OAKS,
Pa., Oct. 25, 2023 /PRNewswire/ -- SEI
Investments Company (NASDAQ:SEIC) today announced financial results
for the third-quarter 2023. Diluted earnings per share were
$0.87 in third-quarter 2023 compared
to $0.45 in third-quarter 2022.
Third-quarter 2022 results included one-time costs of the voluntary
separation program of $57.0 million
resulting in $0.32 diluted earnings
per share.
Consolidated
Overview
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except
earnings per share)
|
|
For the Three
Months
Ended September 30,
|
|
|
|
For the Nine
Months
Ended September 30,
|
|
|
|
|
2023
|
|
2022
|
|
%
|
|
2023
|
|
2022
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$476,759
|
|
$471,334
|
|
1 %
|
|
$1,434,935
|
|
$1,534,447
|
|
(6) %
|
Net income
|
|
115,661
|
|
61,659
|
|
88 %
|
|
341,527
|
|
363,243
|
|
(6) %
|
Diluted earnings per
share
|
|
$0.87
|
|
$0.45
|
|
93 %
|
|
$2.54
|
|
$2.63
|
|
(3) %
|
"Our third-quarter financial results reflect continued positive
sales activity in our operational and processing businesses and
strong profitability due to solid revenue and sound expense
management, particularly in our technology and investment
processing businesses. We remain focused on executing our strategic
growth initiatives and diligently managing expenses across the
organization," said CEO Ryan Hicke.
"Despite persisting challenges in the broader market
environment, we continue to prudently invest in our talent and
solutions to provide our clients an unmatched set of capabilities.
Our market activity remains strong, and we are well-positioned to
capitalize on the opportunities ahead. We will continue to deliver
operational excellence, expand our reach across markets globally,
and maintain our strong financial position to deliver long-term
growth for our stakeholders."
Summary of Third-Quarter Results by Business Segment
(In
thousands)
|
|
For the Three
Months
Ended September 30,
|
|
|
|
For the Nine
Months
Ended September 30,
|
|
|
|
|
2023
|
|
2022
|
|
%
|
|
2023
|
|
2022
|
|
%
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$121,469
|
|
$122,660
|
|
(1) %
|
|
$378,171
|
|
$460,392
|
|
(18) %
|
Expenses
|
|
113,105
|
|
116,661
|
|
(3) %
|
|
343,442
|
|
359,676
|
|
(5) %
|
Operating
Profit
|
|
8,364
|
|
5,999
|
|
39 %
|
|
34,729
|
|
100,716
|
|
(66) %
|
Operating
Margin
|
|
7 %
|
|
5 %
|
|
|
|
9 %
|
|
22 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
110,461
|
|
109,565
|
|
1 %
|
|
326,579
|
|
341,989
|
|
(5) %
|
Expenses
|
|
64,280
|
|
61,150
|
|
5 %
|
|
192,004
|
|
189,045
|
|
2 %
|
Operating
Profit
|
|
46,181
|
|
48,415
|
|
(5) %
|
|
134,575
|
|
152,944
|
|
(12) %
|
Operating
Margin
|
|
42 %
|
|
44 %
|
|
|
|
41 %
|
|
45 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
70,479
|
|
78,260
|
|
(10) %
|
|
219,914
|
|
248,582
|
|
(12) %
|
Expenses
|
|
39,953
|
|
42,149
|
|
(5) %
|
|
126,337
|
|
131,432
|
|
(4) %
|
Operating
Profit
|
|
30,526
|
|
36,111
|
|
(15) %
|
|
93,577
|
|
117,150
|
|
(20) %
|
Operating
Margin
|
|
43 %
|
|
46 %
|
|
|
|
43 %
|
|
47 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
169,293
|
|
156,015
|
|
9 %
|
|
495,318
|
|
468,842
|
|
6 %
|
Expenses
|
|
108,078
|
|
100,876
|
|
7 %
|
|
321,705
|
|
300,520
|
|
7 %
|
Operating
Profit
|
|
61,215
|
|
55,139
|
|
11 %
|
|
173,613
|
|
168,322
|
|
3 %
|
Operating
Margin
|
|
36 %
|
|
35 %
|
|
|
|
35 %
|
|
36 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
5,057
|
|
4,834
|
|
5 %
|
|
14,953
|
|
14,642
|
|
2 %
|
Expenses
|
|
11,874
|
|
9,915
|
|
20 %
|
|
34,089
|
|
34,709
|
|
(2) %
|
Operating
Loss
|
|
(6,817)
|
|
(5,081)
|
|
NM
|
|
(19,136)
|
|
(20,067)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$476,759
|
|
$471,334
|
|
1 %
|
|
$1,434,935
|
|
$1,534,447
|
|
(6) %
|
Expenses
|
|
337,290
|
|
330,751
|
|
2 %
|
|
1,017,577
|
|
1,015,382
|
|
— %
|
Corporate Overhead
Expenses
|
|
30,997
|
|
89,537
|
|
(65) %
|
|
94,518
|
|
137,360
|
|
(31) %
|
Income from
Operations
|
|
$108,472
|
|
$51,046
|
|
112 %
|
|
$322,840
|
|
$381,705
|
|
(15) %
|
Third-Quarter Business Highlights:
- Revenues from Assets under management, administration, and
distribution fees increased primarily from higher assets under
management and administration due to increases from existing
alternative investment clients of the Investment Managers segment
due to new products and additional services. Market appreciation
and positive cash flows into separately managed account programs
and Strategist programs during 2023 also contributed to the
increase in revenues.
