OAKS, Pa. (AP) -- SEI Investments Co., citing continued volatility in global markets, said Wednesday that its second-quarter profit fell 7.6 percent.
The investment management firm posted net income of $49.6 million, or 28 cents per share, down from $53.6 million, or 29 cents per share, in the same quarter last year.
Revenue edged up to $241.2 million from $237.8 million. It was boosted by a 2.5 percent increase in asset management, administrative and distribution fee revenue, to $176.6 million.
SEI's results fell short of Wall Street predictions. Analysts, on average, expected a profit of 30 cents per share on $243.6 million in revenue, according to FactSet.
SEI, based in Oaks, Pa., said the quarter was affected by the uncertainty and volatility surrounding the global markets. Total expenses rose 2 percent to $187.4 million.
Shares rose 75 cents, or 3.8 percent, to $20.64 in midday trading.
