OAKS, Pa., July 24, 2024 /PRNewswire/ -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the second-quarter 2024. Diluted earnings per share were $1.05 in second-quarter 2024 compared to $0.89 in second-quarter 2023.
Consolidated Overview | ||||||
(In thousands, except | For the Three Months | For the Six Months | ||||
2024 | 2023 | % | 2024 | 2023 | % | |
Revenues |
$518,986 | $489,057 |
6 % |
$1,030,565 |
$958,176 |
8 % |
Net income | 139,120 | 118,851 | 17 % | 270,520 | 225,866 | 20 % |
Diluted earnings per share | $1.05 | $0.89 | 18 % | $2.04 | $1.68 | 21 % |
"Our second-quarter results reflect 6% profit growth quarter over quarter, as our focus on capital allocation, operational leverage, and revenue growth is seeing real traction and delivering results. We also have momentum across our markets, particularly with the increased adoption of our platforms in our technology and operational businesses," said CEO Ryan Hicke.
"We are investing in areas we believe represent future growth opportunities, including talent, professional services, innovation, private assets, and emerging technology. Our people and the breadth of our capabilities set us apart in the industry, and we are uniquely positioned to capitalize on opportunities to deliver a world-class client experience and maximize return on invested capital for our stakeholders."
Summary of Second-Quarter Results by Business Segment | ||||||
(In thousands) | For the Three Months | For the Six Months | ||||
Private Banks: | 2024 | 2023 | % | 2024 | 2023 | % |
Revenues | $132,401 | $132,414 | — % | $262,538 | $253,316 | 4 % |
Expenses | 111,890 | 114,165 | (2) % | 224,864 | 226,627 | (1) % |
Operating Profit | 20,511 | 18,249 | 12 % | 37,674 | 26,689 | 41 % |
Operating Margin | 15 % | 14 % | 14 % | 11 % | ||
Investment Advisors: | ||||||
Revenues |
120,587 |
109,580 |
10 % |
243,305 |
216,118 |
13 % |
Expenses | 68,953 | 64,178 | 7 % | 135,911 | 127,724 | 6 % |
Operating Profit | 51,634 | 45,402 | 14 % | 107,394 | 88,394 | 21 % |
Operating Margin | 43 % | 41 % | 44 % | 41 % | ||
Institutional Investors: | ||||||
Revenues |
71,507 |
75,145 |
(5) % |
143,285 |
149,435 |
(4) % |
Expenses | 38,426 | 45,516 | (16) % | 78,535 | 86,384 | (9) % |
Operating Profit | 33,081 | 29,629 | 12 % | 64,750 | 63,051 | 3 % |
Operating Margin | 46 % | 39 % | 45 % | 42 % | ||
Investment Managers: | ||||||
Revenues |
179,868 |
159,204 |
13 % |
352,521 |
313,701 |
12 % |
Expenses | 111,287 | 103,213 | 8 % | 220,837 | 204,898 | 8 % |
Operating Profit | 68,581 | 55,991 | 22 % | 131,684 | 108,803 | 21 % |
Operating Margin | 38 % | 35 % | 37 % | 35 % | ||
Investments in New Businesses: |
14,623 |
12,714 |
15 % |
28,916 |
25,606 |
13 % |
Revenues | ||||||
Expenses | 18,580 | 17,015 | 9 % | 36,963 | 34,654 | 7 % |
Operating Loss | (3,957) | (4,301) | NM | (8,047) | (9,048) | NM |
Totals: | ||||||
Revenues | $518,986 | $489,057 | 6 % | $1,030,565 | $958,176 | 8 % |
Expenses | 349,136 | 344,087 | 1 % | 697,110 | 680,287 | 2 % |
Corporate Overhead Expenses | 33,336 | 32,369 | 3 % | 71,090 | 63,521 | 12 % |
Income from Operations | $136,514 | $112,601 | 21 % | $262,365 | $214,368 | 22 % |
Second-Quarter Business Highlights:
- Revenues from Assets under management, administration, and distribution fees increased primarily from higher assets under administration due to cross sales to existing alternative investment clients of the Investment Managers segment as well as new sales in the segment. Additionally, second-quarter 2024 revenues included fees of $10.1 million from the SEI Integrated Cash Program of the Investment Advisors segment launched in December 2023.