- The increase in revenues from Assets under management,
administration, and distribution fees was partially offset by
negative cash flows from SEI fund programs due to client losses in
the Investment Advisors and Institutional Investors segments.
- Average assets under management in equity and fixed income
programs, excluding LSV, increased $3.9
billion, or 2%, to $170.3
billion during the third-quarter 2023, as compared to
$166.4 billion during the
third-quarter 2022 (see attached Average Asset Balances schedule
for further details).
- Average assets under administration increased $107.1 billion, or 14%, to $893.7 billion during the third-quarter 2023, as
compared to $786.6 billion during the
third-quarter 2022 (see attached Average Asset Balances schedules
for further details).
- Net sales events in the Private Banks and Investment Managers
segments during third-quarter 2023 were $22.3 million and are expected to generate net
annualized recurring revenues of approximately $19.0 million when contract values are completely
realized.
- Net sales events in asset management-related businesses of the
Investment Advisors and Institutional Investors segments and the
Asset Management Distribution (AMD) business in the Private Banks
segment during third-quarter 2023 were negative $7.6 million.
- Operational expenses declined primarily from the total cost of
the voluntary separation program of $57.0
million recognized during third-quarter 2022. This one-time
cost is included in corporate overhead expenses and reflects a
diluted earnings per share impact of $0.32 to third-quarter 2022 results.
- The decline in operational expenses was also due to decreased
non-capitalized consulting costs. This decline was partially offset
by higher personnel costs from business growth, competitive labor
markets, and the impact of inflation on wages and services.
Increased personnel costs and investments in compliance
infrastructure to meet new regulatory requirements also partially
offset the decline in operational expenses.
- Earnings from LSV increased to $29.9
million in the third-quarter 2023 as compared to
$26.7 million in the third-quarter
2022 due to increased performance fees and market appreciation. Net
negative cash flows from existing clients and client losses
partially offset the increase in earnings from LSV.
- Capitalized software development costs were $8.5 million in third-quarter 2023, of which
$4.3 million was for continued
enhancements to the SEI Wealth PlatformSM. Amortization
expense related to SWP was $6.5
million in third-quarter 2023. Capitalized software
development costs also include $4.2
million in third-quarter 2023 for a new platform for the
Investment Managers segment.
- Effective tax rates were 22.5% in third-quarter 2023 and 23.0%
in third-quarter 2022.
- Repurchased shares of SEI common stock were 1.4 million for
$86.0 million during the
third-quarter 2023 at an average price of $61.43 per share.
- Cash flow from operations was $163.5
million and free cash flow was $148.3
million during the third-quarter 2023.
Earnings Conference Call
A conference call to review
earnings is scheduled for 4:30 p.m. Eastern
time on Oct. 25, 2023.
Investors may listen to the call at seic.com/ir-events. Investors
may also listen to a replay by telephone at (USA) 866-207-1041; (International)
402-970-0847; Access Code: 9991019.
