SEI Investments 2Q earnings fall 34 percent

SEI Investments Co., which provides asset management and investment processing and operations solutions, said Wednesday its second-quarter earnings fell 34 percent due to a non-cash charge tied to support agreements with money market funds.

Net income dropped to $46.2 million, or 24 cents per share, from $69.5 million, or 34 cents per share, during the same period a year earlier.

Analysts polled by Thomson Financial, on average forecast earnings of 33 cents per share for the quarter on revenue of $340.3 million.

Total revenue at SEI Investments decreased to $329.5 million during the second quarter, from $343.3 million during the year-ago period. The decline in revenue was tied to a decrease in asset management, administration and distribution fees.

Fees from that segment fell to $260.9 million in the second quarter from $276.7 million during the year-ago period.

SEI Investments recorded a $27.3 million non-cash, pretax charge tied to support agreements to cover holdings of structured investment products in money market funds it sponsors. The charge resulted in earnings being reduced by 9 cents per share and accounted for the bulk of the earnings decline.

Shares of SEI Investments lost 18 cents to close at $23.29.