All of this is another step in our initiative to offer models with private asset classes to intermediaries. We believe these enhanced solutions are poised to attract more advisors, especially in the RIA space, which we’ve highlighted as a particular area of growth for us in the future. In the Institutional Investors segment, we experienced a more challenging environment but we’re working to drive greater revenue and profitability for that business. Corporate defined benefit curtailments and annuitizations continue to be headwinds in the UK and the U.S. Given expectations that these headwinds will persist in 2024, we proactively took some steps during the quarter to strategically align our resources and position the business for long-term success.
We remain focused on managing expenses appropriately, but also improving engagement with our clients and utilizing our enterprise-wide approach to meet our clients where they want to be met. We are confident that our upcoming acquisition of an additional master trust structure in the UK will advance our competitive footing across all institutional segments in that market. As a market leader, we are committed to competing and winning across the institutional landscape. Turning to our Investments in New Business segment. We continue to assess our market offerings and the best path forward to enhance growth. We are pleased with the progress and expect future success. And finally, our partnership with LSV remains strong. On the talent and culture front, we’ve made strategic investments throughout the year that continue to enhance SEI’s brand awareness and drive employee engagement.
This concludes my prepared remarks. I will now turn it over to Dennis to discuss our financial results for the quarter. Dennis?
Dennis McGonigle: Thanks, Ryan. As Ryan mentioned, EPS for the quarter was $0.87. This compares to $0.45 during the third quarter of 2022 and $0.89 for the second quarter of 2023. Revenue for the quarter was $477 million, compared to $471 million in 2022 and $489 million in the second quarter. Total expenses for the quarter were $368 million, which compares to $420 million last year and $376 million in the second quarter. On the sales front, in our technology and investment processing businesses of Private Banking and Investment Managers, net sales events totaled $22.3 million and are expected to generate $19 million in recurring revenue. In our asset management-related businesses, net sales were approximately negative $7.6 million, primarily due to losses and repricing in our institutional business.
Total net sales were $14.7 million, of which $11.4 million is recurring. Private banking sales were $3.3 million, of which $2.1 million is recurring. This reflects three new SWP sales, a new client to SEI, a previously lost client deciding to stay with SEI and an added book of business due to a client acquisition. We re-contracted five clients during the quarter, representing $7 million in annual recurring revenue. The Private Banking segment’s focus on the regional community banks along with the PCIM segment in the UK paying off. During the quarter, we were active with client implementations and conversions, as Ryan mentioned. This includes a large book of business with CIBC, First Financial and a significant business migration for U.S. Bank from TRUST 3000 to SWP, helping solidify our SWP SaaS solution as market ready.
The current backlog of sold but expected to be installed revenue in the next 18 months is $21.5 million. Asset management revenues in Private Banking were up slightly from the second quarter. Expenses in the quarter were down from the second quarter of 2023, reflecting the efforts by Sanjay and the team to bring Private Banking back to higher levels of profitability. On the Investment Managers front, net sales for the quarter were $19 million, $16.8 million of which is recurring. During the quarter, we re-contracted five clients totaling $9 million in annual recurring revenue. Revenue for the quarter was up compared to second quarter, reflecting the impact of client installs. Expenses were essentially flat. Our backlog of sold but expected to install in the next 18 months recurring revenue is $30.4 million.
