Recent Market Downturn Will Test Recent Sales Strength and Impact SEI Investments' Asset-Based Fees

SEI Investments consists of four main segments: private banks, investment advisors, institutional investors, and investment managers. A minority interest in value equity manager LSV Asset Management generates about 20% of its pretax income. The firm's investment advisors, institutional investors, and investment managers segments have been strong drivers of earnings and have strong operating margins, while private banks have been a thorn in SEI's side, with disappointing revenue growth and operating margins.