- Market appreciation and positive cash flows into separately managed account programs and Strategist programs of the Investment Advisors segment also contributed to the increase in revenues. This was partially offset by negative cash flows from SEI fund programs and fee reductions in separately managed account programs. Revenue growth was also partially offset by client losses in the Institutional Investors segment.
- Average assets under administration increased $141.8 billion, or 16%, to $1.0 trillion during the second-quarter 2024, as compared to $863.6 billion during the second-quarter 2023 (see attached Average Asset Balances schedules for further details).
- Average assets under management in equity and fixed income programs, excluding LSV, increased $7.1 billion, or 4%, to $176.1 billion during the second-quarter 2024, as compared to $169.0 billion during the second-quarter 2023 (see attached Average Asset Balances schedule for further details).
- Revenues from Information processing and software servicing fees increased from new client conversions and growth from existing SEI Wealth PlatformSM (SWP) clients. A one-time early contractual buyout fee of $10.5 million recorded during second-quarter 2023 from an investment processing client of the Private Banks segment acquired by an existing client partially offset the increase in revenues.
- Net sales events in the Private Banks and Investment Managers segments during the second- quarter 2024 were $26.9 million and are expected to generate net annualized recurring revenues of approximately $21.5 million when contract values are completely realized.
- Net sales events in asset management-related businesses of the Investment Advisors and Institutional Investors segments and the Asset Management Distribution (AMD) business in the Private Banks segment during the second-quarter 2024 were negative $5.6 million.
- Net sales events for newer initiatives, which includes SEI Family Office Services, SEI Private Wealth Management and SEI Sphere, were $674 thousand during the second-quarter 2024.
- The increase in operational expenses was due to higher personnel costs from business growth, primarily in the Investment Managers segment, and the impact of inflation on wages and services. Cost containment measures related to consulting and other vendor costs partially offset the increase in operating expenses during the second-quarter 2024.
- Earnings from LSV increased to $34.2 million in the second-quarter 2024 as compared to $32.7 million in the second-quarter 2023 due to market appreciation. Net negative cash flows from existing clients and client losses partially offset the increase in earnings from LSV.
- Capitalized software development costs were $6.4 million in the second-quarter 2024, of which $3.9 million was for continued enhancements to SWP. Capitalized software development costs also include $2.5 million in the second-quarter 2024 for a new platform for the Investment Managers segment.
- Effective tax rates were 23.9% in the second-quarter 2024 and 23.4% in the second-quarter 2023.
- Repurchased shares of SEI common stock were 1.6 million for $111.2 million during the second-quarter 2024 at an average price of $67.44 per share.
- Cash flow from operations was $114.7 million, and free cash flow was $100.6 million during the second-quarter 2024.
Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern time on July 24, 2024. Investors may listen to the call at seic.com/ir-events. Investors may also listen to a replay by telephone at (USA) 866-207-1041; (International) 402-970-0847; Access Code: 9919219.
About SEI®
SEI (NASDAQ:SEIC) delivers technology and investment solutions that connect the financial services industry. With capabilities across investment processing, operations, and asset management, SEI works with corporations, financial institutions and professionals, and ultra-high-net-worth families to help drive growth, make confident decisions, and protect futures. As of June 30, 2024, SEI manages, advises, or administers approximately $1.5 trillion in assets. For more information, visit seic.com.
This release contains forward-looking statements within the meaning or the rules and regulations of the Securities and Exchange Commission. In some cases you can identify forward-looking statements by terminology, such as "may," "will," "expect," "believe" and "continue" or "appear." Our forward-looking statements include our current expectations as to:• the momentum generated across our markets;
- the adoption of our platforms in our technology and operational businesses;
- the areas in which we invest and the degree to which these areas represent growth opportunities;
- whether we are positioned to capitalize on opportunities to deliver a world-class client experience and maximize return on invested capital for our stakeholders; and
- when and if we will generate net annualized recurring revenues from sales events that occurred during the quarter, as well as the amount of any such revenue.
