Magazine article American Banker

SEI Climbs Again; Bank-Tech Shares End Week Higher

Magazine article American Banker

SEI Climbs Again; Bank-Tech Shares End Week Higher

Article excerpt

Shares of SEI Corp. continued a remarkable run, closing up another $6 last week, to $74.75 Friday.

The price of the Oaks, Pa., investment management and trust systems company was $18.75 a year ago.

"The proprietary business did $1 million a year in 1990, and we'll do about $90 million (revenue) this year, so it has been explosive for us," said Richard B. Lieb, president of the company's systems and services unit. "We have created a great model," he said.

SEI's recent rise has been fueled by two contracts. One was in fund accounting and administration for Schwab Funds, Charles Schwab & Co.'s proprietary mutual fund unit.

In another deal, its largest to date, SEI will offer trust accounting services to about 350,000 Native Americans with trust relationships with the U.S. government. The five-year deal will be worth about $10 million in annual revenue.

Generally, the bank technology stocks tracked by American Banker edged higher last week. …

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