SEI Reports Second-Quarter 2015 Financial Results
Company Announces Sale of SEI Wealth Platform(SM) to a Major U.S. Banking Client
(firmenpresse) - OAKS, PA -- (Marketwired) -- 07/22/15 -- SEI Investments Company (NASDAQ: SEIC) today announced financial results for the second-quarter 2015. Diluted earnings per share were $.51 in second-quarter 2015 compared to $.48 in second-quarter 2014.
"Our second-quarter results reflect progress across all of our business segments," said Alfred P. West, Jr., SEI Chairman and CEO. "During the quarter, sales results across the company were strong. They included the sale of our SEI Wealth Platform to a current major U.S. client, a significant validation of our Private Banks strategy. These results are further evidence that what we are building and delivering is being accepted by our target markets.
"While challenges remain and the global environment continues to be dynamic, our commitment to long-term, sustainable growth and increased shareholder value is unwavering."
Revenue growth was primarily driven by higher Asset management, administration, and distribution fees from market appreciation and improved cash flows from new and existing clients.
Sales events, net of client losses, during second-quarter 2015 totaled approximately $45.2 million and are expected to generate net annualized recurring revenues of approximately $32.0 million when contract values are fully realized. Net annualized recurring and one-time revenues include a significant sale of the SEI Wealth Platform to a current major U.S. client.
Our average assets under management, excluding LSV, increased $12.8 billion, or 8 percent, to $177.1 billion in the second-quarter 2015, as compared to $164.3 billion during the second-quarter 2014 (see attached Average Asset Balances schedules for further details).
Our average assets under administration increased $47.7 billion, or 14 percent, to $396.2 billion in the second-quarter 2015, as compared to $348.4 billion during the second-quarter 2014 (see attached Average Asset Balances schedules for further details).
Revenues from Information processing and software servicing fees in our Private Banks segment declined due to $6.0 million, or $.02 diluted earnings per share, in non-recurring professional services fees from a single project recorded in the second-quarter 2014.
Income from LSV increased $3.8 million, or 11 percent, to $38.3 million in second-quarter 2015 as compared to $34.5 million in second-quarter 2014 due to an increase in assets under management and an increase in performance fees earned by LSV.
Amortization expense related to the SEI Wealth Platform was $10.6 million during the second-quarter 2015 as compared to $9.5 million during the second-quarter 2014 due to continued enhancements.
Our operating expenses related to personnel costs in our Investment Advisors and Investment Managers segments increased. These increased operational costs are mainly related to servicing new and existing clients. In addition, sales compensation expense in our Private Banks segment increased due to the significant sales event mentioned above.
Our effective tax rates were 35.6 percent in second-quarter 2015 and 35.7 percent in second-quarter 2014.
In second-quarter 2015, we repurchased 1.3 million shares of our common stock for $61.0 million.
A conference call to review earnings is scheduled for 2 p.m. Eastern time on July 22, 2015. Investors may listen to the call at seic.com/investors. The call may also be accessed at many financial services websites, including Google Finance and Yahoo Finance. Investors may also listen to replays at these websites, or by telephone at (USA) 800-475-6701; (International) 320-365-3844, access code 364810.
SEI (NASDAQ: SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of June 30, 2015, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $661 billion in mutual fund and pooled or separately managed assets, including $262 billion in assets under management and $399 billion in client assets under administration. For more information, visit seic.com.
Many of the statements in this release may be considered "forward looking statements" and include discussions about future operations, strategies and financial results. Forward-looking statements are based upon estimates and assumptions that involve risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe our assumptions are reasonable, they could be inaccurate. Our actual future revenues and income could differ materially from our expected results. We have no obligation to publicly update or revise any forward-looking statements.
Nicole Vattimo
SEI
+1 610-676-4385
Dana Grosser
SEI
+1 610-676-2459
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Datum: 22.07.2015 - 12:30 Uhr
Sprache: Deutsch
News-ID 408382
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