on customized asset management programs.

(B)  

Equity and fixed-income programs include $1.6 billion of assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee (as of September 30, 2024).

(C) 

Equity and fixed-income programs include $6.4 billion of assets invested in various asset allocation funds (as of September 30, 2024).

(D)  

In addition to the assets presented, SEI also administers an additional $8.5 billion in Funds of Funds assets on which SEI does not earn an administration fee (as of September 30, 2024).

 

AVERAGE ASSET BALANCES

(In millions) (Unaudited)

3rd Qtr.

2023

4th Qtr.

2023

1st Qtr.

2024

2nd Qtr.

2024

3rd Qtr.

2024

Private Banks:

Equity and fixed-income programs

 

$23,920

 

$23,309

 

$24,593

 

$24,859

 

$25,823

Collective trust fund programs

6

5

4

5

5

Liquidity funds

3,585

3,808

3,902

2,734

2,858

Total assets under management

$27,511

$27,122

$28,499

$27,598

$28,686

Client assets under administration

4,221

7,083

7,753

7,884

8,074

Total assets

$31,732

$34,205

$36,252

$35,482

$36,760

Investment Advisors:

Equity and fixed-income programs

 

$69,309

 

$68,369

 

$72,689

 

$73,793

 

$76,111

Liquidity funds

4,990

5,046

4,649

4,348

4,264

Total Platform assets under management

$74,299

$73,415

$77,338

$78,141

$80,375

Platform-only assets

16,544

17,201

19,198

20,897

23,194

Platform-only assets-deposit program

—

281

849

886

1,176

Total Platform assets

$90,843

$90,897

$97,385

$99,924

$104,745

Institutional Investors:

Equity and fixed-income programs

 

$75,023

 

$73,644

 

$76,414

 

$75,203

 

$77,473

Collective trust fund programs

4

3

1

1

1

Liquidity funds

1,611

1,682

1,812

1,893

2,046

Total assets under management

$76,638

$75,329

$78,227

$77,097

$79,520

Client assets under advisement

4,294

4,607

6,498

7,508

7,925

Total assets

$80,932

$79,936

$84,725

$84,605

$87,445

Investment Managers:

Collective trust fund programs (A)

 

$150,379

 

$149,551

 

$156,737

 

$189,884

 

$198,839

Liquidity funds

237

205

207

227

245

Total assets under management

$150,616

$149,756

$156,944

$190,111

$199,084

Client assets under administration

873,821

901,487

938,804

982,806

1,005,111

Total assets

$1,024,437

$1,051,243

$1,095,748

$1,172,917

$1,204,195

Investments in New Businesses: Equity and fixed-income programs

 

$2,096

 

$2,069

 

$2,200

 

$2,234

 

$2,432

Liquidity funds

211

197

214

471

546

Total assets under management

$2,307

$2,266

$2,414

$2,705

$2,978

Client assets under advisement

1,101

1,080

1,194

2,014

1,885

Client assets under administration

15,682

14,781

15,147

14,713

14,973

Total assets

$19,090

$18,127

$18,755

$19,432

$19,836

LSV Asset Management:

Equity and fixed-income programs (B)

 

$86,671

 

$84,492

 

$90,708

 

$90,849

 

$93,195

Total:

Equity and fixed-income programs (C)

 

$257,019

 

$251,883

 

$266,604

 

$266,938

 

$275,034

Collective trust fund programs

150,389

149,559

156,742

189,890

198,845

Liquidity funds

10,634

10,938

10,784

9,673

9,959

Total assets under management

$418,042

$412,380

$434,130

$466,501

$483,838

Client assets under advisement

5,395

5,687

7,692

9,522

9,810

Client assets under administration (D)

893,724

923,351

961,704

1,005,403

1,028,158

Platform-only assets

16,544

17,482

20,047

21,783

24,370

Total assets

$1,333,705

$1,358,900

$1,423,573

$1,503,209

$1,546,176

(A)   

Collective trust fund program average assets in the Investment Managers segment are included in assets under management since SEI is the trustee. Fees earned on this product are less than fees earned on customized asset management programs.

