Not a day goes by without the financial sector being rocked by news involving write-downs, downgrades and defaults.
It was a relief to read Alfred P. West Jr.'s quote in Wednesday's earnings announcement for SEI Investments Co.:
We continue to be satisfied with the progress we are making, even in the face of difficulties created by the capital and credit markets.
West is the chief executive officer of the Oaks provider of automation systems to financial-services companies and transaction-processing services for money managers. His company was profiled in Monday's Business section.
All SEI did in 2007 was increase revenue 16 percent to $1.37 billion while its net income grew 10 percent to $259.8 million.
That net income was lowered by a $25.1 million charge related to two SEI-sponsored money market funds that owned securities issued by Cheyne Finance L.L.C. , a structured investment vehicle that was declared insolvent last fall.
So even a brush with some tainted collateralized debt obligations and mortgage-backed securities couldn't ruin SEI's solid year.
