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SEI Investments Company reports developments across financial technology, operations and asset management services for the financial services industry. News about SEIC commonly covers quarterly results, client outsourcing demand, wealth-management infrastructure, fund administration, asset management activity and professional services.
Recurring company updates include new client selections for the SEI Wealth Platform, expansion of SEI Access for alternative investments, digital onboarding for collective investment trusts, private-market and retirement-channel partnerships, and enterprise automation initiatives. SEI also issues investor conference updates and earnings-call materials tied to its operating performance and service platforms.
SEI (NASDAQ:SEIC) announced its enhanced global investment stewardship strategy, integrating sustainability into shareholder engagement and proxy voting for its $248.1 billion assets under management as of Sept. 30, 2020. This strategy builds on SEI's extensive stewardship history, particularly in Europe, and involves collaboration with Sustainalytics to focus on sustainability themes. SEI also joined Climate Action 100+, aiming to engage significant greenhouse gas emitters to mitigate climate change risks.
On December 14, 2020, Nuveen announced the launch of the Nuveen TIAA Lifecycle Index CIT series, expanding its target date fund offerings. This new series consists of 13 funds, including 12 target-date funds spaced five years apart, catering to retirement dates from 2010 to 2065, alongside a retirement income fund. The CIT series will be managed by Nuveen's award-winning portfolio management team, enhancing their ability to serve plan sponsors. Nuveen currently manages approximately $535 billion in defined contribution assets, solidifying its position as a leading player in the retirement market.
SEI (NASDAQ: SEIC) announced a redesigned user interface (UI) for its Archway Platform℠ on December 14, 2020. The update enhances front-end technology, enabling large-scale innovations and improved user engagement. Key features include a refreshed appearance, branding options, streamlined settings, simplified navigation, and enhanced mobile reporting. The Archway Platform is recognized for its capabilities in family office services, managing $400 billion in assets. The enhancements aim to provide a modern experience while maintaining familiarity, benefiting clients and their end-users.
On Dec. 8, 2020, SEI Investments Company (NASDAQ: SEIC) declared a semi-annual dividend of $0.37 per share. The dividend will be payable to shareholders on record as of Dec. 21, 2020, with a payment date set for Jan. 7, 2021. As of Sept. 30, 2020, SEI managed approximately $1 trillion in assets, including $330 billion in assets under management and $755 billion in client assets under administration. This highlights SEI's strong position in the investment management sector.
On November 18, 2020, SEI (NASDAQ:SEIC) announced that U.S. Bank will implement the SEI Wealth Platform (SWP) for its Wealth Management and Investment Services. This integration aims to modernize U.S. Bank's operations, replacing the legacy TRUST 3000 platform. SEI has a long-standing relationship with U.S. Bank, enhancing efficiency and client services globally. The SEI Wealth Platform facilitates operations across 137 stock exchanges and supports numerous currencies, further solidifying SEI's role in the wealth management sector.
SEI (NASDAQ:SEIC) has appointed Dr. Alison Vincent as an independent non-executive director of its U.K. subsidiary, SEI Investments (Europe) Limited. With over 30 years of experience in technology and financial services, Alison previously held significant roles at major companies like Cisco and HSBC. She will also contribute to various committees, enhancing the board's expertise in technology, cybersecurity, and software engineering. Her appointment is expected to strengthen SEI's leadership as the company continues to innovate in asset management and processing solutions.
SEI (NASDAQ: SEIC) has announced enhancements to its Archway Platform through a partnership with Canoe Intelligence. This collaboration aims to automate workflows for alternative investment data collection, improving efficiency for family offices and financial institutions. The integration will allow clients to streamline data aggregation for private equity and hedge funds. SEI Family Office Services manages $400 billion in assets on the platform, supporting ultra-high-net-worth families with advanced technological solutions.
SEI Investments Company (NASDAQ: SEIC) reported third-quarter 2020 financial results, with diluted earnings per share at $0.75, down from $0.86 a year prior, reflecting a 13% decrease. Revenues increased by 2% to $424.9 million, while net income fell 16% to $111.1 million. The Board approved a $250 million stock repurchase program, raising total authorization to approximately $292 million. Selling events in Q3 were approximately $27.9 million, expected to yield annualized recurring revenues of around $14.6 million. Average assets under administration rose 13% to $738.8 billion.
SEI Investments Company (NASDAQ: SEIC) is set to announce its third-quarter 2020 earnings on Wednesday, Oct. 21, 2020, after market close. A conference call to discuss financial results will commence at 4:30 p.m. ET. Interested parties can listen to the call via the company's website, with replays available afterward.
As of June 30, 2020, SEI manages approximately $1 trillion in assets across various investment vehicles, including $318 billion in assets under management.
SEI (NASDAQ: SEIC) announced the successful migration of U.K. wealth manager Connor Broadley to its SEI Wealth Platform, completing the process on schedule amidst remote work challenges due to COVID-19. The implementation began in December 2019, enabling Connor Broadley to utilize SEI's portfolio management solutions aimed at enhancing client experience. SEI also reported migrating over £6.1 billion of assets and 32,920 accounts for U.K. clients in the first half of 2020. This partnership is expected to support both firms' long-term growth objectives.