(B)  

Equity and fixed-income programs during third-quarter 2024 include $1.7 billion of average assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee.

(C) 

Equity and fixed-income programs include $6.3 billion of average assets invested in various asset allocation funds during third-quarter 2024.

(D)  

In addition to the assets presented, SEI also administers an additional $8.5 billion of average assets in Funds of Funds assets during third-quarter 2024 on which SEI does not earn an administration fee.

 

SALES EVENTS

(In thousands) (Unaudited

 

Net Recurring Sales Events

3rd Qtr.

2023

4th Qtr.

2023

1st Qtr.

2024

2nd Qtr.

2024

3rd Qtr.

2024

Investment Processing-related Businesses:

Private Banks

$        2,176

$       2,210

$          247

$       4,331

$        9,417

Investment Managers

16,371

15,314

20,407

17,180

23,319

Total Investment Processing-related Businesses

$      18,547

$      17,524

$      20,654

$      21,511

$      32,736

Asset Management-related Businesses:

Private Banks-AMD

$         (543)

$      (1,068)

$           (85)

$         (494)

$         (854)

Investment Advisors

(1,238)

(5,277)

(942)

(3,299)

2,686

Institutional Investors

(5,780)

(4,151)

(4,649)

(1,787)

(576)

Total Asset Management-related Businesses

$      (7,561)

$     (10,496)

$      (5,676)

$      (5,580)

$        1,256

Newer Initiatives:

Investments in New Businesses

$          161

$       1,432

$       1,494

$           (43)

$          936

Total Net Recurring Sales Events

$      11,147

$       8,460

$      16,472

$      15,888

$      34,928

Non-Recurring Sales Events

 

3rd Qtr.

2023

4th Qtr.

2023

1st Qtr.

2024

2nd Qtr.

2024

3rd Qtr.

2024

Investment Processing-related Businesses:

Private Banks

$        1,162

$        3,489

$        2,613

$        4,431

$        8,796

Investment Managers

839

1,000

1,213

930

712

Total Investment Processing-related Businesses

$        2,001

$        4,489

$        3,826

$        5,361

$        9,508

Newer Initiatives:

Investments in New Businesses

$        1,307

$          770

$          987

$          717

$        1,976

Total Non-Recurring Sales Events

$        3,308

$        5,259

$        4,813

$        6,078

$      11,484

Total Sales Events

 

3rd Qtr.

2023

4th Qtr.

2023

1st Qtr.

2024

2nd Qtr.

2024

3rd Qtr.

2024

Investment Processing-related Businesses:

Private Banks

$        3,338

$       5,699

$       2,860

$       8,762

$      18,213

Investment Managers

17,210

16,314

21,620

18,110

24,031

Total Investment Processing-related Businesses

$      20,548

$      22,013

$      24,480

$      26,872

$      42,244

Asset Management-related Businesses:

Private Banks-AMD

$         (543)

$      (1,068)

$           (85)

$         (494)

$         (854)

Investment Advisors

(1,238)

(5,277)

(942)

(3,299)

2,686

Institutional Investors

(5,780)

(4,151)

(4,649)

(1,787)

(576)

Total Asset Management-related Businesses

$      (7,561)

$     (10,496)

$      (5,676)

$      (5,580)

$        1,256

Newer Initiatives:

Investments in New Businesses

$        1,468

$       2,202

$       2,481

$          674

$        2,912

Total Sales Events

$      14,455

$      13,719

$      21,285

$      21,966

$      46,412

 

Investor contact:                                                   

Media contact:

Brad Burke                                                             

Leslie Wojcik

SEI                                                                         

SEI

+1 610-676-5350                                                     

+1 610-676-4191

bburke2@seic.com                                                   

lwojcik@seic.com

 

Cision View original content:https://www.prnewswire.com/news-releases/sei-reports-third-quarter-2024-financial-results-302285060.html

SOURCE SEI Investments Company