OAKS,
Pa., July 24, 2024 /PRNewswire/ -- SEI
Investments Company (NASDAQ:SEIC) today announced financial results
for the second-quarter 2024. Diluted earnings per share were
$1.05 in second-quarter 2024 compared
to $0.89 in second-quarter 2023.
Consolidated Overview
|
(In thousands, except
earnings per share)
|
For the Three
Months
Ended June 30,
|
For the Six
Months
Ended June 30,
|
|
|
|
|
|
|
|
2024
|
2023
|
%
|
2024
|
2023
|
%
|
Revenues
|
$518,986
|
$489,057
|
6 %
|
$1,030,565
|
$958,176
|
8 %
|
Net income
|
139,120
|
118,851
|
17 %
|
270,520
|
225,866
|
20 %
|
Diluted earnings per
share
|
$1.05
|
$0.89
|
18 %
|
$2.04
|
$1.68
|
21 %
|
"Our second-quarter results reflect 6% profit growth quarter
over quarter, as our focus on capital
allocation, operational leverage,
and revenue growth is seeing real traction
and delivering results. We also have momentum across our
markets, particularly with the increased adoption of our platforms
in our technology and operational businesses," said CEO
Ryan Hicke.
"We are investing in areas we believe represent future growth
opportunities, including talent, professional services, innovation,
private assets, and emerging technology. Our people and the
breadth of our capabilities set us apart
in the industry, and we are uniquely
positioned to capitalize on opportunities to deliver a
world-class client experience and maximize return on invested
capital for our stakeholders."
Summary of Second-Quarter Results
by Business Segment
|
|
(In thousands)
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|
|
|
|
|
|
|
Private Banks:
|
2024
|
2023
|
%
|
2024
|
2023
|
%
|
Revenues
|
$132,401
|
$132,414
|
— %
|
$262,538
|
$253,316
|
4 %
|
Expenses
|
111,890
|
114,165
|
(2) %
|
224,864
|
226,627
|
(1) %
|
Operating Profit
|
20,511
|
18,249
|
12 %
|
37,674
|
26,689
|
41 %
|
Operating Margin
|
15 %
|
14 %
|
|
14 %
|
11 %
|
|
|
|
|
|
|
|
|
Investment Advisors:
|
|
|
|
|
|
|
Revenues
|
120,587
|
109,580
|
10 %
|
243,305
|
216,118
|
13 %
|
Expenses
|
68,953
|
64,178
|
7 %
|
135,911
|
127,724
|
6 %
|
Operating Profit
|
51,634
|
45,402
|
14 %
|
107,394
|
88,394
|
21 %
|
Operating Margin
|
43 %
|
41 %
|
|
44 %
|
41 %
|
|
|
|
|
|
|
|
|
Institutional Investors:
|
|
|
|
|
|
|
Revenues
|
71,507
|
75,145
|
(5) %
|
143,285
|
149,435
|
(4) %
|
Expenses
|
38,426
|
45,516
|
(16) %
|
78,535
|
86,384
|
(9) %
|
Operating Profit
|
33,081
|
29,629
|
12 %
|
64,750
|
63,051
|
3 %
|
Operating Margin
|
46 %
|
39 %
|
|
45 %
|
42 %
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
Revenues
|
179,868
|
159,204
|
13 %
|
352,521
|
313,701
|
12 %
|
Expenses
|
111,287
|
103,213
|
8 %
|
220,837
|
204,898
|
8 %
|
Operating Profit
|
68,581
|
55,991
|
22 %
|
131,684
|
108,803
|
21 %
|
Operating Margin
|
38 %
|
35 %
|
|
37 %
|
35 %
|
|
Investments in New Businesses:
|
14,623
|
12,714
|
15 %
|
28,916
|
25,606
|
13 %
|
Revenues
|
|
|
|
|
|
|
Expenses
|
18,580
|
17,015
|
9 %
|
36,963
|
34,654
|
7 %
|
Operating Loss
|
(3,957)
|
(4,301)
|
NM
|
(8,047)
|
(9,048)
|
NM
|
|
|
|
|
|
|
|
Totals:
|
|
|
|
|
|
|
Revenues
|
$518,986
|
$489,057
|
6 %
|
$1,030,565
|
$958,176
|
8 %
|
Expenses
|
349,136
|
344,087
|
1 %
|
697,110
|
680,287
|
2 %
|
Corporate Overhead Expenses
|
33,336
|
32,369
|
3 %
|
71,090
|
63,521
|
12 %
|
Income from Operations
|
$136,514
|
$112,601
|
21 %
|
$262,365
|
$214,368
|
22 %
|
Second-Quarter Business Highlights:
- Revenues from Assets under management, administration, and
distribution fees increased primarily from higher assets under
administration due to cross sales to existing alternative
investment clients of the Investment Managers segment as well as
new sales in the segment. Additionally, second-quarter 2024
revenues included fees of $10.1
million from the SEI Integrated Cash Program of the
Investment Advisors segment launched in December 2023.
