On Wednesday, SEI Investments Company (NASDAQ:SEIC) reported its second quarter earnings and discussed the following topics in its earnings conference call. Take a look.
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Quantifying Performance Fees
Robert Lee – KBW: Just a quick question. Could you quantify or give us some sense of the impact from the lower performance fee in the quarter? And maybe just in general, I guess I never thought of LSV as being a – performance fees being a big driver and a big piece of that revenue, but maybe some sense of – and I know it’s hard to predict, but maybe if you’re looking like say last year kind of proportionally how important performance fees are over the course of the year?
Dennis J. McGonigle – CFO: Sure. It’s really not a big part of their overall revenue except in – in the first quarter of this year, it was actually less than 5% of the revenues were performance fees driven. I just said that 5% basically went to zero in the second quarter and so that impacted our income ultimately by give or take about $1 million or $1.5 million. So it’s not a big percentage of the revenue overall generally, just the first quarter they had a little bit higher quarter and it does – it bounces around. They have some quarters like first where they have a little bit more performance fees just because of the timing of client contracts and when the fees are calculated.
Glenn Greene – Oppenheimer: Dennis, just back on the performance fees, is there any seasonality we should be aware of, is it always sort of more skewed to any particular quarter or anything we should be aware of for the future?
Dennis J. McGonigle – CFO: It is a little bit skewed to – I believe it’s really first and third.
Glenn Greene – Oppenheimer: Then the obligatory, what was the revenue for LSV in the quarter?
Dennis J. McGonigle – CFO: The revenues for the quarter were a little over $69 million.