About SEI®
SEI (NASDAQ:SEIC) delivers
technology and investment solutions that connect the financial
services industry. With capabilities across investment processing,
operations, and asset management, SEI works with corporations,
financial institutions and professionals, and ultra-high-net-worth
families to help drive growth, make confident decisions, and
protect futures. As of Sept. 30,
2023, SEI manages, advises, or administers approximately
$1.3 trillion in assets. For more
information, visit seic.com.
This release contains forward-looking statements within the
meaning or the rules and regulations of the Securities and Exchange
Commission. In some cases you can identify forward-looking
statements by terminology, such as "may," "will," "expect,"
"believe" and "continue" or "appear." Our forward-looking
statements include our current expectations as to:
- the nature of our sales activity and profitability in our
technology, operational and processing businesses;
- the initiatives on which we will focus;
- our ability to manage our expenses;
- where we will invest;
- our ability to capitalize on opportunities;
- when and if we will generate net annualized recurring revenues
from sales events that occurred during the quarter, as well as the
amount of such revenue;
- the duration of our customer relationships; and
- the degree to which we will deliver long-term growth for our
stakeholders.
We anticipate that we may deliver forward-looking statements
during today's earnings call that include our current expectations
as to the matters in this release and set forth above as well
as:
- the elements of our strategic focus, including, without
limitation, our focus on:
- strategic clients;
- managing expenses;
- enhancing our development pipeline;
- proactively engaging with current clients;
- expanding our sales pipeline;
- connecting resources across the enterprise to identify and
execute against cross-selling opportunities;
- growing our profits;
- prudently deploying capital;
- investing in talent and market experience;
- alternative investments;
- inorganic growth; and
- delivering at a high level for clients;
- advancing our efforts to build out custody capabilities for
alternatives;
- the trends in our clients' businesses;
- our ability to sell our newly-launched US Fund Complex on a
standalone basis and the timing for including it in our models
offered to advisors;
- offering models which include alternative asset classes;
- whether our enhanced asset management solutions will attract
more advisors;
- the headwinds our businesses face and our ability to respond to
these headwinds;
- the success of our efforts to assess the market offerings and
the best path forward to enhance our growth;
- our sales momentum;
- our ability to capitalize on our pipeline, prudently manage
expenses, and drive profit to the bottom line;
- the degree to which our market units are positioned to
accelerate growth;
- the value of our technology, investment processing and asset
management capabilities to our clients;
- the timing of the closing, if any, of our acquisitions;
- the amount, if any, of our current backlog of sold but expected
to be installed revenue in the next 18 months that will actually be
installed during such period, if ever;
- the amount, if any, of our current backlog that will convert by
the end of the year, if ever;
- the degree to which our newer investment offerings will benefit
our business;
- the market dynamics affecting our market units;
- the degree to which our tax rate may vary;
- our ability to improve profitability without cannibalizing our
medium to long-term growth agendas;
- the growth of our U.K., European, and Irish businesses;
- the organic and inorganic opportunities that will drive our
growth; and
- the expected success and benefits of our strategic
investments.
You should not place undue reliance on our forward-looking
statements, as they are based on the current beliefs and
expectations of our management and subject to significant risks and
uncertainties, many of which are beyond our control or are subject
to change. Although we believe the assumptions upon which we base
our forward-looking statements are reasonable, they could be
inaccurate. Some of the risks and important factors that could
cause actual results to differ from those described in our
forward-looking statements can be found in the "Risk Factors"
section of our Annual Report on Form 10-K for the year ended
Dec. 31, 2022, filed with the
Securities and Exchange Commission.
