SEI Investments Company reported a strong financial performance for the fiscal year ended December 31, 2024, with total revenues reaching approximately $2.125 billion, an increase of $205.4 million or 11% compared to the previous year. The company's net income also saw a significant rise, increasing by $118.9 million or 26% to $581.2 million, resulting in diluted earnings per share of $4.41, up from $3.46 in 2023. This growth was primarily driven by higher assets under administration and management, which increased by $132.9 billion, or 15%, to $1.0 trillion, alongside the successful launch of the SEI Integrated Cash Program, which generated $51.5 million in revenue.
In terms of strategic developments, SEI made notable acquisitions, including LifeYield, LLC, a tax-smart technology firm, for $29 million, aimed at enhancing its investment management capabilities. The company also reported a gain of $8.2 million from the sale of a condominium in New York. Additionally, SEI's investment in LSV Asset Management contributed positively, with earnings increasing to $135.7 million, reflecting market appreciation and higher performance fees.
Operationally, SEI's workforce comprised 5,066 full-time and 32 part-time employees as of December 31, 2024. The company serves a diverse client base, including 8 of the top 20 U.S. banks and 43 of the top 100 investment managers globally, managing approximately $1.6 trillion in assets. The company’s business segments showed varied performance, with the Investment Managers segment generating $728.4 million in revenue, a 13% increase from the previous year, while the Institutional Investors segment experienced a slight revenue decline of 1% to $285.7 million.
Looking ahead, SEI anticipates continued growth driven by favorable market conditions and strategic initiatives. However, the company acknowledged potential risks, including market volatility and regulatory scrutiny, which could impact future performance. The management remains committed to enhancing its technology infrastructure and expanding its service offerings to meet evolving client needs while navigating the complexities of the financial services landscape.
About SEI INVESTMENTS CO
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