SEI Reports Second-Quarter 2016 Financial Results
OAKS, PA -- (Marketwired) -- 07/27/16 -- SEI Investments Company (NASDAQ: SEIC) today announced financial results for the second-quarter 2016. Diluted earnings per share were $.49 in second-quarter 2016 compared to $.51 in second-quarter 2015.
| Consolidated Overview | ||||||||||||||||||
| (In thousands, except earnings per share) | For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
||||||||||||||||
| 2016 | 2015 | % | 2016 | 2015 | % | |||||||||||||
| Revenues | $ | 343,831 | $ | 337,745 | 2 | % | $ | 678,094 | $ | 663,189 | 2 | % | ||||||
| Net income | 81,005 | 86,240 | (6 | )% | 158,502 | 170,851 | (7 | )% | ||||||||||
| Diluted earnings per share | $ | 0.49 | $ | 0.51 | (4 | )% | $ | 0.96 | $ | 1.00 | (4 | )% | ||||||
"Our second-quarter results reflect the broad market adoption of our solutions across our business segments," said Alfred P. West, Jr., SEI Chairman and CEO. "The new client signings and growth of existing client relationships demonstrate the success we are having in our markets.
"Our larger and more complex client signings are proof of our ability to compete successfully in highly regulated, dynamic markets. Implementing these clients and sustaining this success requires an increase in our technology and operational investments. These investments position us to deliver long-term sustainable growth and increased shareholder value."
| Summary of Second-Quarter Results by Business Segment | |||||||||||||||||||||||
| (In thousands) | For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||||||||
| 2016 | 2015 | % | 2016 | 2015 | % | ||||||||||||||||||
| Private Banks: | |||||||||||||||||||||||
| Revenues | $ | 114,836 | $ | 115,333 | -- | % | $ | 228,197 | $ | 226,546 | 1 | % | |||||||||||
| Expenses | 102,862 | 104,727 | (2 | )% | 206,603 | 203,983 | 1 | % | |||||||||||||||
| Operating Profit | 11,974 | 10,606 | 13 | % | 21,594 | 22,563 | (4 | )% | |||||||||||||||
| Gain on sale of subsidiary | -- | -- | -- | % | 2,791 | 2,791 | -- | % | |||||||||||||||
| Segment Profit | 11,974 | 10,606 | 13 | % | 24,385 | 25,354 | (4 | )% | |||||||||||||||
| Operating Margin (A) | 10 | % | 9 | % | 9 | % | 10 | % | |||||||||||||||
| Investment Advisors: | |||||||||||||||||||||||
| Revenues | 81,883 | 77,753 | 5 | % | 158,562 | 151,768 | 4 | % | |||||||||||||||
| Expenses | 44,721 | 40,857 | 9 | % | 89,495 | 79,916 | 12 | % | |||||||||||||||
| Operating Profit | 37,162 | 36,896 | 1 | % | 69,067 | 71,852 | (4 | )% | |||||||||||||||
| Operating Margin | 45 | % | 47 | % | 44 | % | 47 | % | |||||||||||||||
| Institutional Investors: | |||||||||||||||||||||||
| Revenues | 74,674 | 75,980 | (2 | )% | 147,571 | 149,528 | (1 | )% | |||||||||||||||
| Expenses | 36,550 | 36,528 | -- | % | 71,932 | 71,739 | -- | % | |||||||||||||||
| Operating Profit | 38,124 | 39,452 | (3 | )% | 75,639 | 77,789 | (3 | )% | |||||||||||||||
| Operating Margin | 51 | % | 52 | % | 51 | % | 52 | % | |||||||||||||||
| Investment Managers: | |||||||||||||||||||||||
| Revenues | 70,938 | 67,280 | 5 | % | 140,856 | 132,647 | 6 | % | |||||||||||||||
| Expenses | 46,968 | 42,141 | 11 | % | 92,243 | 82,764 | 11 | % | |||||||||||||||
| Operating Profit | 23,970 | 25,139 | (5 | )% | 48,613 | 49,883 | (3 | )% | |||||||||||||||
| Operating Margin | 34 | % | 37 | % | 35 | % | 38 | % | |||||||||||||||
| Investments in New Businesses: | |||||||||||||||||||||||
| Revenues | 1,500 | 1,399 | 7 | % | 2,908 | 2,700 | 8 | % | |||||||||||||||
| Expenses | 5,355 | 4,803 | 11 | % | 10,587 | 9,669 | 9 | % | |||||||||||||||
| Operating Loss | (3,855 | ) | (3,404 | ) | NM | (7,679 | ) | (6,969 | ) | NM | |||||||||||||
| Totals: | |||||||||||||||||||||||
| Revenues | $ | 343,831 | $ | 337,745 | 2 | % | $ | 678,094 | $ | 663,189 | 2 | % | |||||||||||
| Expenses | 236,456 | 229,056 | 3 | % | 470,860 | 448,071 | 5 | % | |||||||||||||||