SEI INVESTMENTS
COMPANY
CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands,
except per share data)
(Unaudited)
|
|
|
|
For the Three
Months
Ended September 30,
|
|
For the Nine
Months
Ended September 30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Asset management,
admin. and distribution fees
|
|
$380,594
|
|
$372,133
|
|
$1,131,244
|
|
$1,148,824
|
Information processing
and software servicing fees
|
|
96,165
|
|
99,201
|
|
303,691
|
|
385,623
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
476,759
|
|
471,334
|
|
1,434,935
|
|
1,534,447
|
|
|
|
|
|
|
|
|
|
Subadvisory,
distribution and other asset mgmt. costs
|
|
47,531
|
|
47,334
|
|
142,157
|
|
150,485
|
Software royalties and
other information processing costs
|
|
8,095
|
|
6,909
|
|
23,784
|
|
21,863
|
Compensation, benefits
and other personnel
|
|
180,470
|
|
227,127
|
|
529,591
|
|
545,532
|
Stock-based
compensation
|
|
7,979
|
|
10,766
|
|
23,458
|
|
31,339
|
Consulting, outsourcing
and professional fees
|
|
54,203
|
|
58,558
|
|
176,619
|
|
184,320
|
Data processing and
computer related
|
|
34,016
|
|
30,950
|
|
102,301
|
|
93,020
|
Facilities, supplies
and other costs
|
|
16,999
|
|
19,704
|
|
58,825
|
|
57,464
|
Amortization
|
|
9,797
|
|
10,382
|
|
28,851
|
|
43,777
|
Depreciation
|
|
9,197
|
|
8,558
|
|
26,509
|
|
24,942
|
|
|
|
|
|
|
|
|
|
Total
expenses
|
|
368,287
|
|
420,288
|
|
1,112,095
|
|
1,152,742
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
108,472
|
|
51,046
|
|
322,840
|
|
381,705
|
|
|
|
|
|
|
|
|
|
Net (loss) gain from
investments
|
|
(206)
|
|
(1,406)
|
|
1,053
|
|
(4,515)
|
Interest and dividend
income
|
|
11,125
|
|
3,962
|
|
29,453
|
|
6,663
|
Interest
expense
|
|
(116)
|
|
(143)
|
|
(396)
|
|
(604)
|
Equity in earnings of
unconsolidated affiliate
|
|
29,927
|
|
26,654
|
|
91,517
|
|
88,926
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
149,202
|
|
80,113
|
|
444,467
|
|
472,175
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
33,541
|
|
18,454
|
|
102,940
|
|
108,932
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$115,661
|
|
$61,659
|
|
$341,527
|
|
$363,243
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
|
$0.87
|
|
$0.46
|
|
$2.57
|
|
$2.66
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate basic earnings per share
|
|
132,231
|
|
135,203
|
|
133,035
|
|
136,524
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$0.87
|
|
$0.45
|
|
$2.54
|
|
$2.63
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate diluted earnings per share
|
|
133,504
|
|
136,345
|
|
134,250
|
|
137,958
|
|
|
|
|
|
|
|
|
|
Dividends declared per
common share
|
|
$—
|
|
$—
|
|
$0.43
|
|
$0.40
|
SEI INVESTMENTS
COMPANY
CONSOLIDATED BALANCE
SHEETS
(In
thousands)
(Unaudited)
|
|
|
|
September
30,
|
|
December
31,
|
|
|
2023
|
|
2022
|
Assets
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$854,443
|
|
$853,008
|
Restricted
cash
|
|
301
|
|
351
|
Receivables from
investment products
|
|
55,687
|
|
62,014
|
Receivables, net of
allowance for doubtful accounts of $1,184 and $901
|
|
518,854
|
|
457,084
|
Securities
owned
|
|
32,748
|
|
32,148
|
Other current
assets
|
|
57,357
|
|
48,703
|
Total Current
Assets
|
|
1,519,390
|
|
1,453,308
|
|
|
|
|
|
Property and
Equipment, net of accumulated depreciation of $465,297 and
$440,861
|
|
177,521
|
|
181,029
|
Operating Lease
Right-of-Use Assets
|
|
20,686
|
|
24,992
|
Capitalized Software,
