Thank you, Al.
first lost with the the to revenues. This the decline quarter For revenue as due our was the primarily decrease associated asset of for our totaled XXXX, $XXX.X XXXX. lower which revenues, to revenues revenue million, year-over-year clients segment quarter X.X% along was compared with in management down one-time first
This our the for profit fee to was quarterly in of million, by quarter one-times. mainly management segment XXXX. decrease driven the estimate asset million first decline $X.X as compared Our decreased $X.X and
first XXXX. And as of the in activity. profit quarter flat to is compared turning profit fourth quarter Our sales the our
quarter, in sales $X.X we recurring and million event in million $X.X events. the gross For one-time closed processing
existing During to book XXXX TRUST SEI the And Wealth of in Platform on and Trust. first currently an in agreement half Hills SWP their clients migrate business, quarter, of the Trust to the Hills we with and Bank is scheduled signed first SEI XXXX, Bank XXXX.
we our the liked results While are robust quarter. have as not would sales as in
significant of that TIAA a the commitment TRUST and future delivers migrated experience. on as and since see a SEI This Wealth our seamless a infrastructure SEI feel reasons. XXXX strong by A conversion client Bank. technology On optimistic and successfully the X, growing. of growth the needs We employ market wealth milestone XXXX, to significant client, XX to and platform activity continue about part client Platform of We meets SEI employee April opportunities ahead we their us. TIAA to management is strong our business converting present cutting-edge is for and couple we firm's all achieved longtime have pipeline the for
of Wealth largest clients Platform. processing the one SEI becomes TIAA our on First,
to scale opportunity expand further. the and The this to with the partner with Second, this looking conversion large we will are relationship even operations, service, well our for them. a help went long-term us client of client technology infrastructure conversion very our and valued relationship and U.S.
March experienced as business cash distribution XX. management asset Our slightly of flows positive
business both are relationships U.S., new in be the new two managed our will to partners strategic our the one these AMD signed During research these of platform. manager of while account partners consuming our quarter, solutions,
on our wealth signed million $XX.X installed update net approximately but for recurring not total in is SWP an revenue. platform our new backlog, As backlog
Fargo. the on long-awaited for update Wells Now
we conversion All continue work with closely continues activity of this our and to Wells on project.
to Wells four end XXXX. May May XXXX. During October the into of of dates for has implemented targeted this will SWP worked the be divided The to has so quarter, initial install of dates we the all plan the to the finalized will of targeted with and implementation. followed in of phase XXXX accounts finalize SWP be implementation phase This of XXXX by accounts business Wells implemented November approximately the from XXXX, tranches. XX% of is represent by and of The remainder next the in the are implementation on the accounts.
the As the year. we rest to look of
areas yet third, our provide and second, clients; are: implement a first, of be to and for our business our backlog reminder, As fourth; focus globally; investment in sold, to further growing solutions expand of markets XXXX growth. installed SWP; monetize our our
of we out of quarter's while main earnings on themes call, the previously business, the continue migrate remainder headwinds to remainder announced headwinds which the the navigating growth focus - on last lost which mentioned the will We year. over these our of primarily will of
I growth any we prepared forward with over it now and initiatives. judiciously That expenses our to manage will you may forge concludes my remarks continue our have. turn questions will as We for