Exchange-traded, Interval, and Tender-Offer Funds Present Growth Opportunities for Investment Managers OAKS, Pa., Aug. 28, 2024 /PRNewswire/ -- SEI® (NASDAQ:SEIC) today announced that the Advisors' Inner Circle Fund® (AIC) series trust reached $100 billion in net assets, supporting 47 clients and 128 funds.1 An end-to-end operational platform, the AIC provides investment managers of all sizes a more cost-effective solution to launch and operate new and existing registered funds. SEI helped pioneer the serie ...

SEI-Managed Investment Options Bolster Choice, Control, and Customization in SMA and UMA Solutions Through Managed Accounts Program OAKS, Pa., Aug. 6, 2024 /PRNewswire/ -- SEI® (NASDAQ: SEIC) today announced a range of additional investment strategies to its Separately Managed Account (SMA) and Unified Managed Account (UMA) solutions offered through the Managed Account Solutions program.1 The additional strategies were developed in response to feedback from some of the company's largest strategic clients an ...

SEI Investments Company (SEIC) announced an enhanced integration with Canoe Intelligence ("Canoe") to boost operational efficiency for family offices via the SEI Archway Platform. This expanded relationship between both entities aims to automate the transmission of private equity and hedge fund valuations alongside private equity call and distribution data. Per a Preqin report, global alternative assets are projected to reach $23 trillion by 2027. Family offices allocated 42% of their investment portfolios ...

SEI Sphere Recognized for Advancements in Network Security, Threat Intelligence, and Managed Security Services Capabilities Company Contact: Media Contact: Emily Baldwin Kerry Mullen SEI Vested +1 610-676-3262 +1 201-674-4185 [email protected] [email protected] OAKS, Pa., July 31, 2024 /PRNewswire/ -- SEI® (NASDAQ: SEIC) today announced the company has been recognized with three awards for SEI Sphere®, which provides comprehensive cybersecurity and IT solutions designed to protect and optimize enterprise te ...

Integration Enhances Operational Efficiency and User Experience for Family Offices Sandy Ewing, Head of SEI's Family Office Services business, said: "Investors expect a personalized wealth management experience tailored to meet their individual financial goals, and alternatives can play an important role in portfolio diversification. Family offices require solutions that help make alternatives data more accessible and accurate given the complex and historically manual nature of the ongoing data management p ...

Financial Performance - Revenues for the three months ended June 30, 2024, increased by 6% to $518.986 million compared to $489.057 million in 2023, while revenues for the six months rose by 8% to $1.030565 billion from $958.176 million [122]. - Net income for the three months ended June 30, 2024, was $139.120 million, a 17% increase from $118.851 million in 2023, and for the six months, net income rose by 20% to $270.520 million from $225.866 million [122]. - Total revenues increased by $11.0 million, or 10%, in the three-month period and by $27.2 million, or 13%, in the six-month period, primarily driven by increased investment processing fees and management fees [138]. - Operating income increased by $2.3 million, or 12%, in the three-month period and by $11.0 million, or 41%, in the six-month period ended June 30, 2024 [137]. Assets and Administration - Average assets under administration increased by $131.4 billion, or 15%, to $983.6 billion in the first six months of 2024, compared to $852.2 billion in the same period of 2023 [123]. - Total assets under management as of June 30, 2024, reached $470.525 billion, a 13% increase from $417.967 billion in 2023 [126]. - Client assets under administration increased by 16% to $1.020976 trillion as of June 30, 2024, compared to $877.724 billion in 2023 [126]. - Total assets under management increased by 13% to $466.5 billion for the three months ended June 30, 2024, compared to $411.4 billion in the same period of 2023 [130]. - Client assets under administration rose by 16% to $1,005.4 billion for the three months ended June 30, 2024, from $863.6 billion in the prior year [130]. Revenue Sources - The SEI Integrated Cash Program generated $10.1 million in revenue during Q2 2024 and $19.7 million in the first six months of 2024 [123]. - Revenues for Private Banks remained flat at $132.4 million for the three months ended June 30, 2024, while increasing by 4% to $262.5 million for the six months ended June 30, 2024 [134]. - Investment Advisors' revenues grew by 10% to $120.6 million for the three months ended June 30, 2024, and by 13% to $243.3 million for the six months ended June 30, 2024 [134]. - Institutional Investors' revenues decreased by 5% to $71.5 million for the three months ended June 30, 2024, and by 4% to $143.3 million for the six months ended June 30, 2024 [134]. - Investment Managers' revenues increased by 13% to $179.9 million for the three months ended June 30, 2024, and by 12% to $352.5 million for the six months ended June 30, 2024 [134]. - Total revenues from SEI Family Office Services increased by 15% to $14.6 million in the three-month period and by 13% to $28.9 million in the six-month period [143]. Operating Expenses - Operating expenses rose by 3% to $768.200 million for the six months ended June 30, 2024, primarily due to higher personnel costs and inflation [122]. - Corporate overhead expenses rose to $33.3 million in Q2 2024 from $32.4 million in Q2 2023, primarily due to severance costs and technology upgrades [144]. - Stock-based compensation expense increased to $23.5 million in the first half of 2024, up from $15.5 million in the same period of 2023, due to new equity awards [153]. Cash Flow and Capital Expenditures - Net cash provided by operating activities increased to $227.0 million for the six months ended June 30, 2024, compared to $182.5 million in the same period of 2023, reflecting a $44.6 million increase primarily from higher net income [158]. - Cash and cash equivalents at the end of the period were $768.6 million, down from $777.4 million at the end of June 2023, indicating a net decrease of $66.4 million [158]. - Capital expenditures for the first six months of 2024 were $20.8 million, up from $16.5 million in the same period of 2023, reflecting ongoing investments in technology infrastructure [164]. - Total capital outlays for common stock repurchase amounted to $163.8 million in the first six months of 2024, compared to $156.2 million in the same period of 2023 [164]. - Cash dividends paid increased to $120.3 million in the first half of 2024, compared to $114.8 million in the same period of 2023 [164]. Regulatory and Compliance Risks - The company is subject to increased regulatory scrutiny, which could have a material adverse effect on its operations and financial position [171]. - Compliance with economic sanctions and anti-corruption laws may incur higher costs and compliance risks for the company [175]. - The company is subject to various privacy and data protection regulations, including GDPR and CCPA, which involve substantial compliance costs [176]. - Increased regulatory activity affecting financial services firms may significantly impact the company's operations and expenses [177]. - The company engages legal counsel and subject matter experts to review compliance procedures and may incur increased expenses or reduced revenues as a result [178]. - Bank clients are supervised by financial authorities, which may affect their purchasing decisions regarding the company's products and services [179]. - The company has disclosed risks related to capital market fluctuations and interest rate changes in its Annual Report on Form 10-K for the year ended December 31, 2023 [181].

