SEI Investments Company said revenue and profit figures for the private banking & trust division lagged levels from a year ago due primarily to previously reported losses in the mutual fund services business during the second half of 2004 and increased investment and operational spending during 2005.
Revenues were down 4% compared to the second quarter of 2004 for the division while operating profit was 13% lower. In previous six months, the two measures were off by 3% and 8%, respectively.
Across the whole of the company, SEI reported increases in revenues, net income and earnings per share, compared to the corresponding period for the prior year.
“We continue to be satisfied with our quarterly results, especially since we are in the heart of the investment and build phase of our new strategies,” said Alfred P. West, Jr., SEI Chairman and CEO. “The investments we are making will transform our company, giving us even larger markets to grow within while providing our clients with increased opportunities for success. In the long run, we are firm in our belief that we are on the right path to more rapidly grow revenues and profits.”