Q3 2024 SEI Investments Co Earnings Call Transcript
Key Points
- SEI Investments Co (SEIC) reported a record quarter with an EPS of $1.19, the second highest in the company's history.
- Combined assets under management, administration, and advisement grew nearly 3.5% from the prior quarter, reaching new highs.
- Net sales events totaled $46 million, marking a record quarter for SEI Investments Co (SEIC).
- The company saw significant growth in its integrated cash program, more than doubling the balances.
- SEI Investments Co (SEIC) experienced double-digit revenue and operating profit growth across multiple segments, including private banking and advisor businesses.
- The quarter benefited from several one-time items, including an $8 million gain on the sale of real estate and a large one-time performance fee from LSV, which may not recur.
- There were outflows in traditional mutual fund products, which the company is actively working to offset.
- The integrated cash program's balances have fluctuated significantly since quarter-end, making it difficult to predict future contributions to operating income.
- The institutional business saw only modest revenue growth, with some defined benefit terminations offsetting wins.
- Despite strong results, the company acknowledges that the third quarter is just a single quarter and emphasizes the need for sustained growth over the long term.
Hello and welcome to SEI Q3 2024 earnings conference call. (Operator Instructions)
I would now like to hand the conference over to Brad Burke, Head of Investor Relations. You may begin.
Thank you, and welcome, everyone. We appreciate you joining us today for our third-quarter 2024 earnings call. On the call, we have Ryan Hicke, SEI's Chief Executive Officer; Sean Denham, Chief Financial Officer; Michael Lane, who leads our investment management unit, advisor, and institutional businesses, and members of our executive committee, Jay Cipriano, Paul Klauder, Phil McCabe, Mike Peterson, Sneha Shah, and Sanjay Sharma.
Before we begin, I would 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 Webcast page of our website.
We would like to remind you that during today's presentation, and in our responses to your questions,
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