OAKS, PA — SEI Investments Company (NASDAQ: SEIC) recently revealed its first-quarter 2024 financial results, in which diluted earnings per share reached $0.99 up from last year’s $0.79 first-quarter earnings. The SEI team has greeted 2024 with a strong strategic emphasis on sales and profitability enhancements, propelling strong and increasing growth of their top line and profit margins.
This uptick in performance, CEO Ryan Hicke explains, can be attributed to significant sales and implementation activity in the company’s technology and investment processing sectors. Assured of their standing in the market, Hicke presents a confident front, pointing towards the company’s robust financial position, unparalleled abilities, and distinctive capability to link together the financial services ecosystem.
First-quarter business highlights display that the company’s profits from assets under management, administration, and distribution fees rose primarily due to the increase in assets under administration from sales to fresh and existing alternative investment clients from the Investment Managers segment.
Despite the setback of negative cash flows from SEI fund programs and client losses in the Institutional Investors segment, average assets under management in equity and fixed income programs saw an increase of $8.1 billion, or 5%, totaling at $175.9 billion during the first quarter of 2024 compared to $167.8 billion during the same period in 2023.
SEI Investments’ operational expenses also rose due to an increase in personnel costs that were alleviated somewhat by cost containment measures related to consulting and other outsourced vendor costs. The company’s earnings from LSV, however, increased to a considerable $31.6 million during the first quarter of 2024, largely due to market appreciation and amplified performance fees.
Repurchased shares of SEI common stock were 808 thousand for $56.0 million in the same period at an average price of $69.32 per share. The company had a strong cash flow from operations, totaling $112.3 million, and the free cash flow was $92.9 million during the first quarter of 2024.
With all these developments, SEI Investments Company has illustrated its impressive flexibility and resilience in the face of an ever-changing market. The company’s pro-active stance and consistent growth not only indicate a promising year ahead but could also signal transformative shifts in the financial services industry as a whole.
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