SEI Investments Company

Ladies and gentlemen, thank you for standing by, and welcome to the SEI first quarter 2022 earnings call. At this time, all lines are in a listen-only mode. Later, we will have a question and answer session. If you'd like to queue up for a question, you can do so at any time by pressing 1, then 0 on your touchstone keypad. As a reminder, today's conference is being recorded. I'd now like to turn the conference over to Chairman and CEO Al West. Please go ahead.

Welcome, everyone. On our call today, we have Al Giordano, Phil McCabe, Wayne Withrow, Paul Cloddard, Kathy Heinle, our controller, and Dennis McGonigal, our CFO. Also joining us is Ryan Hickey, who I will be transitioning to the role of CEO on June 1st. Now, today, I'll start by recapping first quarter. 2022, I'll then turn it over to Dennis and cover LSV and the investment in new business segment. And after that, each business segment leader will comment on the results of their segments. As usual, we will field questions at the end of each report. So let's turn our attention to the financial results of the first quarter of 2022. First quarter revenues grew 28% from a year ago, while first quarter earnings grew by 47% from a year ago. First quarter EPS of $1.36 grew 53% from the 89 cents reported in the first quarter of 2021. And during the quarter, asset balances decreased by $9.4 billion, while LSV's balances decreased by 3.0 balances. In the quarter, we repurchased 1.7 million shares of SEI stock at a price of $58.42 per share. That translates into $101.1 million of stock repurchases. We had a successful sales quarter with net events totaling $28.7 million, $27 million, I'm sorry, $28.7 million, 27 million of which is net recurring. Each of our segments will cover the details. The big news this quarter is that we have selected a new CEO, he is Ryan Hinckley. Ryan is no stranger to SEI, nor to you. He has worked at SEI for 24 years in a variety of leading positions in asset management, processing, and technology. In addition, Ryan brings a global perspective to his career, having worked half of his years at SEI outside of the United States. And recently, he provided leadership to a fast-growing And finally, what's really important is that he lives and breathes our culture, providing a role model for all. And now I'd like to turn it over to Al to say hello. Al? Did I say Al? Brian? What kind of slip is that? Thanks, Al.

Good afternoon, everyone. I appreciated the opportunity to speak to so many of you over the last couple of weeks. I thought I would take a brief minute to share some of the things I am focused on presently. While we are in a very strong position strategically and financially, we need to continue to make changes to truly capitalize on our opportunities in the future. As the year evolves, you will see a continued focus on maintaining and accelerating growth in existing businesses, including margin expansion in private banking and segment expansion in other units, rapidly expanding our focus on new growth engines, including SEI Sphere and other relevant M&A activity, and reinvigorating our culture and talent strategy with an emphasis on infusing new skills, perspectives, thinking, including diversity all across the company. I truly look forward to spending more time with all of you, and I'm excited to continue to work closely alongside Al and the team to hit the ground running in June. I will now turn it over to Dennis, but I look forward to any questions today or in the coming weeks. Thank you.