We anticipate that we may deliver forward-looking statements during today's earnings call that include our current expectations as to the matters in this release and set forth above as well as:
- our strategic priorities and the strength of our execution against these priorities;
- the elements of our optimization focus;
- our investment priorities;
- platform adoption in the RIA space;
- the expansion opportunities available to us in the markets in which we currently, and seek to, participate;
- the opportunities and benefits our Artificial Intelligence initiatives may afford us;
- opportunities for earnings growth;
- the degree to which we are proactively addressing industry headwinds and capitalizing on tailwinds to position ourselves for long-term success;
- whether the shift in market preference in product types, asset allocation, and investment choice presents opportunity;
- if we are positioned to expand our footprint and capitalize on the trend across technology, operations and asset management towards private assets;
- the opportunity for our Professional Services offering;
- the degree to which we are well-positioned to drive growth and continue delivering value for our shareholders;
- whether we will build upon our success;
- the strength of our pipelines;
- our momentum in helping RIAs achieve scale and business growth;
- our ability to execute against our strategic priorities;
- our ability to align our cost structure to talent and the benefits of such alignment;
- the benefits we will derive from the businesses and/or assets we acquire and our ability to successful integrate these assets in order to drive the expected benefits, strategic and otherwise;
- the headwinds our businesses face and our ability to respond to these headwinds;
- the amount, if any, of our current backlog of sold but expected to be installed revenue and recurring revenue in the next 18 months that will actually be installed during such period, if ever;
- the amount, if any, of recurring revenue that will be generated by our net sales;
- the strength of our second half sales events and the benefits of such events;
- our momentum in helping RIAs achieve scale, business growth, and value creation for their clients;
- the degree to which our enterprise approach and availing more capabilities to increase AUA, AUM and Services revenue will create greater shareholder value;
- the market dynamics affecting our market units; and
- our tax rate for the remainder of 2024.
You should not place undue reliance on our forward-looking statements, as they are based on the current beliefs and expectations of our management and subject to significant risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe the assumptions upon which we base our forward-looking statements are reasonable, they could be inaccurate. Some of the risks and important factors that could cause actual results to differ from those described in our forward-looking statements can be found in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended Dec. 31, 2023, filed with the Securities and Exchange Commission.
SEI INVESTMENTS COMPANY | ||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
(In thousands, except per share data) | ||||
(Unaudited) | ||||
For the Three Months | For the Six Months | |||
2024 | 2023 | 2024 | 2023 | |
Asset management, admin. and distribution fees |
$409,398 |
$378,821 |
$813,764 |
$750,650 |
Information processing and software servicing fees | 109,588 | 110,236 | 216,801 | 207,526 |
Total revenues |
518,986 |
489,057 |
1,030,565 |
958,176 |
Subadvisory, distribution and other asset mgmt. costs | 46,542 | 47,247 | 93,310 | 94,626 |
Software royalties and other information processing costs | 8,096 | 8,396 | 16,567 | 15,689 |
