Q2 2024 SEI Investments Co Earnings Call Transcript
Key Points
- SEI Investments Co (SEIC) reported an EPS of $1.05 for the quarter, an 18% increase over the prior-year period.
- Revenue for the quarter was $519 million, up 6% from the second quarter of 2023.
- Net income for the quarter increased 17% over the second quarter of 2023 to $139 million.
- The company repurchased approximately 1.6 million shares of SEI stock, totaling $111 million.
- SEI Investments Co (SEIC) is experiencing increased demand across European private asset managers, which is expected to drive future growth.
- Net sales in the asset-management-related businesses were approximately negative $5.6 million, primarily due to asset movement from mutual fund products.
- Revenue in the advisor business decreased from $122.7 million in Q1 to $120.6 million in Q2, driven by fee reductions in the separately managed account program.
- The institutional business reported net sales events of negative $1.8 million, reflecting client losses and repricing in client retention activities.
- Total expenses for the quarter were $382 million, up from $376 million last year.
- The backlog of sold but expected to install in the next 18 months recurring revenue in the private banking business decreased from $18.5 million in Q1 to $14.9 million in Q2.
Thank you, everyone, for standing by and welcome to the SEI second-quarter 2024 earnings call. (Operator Instructions) As a reminder, today's call is being recorded.
I will now turn the call to your host, Leslie Wojcik. Please go ahead.
Thank you and welcome, everyone. We appreciate you joining us today for our second-quarter 2024 earnings call. On the call, we have Ryan Hicke, SEI's Chief Executive Officer; Sean Denham, Chief Financial Office; and members of our executive committee, Jay Cipriano, Sandy Ewing, Paul Klauder, Phil McCabe, Mike Peterson, Sneha Shah, and Sanjay Sharma.
Before we begin, I'd like to point out that our earnings press release can be found under the investor relations section of our website at seic.com. This call is being webcast live, and a replay will be available on the Events and Webcasts page of our website.
We would like to remind you that during today's presentation and in our responses to your questions, we have and will make certain
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