net of accumulated amortization of $606,214 and $586,744
|
|
244,416
|
|
237,302
|
Available for Sale and
Equity Securities
|
|
119,562
|
|
128,201
|
Investments in
Affiliated Funds, at fair value
|
|
6,838
|
|
6,366
|
Investment in
Unconsolidated Affiliate
|
|
44,645
|
|
104,673
|
Goodwill
|
|
115,597
|
|
115,599
|
Intangible Assets, net
of accumulated amortization of $39,432 and $30,261
|
|
46,413
|
|
55,532
|
Deferred Contract
Costs
|
|
38,518
|
|
37,928
|
Deferred Income
Taxes
|
|
26,449
|
|
4,936
|
Other Assets,
net
|
|
37,201
|
|
33,687
|
Total
Assets
|
|
$2,397,236
|
|
$2,383,553
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
|
$10,198
|
|
$13,283
|
Accrued
liabilities
|
|
249,872
|
|
359,363
|
Current portion of
long-term operating lease liabilities
|
|
9,882
|
|
10,344
|
Deferred
revenue
|
|
12,100
|
|
14,893
|
Total Current
Liabilities
|
|
282,052
|
|
397,883
|
|
|
|
|
|
Long-term Income Taxes
Payable
|
|
803
|
|
803
|
Long-term Operating
Lease Liabilities
|
|
15,138
|
|
18,786
|
Other Long-term
Liabilities
|
|
15,362
|
|
12,257
|
Total
Liabilities
|
|
313,355
|
|
429,729
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
Common stock, $0.01
par value, 750,000 shares authorized; 131,571 and 134,162 shares
issued and outstanding
|
|
1,316
|
|
1,342
|
Capital in excess of
par value
|
|
1,369,465
|
|
1,307,162
|
Retained
earnings
|
|
763,635
|
|
694,287
|
Accumulated other
comprehensive loss, net
|
|
(50,535)
|
|
(48,967)
|
Total Shareholders'
Equity
|
|
2,083,881
|
|
1,953,824
|
Total Liabilities and
Shareholders' Equity
|
|
$2,397,236
|
|
$2,383,553
|
ENDING ASSET
BALANCES
(In millions)
(Unaudited)
|
|
|
Sept. 30,
|
|
Dec. 31,
|
|
Mar. 31,
|
|
Jun. 30,
|
|
Sept. 30,
|
|
|
2022
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$20,131
|
|
$22,377
|
|
$23,653
|
|
$24,091
|
|
$23,039
|
Collective trust fund
programs
|
|
7
|
|
7
|
|
6
|
|
7
|
|
6
|
Liquidity
funds
|
|
3,778
|
|
3,201
|
|
3,427
|
|
3,433
|
|
3,636
|
Total assets under
management
|
|
$23,916
|
|
$25,585
|
|
$27,086
|
|
$27,531
|
|
$26,681
|
Client assets under
administration
|
|
4,161
|
|
4,151
|
|
4,299
|
|
4,154
|
|
4,399
|
Total assets
|
|
$28,077
|
|
$29,736
|
|
$31,385
|
|
$31,685
|
|
$31,080
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$62,579
|
|
$66,240
|
|
$68,065
|
|
$69,439
|
|
$66,911
|
Liquidity
funds
|
|
5,200
|
|
5,436
|
|
4,965
|
|
4,968
|
|
5,175
|
Total Platform assets
under management
|
|
$67,779
|
|
$71,676
|
|
$73,030
|
|
$74,407
|
|
$72,086
|
Platform-only
assets
|
|
12,609
|
|
13,931
|
|
14,980
|
|
16,103
|
|
16,232
|
Total Platform
assets
|
|
$80,388
|
|
$85,607
|
|
$88,010
|
|
$90,510
|
|
$88,318
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$69,621
|
|
$73,178
|
|
$74,939
|
|
$75,854
|
|
$72,387
|
Collective trust fund
programs
|
|
6
|
|
5
|
|
4
|
|
4
|
|
4
|
Liquidity
funds
|
|
1,640
|
|
1,557
|
|
1,576
|
|
1,353
|
|
2,119
|
Total assets under
management
|
|
$71,267
|
|
$74,740
|
|
$76,519
|
|
$77,211
|
|
$74,510
|
Client assets under
advisement
|
|
4,204
|
|
4,314
|
|
4,559
|
|
4,368
|
|
4,085
|
Total assets
|
|
$75,471
|
|
$79,054
|
|
$81,078
|
|
$81,579
|
|
$78,595
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
Collective trust fund
programs (A)
|
|
$137,538
|
|
$141,285
|
|
$146,176
|
|
$149,779
|
|
$146,991
|
Liquidity
funds
|
|
248
|
|
199
|
|
203
|
|
249
|
|
180
|
Total assets under
management
|
|
$137,786
|
|
