reported a 19% rise in profits for the fourth quarter, aided by growth in revenue in every business segment but private banking.
Fourth-quarter earnings were $51.2 million, or 50 cents a share, compared with $43 million, or 41 cents a share, a year ago. SEI recognized $4.25 million in expense as part of a previously disclosed litigation settlement. Analysts polled by Thomson First Call were expecting earnings of 47 cents a share.
Revenue for the firm in the fourth quarter climbed by 11% from a year ago to $203.5 million. The Thomson First Call estimate was $197.51 million.
Revenue from private banking and trust for the fourth quarter fell by 3% to $70 million. The investment advisors, enterprises and money managers segments reported revenue gains of 13%, 29% and 15%, respectively, driven by stronger capital markets and new sales. Assets under management grew by $10 billion during the fourth quarter to $148.5 billion.
"We are satisfied with the results for both the quarter and the year, especially since we are in the heart of the build phase of our new strategies," said the company.
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