The following is a summary of the SEI Investments Company (SEIC) Q1 2024 Earnings Call Transcript:
Financial Performance:
SEI Investments delivered Q1 2024 revenue of $511.6 million, up 9% from the Q1 2023.
The company experienced a net income rise of 23%, reaching $131.4 million.
The quarter counted $21.3 million in net sales events, $16.6 million of which comprised net recurring events majorly attributed to technology and operational outsourcing sales, totalled to $24.5 million.
Earnings per share for the quarter recorded an increase, reporting $0.99, marking a rise of 25% from the $0.79 reported in the same period in the prior year.
There was an observed repurchase of roughly 808,000 shares of SEI's own stocks at an average cost of $69.32 per share, culminating in total stock purchases of $56 million.
Business Progress:
SEI primarily aims to enhance sales and pipeline activity, allocating crucial resources of capital and talent towards evolving technologies and fresh growth initiatives.
Significant growth was recorded in technology and operational sectors, particularly profit growth in private banking.
A strategic stake in TIFIN is expected to facilitate faster adoption of AI in wealth management.
SEI reported an expansion of their offerings in both traditional and alternative markets, including CITs and transitioning mutual funds into ETFs.
The company broadened its global footprint, particularly with collaborations with private asset managers in Europe, with the extension of IMS services in non-U.S. markets being a central component of their forward-looking growth strategy.
SEI Investments also reported robust financial outcomes in Q1 2024 from private banking and IMS, and from the newer initiatives.
They have enhanced their executive team with the hiring of Sean Denham as CFO. They struck the quarter off with strong financial results and are well positioned for future success.
More details: SEI Investments IR
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