US - Fund of funds manager SEI Investments has recorded a 16% rise in revenue during the third quarter, despite assets under management falling by 3.5% over the last 12 months.
SEI, which employs external asset managers to manage funds for retail, institutional and wealthy investors, said net income in the third quarter increased to $31.9m, up from $27.5m a year ago. Revenue was up at $163.4m, compared to the $155.6m registered this time last year.
Despite the increase in revenues, the Pennsylvania-based firm saw its total assets under management fall to $74bn, a drop of 3.5%. Twelve months ago, that figure stood at $76.7bn. Client assets under management fell considerably, down from $195.7bn last year to $169.9bn.
Speaking about the results, Alfred West Jr, SEI's chief executive and largest shareholder, said: We continue to perform well, even though we are feeling the impact of world events and economic conditions, we are delivering growth. In the short term, we are controlling expenses and taking advantage of those opportunities the marketplace provides us.
By Geoffrey Ho
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