- Market appreciation and positive cash flows into separately
managed account programs and Strategist programs of the Investment
Advisors segment also contributed to the increase in revenues. This
was partially offset by negative cash flows from SEI fund
programs and fee reductions in separately managed account programs.
Revenue growth was also partially offset by client losses in the
Institutional Investors segment.
- Average assets under administration increased $141.8 billion, or 16%, to $1.0 trillion during the second-quarter 2024, as
compared to $863.6 billion during the
second-quarter 2023 (see attached Average Asset Balances schedules
for further details).
- Average assets under management in equity and fixed income
programs, excluding LSV, increased $7.1
billion, or 4%, to $176.1
billion during the second-quarter 2024, as compared to
$169.0 billion during the
second-quarter 2023 (see attached Average Asset Balances schedule
for further details).
- Revenues from Information processing and software servicing
fees increased from new client conversions and growth from
existing SEI Wealth PlatformSM (SWP) clients. A one-time early
contractual buyout fee of $10.5
million recorded during second-quarter 2023 from an
investment processing client of the Private Banks segment acquired
by an existing client partially offset the increase in
revenues.
- Net sales events in the Private Banks and Investment Managers
segments during the second- quarter 2024 were $26.9 million and are expected to generate net
annualized recurring revenues of approximately $21.5 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 the second-quarter 2024 were negative $5.6 million.
- Net sales events for newer initiatives, which includes SEI
Family Office Services, SEI Private Wealth Management and SEI
Sphere, were $674 thousand during the
second-quarter 2024.
- The increase in operational expenses was due to higher
personnel costs from business growth, primarily in the Investment
Managers segment, and the impact of inflation on wages and
services. Cost containment measures related to consulting and other
vendor costs partially offset the increase in operating expenses
during the second-quarter 2024.
- Earnings from LSV increased to $34.2 million in the second-quarter 2024 as
compared to $32.7 million in the
second-quarter 2023 due to 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 $6.4 million in the second-quarter 2024, of which
$3.9 million was for continued
enhancements to SWP. Capitalized software development costs
also include $2.5 million in the
second-quarter 2024 for a new platform for the Investment Managers
segment.
- Effective tax rates were 23.9% in the second-quarter 2024 and
23.4% in the second-quarter 2023.
- Repurchased shares of SEI common stock were 1.6 million
for $111.2 million during the
second-quarter 2024 at an average price of $67.44 per share.
- Cash flow from operations was $114.7
million, and free cash flow was $100.6 million during the second-quarter
2024.
Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m.
Eastern time on July 24,
2024. 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: 9919219.
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 June 30, 2024, SEI manages, advises, or
administers approximately $1.5
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 momentum generated across our markets;
- the adoption of our platforms in our technology and operational
businesses;
- the areas in which we invest and the degree to which these
areas represent growth opportunities;
- whether we are positioned to capitalize on opportunities to
deliver a world-class client experience and maximize return on
invested capital for our stakeholders; and
- when and if we will generate net annualized recurring revenues
from sales events that occurred during the quarter, as well as the
amount of any such revenue.
