is the latest firm to report feeling the market pain. On Thursday the Oaks, Pennsylvania-based fund outsourcer revealed
a $27.5 billion quarterly drop in assets under management, to $134.3 billion on December 31. SEI's client assets under administration also fell $22 billion to $234.6 billion. Yet its investment management division's profit and margin actually rose year-over-year.
"The severe downturn in the capital markets made the fourth-quarter a particularly challenging one and had a significant negative impact on both our quarterly and annual results," stated chairman and CEO Alfred P. West, Jr.
Profits from investment management rose eight percent from $11.492 million in 4Q07 to $12.430 million in 4Q08, even as revenue declined.
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