Oppenheimer Maintains Perform Rating on SEI Investments

A report from Oppenheimer reiterates its Perform rating on SEI Investments SEIC. The report states, “This week we marketed with SEI's head of Private Banking & Trust division (38% of revenue and key to SEI's future growth). Recall we recently downgraded SEI (to Perform) due to anticipation of continued sluggish sales, recent market volatility/weakness, industry asset outflows, and escalating GWP-related costs. Recent quarterly results and management commentary appear consistent with our thesis, at least over the intermediate term." SEIC closed yesterday at $16.85.