| Corporate overhead expenses | 13,852 | 12,771 | 8 | % | 26,899 | 26,130 | 3 | % | |||||||||||||||
| Income from operations | $ | 93,523 | $ | 95,918 | (2 | )% | $ | 180,335 | $ | 188,988 | (5 | )% | |||||||||||
| (A) | Percentages determined exclusive of gain on sale of subsidiary. |
Second-Quarter Business Highlights:
- Revenue growth in the quarter was primarily driven by higher Asset management, administration, and distribution fees from improved cash flows from new and existing clients. The market volatility occurring during the course of the preceding 12 months negatively impacted our asset-based fee revenues and partially offset our revenue growth.
- Sales events, net of client losses, during second-quarter 2016 totaled approximately $29.1 million and are expected to generate net annualized recurring revenues of approximately $23.4 million when contract values are fully realized.
- Our average assets under management, excluding LSV, increased $11.9 billion, or seven percent, to $189.1 billion, as compared to $177.1 billion during the second-quarter 2015 (see attached Average Asset Balances schedules for further details).
- Our average assets under administration increased $37.5 billion, or nine percent, to $433.7 billion in the second-quarter 2016, as compared to $396.2 billion during the second-quarter 2015 (see attached Average Asset Balances schedules for further details).
- Our earnings from LSV decreased by $8.0 million, or 21 percent, to $30.3 million in second-quarter 2016 as compared to $38.3 million in second-quarter 2015. The decline in earnings was due to lower assets under management from market volatility and reduced performance fees.
- We capitalized $10.1 million and $8.1 million of software development costs in second-quarter 2016 and 2015, respectively, of which $8.5 million and $6.3 million are related to continued enhancements to the SEI Wealth Platform.
- Amortization expense related to the SEI Wealth Platform increased to $11.1 million during the second-quarter 2016 as compared to $10.6 million during the second-quarter 2015 due to continued enhancements.
- Our operating expenses, primarily personnel costs, in our Investment Advisors and Investment Managers segments increased. These expenses primarily consist of operational and marketing costs and are mainly related to servicing existing clients and acquiring new clients. Additionally, sales compensation expense in our Investment Managers segment increased due to new business activity.
- The strengthening of the U.S. dollar against the British pound and Canadian dollar during 2016 negatively impacted our revenues and operating income of our Private Banks and Institutional Investors segments. A prolonged period of a strengthening U.S. dollar against these currencies could have a further negative impact to our revenues and operating profits of these segments.
- Our effective tax rates were 35.2 percent in second-quarter 2016 and 35.6 percent in second-quarter 2015.
- We repurchased 1.5 million shares of our common stock for $73.5 million during the second-quarter 2016.
Earnings Conference Call
A conference call to review earnings is scheduled for 2 p.m. Eastern time on July 27, 2016. Investors may listen to the call at seic.com/investors. The call may also be accessed at many financial services websites, including Google Finance and Yahoo Finance. Investors may also listen to replays at these websites, or by telephone at (USA) 800-475-6701; (International) 320-365-3844, access code 398089.
About SEI
SEI (NASDAQ: SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of June 30, 2016, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $707 billion in mutual fund and pooled or separately managed assets, including $269 billion in assets under management and $438 billion in client assets under administration. For more information, visit seic.com.
