Bucking the trend of first quarter slumps seen elsewhere, SEI Investments managed to beat expectations and deliver a Q1 of annual increases amid a difficult market.
The Oaks, Pennsylvania-based investment management firm posted revenue of $581.4 million for the quarter, up 28% year over year and surpassing Zacks Equity Research consensus estimates of $558.1 million.
Assets under management were $385.3 billion, up slightly from $383.7 one year ago. Client assets under administration climbed to $899.6 billion, up 8% year over year but down 1.4% for the quarter.
SEI also reported first quarter net income of $190.3 million, a 47% improvement from the year-ago quarter. Profit of $1.36 per share was up from $0.89 in the first quarter 2021 and matched consensus estimates.
Operating income increased by 62% to $214.8 million. Total expenses for the quarter came in at $366.6 million, up 14%.
“Our first quarter financial profits were challenged by negative capital markets, but we achieved solid sales results and successfully implemented new business,” SEI Chairman and CEO Alfred West said in a statement. “We continue investing in our future through new technology and business initiatives to deliver best-in-class platforms and service to our markets and create new growth opportunities.”