Net Income Dips Slightly At SEI

Tom Burroughes

24 April 2020

SEI Investments, the US-based firm providing technology and financial services to sectors including wealth management and private banking, logged a first-quarter 4 per cent fall in net income from a year earlier, standing at $109.242 million.

Revenues in Q1 were $414.8 million, a rise of 3 per cent, it said in a statement.

As the global pandemic hit, the transaction activity that SEI helps to process surged by as much as 400 per cent in some of its business areas, Alfred P West, Jr, SEI chairman and chief executive, said.

Income from operations rose by 6 per cent on a year earlier to $110.2 million; there were notable gains in the investment advisors and investment management segments; operating profit in the private banks area fell sharply, however.

Average assets under management, excluding certain one-off effects, rose by $14.0 billion, or 6 per cent, to $237.2 billion in Q1 from a year before.