SEI targets $100M run rate in 5 years on private markets push (NASDAQ:SEIC)

SEI Investments set a target of $100 million in annual run rate revenue within five years. The company aims to achieve this by expanding private markets products into the retail and retirement channels, management said on the Q2 earnings call Tuesday.

SEI reported record revenue and EPS for the quarter. Margins improved. The pipeline for new business is strong, executives said. A separate alternative investments platform is scheduled to go live on Aug. 3.

Buybacks continued during the period. SEI repurchased $X million in stock (the exact figure was not disclosed in the summary). The company’s push into private markets for a broader investor base is a multi-year effort that could reshape its revenue mix.

SEI shares rose 2.3% in after-hours trading following the call.