Compensation, benefits and other personnel | 185,878 | 175,706 | 378,794 | 349,121 |
Stock-based compensation | 12,469 | 7,405 | 23,528 | 15,479 |
Consulting, outsourcing and professional fees | 53,991 | 61,312 | 105,967 | 122,416 |
Data processing and computer related | 38,074 | 34,945 | 75,234 | 68,285 |
Facilities, supplies and other costs | 18,570 | 23,034 | 37,173 | 41,826 |
Amortization | 10,485 | 9,630 | 20,871 | 19,054 |
Depreciation | 8,367 | 8,781 | 16,756 | 17,312 |
Total expenses |
382,472 |
376,456 |
768,200 |
743,808 |
Income from operations | 136,514 | 112,601 | 262,365 | 214,368 |
Net gain from investments | 666 | 515 | 2,922 | 1,259 |
Interest and dividend income | 11,552 | 9,550 | 22,371 | 18,328 |
Interest expense | (139) | (139) | (278) | (280) |
Equity in earnings of unconsolidated affiliate | 34,219 | 32,711 | 65,862 | 61,590 |
Income before income taxes |
182,812 |
155,238 |
353,242 |
295,265 |
Income taxes | 43,692 | 36,387 | 82,722 | 69,399 |
Net income |
$139,120 |
$118,851 |
$270,520 |
$225,866 |
Basic earnings per common share |
$1.06 |
$0.89 |
$2.06 |
$1.69 |
Shares used to calculate basic earnings per share |
130,815 |
132,854 |
131,116 |
133,437 |
Diluted earnings per common share |
$1.05 |
$0.89 |
$2.04 |
$1.68 |
Shares used to calculate diluted earnings per share |
132,073 |
133,936 |
132,409 |
134,623 |
Dividends declared per common share |
$0.46 |
$0.43 |
$0.46 |
$0.43 |
SEI INVESTMENTS COMPANY | |||
CONSOLIDATED BALANCE SHEETS | |||
(In thousands) | |||
(Unaudited) | |||
June 30, | December 31, | ||
Assets Current Assets: | |||
Cash and cash equivalents | $768,291 | $834,697 | |
Restricted cash | 301 | 301 | |
Receivables from investment products | 47,963 | 55,886 | |
Receivables, net of allowance for doubtful accounts of $1,545 and $663 | 589,708 | 501,434 | |
Securities owned | 30,338 | 31,334 | |
Other current assets | 61,472 | 54,464 | |
Total Current Assets | 1,498,073 | 1,478,116 | |
Property and Equipment, net of accumulated depreciation of $484,087 and $474,034 |
167,563 |
171,364 | |
Operating Lease Right-of-Use Assets | 30,564 | 22,477 | |
Capitalized Software, net of accumulated amortization of $626,864 and $612,971 | 238,559 | 239,783 | |
Available for Sale and Equity Securities | 176,949 | 155,413 | |
Investments in Affiliated Funds, at fair value | 7,737 | 7,316 | |
Investment in Unconsolidated Affiliate | 53,223 | 110,781 | |
Goodwill | 137,254 | 137,333 | |
Intangible Assets, net of accumulated amortization of $49,289 and $42,520 | 75,409 | 82,443 | |
Deferred Contract Costs | 39,975 | 40,221 | |
Deferred Income Taxes | 52,847 | 37,709 | |
Other Assets, net | 50,912 | 37,047 | |
Total Assets | $2,529,065 | $2,520,003 | |
Liabilities and Equity | |||
Current Liabilities: | |||
Accounts payable | $9,199 | $10,618 | |
Accrued liabilities | 208,122 | 318,945 | |
Current portion of long-term operating lease liabilities | 7,613 | 8,118 | |
Deferred revenue | 12,197 | 15,366 | |
Total Current Liabilities | 237,131 | 353,047 | |
Long-term Income Taxes Payable | 803 | 803 | |
Long-term Operating Lease Liabilities | 25,469 | 17,235 | |
Other Long-term Liabilities | 18,159 | 17,090 | |
Total Liabilities | 281,562 | 388,175 | |
Shareholders' Equity: | |||
Common stock, $0.01 par value, 750,000 shares authorized; 129,855 and 131,178 |
1,299 |
1,312 | |
Capital in excess of par value | 1,465,037 | 1,404,962 | |
Retained earnings | 823,549 | 762,586 | |
Accumulated other comprehensive loss, net | (42,382) | (37,032) | |
Total Shareholders' Equity | 2,247,503 | 2,131,828 | |
Total Liabilities and Shareholders' Equity | $2,529,065 | $2,520,003 | |
ENDING ASSET BALANCES | |||||
(In millions) (Unaudited) | |||||
