SEI Investments Company (NASDAQ:SEIC) Q1 2024 Earnings Call Transcript

Paul Klauder: And Ryan, if I could that [indiscernible]. Ryan, this is Paul. Just to add one other thing. With regard to the FDIC program, I know you know this but I just wanted to call it out. We did not recognize that as a sales event. So that’s very strong revenue and profitability that the unit and the firm is getting but that is not a sales event. So recognize that lift that’s not in there but the lift — the decrease associated with moving out of mutual funds to ETFs and other passive implements are in there.

Operator: And that was our final question. I would now like to turn the call over to CEO, Ryan Hicke.

Ryan Hicke: Thank you. As I mentioned, we started the quarter with strong financial results and are poised to drive future success. We also announced in Q1 the hire of Sean Denham as Dennis’ successor as CFO for SEI. Sean is a terrific addition to the SEI executive team and brings a wealth of experience and talent to drive our future growth. But I would like to close by thanking and acknowledging my friend, Dennis McGonigle. For almost 40 years, Dennis has set the standard for leadership, culture, stewardship and care and that care extended to shareholders, clients, employees and our families. I have the deepest amount of personal and professional respect and admiration for Dennis and I’m extremely proud to have worked with him for 26 years, learned from him for 26 years and laughed with him for 26 years. Many more times ahead for us in the future. But on behalf of all of us at SEI, I want to say thank you to Dennis, and thank you to everybody for joining today’s call.

Operator: That does conclude our conference for today. Thank you for your participation. You may now disconnect.