SEI Investments Company Reports 9% Revenue Growth in Q1 2024

2024-04-26

SEI Investments Company, a prominent global provider of investment processing, investment management, and investment operations solutions, convened its earnings call for the first quarter of 2024. The meeting saw the participation of key executives, including Alexander Whitelam, Ryan Hicke, Dennis McGonigle, Jay Cipriano, Paul Klauder, Phil McCabe, Sneha Shah, and Sanjay Sharma.

During the first quarter of 2024, SEI Investments Company concentrated on several crucial areas to propel growth and success. These efforts encompassed maintaining high-quality results, achieving top-line growth, expanding margins, executing effectively against strategic priorities, managing expenses prudently, boosting sales and pipeline activity, directing capital and talent towards new growth initiatives and emerging technologies, and enhancing new client acquisition and adoption.

The company disclosed revenues of $511.6 million in the first quarter of 2024, reflecting a 9% increase from the corresponding period in 2023. Net sales events amounted to $21.3 million, with notable contributions stemming from technology and operational outsourcing sales.

SEI Investments Company also reached significant financial milestones, including a net income of $131.4 million, marking a 23% surge from the prior year. The company repurchased around 808,000 shares of SEI stock at an average price of $69.32 per share, totaling $56 million in stock acquisitions. Earnings per share (EPS) for the quarter reached $0.99, indicating a 25% rise from the previous year's period.

The Investment Managers business segment delivered exceptional performance, with new business and cross-sales in alternative and traditional markets. The company launched initiatives to cultivate future talent and enhance the organizational culture, such as professional sales development programs and the establishment of an employee-led innovation group named Seismic.

Moreover, SEI Investments Company unveiled a strategic investment in a leading platform that accelerates the adoption of artificial intelligence in wealth management, aiming to drive growth and innovation for clients and the industry. The company remains steadfast in its focus on driving growth, operational efficiency, and client delivery to navigate the price-competitive landscape in the asset management industry.

Looking forward, SEI Investments Company intends to persist in investing in distinctive solutions, technology, and operational platforms to tackle challenges in Asset Management-related businesses. The company is set on propelling growth through new business initiatives, investments in family office services, private wealth management, and expanding its market presence.

Backed by a robust leadership team, a commitment to innovation, and a dedication to delivering value to clients, SEI Investments Company is strategically positioned to navigate market trends, foster growth, and realize its strategic objectives in the ever-evolving financial services industry.