Many of the statements in this release may be considered "forward looking statements" and include discussions about future operations, strategies and financial results. Forward-looking statements are based upon estimates and assumptions that involve risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe our assumptions are reasonable, they could be inaccurate. Our actual future revenues and income could differ materially from our expected results. We have no obligation to publicly update or revise any forward-looking statements.
| SEI INVESTMENTS COMPANY | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Asset management, admin. and distribution fees | $ | 262,275 | $ | 256,748 | $ | 513,712 | $ | 503,516 | ||||||||
| Information processing and software servicing fees | 74,992 | 73,699 | 148,391 | 144,352 | ||||||||||||
| Transaction-based and trade execution fees | 6,564 | 7,298 | 15,991 | 15,321 | ||||||||||||
| Total revenues | 343,831 | 337,745 | 678,094 | 663,189 | ||||||||||||
| Subadvisory, distribution and other asset mgmt costs | 40,870 | 40,872 | 80,065 | 79,389 | ||||||||||||
| Software royalties and other information processing costs | 7,677 | 8,057 | 15,425 | 15,566 | ||||||||||||
| Brokerage commissions | 5,093 | 5,431 | 12,201 | 11,403 | ||||||||||||
| Compensation, benefits and other personnel | 102,282 | 98,999 | 204,213 | 193,185 | ||||||||||||
| Stock-based compensation | 4,189 | 3,859 | 7,978 | 7,609 | ||||||||||||
| Consulting, outsourcing and professional fees | 39,575 | 36,969 | 78,081 | 72,597 | ||||||||||||
| Data processing and computer related | 15,782 | 14,527 | 31,500 | 27,927 | ||||||||||||
| Facilities, supplies and other costs | 17,122 | 16,659 | 33,119 | 33,718 | ||||||||||||
| Amortization | 11,284 | 10,611 | 22,296 | 20,969 | ||||||||||||
| Depreciation | 6,434 | 5,843 | 12,881 | 11,838 | ||||||||||||
| Total expenses | 250,308 | 241,827 | 497,759 | 474,201 | ||||||||||||
| Income from operations | 93,523 | 95,918 | 180,335 | 188,988 | ||||||||||||
| Net gain (loss) on investments | 250 | (38 | ) | 124 | 212 | |||||||||||
| Interest and dividend income | 1,033 | 755 | 2,116 | 1,724 | ||||||||||||
| Interest expense | (187 | ) | (114 | ) | (301 | ) | (227 | ) | ||||||||
| Equity in earnings of unconsolidated affiliates | 30,285 | 37,289 | 59,477 | 71,322 | ||||||||||||
| Gain on sale of subsidiary | -- | -- | 2,791 | 2,791 | ||||||||||||
| Income before income taxes | 124,904 | 133,810 | 244,542 | 264,810 | ||||||||||||
| Income taxes | 43,899 | 47,570 | 86,040 | 93,959 | ||||||||||||
| Net income | 81,005 | 86,240 | 158,502 | 170,851 | ||||||||||||
| Basic earnings per common share | $ | 0.50 | $ | 0.52 | $ | 0.98 | $ | 1.03 | ||||||||
| Shares used to calculate basic earnings per share | 161,795 | 166,152 | 162,404 | 166,423 | ||||||||||||
| Diluted earnings per common share | $ | 0.49 | $ | 0.51 | $ | 0.96 | $ | 1.00 | ||||||||
| Shares used to calculate diluted earnings per share | 165,088 | 169,973 | 165,616 | 170,338 | ||||||||||||
| Dividends declared per common share | $ | 0.26 | $ | 0.24 | $ | 0.26 | $ | 0.24 | ||||||||
| SEI INVESTMENTS COMPANY | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| (In thousands) | |||||||||||
| (Unaudited) | |||||||||||
