OAKS, Pa. (AP) -- SEI Investments Co. said Wednesday that its third-quarter earnings rose 3 percent as strong results at the company's investment advisory business helped offset a smaller operating profit at its private banking business.
SEI Investments reported net income of $50.7 million, or 29 cents per share, for the July-to-September period. That was up from earnings of $49.2 million, or 27 cents per share, in the same quarter a year ago.
Analysts surveyed by FactSet had expected slightly higher earnings of 30 cents per share, on average, in the latest quarter.
Revenue rose 8 percent to $251.8 million, ahead of analysts' consensus estimate of $247.5 million.
Shares of the Oaks, Pa.-based company rose 50 cents, or about 2.4 percent, to $21.55 in morning trading.
SEIC said the operating profit at its biggest segment, private banking, dropped to $867,000 from nearly $1.8 million in the year-ago quarter. Excluding a one-time expense, earnings from private banking were $3.5 million. Revenue in that segment increased 5 percent while expenses rose 6 percent.
The investment advisory business recorded a 13 percent increase in its operating profit to $21.3 million, as a revenue gain of 10 percent offset a 7 percent increase in expenses.
The institutional investors segment recorded a 7 percent increase in operating profit, while the investment managers segment posted a 6 percent increase.
Average assets under management increased nearly 13 percent to $132.6 billion in the latest quarter compared with $117.8 billion during the third quarter of 2011. The figures exclude the LSV Asset Management business, in which SEIC is a 40 percent owner.
SEIC's clients include corporations, financial institutions and advisers, and wealthy families.