SEI Investments (NASDAQ:SEIC) shares fell more than 3% today, despite the company’s reported Q1 results, with EPS of $1.36 coming in better than the Street estimate of $1.31. Revenue was $581.44 million, compared to the Street estimate of $546.95 million.

Management noted that increased personnel costs due to business growth and competitive labor markets added to the expense. The weakness in equity markets has impacted the Q1 revenue.

The company’s EVP and Chief Information Officer Ryan Hicke will transition to the CEO position on June 1, 2022, and Alfred West, the company’s founder and CEO will transition to Executive Chairman. Hicke came short of providing any specific plan, but emphasized a continued focus on accelerating existing business, expanding margin across segments, and developing new growth engines.