| June 30, | December 31, | ||||||||||
| 2016 | 2015 | ||||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ | 594,767 | $ | 679,661 | |||||||
| Restricted cash | 5,500 | 5,500 | |||||||||
| Receivables from investment products | 47,066 | 48,098 | |||||||||
| Receivables, net of allowance for doubtful accounts of $946 and $649 | 242,084 | 223,023 | |||||||||
| Securities owned | 21,290 | 21,235 | |||||||||
| Other current assets | 30,213 | 26,207 | |||||||||
| Total Current Assets | 940,920 | 1,003,724 | |||||||||
| Property and Equipment, net of accumulated depreciation of $272,292 and $259,501 | 138,696 | 143,977 | |||||||||
| Capitalized Software, net of accumulated amortization of $281,407 and $259,358 | 288,070 | 290,522 | |||||||||
| Investments Available for Sale | 88,372 | 81,294 | |||||||||
| Investments in Affiliated Funds, at fair value | 4,420 | 4,039 | |||||||||
| Investment in Unconsolidated Affiliates | 41,996 | 49,580 | |||||||||
| Deferred Income Taxes | 4,041 | -- | |||||||||
| Other Assets, net | 13,856 | 15,492 | |||||||||
| Total Assets | $ | 1,520,371 | $ | 1,588,628 | |||||||
| Liabilities and Equity | |||||||||||
| Current Liabilities: | |||||||||||
| Accounts payable | $ | 3,541 | $ | 4,511 | |||||||
| Accrued liabilities | 145,717 | 217,587 | |||||||||
| Deferred revenue | 3,479 | 2,385 | |||||||||
| Total Current Liabilities | 152,737 | 224,483 | |||||||||
| Deferred Income Taxes | 67,089 | 63,028 | |||||||||
| Other Long-term Liabilities | 12,262 | 11,397 | |||||||||
| Total Liabilities | 232,088 | 298,908 | |||||||||
| Shareholders' Equity: | |||||||||||
| Common stock, $.01 par value, 750,000 shares authorized; 161,191 and 163,733 shares issued and outstanding | 1,612 | 1,637 | |||||||||
| Capital in excess of par value | 933,434 | 910,513 | |||||||||
| Retained earnings | 380,664 | 402,860 | |||||||||
| Accumulated other comprehensive loss, net | (27,427 | ) | (25,290 | ) | |||||||
| Total Shareholders' Equity | 1,288,283 | 1,289,720 | |||||||||
| Total Liabilities and Shareholders' Equity | $ | 1,520,371 | $ | 1,588,628 | |||||||
| SEI INVESTMENTS COMPANY | ||||||||||||||||
| ENDING ASSET BALANCES | ||||||||||||||||
| (In millions) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Jun. 30, | Sept. 30, | Dec. 31, | Mar. 31, | Jun. 30, | ||||||||||||
| 2015 | 2015 | 2015 | 2016 | 2016 | ||||||||||||
| Private Banks: | ||||||||||||||||
| Equity and fixed-income programs | $ | 19,686 | $ | 18,243 | $ | 18,150 | $ | 18,370 | $ | 18,328 | ||||||
| Collective trust fund programs | 13 | 3 | 4 | 4 | 3 | |||||||||||
| Liquidity funds | 5,280 | 5,469 | 5,835 | 5,521 | 4,848 | |||||||||||
| Total assets under management | $ | 24,979 | $ | 23,715 | $ | 23,989 | $ | 23,895 | $ | 23,179 | ||||||
| Client assets under administration | 17,485 | 16,896 | 17,532 | 18,324 | 18,537 | |||||||||||
| Total assets | $ | 42,464 | $ | 40,611 | $ | 41,521 | $ | 42,219 | $ | 41,716 | ||||||
| Investment Advisors: | ||||||||||||||||
| Equity and fixed-income programs | $ | 46,951 | $ | 43,988 | $ | 46,123 | $ | 47,357 | $ | 50,016 | ||||||
| Collective trust fund programs | 8 | 9 | 7 | 7 | 5 | |||||||||||
| Liquidity funds | 2,817 | 4,677 | 4,924 | 5,051 | 3,661 | |||||||||||
