So, let me start with the second quarter 2012. Second quarter earnings decreased by 8% from a year ago and diluted earnings per share for the second quarter of $0.28 represents a 3% decrease from the $0.29 reported for the second quarter of 2011. We also reported a 1% increase in revenue during the second quarter of 2012 versus the second quarter of 2011.
Now, second quarter revenues were also up 1% over first quarter 2011 revenues. During second quarter of 2012, the SIVs had little effect on earnings. In addition, during second quarter 2012, our end of quarter non-cash asset balances under management decreased by $5.6 billion. Of that, SEI's assets under management increased slightly by $100 million during the quarter, while LSV's assets under management fell by $5.7 billion.
Now finally, during the second quarter 2012, we repurchased 2.3 million shares of SEI stock at an average price of just under $19 per share. Now that translates to over $42.2 million of stock repurchases during the quarter.
Net new recurring revenue sales remained strong. We generated over $20.3 million of net new sales events, of which $15.7 million will be recurring revenues. All segments posted good sales quarters and each of the segment heads will address their sales activity.Now we are continuing our investment in GWP and its operational infrastructure that are so important to our future. Now during the first quarter we capitalized approximately $8.9 million of the Global Wealth Platform development and amortized approximately $7.4 million of previously capitalized development. While we are increasingly encouraged with our long-term prospects with the rollout of GWP, we're also working hard to improve the profitability of our Bank segment. You'll notice the costs control measures that we had implemented over the past few quarters are showing improvements in the level of many of our costs.
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