Al. you, Thank
revenue quarter previously third XXXX. announced, which segment in primarily of these was to totaled year-over-year of asset along our with to the million, revenue This management decreased of for business. decrease third X% $XXX.X the the compared For XXXX, as quarter is revenue down due some the revenues our losses in client
quarterly profit $X.X of as the was increased compared quarter million the million, $X.X third Our segment to for XXXX.
profit $X.X XXXX our of mainly quarter in quarter third is Our as due compared down two to second million the items. profit to
to items We As product capitalize work it a maturity, enhancements. and development sign of has type this maintenance moved occurs do work not of expense it. from as and larger our
QX, our Second, increase contributed adjustments, QX compensation in expense we in mid-year compared the of which to to effect had QX.
tightly in supporting we We events. the momentum new with building are continue an to growth eye manage in but expenses
net And the approximately activity turning sales quarter, sales events. to we $XX.X for in signed million
previously included events. on The second quarter Additionally, following: discussed one-time These $X.X the call. we had deals two million in events our
North private wealth and strategies U.S. CIBC is are planning legacy financial American offers wealth management, U.S. business who they management leading wealth a management, solutions. its reminder, institution, investment a private As
& long was Dorsey a Whitney. second firm The law client time
also to existing the two Wealth half Platform to clients XXXX. of SEI business in are of During additional the quarter, the to Both XXXX second their our Trust we SWP. books scheduled existing which signed migrate clients,
Financial we Trust encouraged acquired This is Additionally, for and us from for quarter to will have The we Retirement events from end, entered are a after pleased before Principal quarter about call, to finalize only Principal that market as announced are the and standpoint, with an financial our service a Group the as to provide deal seen this Wells we to the Fargo quarter business. announce the might the you our significant this in over platform press, our in opportunity but their here. agreement expand relationship work Trust included today's but also leader deal is Institutional not not we contract. and to into
an the and and Security and increasingly our And TRUST well scale on update three quarter, Wealth Rockland implementation In ability Platform. clients turning conversions XXXX Company, to Wealth They prove SEI Trust against company. aggressive well business. three to XXXX our converted competition. as strategy went Management, All very proposition our demonstrated our TRUST the successfully increasingly value were BMO third to the we as Trust
one of with years. term client contract re-contracted Trust the also We five
revenue, update including but backlog, in the previously. backlog is business mentioned not an approximately Principal our our As on million new total recurring $XX.X net signed, not installed
see management year-over-year asset and total did assets. business. quarter-over-quarter in We a under of slightly however, global flat cash an From build $XXX management assets ended strong standpoint, representing to AMD million, we lower our period flows billion, the $XX.X negative pipeline at continue
to couple updates. client Turning of a
momentum loss this and before, First several leaving the that navigate as will grow as full on headwind, need to times date, reconvert we will an previously of effect the quarter. to and we us. platform be of mentioned be our we offer of this our quarter business. The third Trust end gain fourth in numbers rescheduled update Department disclosed continue at conversion the Interior several did that After business business will
Also the number we Fargo quarter, Wells during worked a of on with initiatives.
projects impressing Wells sold have technology continues Wells As other institutional previously, had as appointment and and to Also retirement has mentioned in important business. CEO. recently of the disclosed and new recently their Trust the a past, have
Wells to need the in these to IRT leads, informed Wells initiatives. scheduled to will with parties, on closely conversion. the of professional with change service be it must around resources more immediate other other Fargo has pause SEI order is including us we and these support Fargo that light In priorities SWP Wells the technology implementation working redirect providing
no Consequently, over timing Currently These priorities factors influence will and significant in in not there implementation. interim. that SWP finalized when priorities expense estimate the the with control. we that cannot within and us have Wells have demonstrated their work that been our of the developments will recent reasonably have Wells current implementation are we are dates restart to business for
conversion on Accordingly, until we giving updates will Wells them. dates finalizes new not be
generating backlog, Principal including growing we momentum the the on More a focus current and business, of the SEI conversion U.S. client to is the U.K. our of will both business the IRT new importantly, on Financial Group. result implementing to focus in will and which
momentum. like closing, I In highlight to our would
yet by resurgence see of growth can clients combined you our momentum. signed, we our feel market be to activity, with backlog As of installed
We active XXXX. to look and U.S. an pipeline and across continue into momentum that the U.K. have
capabilities have platforms wealth of of banking business and well-positioned feel offering our We Technology private the market. and and great across we opportunity to power SEI's Processing feel management the grow all
excited for future. the are We
may concludes That and you turn I'll now prepared have. questions remarks my any over it for