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:
- our strategic priorities and the strength of our execution
against these priorities;
- the elements of our optimization focus;
- our investment priorities;
- platform adoption in the RIA space;
- the expansion opportunities available to us in the markets in
which we currently, and seek to, participate;
- the opportunities and benefits our Artificial Intelligence
initiatives may afford us;
- opportunities for earnings growth;
- the degree to which we are proactively addressing
industry headwinds and capitalizing on tailwinds to position
ourselves for long-term success;
- whether the shift in market preference in product types, asset
allocation, and investment choice presents opportunity;
- if we are positioned to expand our footprint and capitalize on
the trend across technology, operations and asset management
towards private assets;
- the opportunity for our Professional Services offering;
- the degree to which we are well-positioned to drive growth and
continue delivering value for our shareholders;
- whether we will build upon our success;
- the strength of our pipelines;
- our momentum in helping RIAs achieve scale and business
growth;
- our ability to execute against our strategic priorities;
- our ability to align our cost structure to talent and the
benefits of such alignment;
- the benefits we will derive from the businesses and/or assets
we acquire and our ability to successful integrate these assets in
order to drive the expected benefits, strategic and otherwise;
- the headwinds our businesses face and our ability to
respond to these headwinds;
- the amount, if any, of our current backlog of sold but expected
to be installed revenue and recurring revenue in the next 18 months
that will actually be installed during such period, if ever;
- the amount, if any, of recurring revenue that will be generated
by our net sales;
- the strength of our second half sales events and the benefits
of such events;
- our momentum in helping RIAs achieve scale, business
growth, and value creation for their clients;
- the degree to which our enterprise approach and availing more
capabilities to increase AUA, AUM and Services revenue will
create greater shareholder value;
- the market dynamics affecting our market units; and
- our tax rate for the remainder of 2024.
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, 2023, 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 June 30,
|
For the Six Months
Ended June 30,
|
|
|
|
|
|
|
2024
|
2023
|
2024
|
2023
|
Asset management, admin.
and distribution fees
|
$409,398
|
$378,821
|
$813,764
|
$750,650
|
Information processing and software servicing fees
|
109,588
|
110,236
|
216,801
|
207,526
|
Total revenues
|
518,986
|
489,057
|
1,030,565
|
958,176
|
Subadvisory, distribution and other asset
mgmt. costs
|
46,542
|
47,247
|
93,310
|
94,626
|
Software royalties and
other information processing costs
|
8,096
|
8,396
|
16,567
|
15,689
|
Compensation, benefits and
other personnel
|
185,878
|
175,706
|
378,794
|
349,121
|
Stock-based compensation
|
12,469
|
7,405
|
23,528
|
15,479
|
Consulting, outsourcing and professional fees
|
53,991
|
61,312
|
105,967
|
122,416
|
Data processing and computer related
|
38,074
|
34,945
|
75,234
|
68,285
|
Facilities, supplies and
other costs
|
18,570
|
23,034
|
37,173
|
41,826
|
Amortization
|
10,485
|
9,630
|
20,871
|
19,054
|
Depreciation
|
8,367
|
8,781
|
