Second-quarter results revealed mixed fortunes for three companies with units that help banks sell mutual funds.
SEI Corp., a financial technology firm that distributes bank-run mutual funds, reported a decline in net incomes to $3.6 million, from $4.6 million a year ago.
A $900,000 loss from discontinued operations contributed to the decline. Company executives said the restructuring was necessary to allow SEI to focus on core businesses, including bank proprietary funds.
Kemper Corp., which owns Invest Financial Corp., a investment product marketing firm, and also distributes Kemper mutual funds through banks, posted a loss from continuing operations of $5.1 million, or 32 cents a share, compared with net earnings of $23.4 billion, or 50 cents a share, in last year's second quarter.
Executives attributed much of the loss to asset restructurings and other preparations Kemper is making to be purchased by Zurich Insurance Co.
That deal, worth $2 billion, is expected to close early next year.
But Conseco, which owns Bankmark, an investment products marketer, had better news to report. The Carmel, Ind., insurance company reported net income of $100 million, compared with $34.2 million in last year's second quarter.
Conseco, whose plans to be purchased by Kemper were scuttled earlier this year, posted restructuring income of $66.5 million in the latest quarter.
Chairman Stephen C. Hilbert said the restructuring income stemmed from income taxes that had been deferred.