Jun. 30, 2023 | Sept. 30, 2023 | Dec. 31, 2023 | Mar. 31, 2024 | Jun. 30, 2024 | |
Private Banks: Equity and fixed-income programs |
$24,091 |
$23,039 |
$24,496 |
$25,282 |
$25,031 |
Collective trust fund programs | 7 | 6 | 4 | 5 | 5 |
Liquidity funds | 3,433 | 3,636 | 3,916 | 2,733 | 2,699 |
Total assets under management | $27,531 | $26,681 | $28,416 | $28,020 | $27,735 |
Client assets under administration | 4,154 | 4,399 | 7,267 | 8,024 | 7,813 |
Total assets | $31,685 | $31,080 | $35,683 | $36,044 | $35,548 |
Investment Advisors: Equity and fixed-income programs |
$69,439 |
$66,911 |
$71,634 |
$74,715 |
$74,556 |
Liquidity funds | 4,968 | 5,175 | 4,812 | 4,722 | 4,301 |
Total Platform assets under management | $74,407 | $72,086 | $76,446 | $79,437 | $78,857 |
Platform-only assets | 16,103 | 16,232 | 18,324 | 20,516 | 21,908 |
Platform-only assets-deposit program | — | — | 843 | 897 | 894 |
Total Platform assets | $90,510 | $88,318 | $95,613 | $100,850 | $101,659 |
Institutional Investors: Equity and fixed-income programs |
$75,854 |
$72,387 |
$77,208 |
$75,969 |
$75,542 |
Collective trust fund programs | 4 | 4 | 1 | 1 | 1 |
Liquidity funds | 1,353 | 2,119 | 1,734 | 2,179 | 2,309 |
Total assets under management | $77,211 | $74,510 | $78,943 | $78,149 | $77,852 |
Client assets under advisement | 4,368 | 4,085 | 6,120 | 6,862 | 7,886 |
Total assets | $81,579 | $78,595 | $85,063 | $85,011 | $85,738 |
Investment Managers: Collective trust fund programs (A) |
$149,779 |
$146,991 |
$156,376 |
$161,660 |
$192,747 |
Liquidity funds | 249 | 180 | 114 | 202 | 221 |
Total assets under management | $150,028 | $147,171 | $156,490 | $161,862 | $192,968 |
Client assets under administration | 857,801 | 871,385 | 920,757 | 959,904 | 998,315 |
Total assets | $1,007,829 | $1,018,556 | $1,077,247 | $1,121,766 | $1,191,283 |
Investments in New Businesses: |
$2,104 |
$2,017 |
$2,174 |
$2,269 |
$2,285 |
Liquidity funds | 217 | 202 | 209 | 223 | 631 |
Total assets under management | $2,321 | $2,219 | $2,383 | $2,492 | $2,916 |
Client assets under advisement | 1,098 | 1,070 | 1,150 | 1,248 | 1,886 |
Client assets under administration | 15,769 | 14,997 | 14,807 | 15,411 | 14,848 |
Total assets | $19,188 | $18,286 | $18,340 | $19,151 | $19,650 |
LSV Asset Management: Equity and fixed-income programs (B) |
$86,469 |
$83,684 |
$89,312 |
$93,616 |
$90,197 |
Total: Equity and fixed-income programs (C) |
$257,957 |
$248,038 |
$264,824 |
$271,851 |
$267,611 |
Collective trust fund programs | 149,790 | 147,001 | 156,381 | 161,666 | 192,753 |
Liquidity funds | 10,220 | 11,312 | 10,785 | 10,059 | 10,161 |
Total assets under management | $417,967 | $406,351 | $431,990 | $443,576 | $470,525 |
Client assets under advisement | 5,466 | 5,155 | 7,270 | 8,110 | 9,772 |
Client assets under administration (D) | 877,724 | 890,781 | 942,831 | 983,339 | 1,020,976 |
Platform-only assets | 16,103 | 16,232 | 19,167 | 21,413 | 22,802 |
Total assets | $1,317,260 | $1,318,519 | $1,401,258 | $1,456,438 | $1,524,075 |
(A) Collective trust fund program assets in the Investment Managers segment are included in assets under management since |
(B) Equity and fixed-income programs include $1.8 billion of assets managed by LSV in which fees are based solely on |
(C) Equity and fixed-income programs include $6.2 billion of assets invested in various asset allocation funds (as of June 30, |
(D) In addition to the assets presented, SEI also administers an additional $8.5 billion in Funds of Funds assets on which SEI |
AVERAGE ASSET BALANCES | |||||
(In millions) (Unaudited) | |||||
2nd Qtr. 2023 | 3rd Qtr. 2023 | 4th Qtr. 2023 | 1st Qtr. 2024 | 2nd Qtr. 2024 | |
Private Banks: Equity and fixed-income programs |
$23,748 |
$23,920 |
$23,309 |
$24,593 |
$24,859 |
