Third quarter earnings were 13% lower than earnings a year ago on revenue increase of 6%. Diluted earnings per share for the third quarter of $0.27 compares to $0.30 reported for the third quarter of 2010 a drop of 10%, 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 $800,000. Now this compares to an $8.7 million increase to earnings due to SIVs in the third quarter of 2010. Now this swing represents approximately $0.03 per share.Also during the third quarter of 2011, our non-cash asset balances under management experienced significant losses. SEI’s assets under management fell by $19.5 billion during the quarter including a $11.5 billion drop in LSVs assets under management. And as you will hear later this drop in assets under management is market driven. In addition during the third quarter, we repurchased just under $3.7 million shares of stock at an average price of just over $17 per share. Now that translates over $63 million of stock repurchases during the quarter. New recurring revenue sales are still slow. For the Investment Managers and Institutional Investors segments good sales quarters, both segments are experiencing delays in conversion. In addition the Advisor segment added a number of new advisors to its roles but did suffer from the loss of assets under management due to market volatility. Banking had a decent sales quarter and they have a number of prospects in the later stage of the sales process and are working hard to close them in the fourth quarter and each of the segment will address their sales events. And we are continuing our investment in GWP and its operational infrastructure so critical to our future. Now during the first quarter, we capitalized approximately $10 million of the Global Wealth Platform development and amortized approximately $6.6 million of previously capitalized development.
Now while we are increasingly encouraged with our long-term opportunities with the rollout of GWP, we are working hard to improve the profitability of our bank segment. Coming out of the second quarter, we initiated cost reduction and control programs, focused mostly on banking. We believe this will pay dividends in 2012.We just recently passed an important GWP milestone. We have successfully converted 85 of our smaller advisor clients to GWP making them the first U.S. users of GWP. This is very important for us, because we are getting to exercise basic U.S. functionality as well as test many of our processes in our low volume operation. This will be helpful when larger and more complex advisors are added next year. To accommodate the launch into the U.S. as I mentioned in the past, we are concentrating on building the functionality and infrastructure necessary to process U.S. banks and advisors. The next three releases contain a large number of U.S. enhancements and these releases will complete the baseline functionality for the U.S. also significantly enhances the U.K. functionality and improve our operational efficiencies and scale. I continue to be encouraged by the feedback I received from clients and prospects in all of our markets. Although we hear growing [pains] in certain areas, our investments in infrastructure and new service offerings have enhanced our competitive strength across all of our business lines. We certainly expect to capitalize on this even in these challenging times. And our solution strength coupled with our financial strength positioned us well for long-term growth. Now this concludes my remarks. And I’m going to turn it over to Joe Ujobai to discuss our Private Banking segment. Joe? Read the rest of this transcript for free on seekingalpha.com