| Total assets under management | $ | 49,776 | $ | 48,674 | $ | 51,054 | $ | 52,415 | $ | 53,682 | ||||||
| Institutional Investors: | ||||||||||||||||
| Equity and fixed-income programs | $ | 75,341 | $ | 70,818 | $ | 72,263 | $ | 73,468 | $ | 75,944 | ||||||
| Collective trust fund programs | 93 | 96 | 96 | 97 | 88 | |||||||||||
| Liquidity funds | 2,960 | 2,655 | 2,883 | 2,390 | 2,526 | |||||||||||
| Total assets under management | $ | 78,394 | $ | 73,569 | $ | 75,242 | $ | 75,955 | $ | 78,558 | ||||||
| Investment Managers: | ||||||||||||||||
| Equity and fixed-income programs | $ | 24 | $ | 59 | $ | 66 | $ | 72 | $ | 73 | ||||||
| Collective trust fund programs | 20,632 | 19,863 | 32,117 | 32,385 | 33,841 | |||||||||||
| Liquidity funds | 1,007 | 848 | 832 | 733 | 750 | |||||||||||
| Total assets under management | $ | 21,663 | $ | 20,770 | $ | 33,015 | $ | 33,190 | $ | 34,664 | ||||||
| Client assets under administration (A) | 381,963 | 376,133 | 390,282 | 400,579 | 419,139 | |||||||||||
| Total assets | $ | 403,626 | $ | 396,903 | $ | 423,297 | $ | 433,769 | $ | 453,803 | ||||||
| Investments in New Businesses: | ||||||||||||||||
| Equity and fixed-income programs | $ | 779 | $ | 752 | $ | 764 | $ | 803 | $ | 820 | ||||||
| Liquidity funds | 57 | 51 | 47 | 41 | 37 | |||||||||||
| Total assets under management | $ | 836 | $ | 803 | $ | 811 | $ | 844 | $ | 857 | ||||||
| LSV Asset Management: | ||||||||||||||||
| Equity and fixed-income programs | $ | 86,334 | $ | 76,958 | $ | 78,335 | $ | 78,390 | $ | 78,352 | ||||||
| Total: | ||||||||||||||||
| Equity and fixed-income programs (B) | $ | 229,115 | $ | 210,818 | $ | 215,701 | $ | 218,460 | $ | 223,533 | ||||||
| Collective trust fund programs | 20,746 | 19,971 | 32,224 | 32,493 | 33,937 | |||||||||||
| Liquidity funds | 12,121 | 13,700 | 14,521 | 13,736 | 11,822 | |||||||||||
| Total assets under management | $ | 261,982 | $ | 244,489 | $ | 262,446 | $ | 264,689 | $ | 269,292 | ||||||
| Client assets under administration (C) | 399,448 | 393,029 | 407,814 | 418,903 | 437,676 | |||||||||||
| Total assets | $ | 661,430 | $ | 637,518 | $ | 670,260 | $ | 683,592 | $ | 706,968 | ||||||
| (A) | Client assets under administration in the Investment Managers segment include $50.0 billion of assets that require limited services and therefore are at fee levels below our normal full service assets (as of June 30, 2016). |
| (B) | Equity and fixed-income programs include $4.6 billion of assets invested in various asset allocation funds at June 30, 2016. |
| (C) | In addition to the numbers presented, SEI also administers an additional $12.0 billion in Funds of Funds assets (as of June 30, 2016) on which SEI does not earn an administration fee. Client assets under administration as of June 30, 2016 do not reflect $1.3 billion in Funds of Funds assets that were reported at December 31, 2015. |
| SEI INVESTMENTS COMPANY | ||||||||||||||||
| AVERAGE ASSET BALANCES | ||||||||||||||||
| (In millions) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| 2nd Qtr. | 3rd Qtr. | 4th Qtr. | 1st Qtr. | 2nd Qtr. | ||||||||||||
| 2015 | 2015 | 2015 | 2016 | 2016 | ||||||||||||
| Private Banks: | ||||||||||||||||
| Equity and fixed-income programs | $ | 19,872 | $ | 19,080 | $ | 18,603 | $ | 17,644 | $ | 18,504 | ||||||