16,756
|
17,312
|
Total expenses
|
382,472
|
376,456
|
768,200
|
743,808
|
Income from
operations
|
136,514
|
112,601
|
262,365
|
214,368
|
Net gain from
investments
|
666
|
515
|
2,922
|
1,259
|
Interest and dividend income
|
11,552
|
9,550
|
22,371
|
18,328
|
Interest expense
|
(139)
|
(139)
|
(278)
|
(280)
|
Equity in earnings of unconsolidated affiliate
|
34,219
|
32,711
|
65,862
|
61,590
|
Income before income taxes
|
182,812
|
155,238
|
353,242
|
295,265
|
Income taxes
|
43,692
|
36,387
|
82,722
|
69,399
|
Net income
|
$139,120
|
$118,851
|
$270,520
|
$225,866
|
Basic earnings per common share
|
$1.06
|
$0.89
|
$2.06
|
$1.69
|
Shares used to calculate basic
earnings per share
|
130,815
|
132,854
|
131,116
|
133,437
|
Diluted earnings per
common share
|
$1.05
|
$0.89
|
$2.04
|
$1.68
|
Shares used to calculate diluted
earnings per share
|
132,073
|
133,936
|
132,409
|
134,623
|
Dividends declared per common share
|
$0.46
|
$0.43
|
$0.46
|
$0.43
|
SEI INVESTMENTS COMPANY
|
CONSOLIDATED BALANCE SHEETS
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
June 30,
2024
|
|
December 31,
2023
|
Assets
Current
Assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$768,291
|
|
$834,697
|
Restricted cash
|
301
|
|
301
|
Receivables from investment products
|
47,963
|
|
55,886
|
Receivables, net of allowance for
doubtful accounts of $1,545 and $663
|
589,708
|
|
501,434
|
Securities owned
|
30,338
|
|
31,334
|
Other current assets
|
61,472
|
|
54,464
|
Total Current Assets
|
1,498,073
|
|
1,478,116
|
Property and Equipment, net of accumulated depreciation of $484,087 and $474,034
|
167,563
|
|
171,364
|
Operating Lease Right-of-Use Assets
|
30,564
|
|
22,477
|
Capitalized Software, net of accumulated amortization of $626,864 and $612,971
|
238,559
|
|
239,783
|
Available for Sale and Equity
Securities
|
176,949
|
|
155,413
|
Investments in Affiliated Funds, at fair
value
|
7,737
|
|
7,316
|
Investment in Unconsolidated Affiliate
|
53,223
|
|
110,781
|
Goodwill
|
137,254
|
|
137,333
|
Intangible Assets, net of accumulated amortization of $49,289
and $42,520
|
75,409
|
|
82,443
|
Deferred Contract Costs
|
39,975
|
|
40,221
|
Deferred Income Taxes
|
52,847
|
|
37,709
|
Other Assets,
net
|
50,912
|
|
37,047
|
Total Assets
|
$2,529,065
|
|
$2,520,003
|
|
|
|
|
Liabilities and Equity
|
|
|
|
Current
Liabilities:
|
|
Accounts payable
|
$9,199
|
|
$10,618
|
Accrued liabilities
|
208,122
|
|
318,945
|
Current portion of long-term operating lease liabilities
|
7,613
|
|
8,118
|
Deferred revenue
|
12,197
|
|
15,366
|
Total Current Liabilities
|
237,131
|
|
353,047
|
|
|
|
|
Long-term Income Taxes Payable
|
803
|
|
803
|
Long-term Operating Lease
Liabilities
|
25,469
|
|
17,235
|
Other Long-term Liabilities
|
18,159
|
|
17,090
|
Total Liabilities
|
281,562
|
|
388,175
|
|
|
|
|
Shareholders' Equity:
|
|
|
|
Common stock, $0.01 par
value, 750,000 shares authorized; 129,855 and
131,178
shares issued and outstanding
|
1,299
|
|
1,312
|
Capital in excess
of par value
|
1,465,037
|
|
1,404,962
|
Retained earnings
|
823,549
|
|
762,586
|
Accumulated other comprehensive loss, net
|
(42,382)
|
|
(37,032)
|
Total Shareholders' Equity
|
2,247,503
|
|
2,131,828
|
Total Liabilities and Shareholders' Equity
|
$2,529,065
|
|
$2,520,003
|
ENDING ASSET BALANCES
|
(In millions)
(Unaudited)
|
|
|
Jun. 30,
2023
|
Sept. 30,
2023
|
Dec. 31,
2023
|
Mar. 31,
2024
|
Jun. 30,
2024
|
Private Banks:
Equity and fixed-income programs