$141,484
|
|
$146,379
|
|
$150,028
|
|
$147,171
|
Client assets under
administration
|
|
781,246
|
|
810,491
|
|
845,828
|
|
873,570
|
|
886,382
|
Total assets
|
|
$919,032
|
|
$951,975
|
|
$992,207
|
|
$1,023,598
|
|
$1,033,553
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$1,813
|
|
$1,912
|
|
$2,031
|
|
$2,104
|
|
$2,017
|
Liquidity
funds
|
|
221
|
|
215
|
|
217
|
|
217
|
|
202
|
Total assets under
management
|
|
$2,034
|
|
$2,127
|
|
$2,248
|
|
$2,321
|
|
$2,219
|
Client assets under
administration
|
|
1,026
|
|
1,077
|
|
1,081
|
|
1,098
|
|
1,070
|
Total assets
|
|
$3,060
|
|
$3,204
|
|
$3,329
|
|
$3,419
|
|
$3,289
|
|
|
|
|
|
|
|
|
|
|
|
LSV Asset
Management:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs (B)
|
|
$75,380
|
|
$83,753
|
|
$84,964
|
|
$86,469
|
|
$83,684
|
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs (C)
|
|
$229,524
|
|
$247,460
|
|
$253,652
|
|
$257,957
|
|
$248,038
|
Collective trust fund
programs
|
|
137,551
|
|
141,297
|
|
146,186
|
|
149,790
|
|
147,001
|
Liquidity
funds
|
|
11,087
|
|
10,608
|
|
10,388
|
|
10,220
|
|
11,312
|
Total assets under
management
|
|
$378,162
|
|
$399,365
|
|
$410,226
|
|
$417,967
|
|
$406,351
|
Client assets under
advisement
|
|
5,230
|
|
5,391
|
|
5,640
|
|
5,466
|
|
5,155
|
Client assets under
administration (D)
|
|
785,407
|
|
814,642
|
|
850,127
|
|
877,724
|
|
890,781
|
Platform-only
assets
|
|
12,609
|
|
13,931
|
|
14,980
|
|
16,103
|
|
16,232
|
Total assets
|
|
$1,181,408
|
|
$1,233,329
|
|
$1,280,973
|
|
$1,317,260
|
|
$1,318,519
|
|
|
(A)
|
Collective trust fund
program assets in the Investment Managers segment are included in
assets under management since SEI is the trustee. Fees earned on
this product are less than fees earned on customized asset
management programs.
|
(B)
|
Equity and fixed-income
programs include $1.8 billion of assets managed by LSV in which
fees are based solely on performance and are not calculated as an
asset-based fee (as of September 30, 2023).
|
(C)
|
Equity and fixed-income
programs include $5.9 billion of assets invested in various asset
allocation funds (as of September 30, 2023).
|
(D)
|
In addition to the
assets presented, SEI also administers an additional $11.4 billion
in Funds of Funds assets on which SEI does not earn an
administration fee (as of September 30, 2023).
|
AVERAGE ASSET
BALANCES
(In millions)
(Unaudited)
|
|
|
3rd Qtr.
|
|
4th Qtr.
|
|
1st Qtr.
|
|
2nd Qtr.
|
|
3rd Qtr.
|
|
|
2022
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$22,115
|
|
$21,839
|
|
$23,576
|
|
$23,748
|
|
$23,920
|
Collective trust fund
programs
|
|
7
|
|
7
|
|
7
|
|
7
|
|
6
|
Liquidity
funds
|
|
3,742
|
|
3,395
|
|
3,253
|
|
3,500
|
|
3,585
|
Total assets under
management
|
|
$25,864
|
|
$25,241
|
|
$26,836
|
|
$27,255
|
|
$27,511
|
Client assets under
administration
|
|
4,026
|
|
4,126
|
|
4,316
|
|
4,282
|
|
4,221
|
Total assets
|
|
$29,890
|
|
$29,367
|
|
$31,152
|
|
$31,537
|
|
$31,732
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$67,464
|
|
$66,100
|
|
$67,578
|
|
$68,371
|
|
$69,309
|
Liquidity
funds
|
|
5,380
|
|
5,127
|
|
4,995
|
|
4,808
|
|
4,990
|
Total Platform assets
under management
|
|
$72,844
|
|
$71,227
|
|
$72,573
|
|
$73,179
|
|
$74,299
|
Platform-only
assets
|
|
13,271
|
|
13,905
|
|
14,812
|
|
15,548
|
|
16,544
|
Total Platform
assets
|
|
$86,115
|
|
$85,132
|
|
$87,385
|
|
$88,727
|
|
$90,843
