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. The Dow Jones industrial average rose 172.6 for the week, to 9167.5. The technology-heavy Nasdaq composite index rose 46.4 points, to 1866.6 Goldman, Sachs & Co.'s index of U.S.-traded technology companies- which lists many bank technology issues-rose 5.2 to 172.36.
Ace Cash Express Inc., a check-cashing chain, signed a five-year deal with Travelers Express Co. to sell money orders under the Ace private label.
Ace's current contract, with First Data Corp.'s Western Union service, expires Dec. 31. The chain sold over 14 million money orders through 740 retail locations in the last year.
First Data's stock price rose $1.4375 to $33.75.
Total System Services Inc., second to First Data in credit card processing, announced a three-for-two stock split. Shares of Total System rose $1.9375 to $31.625.
