SEI has released its quarterly financial results reporting an overall rise in profits, although net income from servicing private banks dropped significantly.

The investment processing and wealth management firm’s profits from private banks fell by 55 per cent from $9,522,000 in the first quarter of 2010 to $4,306,000 in the first quarter of 2011.

Despite that precipitous drop, SEI’s overall profits rose 2 per cent from $53,345,000 to $54,597,000 over the same period, in part thanks to gains of $6.9 million from Structured Investment Vehicles securities. But diluted earnings per share remained unchanged since the same period in 2010 at $0.31.

“Compared to a year ago, our first-quarter results reflect improved capital markets and growing acceptance for all of our services,” said Alfred West, SEI chairman and chief executive, in a press release, adding that the firm is confident it can grow in the long term in both the US and UK.