The US-headquartered group, operating in a number of regions of the world, serves private banks and wealth management among its other service lines.

SEI, the US group serving clients including those in the wealth management space, yesterday reported that its third-quarter net income skyrocketed 88 per cent to $115.7 million. Revenues rose 1 per cent year-on-year to $476.8 million for the third quarter of 2023. 

The firm, based in Oaks, Pennsylvania, said the net income result was affected by one-off costs of a voluntary separation program of $57 million in the same quarter a year ago. The year-on-year comparison therefore boosted the latest figures.

Within its private banking segment, operating profit rose 39 per cent year-on-year to $8.4 million; revenues dipped 1 per cent to $121.5 million; costs fell 3 per cent to $113.1 million.

"Our third-quarter financial results reflect continued positive sales activity in our operational and processing businesses and strong profitability due to solid revenue and sound expense management, particularly in our technology and investment processing businesses,” CEO Ryan Hicke, said. “We remain focused on executing our strategic growth initiatives and diligently managing expenses across the organization." 

SEI delivers technology and investment solutions that connect the financial services industry. With capabilities across investment processing, operations, and asset management, SEI works with corporations, financial institutions and professionals, and ultra-high net worth families to solve problems, manage change, and help protect assets – for growth today and in the future.