Nasdaq-listed SEI Investments Company logged net income of $44.4 million for the fourth quarter, down 29 per cent from a year earlier. For the full year, net income fell 12 per cent to $205 million.
Revenues at the firm dipped 2 per cent in Q4, to $226.2 million, and 9 per cent for the full year, to $929.7 million.
At the firm’s Private Banks business section, operating profit was $1.1 million. Operating margin in this business section was 1 per cent.
The Investment Advisors business section delivered an operating profit of $17.5 million, with an operating margin of 39 per cent.
The Investment Managers division logged an operating profit of $15.2 million with an operating margin of 34 per cent.
Finally, the Institutional Investors business delivered an operating profit of $15.2 million with an operating margin of 46 per cent, and investments in new businesses resulted in an operating loss of $2.2 million.
SEI provides investment processing, fund processing, and investment management business outsourcing services to financial institutions, advisors and ultra high net worth clients.
The firm managed or administered $404 billion in mutual fund and pooled or separately managed assets as of 31 December, including $172 billion in assets under management and $232 billion in assets under administration.