Collective trust fund programs | 7 | 6 | 5 | 4 | 5 |
Liquidity funds | 3,500 | 3,585 | 3,808 | 3,902 | 2,734 |
Total assets under management | $27,255 | $27,511 | $27,122 | $28,499 | $27,598 |
Client assets under administration | 4,282 | 4,221 | 7,083 | 7,753 | 7,884 |
Total assets | $31,537 | $31,732 | $34,205 | $36,252 | $35,482 |
Investment Advisors: Equity and fixed-income programs |
$68,371 |
$69,309 |
$68,369 |
$72,689 |
$73,793 |
Liquidity funds | 4,808 | 4,990 | 5,046 | 4,649 | 4,348 |
Total Platform assets under management | $73,179 | $74,299 | $73,415 | $77,338 | $78,141 |
Platform-only assets | 15,548 | 16,544 | 17,201 | 19,198 | 20,897 |
Platform-only assets-deposit program | — | — | 281 | 849 | 886 |
Total Platform assets | $88,727 | $90,843 | $90,897 | $97,385 | $99,924 |
Institutional Investors: Equity and fixed-income programs |
$74,865 |
$75,023 |
$73,644 |
$76,414 |
$75,203 |
Collective trust fund programs | 4 | 4 | 3 | 1 | 1 |
Liquidity funds | 1,537 | 1,611 | 1,682 | 1,812 | 1,893 |
Total assets under management | $76,406 | $76,638 | $75,329 | $78,227 | $77,097 |
Client assets under advisement | 4,583 | 4,294 | 4,607 | 6,498 | 7,508 |
Total assets | $80,989 | $80,932 | $79,936 | $84,725 | $84,605 |
Investment Managers: Collective trust fund programs (A) |
$147,543 |
$150,379 |
$149,551 |
$156,737 |
$189,884 |
Liquidity funds | 286 | 237 | 205 | 207 | 227 |
Total assets under management | $147,829 | $150,616 | $149,756 | $156,944 | $190,111 |
Client assets under administration | 843,065 | 873,821 | 901,487 | 938,804 | 982,806 |
Total assets | $990,894 | $1,024,437 | $1,051,243 | $1,095,748 | $1,172,917 |
Investments in New Businesses: |
$2,057 |
$2,096 |
$2,069 |
$2,200 |
$2,234 |
Liquidity funds | 199 | 211 | 197 | 214 | 471 |
Total assets under management | $2,256 | $2,307 | $2,266 | $2,414 | $2,705 |
Client assets under advisement | 1,075 | 1,101 | 1,080 | 1,194 | 2,014 |
Client assets under administration | 16,231 | 15,682 | 14,781 | 15,147 | 14,713 |
Total assets | $19,562 | $19,090 | $18,127 | $18,755 | $19,432 |
LSV Asset Management: Equity and fixed-income programs (B) |
$84,492 |
$86,671 |
$84,492 |
$90,708 |
$90,849 |
Total: Equity and fixed-income programs (C) |
$253,533 |
$257,019 |
$251,883 |
$266,604 |
$266,938 |
Collective trust fund programs | 147,554 | 150,389 | 149,559 | 156,742 | 189,890 |
Liquidity funds | 10,330 | 10,634 | 10,938 | 10,784 | 9,673 |
Total assets under management | $411,417 | $418,042 | $412,380 | $434,130 | $466,501 |
Client assets under advisement | 5,658 | 5,395 | 5,687 | 7,692 | 9,522 |
Client assets under administration (D) | 863,578 | 893,724 | 923,351 | 961,704 | 1,005,403 |
Platform-only assets | 15,548 | 16,544 | 17,482 | 20,047 | 21,783 |
Total assets | $1,296,201 | $1,333,705 | $1,358,900 | $1,423,573 | $1,503,209 |
(A) | Collective trust fund program average assets in the Investment Managers segment are included in assets under management since SEI is the trustee. Fees earned on this product are less than fees earned on customized asset management programs. |
(B) | Equity and fixed-income programs during second-quarter 2024 include $1.9 billion of average assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee. |
(C) | Equity and fixed-income programs include $6.3 billion of average assets invested in various asset allocation funds during second-quarter 2024. |
(D) | In addition to the assets presented, SEI also administers an additional $8.6 billion of average assets in Funds of Funds |
Investor/media contact:
Leslie Wojcik
SEI
+1 610-676-4191
[email protected]
View original content:https://www.prnewswire.com/news-releases/sei-reports-second-quarter-2024-financial-results-302205855.html
SOURCE SEI Investments Company