|
$24,091
|
$23,039
|
$24,496
|
$25,282
|
$25,031
|
Collective trust fund programs
|
7
|
6
|
4
|
5
|
5
|
Liquidity funds
|
3,433
|
3,636
|
3,916
|
2,733
|
2,699
|
Total assets under management
|
$27,531
|
$26,681
|
$28,416
|
$28,020
|
$27,735
|
Client assets under
administration
|
4,154
|
4,399
|
7,267
|
8,024
|
7,813
|
Total assets
|
$31,685
|
$31,080
|
$35,683
|
$36,044
|
$35,548
|
Investment Advisors:
Equity and fixed-income programs
|
$69,439
|
$66,911
|
$71,634
|
$74,715
|
$74,556
|
Liquidity funds
|
4,968
|
5,175
|
4,812
|
4,722
|
4,301
|
Total Platform assets
under management
|
$74,407
|
$72,086
|
$76,446
|
$79,437
|
$78,857
|
Platform-only assets
|
16,103
|
16,232
|
18,324
|
20,516
|
21,908
|
Platform-only assets-deposit program
|
—
|
—
|
843
|
897
|
894
|
Total Platform assets
|
$90,510
|
$88,318
|
$95,613
|
$100,850
|
$101,659
|
Institutional Investors:
Equity and fixed-income programs
|
$75,854
|
$72,387
|
$77,208
|
$75,969
|
$75,542
|
Collective trust fund programs
|
4
|
4
|
1
|
1
|
1
|
Liquidity funds
|
1,353
|
2,119
|
1,734
|
2,179
|
2,309
|
Total assets under management
|
$77,211
|
$74,510
|
$78,943
|
$78,149
|
$77,852
|
Client assets under advisement
|
4,368
|
4,085
|
6,120
|
6,862
|
7,886
|
Total assets
|
$81,579
|
$78,595
|
$85,063
|
$85,011
|
$85,738
|
Investment Managers:
Collective trust fund programs (A)
|
$149,779
|
$146,991
|
$156,376
|
$161,660
|
$192,747
|
Liquidity funds
|
249
|
180
|
114
|
202
|
221
|
Total assets under management
|
$150,028
|
$147,171
|
$156,490
|
$161,862
|
$192,968
|
Client assets under
administration
|
857,801
|
871,385
|
920,757
|
959,904
|
998,315
|
Total assets
|
$1,007,829
|
$1,018,556
|
$1,077,247
|
$1,121,766
|
$1,191,283
|
Investments in New
Businesses:
Equity and fixed-income programs
|
$2,104
|
$2,017
|
$2,174
|
$2,269
|
$2,285
|
Liquidity funds
|
217
|
202
|
209
|
223
|
631
|
Total assets under management
|
$2,321
|
$2,219
|
$2,383
|
$2,492
|
$2,916
|
Client assets under advisement
|
1,098
|
1,070
|
1,150
|
1,248
|
1,886
|
Client assets under
administration
|
15,769
|
14,997
|
14,807
|
15,411
|
14,848
|
Total assets
|
$19,188
|
$18,286
|
$18,340
|
$19,151
|
$19,650
|
LSV Asset
Management:
Equity and fixed-income programs (B)
|
$86,469
|
$83,684
|
$89,312
|
$93,616
|
$90,197
|
Total:
Equity and fixed-income programs (C)
|
$257,957
|
$248,038
|
$264,824
|
$271,851
|
$267,611
|
Collective trust fund programs
|
149,790
|
147,001
|
156,381
|
161,666
|
192,753
|
Liquidity funds
|
10,220
|
11,312
|
10,785
|
10,059
|
10,161
|
Total assets under management
|
$417,967
|
$406,351
|
$431,990
|
$443,576
|
$470,525
|
Client assets under advisement
|
5,466
|
5,155
|
7,270
|
8,110
|
9,772
|
Client assets under
administration (D)
|
877,724
|
890,781
|
942,831
|
983,339
|
1,020,976
|
Platform-only assets
|
16,103
|
16,232
|
19,167
|
21,413
|
22,802
|
Total assets
|
$1,317,260
|
$1,318,519
|
$1,401,258
|
$1,456,438
|
$1,524,075
|
|
(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 June 30, 2024).
|
(C)
Equity and fixed-income programs
include $6.2 billion of assets invested
in various asset allocation funds (as of June 30,
2024).
|
(D) In
addition to the assets presented, SEI also administers an additional $8.5 billion in Funds of Funds assets on which
SEI
does not earn an administration fee (as
of June 30, 2024).
|
AVERAGE ASSET BALANCES
|
(In millions) (Unaudited)
|
|
|
2nd Qtr.
2023
|
3rd Qtr.
2023
|
4th Qtr.
2023
|
1st Qtr.
2024
|
2nd Qtr.
