SSEICSEI Investments Company

SEI Investments gives financial firms a ready technology platform and takes over their record keeping.

The clients are banks, asset managers and independent advisers for whom maintaining their own system for portfolio accounting, reporting and transaction processing does not pay. The company provides it as a service together with the people who run it.

Such a client almost never leaves: migrating fund accounting or thousands of client accounts is risky and takes years. The fee is a share of assets on the platform, so revenue grows with markets and not only with client count. Risks: client consolidation, price pressure and the cost of keeping the platform current. A dividend is paid and buybacks are active.