SEI Investments Co.'s (SEIC) second-quarter 2024 earnings of $1.05 per share surpassed the Zacks Consensus Estimate by a penny. The bottom line reflected a rise of 18% from the prior-year quarter's level. Net income was $139.1 million, up 17% from the year-ago quarter's level. Our estimate for the metric was $129.4 million. Total revenues were $519 million, up 6% year over year. The rise was driven by higher asset management, administration and distribution fees. However, the top line missed the Zacks Conse ...

Financial Services Leader's Diverse Experience to Bolster Strategic Growth OAKS, Pa., July 25, 2024 /PRNewswire/ -- SEI® (NASDAQ: SEIC) today announced that Michael Lane will join SEI on Sept. 16, 2024 as an Executive Vice President and Head of Asset Management, reporting to CEO Ryan Hicke. In his role as a member of the Executive Management team, Lane will be responsible for the business and growth strategy for the company's Advisor and Institutional businesses in North America, as well as leading SEI's in ...

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q2 2024 was $1.05, an increase of 18% compared to $0.89 in the prior year and up 6% from $0.99 in Q1 2024 [7] - Revenue for the quarter was $519 million, up 6% from Q2 2023 and slightly higher than Q1 2024 [7] - Total expenses for the quarter were $382 million, compared to $376 million in the previous year and $386 million in Q1 2024 [7] - Net income for the quarter increased 17% year-over-year to $139 million, and was up 5.9% compared to Q1 2024 [7] Business Line Data and Key Metrics Changes - In the Investment Managers business, net sales for the quarter were $18.1 million, with $17.2 million being recurring revenue. Revenue for the quarter was $180 million, a 4% increase from Q1 2024 [8] - Private Banking revenue for the quarter was $132.4 million, up from $130.1 million in Q1 2024, with net sales of $8.8 million [16] - The backlog of sold but expected to install recurring revenue in Private Banking was $14.9 million in Q2, down from $18.5 million in Q1 [16] - In the adviser business, revenue decreased to $120.6 million from $122.7 million in Q1, primarily due to fee reductions in the separately managed account program [41] Market Data and Key Metrics Changes - Net cash flows onto the platform increased by $100 million, driven by growth in the RIA segment [41] - The institutional business experienced negative net sales events of $1.8 million, but margins increased to 46% due to onetime expense benefits [42] - The FDIC insured deposit program generated $10 million in revenue during the quarter, with approximately $900 million in assets at quarter-end [17] Company Strategy and Development Direction - The company is focusing on organic and inorganic growth priorities, with an emphasis on RIA expansion and professional services offerings [4][5] - There is a strategic shift towards providing more services and capabilities to advisers, particularly in the context of market consolidation [37] - The company is investing in AI to enhance internal efficiencies, client service improvements, and operational automation [38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's performance for 2024, citing a strong foundation and solid results from core businesses [39] - The company is addressing industry headwinds while capitalizing on tailwinds to position itself for long-term success [37] - There is a focus on maximizing capital allocation and managing expenses without compromising medium to long-term growth [72] Other Important Information - The company plans to host an Investor Day on November 7, with additional details to be shared [70] - A new executive, Michael Lane, will join the team in September to lead adviser and institutional businesses [6] Q&A Session Summary Question: Can you share leading indicators and progress in private banking activity pipelines? - Management highlighted a solid pipeline and disciplined delivery of signed clients, resulting in revenue growth and margin expansion [20][21] Question: What was the onetime impact in the quarter related to Private Banking? - A onetime benefit was received from a healthcare provider, impacting margins across business units [24] Question: How is the SEI Integrated Cash Program performing amid recent changes in the market? - The program is competitive, with good feedback from advisers, and the company is monitoring rates to maintain its attractiveness [28][51] Question: What is the company's strategy regarding the competitive landscape in the RIA market? - The company is focusing on increasing its share in the RIA market, which represents a significant growth opportunity [80] Question: How does the company view the fiduciary obligations related to the insured deposit program? - The company believes it is compliant with fiduciary obligations and will adjust based on regulatory guidance [82]

SEI Investments (SEIC) reported $518.99 million in revenue for the quarter ended June 2024, representing a year-over-year increase of 6.1%. EPS of $1.05 for the same period compares to $0.89 a year ago. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Here is how SEI performed in the just reported quarter in terms of the ...