2024
|
Private Banks:
Equity and fixed-income programs
|
$23,748
|
$23,920
|
$23,309
|
$24,593
|
$24,859
|
Collective trust fund programs
|
7
|
6
|
5
|
4
|
5
|
Liquidity funds
|
3,500
|
3,585
|
3,808
|
3,902
|
2,734
|
Total assets under management
|
$27,255
|
$27,511
|
$27,122
|
$28,499
|
$27,598
|
Client assets under
administration
|
4,282
|
4,221
|
7,083
|
7,753
|
7,884
|
Total assets
|
$31,537
|
$31,732
|
$34,205
|
$36,252
|
$35,482
|
Investment Advisors:
Equity and fixed-income programs
|
$68,371
|
$69,309
|
$68,369
|
$72,689
|
$73,793
|
Liquidity funds
|
4,808
|
4,990
|
5,046
|
4,649
|
4,348
|
Total Platform assets
under management
|
$73,179
|
$74,299
|
$73,415
|
$77,338
|
$78,141
|
Platform-only assets
|
15,548
|
16,544
|
17,201
|
19,198
|
20,897
|
Platform-only assets-deposit program
|
—
|
—
|
281
|
849
|
886
|
Total Platform assets
|
$88,727
|
$90,843
|
$90,897
|
$97,385
|
$99,924
|
Institutional Investors:
Equity and fixed-income programs
|
$74,865
|
$75,023
|
$73,644
|
$76,414
|
$75,203
|
Collective trust fund programs
|
4
|
4
|
3
|
1
|
1
|
Liquidity funds
|
1,537
|
1,611
|
1,682
|
1,812
|
1,893
|
Total assets under management
|
$76,406
|
$76,638
|
$75,329
|
$78,227
|
$77,097
|
Client assets under advisement
|
4,583
|
4,294
|
4,607
|
6,498
|
7,508
|
Total assets
|
$80,989
|
$80,932
|
$79,936
|
$84,725
|
$84,605
|
Investment Managers:
Collective trust fund programs (A)
|
$147,543
|
$150,379
|
$149,551
|
$156,737
|
$189,884
|
Liquidity funds
|
286
|
237
|
205
|
207
|
227
|
Total assets under management
|
$147,829
|
$150,616
|
$149,756
|
$156,944
|
$190,111
|
Client assets under
administration
|
843,065
|
873,821
|
901,487
|
938,804
|
982,806
|
Total assets
|
$990,894
|
$1,024,437
|
$1,051,243
|
$1,095,748
|
$1,172,917
|
Investments in New
Businesses:
Equity and fixed-income programs
|
$2,057
|
$2,096
|
$2,069
|
$2,200
|
$2,234
|
Liquidity funds
|
199
|
211
|
197
|
214
|
471
|
Total assets under management
|
$2,256
|
$2,307
|
$2,266
|
$2,414
|
$2,705
|
Client assets under advisement
|
1,075
|
1,101
|
1,080
|
1,194
|
2,014
|
Client assets under
administration
|
16,231
|
15,682
|
14,781
|
15,147
|
14,713
|
Total assets
|
$19,562
|
$19,090
|
$18,127
|
$18,755
|
$19,432
|
LSV Asset
Management:
Equity and fixed-income programs (B)
|
$84,492
|
$86,671
|
$84,492
|
$90,708
|
$90,849
|
Total:
Equity and fixed-income programs (C)
|
$253,533
|
$257,019
|
$251,883
|
$266,604
|
$266,938
|
Collective trust fund programs
|
147,554
|
150,389
|
149,559
|
156,742
|
189,890
|
Liquidity funds
|
10,330
|
10,634
|
10,938
|
10,784
|
9,673
|
Total assets under management
|
$411,417
|
$418,042
|
$412,380
|
$434,130
|
$466,501
|
Client assets under advisement
|
5,658
|
5,395
|
5,687
|
7,692
|
9,522
|
Client assets under
administration (D)
|
863,578
|
893,724
|
923,351
|
961,704
|
1,005,403
|
Platform-only assets
|
15,548
|
16,544
|
17,482
|
20,047
|
21,783
|
Total assets
|
$1,296,201
|
$1,333,705
|
$1,358,900
|
$1,423,573
|
$1,503,209
|
|
(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 second-quarter 2024 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 $6.3 billion of average assets
invested in various
asset allocation funds during second-quarter
2024.
|
(D)
|
In addition to the
assets presented,
SEI also administers an additional $8.6 billion of average assets
in Funds of Funds
|
Investor/media contact:
Leslie Wojcik
SEI
+1 610-676-4191
lwojcik@seic.com
View original
content:https://www.prnewswire.com/news-releases/sei-reports-second-quarter-2024-financial-results-302205855.html
SOURCE SEI Investments Company