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$74,859
|
|
$72,581
|
|
$74,653
|
|
$74,865
|
|
$75,023
|
Collective trust fund
programs
|
|
6
|
|
5
|
|
5
|
|
4
|
|
4
|
Liquidity
funds
|
|
1,717
|
|
1,719
|
|
1,715
|
|
1,537
|
|
1,611
|
Total assets under
management
|
|
$76,582
|
|
$74,305
|
|
$76,373
|
|
$76,406
|
|
$76,638
|
Client assets under
advisement
|
|
4,194
|
|
4,251
|
|
4,431
|
|
4,583
|
|
4,294
|
Total assets
|
|
$80,776
|
|
$78,556
|
|
$80,804
|
|
$80,989
|
|
$80,932
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
Collective trust fund
programs (A)
|
|
$143,817
|
|
$140,494
|
|
$144,914
|
|
$147,543
|
|
$150,379
|
Liquidity
funds
|
|
250
|
|
275
|
|
317
|
|
286
|
|
237
|
Total assets under
management
|
|
$144,067
|
|
$140,769
|
|
$145,231
|
|
$147,829
|
|
$150,616
|
Client assets under
administration
|
|
782,559
|
|
785,813
|
|
836,410
|
|
859,296
|
|
889,503
|
Total assets
|
|
$926,626
|
|
$926,582
|
|
$981,641
|
|
$1,007,125
|
|
$1,040,119
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$1,939
|
|
$1,890
|
|
$1,991
|
|
$2,057
|
|
$2,096
|
Liquidity
funds
|
|
231
|
|
208
|
|
212
|
|
199
|
|
211
|
Total assets under
management
|
|
$2,170
|
|
$2,098
|
|
$2,203
|
|
$2,256
|
|
$2,307
|
Client assets under
advisement
|
|
1,126
|
|
1,075
|
|
1,098
|
|
1,075
|
|
1,101
|
Total assets
|
|
$3,296
|
|
$3,173
|
|
$3,301
|
|
$3,331
|
|
$3,408
|
|
|
|
|
|
|
|
|
|
|
|
LSV Asset
Management:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs (B)
|
|
$81,241
|
|
$83,370
|
|
$86,987
|
|
$84,492
|
|
$86,671
|
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs (C)
|
|
$247,618
|
|
$245,780
|
|
$254,785
|
|
$253,533
|
|
$257,019
|
Collective trust fund
programs
|
|
143,830
|
|
140,506
|
|
144,926
|
|
147,554
|
|
150,389
|
Liquidity
funds
|
|
11,320
|
|
10,724
|
|
10,492
|
|
10,330
|
|
10,634
|
Total assets under
management
|
|
$402,768
|
|
$397,010
|
|
$410,203
|
|
$411,417
|
|
$418,042
|
Client assets under
advisement
|
|
5,320
|
|
5,326
|
|
5,529
|
|
5,658
|
|
5,395
|
Client assets under
administration (D)
|
|
786,585
|
|
789,939
|
|
840,726
|
|
863,578
|
|
893,724
|
Platform-only
assets
|
|
13,271
|
|
13,905
|
|
14,812
|
|
15,548
|
|
16,544
|
Total assets
|
|
$1,207,944
|
|
$1,206,180
|
|
$1,271,270
|
|
$1,296,201
|
|
$1,333,705
|
|
|
(A)
|
Collective trust fund
program average assets in the Investment Managers segment are
included in assets under management since SEI is the trustee. Fees
earned on this product are less than fees earned on customized
asset management programs.
|
(B)
|
Equity and fixed-income
programs during third-quarter 2023 include $1.9 billion of average
assets managed by LSV in which fees are based solely on performance
and are not calculated as an asset-based fee.
|
(C)
|
Equity and fixed-income
programs include $6.1 billion of average assets invested in various
asset allocation funds during third-quarter 2023.
|
(D)
|
In addition to the
assets presented, SEI also administers an additional $11.6 billion
of average assets in Funds of Funds assets during third-quarter
2023 on which SEI does not earn an administration fee.
|
Investor
Contact:
|
Media Contact:
|
|
|
Alex Whitelam
|
Leslie
Wojcik
|
SEI
|
SEI
|
+1 610-676-4924
|
+1
610-676-4191
|
awhitelam@seic.com
|
lwojcik@seic.com
|
View original
content:https://www.prnewswire.com/news-releases/sei-reports-third-quarter-2023-financial-results-301967819.html
SOURCE SEI Investments Company