Shares of SEI Investments Co (NASDAQ: SEIC) surged 5.04% on October 24, 2024, as the company reported record financial results for the third quarter of 2024. The stellar performance was driven by robust growth across multiple business segments and the successful execution of strategic initiatives.
SEI Investments delivered an earnings per share (EPS) of $1.19, the second-highest in the company's history and the highest ever excluding one-time items. This impressive performance was fueled by a 13% increase in revenue compared to the prior year, reaching $537.4 million.
One of the key highlights of the quarter was the record net sales events totaling $46 million, reflecting the company's ability to win new clients and expand existing relationships. Additionally, combined assets under management, administration, and advisement grew nearly 3.5% from the previous quarter, reaching a new high of nearly $1.6 trillion.
The company's private banking business, investment managers business, and advisor business all experienced double-digit revenue and operating profit growth compared to the prior year. The institutional business also saw an 11% increase in operating profit, contributing to the overall strong financial performance.
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