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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 Investments Company reported strong Q3 2024 financial results with record-breaking performance. Revenue increased 13% to $537.4 million, while operating income grew 33% to $143.8 million compared to Q3 2023. Diluted EPS rose 37% to $1.19, marking the second-highest level in company history. The company achieved record net sales events of $46.4 million and total assets under management, administration, and advisement reached a new high of approximately $1.6 trillion. Operating margins improved to 26.8%, with all business segments showing growth in both revenue and operating margins.
SEI Investments Company (SEIC) has announced a significant expansion of its stock repurchase program. The Board of Directors has approved an increase of $400 million to the existing program, bringing the total available authorization to approximately $429 million. This new authorization includes the $29 million remaining from the company's previous share repurchase allowance.
The decision, made on October 22, 2024, demonstrates SEI's commitment to enhancing shareholder value and confidence in the company's financial position. Stock buybacks typically aim to reduce the number of outstanding shares, potentially increasing earnings per share and the stock's value for remaining shareholders.
SEI (NASDAQ: SEIC) has announced its plans to release third-quarter 2024 earnings on Wednesday, Oct. 23, 2024, after the market closes. The company will host a conference call to discuss the financial results at 5 p.m. Eastern time on the same day. Investors and the public are invited to listen to the call and access a replay of the event through the company's website at www.seic.com/ir-events.
SEI (NASDAQ:SEIC) announced that Trinity Financial Partners (Trinity) surpassed $500 million in assets under advisement (AUA), marking a significant growth milestone. Trinity, founded in 1972 and based in Berwyn, PA, leverages SEI's capabilities across asset management, technology, and operations. The firm provides comprehensive financial planning services, with expertise in tax optimization, estate planning, and complex charitable strategies.
Led by President Robyn Jameson, Trinity has approximately $575 million in total AUA as of June 30, 2024. The firm utilizes SEI's suite of separately managed account (SMA) investment strategies, Unified Managed Account (UMA) framework, and integrated advisor and investor technology. SEI's Executive Managing Director of Client Experience, Erich Holland, emphasized the company's commitment to enhancing capabilities to support advisor growth.
SEI (NASDAQ: SEIC) announced an expanded strategic partnership with Knights of Columbus Asset Advisors (KoCAA). KoCAA is moving over $500 million in assets under management to the SEI Wealth Platform, enhancing their existing relationship which already includes SEI's fund administration services. KoCAA, a full-service investment firm dedicated to Catholic principles, manages $27 billion in AUM as of June 30, 2024.
The partnership leverages SEI's capabilities in technology, operations, asset management, and advisor services. KoCAA benefits from SEI's client asset custody structure, advisor and investor technology, and dedicated service model. This expansion aims to provide a more personalized, connected experience for KoCAA's clients while allowing the firm to scale its business efficiently.
SEI (NASDAQ:SEIC) announced that Diversified, has surpassed $2 billion in client assets under management as of June 30, 2024. Diversified leverages SEI as a strategic partner for technology, operations, and asset management. SEI supported Diversified's recent acquisitions, expanding their presence to include offices in Georgia and Massachusetts.
Diversified serves approximately 2,000 client households and provides comprehensive financial planning. The firm utilizes SEI's capabilities, including SEI Private Trust Company's custody structure, integrated technology, investment strategies, and dedicated service model.
Andrew Rosen, President of Diversified, emphasized the importance of SEI's seamless integration and stability in their growth. Erich Holland, Executive Managing Director at SEI, highlighted their commitment to enabling advisors to operate efficiently and serve clients effectively.
SEI (NASDAQ:SEIC) has announced the addition of KKR investment vehicles to its alternative investments access platform. This platform provides registered investment advisors, broker-dealers, and their clients access to private markets investments. SEI's e-subscription technology aims to increase access to alternative investments, improve processing efficiency, and enhance the advisor and client experience.
The move comes as investments in alternative assets are projected to grow by $1.2 trillion over the next four years, with 85% of wealth managers expecting to increase allocations to alternative asset classes within the next year. SEI's platform addresses operational challenges that have impeded the adoption of alternatives, combining electronic subscription documents, proprietary firm paperwork, custodian forms, and e-signature capabilities.
SEI's alternatives platform is currently used by over 250 wealth management firms and 165 fund managers, processing more than $4.3 billion in alternatives transactions across over 19,000 subscriptions.
SEI (NASDAQ:SEIC) has surpassed $1.5 trillion in alternative assets under administration in its Investment Managers business, servicing various alternative fund types. As the largest private credit fund administrator globally, SEI's clients include 43 of the top 100 largest investment managers. With global alternative assets under management expected to reach $24.5 trillion by 2028, SEI is well-positioned to capitalize on this growth.
The company's success is attributed to its expertise across all alternative strategies, asset classes, and jurisdictions, helping clients navigate complex operational and business challenges. SEI's integrated operational platform and client service model, supported by centers in Oaks, PA, London, Dublin, and Luxembourg, provide clients with transparency and efficient fund operations.
SEI (NASDAQ:SEIC) announced that its Advisors' Inner Circle (AIC) series trust has reached $100 billion in net assets, supporting 47 clients and 128 funds. The AIC provides investment managers with a cost-effective solution to launch and operate registered funds, including mutual funds, ETFs, interval, and tender-offer funds. This milestone reflects AIC's position as a leading turnkey platform for '40 Act vehicles.
The industry is experiencing significant growth, with ETF assets increasing 25% year-over-year to $9.2 trillion, and interval and tender-offer funds seeing a 24.2% increase in net assets from Q1 2023 to Q1 2024. Investment managers are increasingly outsourcing fund operations to focus on their core expertise and business growth.
SEI (NASDAQ: SEIC) has unveiled new investment strategies for its Separately Managed Account (SMA) and Unified Managed Account (UMA) solutions. These additions include fixed income-based direct indexing strategies and dividend-focused equity options. The move aims to enhance choice, control, and customization for advisors and their clients.
Key new strategies include:
- Systematic U.S. Aggregate Bond Core strategy
- Systematic Municipal Bond Core strategy
- Systematic U.S. Dividend Yield Core strategy
- U.S. Dividend Yield (Multi-Factor SMA) strategy
SEI's CIO, Jim Smigiel, emphasized the company's commitment to delivering solutions based on advice, customization, and stability. The expansion responds to feedback from major strategic clients and aligns with the strong growth in UMA assets, which have been increasing at an annual rate of 34%.