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) reported strong momentum in its Private Banking sector, securing seven new SEI Wealth Platform client agreements and implementing seven clients in the past year. Additionally, SEI achieved 26 recontract agreements with existing clients. The company successfully transitioned to remote operations during the pandemic, completing implementations on time and within budget. SEI aims to facilitate digital transformation in wealth management and enhance client collaboration amidst market challenges.
SEI (NASDAQ:SEIC) has achieved a significant milestone with its collective investment trust (CIT) business surpassing $100 billion in assets under administration (AUA) as of Dec. 31, 2020, marking a 20.5% increase from the previous year. In 2020, SEI Trust Company launched 39 funds, adding over $17.3 billion in CIT assets. The growth is attributed to SEI's operational platform and the increasing demand for customized investment solutions. A Callan survey indicates that 78% of plan sponsors now include CITs, with an 11% rise noted from 2019.
SEI (NASDAQ:SEIC) has been appointed as the outsourced chief investment officer (OCIO) for the Greater Washington Community Foundation, managing approximately $197 million of its assets. This partnership aims to enhance investment management through discretionary services, manager oversight, and support for the foundation's long-term goals. SEI will oversee asset allocations, introduce new asset classes, and implement considerations for social and environmental factors. The partnership is a testament to SEI's 50-year track record in investment management for over 460 clients globally.
SEI (NASDAQ:SEIC) will attend the Raymond James Institutional Investors Conference on March 2, 2021. CFO Dennis McGonigle and Wayne Withrow will participate in a fireside chat at 12:30 p.m. ET, discussing SEI's five business segments and growth opportunities. One-on-one meetings will also be available. A replay of the fireside chat will be accessible on SEI's Investor Relations page until March 1, 2022. As of December 31, 2020, SEI manages approximately $1 trillion in assets, highlighting its role as a global provider of investment solutions.
Fred Alger Management has expanded its Collective Investment Trust (CIT) offerings with the launch of the Alger Focus Equity CIT, featuring around 50 large-cap stocks and over $3.2 billion in assets under management. This CIT aims to provide retirement plan clients with an attractive investment option amidst growing demand for CITs. SEI Trust Company serves as the trustee for the CITs, enhancing operational support. Additionally, these CITs are now listed on the Nasdaq Fund Network for greater accessibility and transparency. Alger has been a leader in growth equity investment for over 55 years.
SEI (NASDAQ:SEIC) has enhanced its partnership with the Association of Governing Boards of Universities and Colleges (AGB) to the Sustaining Champion level. This strategic alliance, active since 2013, aims to deliver investment and governance research to higher education boards. SEI currently manages assets worth over $32 billion for more than 460 institutional investors, including 175 nonprofit organizations. The partnership is expected to provide AGB members with valuable resources and industry expertise amidst significant changes in the higher education sector.
SEI (NASDAQ: SEIC) has launched its Systematic Core Strategies, aiming to modernize passive investing by allowing independent advisors to purchase a subset of stocks from broad market indices. This initiative enhances transparency and personalizes investment options for clients. The strategies include the U.S. Large Cap Core, U.S. All Cap Core, and International Developed Core (ADR), focusing on cost-effectiveness and active tax management. SEI's offerings target improved after-tax returns and greater control for advisors, supporting tailored investment solutions.
SEI Investments Company (NASDAQ:SEIC) reported fourth-quarter 2020 earnings with diluted EPS at $0.86, a 2% increase from $0.84 in Q4 2019. Revenues rose 5% to $443.7 million, while net income decreased 2% to $125.9 million. For the year, revenues grew 2% to $1.68 billion, but net income fell 11% to $447.3 million.
Sales events totaled $8.8 million in Q4, expected to yield $4.9 million in annual recurring revenues. The average assets under administration increased 16% to $779.7 billion.
SEI Investments Company (NASDAQ: SEIC) is scheduled to release its fourth-quarter 2020 earnings on January 27, 2021, after market close. A conference call will follow at 4:30 p.m. ET to discuss the financial results. Interested parties can access the call via the company's website. As of September 30, 2020, SEI manages approximately $1 trillion in assets.
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.