| Collective trust fund programs | 12 | 6 | 3 | 3 | 3 | |||||||||||
| Liquidity funds | 5,256 | 5,443 | 5,511 | 5,661 | 5,118 | |||||||||||
| Total assets under management | $ | 25,140 | $ | 24,529 | $ | 24,117 | $ | 23,308 | $ | 23,625 | ||||||
| Client assets under administration | 17,823 | 17,504 | 17,775 | 17,248 | 18,436 | |||||||||||
| Total assets | $ | 42,963 | $ | 42,033 | $ | 41,892 | $ | 40,556 | $ | 42,061 | ||||||
| Investment Advisors: | ||||||||||||||||
| Equity and fixed-income programs | $ | 47,027 | $ | 45,992 | $ | 46,044 | $ | 45,175 | $ | 48,783 | ||||||
| Collective trust fund programs | 8 | 9 | 8 | 7 | 6 | |||||||||||
| Liquidity funds | 2,819 | 3,523 | 4,784 | 5,009 | 4,061 | |||||||||||
| Total assets under management | $ | 49,854 | $ | 49,524 | $ | 50,836 | $ | 50,191 | $ | 52,850 | ||||||
| Institutional Investors: | ||||||||||||||||
| Equity and fixed-income programs | $ | 75,426 | $ | 73,568 | $ | 72,463 | $ | 71,779 | $ | 74,984 | ||||||
| Collective trust fund programs | 94 | 93 | 96 | 98 | 96 | |||||||||||
| Liquidity funds | 3,354 | 2,843 | 3,109 | 2,834 | 2,868 | |||||||||||
| Total assets under management | $ | 78,874 | $ | 76,504 | $ | 75,668 | $ | 74,711 | $ | 77,948 | ||||||
| Investment Managers: | ||||||||||||||||
| Equity and fixed-income programs | $ | 25 | $ | 24 | $ | 59 | $ | 66 | $ | 72 | ||||||
| Collective trust fund programs | 21,387 | 20,449 | 30,960 | 30,784 | 33,021 | |||||||||||
| Liquidity funds | 1,010 | 978 | 960 | 832 | 701 | |||||||||||
| Total assets under management | $ | 22,422 | $ | 21,451 | $ | 31,979 | $ | 31,682 | $ | 33,794 | ||||||
| Client assets under administration | 378,347 | 380,247 | 390,080 | 387,421 | 415,237 | |||||||||||
| Total assets | $ | 400,769 | $ | 401,698 | $ | 422,059 | $ | 419,103 | $ | 449,031 | ||||||
| Investments in New Businesses: | ||||||||||||||||
| Equity and fixed-income programs | $ | 784 | $ | 776 | $ | 788 | $ | 757 | $ | 811 | ||||||
| Liquidity funds | 75 | 49 | 47 | 48 | 39 | |||||||||||
| Total assets under management | $ | 859 | $ | 825 | $ | 835 | $ | 805 | $ | 850 | ||||||
| LSV Asset Management: | ||||||||||||||||
| Equity and fixed-income programs | $ | 87,409 | $ | 80,656 | $ | 79,634 | $ | 74,699 | $ | 79,733 | ||||||
| Total: | ||||||||||||||||
| Equity and fixed-income programs | $ | 230,543 | $ | 220,096 | $ | 217,591 | $ | 210,120 | $ | 222,887 | ||||||
| Collective trust fund programs | 21,501 | 20,557 | 31,067 | 30,892 | 33,126 | |||||||||||
| Liquidity funds | 12,514 | 12,836 | 14,411 | 14,384 | 12,787 | |||||||||||
| Total assets under management | $ | 264,558 | $ | 253,489 | $ | 263,069 | $ | 255,396 | $ | 268,800 | ||||||
| Client assets under administration (A) | 396,170 | 397,751 | 407,855 | 404,669 | 433,673 | |||||||||||
| Total assets | $ | 660,728 | $ | 651,240 | $ | 670,924 | $ | 660,065 | $ | 702,473 | ||||||
| (A) | Client assets under administration during second-quarter 2016 do not reflect $1.3 billion in Funds of Funds assets that were reported during fourth-quarter 2015. |
Investor Contact:
Nicole Vattimo
SEI
+1 610-676-4385
nvattimo@seic.com
Media Contact:
Dana Grosser
SEI
+1 610-676-2459
dgrosser@seic.com
Source: SEI
Released July 27, 2016