Second quarter earnings were essentially flat from earnings a year ago on revenue increase of 4%. Diluted earnings per share for the second quarter of $0.29 compares to $0.28 reported the second quarter of 2010. Now our earnings for the quarter were affected by a loss attributable to the SIVs on our balance sheet which netted to a decrease to earnings of approximately $1.9 million. Now this compares to a $3.6 million increase to earnings due to SIVs in the second quarter of 2010. This represents approximately $0.02 per share swing.Also during the second quarter of 2011, our non-cash asset balances under management experienced little growth. SEIC’s assets under management grew by $1.9 billion during the quarter while LSVs assets under management fell by $1.8 billion. Market volatility continues to be a challenge. Now in addition during the second quarter, we repurchased just under 2.5 million shares of stock at an average price of just over $22 per share. That translates to over $55 million of stock repurchases during the quarter. New recurring revenue sales are still slower than we would like. The Investment Manager segment continued to experience strong sales activity and the Institutional Investor segment has a solid quarter, signed in a number of institutional accounts. In addition, the Advisor segment added a number of new advisors to its role while continuing the trend of improving net cash flows. Banking had a particularly slow sales quarter primarily due to timing of prospect decisions. They have a number of prospects in the later stages of their sales process and are working hard to close them in the third quarter. Joe will provide pipeline update and each of the segment will address their sales events. We are continuing our investment in GWP and its operational infrastructure so critical to our futures. During the first quarter we capitalized approximately $9.9 million of the Global Wealth Platform development and amortized approximately $6.8 million of previously capitalized development. While we are increasingly encouraged with our long-term opportunities with the rollout GWP, we are disappointed with the profitability of our bank segment.
Expenses related to the development of GWP and the build out of the infrastructure needed to successfully deliver GWP have been growing and will continue to trend up over the next few quarters. This has put an acute pressure on the banking segment’s profitability in the short run. Now we are confident that sales followed by revenues will begin to improve the banking segment’s proper picture in not too distant future. Nonetheless, we are placing an increased emphasis on controlling costs. We will make sure the resources we are expanding are aimed at the highest priority initiatives.We are launching GWP in the US this year and next. To accommodate the launch, as I mentioned last quarter we are concentrating on building the functionality and the infrastructure necessary to process US banks and advisors. We have recently delivered an extremely large release with major US functionality and with infrastructure. And the next three releases contain a large number of US enhancements. These releases will complete the base line functionality for the US as well as significantly enhance the UK functionality and improve our operational efficiencies and scale. Now, we are firm in our belief that these investments will result in new sources of revenues and profits and will help our client succeed. That just concludes my remarks and I am going to turn it over to Joe Ujobai to discuss our private banking segment. Joe? Joe Ujobai Thanks Al. Today I would like to continue our discussion from the June Investor Conference by giving you an update on our activity and a review of the current financials for the Private Banking segment. Revenue for the quarter increased slightly to almost $88 million while expenses increased by $3.9 million compared to the previous quarter. Net sales events for the quarter were nominal. Let me start by saying I am not satisfied with the results of the banking segment. Read the rest of this transcript for free on seekingalpha.com