The EPS impact is approximately $0.06 to $0.07. On the sales front, in our technology and investment processing businesses of private banking and investment managers, net sales events totaled $22.9 million and are expected to generate $17.6 million in recurring revenue. In our asset management-related businesses, net sales were approximately negative $10.5 million, primarily due to asset movement from our mutual fund products into our other investment programs, some client acquisitions as well as net losses in our institutional business. We also sold $1.3 million of recurring revenue in our new business segment, mainly SEI Sphere. The Sphere sale was to a non-financial company. This supports our hypothesis that Sphere has resonance beyond our traditional market segments.
Total net sales for the company were $13.7 million, of which $8.5 million is recurring. One key highlight for our Advisor business is the launch of an FDIC insured deposit program. This takes the cash allocation in our model portfolios, generally used for operational purposes like paying fees and sweep those balances into an FDIC-insured deposit account. While not technically a sales event, the level of effort to launch, educate and enroll our clients was significant. This new element of our overall offering had approximately $840 million in assets at December 31. And under current estimates, will generate approximately $25 million in additional revenue in 2024. The assets are reflected in our earnings release on the assets schedules under the caption platform-only assets deposit program.
There was minimal financial benefit from the program in the fourth quarter due to the timing of the launch. Private banking sales were $5.7 million, of which $2.2 million is recurring. The two new SWP sales, one of which was to a non-banking financial institution were partially offset by two client losses, one due to acquisition and the other to a change in their operating model. The three clients re-contracted during the quarter represent $5.2 million in annual recurring revenue. The Private Banking segment’s focus is paying off in both new business generation and building a quality and growing pipeline. During the quarter, we were active with client implementations and conversions. We installed $5.7 million of recurring revenue from our third quarter backlog and added to the backlog through sales, increasing it to $22.7 million of expected to be installed revenue in the next 18 months.
Asset management revenues in Private Banking were down slightly from third quarter. This was mainly due to asset levels entering the quarter, resulting in lower average assets during the quarter. As a side note, this is also true for all of our asset management businesses. We earn revenues based on average assets. The fact that we entered the quarter at lower levels, coupled with the markets not making their positive run until later in the quarter, resulted in lower average asset levels. Entering first quarter of 2024, we are at a higher beginning asset base. Expenses in Private Banking were down from the third quarter of 2023, reflecting efforts to bring private banking back to higher levels of profitability. On the Investment Managers front, net sales for the quarter were $17.2 million, $15.4 million of which is recurring.
During the quarter, we re-contracted 18 clients totaling $30.6 million in annual recurring revenue. Revenue for the quarter was up compared to third quarter, reflecting the impact of client installs. Expenses were also up. However, they included a $5.3 million item mentioned earlier for an asset write-down. Our backlog of sold but expected to install the next 18 months recurring revenue is $28 million. In the Advisor segment, revenues for the quarter were down slightly from the third for reasons previously mentioned. Expenses were up due to increases in distribution and marketing-related costs along with sales compensation true-ups. In the Institutional Investors segment, net sales for the quarter were negative $4.2 million, reflecting positive client signings offset by losses and repricing and client retention activities.
Revenues for the quarter were down slightly due to lower average assets. Expenses were also down slightly reflecting general expense management. In the investments in new business segment, revenues were flat to third quarter and expenses were down slightly. LSV produced $35.4 million of profit during the quarter. This compares to $29.9 million during the third quarter. Revenues for LSV were $117.1 million compared to $102.2 million in the third quarter. Fourth quarter revenues included $19.8 million of performance fees, LSV recorded performance fees of $9 million during the third quarter. Performance fees are a reflection of continued positive relative performance. At the end of the quarter, we acquired Altigo. While not a material capital transaction, we expect the acquired capabilities and talent when coupled with SEI’s existing assets will add to our strategic opportunity in the alternative space.
This business line will be included in the investments in new business segment going forward. I point you to our soon-to-be filed 10-K and press release for more information. Our tax rate for the quarter was 19.6%. We expect the tax rate for the first quarter to be approximately 23%. For the full year, our tax rate was 22.26%. That concludes my remarks. All of our unit heads are on the call, and we will now take questions. Thank you.
Operator: [Operator Instructions] And first, we’ll go to the line for Crispin Love, Piper Sandler. Please go ahead.
Crispin Love: Thanks. Good afternoon everyone. Appreciate taking my questions. First on private bank margins, they accelerated 10% in the quarter. I just want to ask, is there anything one-time in there? Or is that kind of a good level to expect going forward? Do you think that could be sustainable as you move through 2024? And then just while we’re on the topic, if you could speak to kind of longer-term margin outlook for private banks as well.
Dennis McGonigle: Sure. So I’ll — Chris, this is Dennis. Thanks for the question. I’ll answer the first part. Really wasn’t anything unusual in fourth quarter and banking was a pretty clean financial quarter, and I’ll let Sanjay kind of address the ’24 outlook for margins and kind of beyond that.
