SEI Reports Third-Quarter 2024 Financial Results
Net Sales Events, AUM, and AUA Drive Record Quarter
OAKS, Pa., Oct. 23, 2024 /PRNewswire/ -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the third quarter 2024. Relative to the third quarter 2023, EPS increased by 37%, and revenue and operating income grew by 13% and 33%, respectively, with operating margins increasing to 26.8%.
All business segments reported revenue and operating margin growth relative to both the third quarter 2023 and the second quarter 2024. Net sales events of $46 million represent the highest level ever achieved in a single quarter. Total assets under management, administration, and advisement grew to a record high of approximately $1.6 trillion.
Consolidated Overview (In thousands, except earnings per share) |
||||||
For the Three Months |
For the Nine Months |
|||||
2024 |
2023 |
% |
2024 |
2023 |
% |
|
Revenues |
$537,396 |
$476,759 |
13 % |
$1,567,961 |
$1,434,935 |
9 % |
Operating income |
143,832 |
108,472 |
33 % |
406,197 |
322,840 |
26 % |
Operating margin |
26.8 % |
22.8 % |
18 % |
25.9 % |
22.5 % |
15 % |
Net income |
154,900 |
115,661 |
34 % |
425,420 |
341,527 |
25 % |
Diluted earnings per share |
$1.19 |
$0.87 |
37 % |
$3.23 |
$2.54 |
27 % |
"Over the last two years, we have made meaningful adjustments that have reinforced the foundation for executing our growth strategy—driving quality sales, increasing client engagement, and capitalizing on market opportunities. Our record third-quarter results highlight our market momentum and that we are running our company differently," said CEO Ryan Hicke.
"I am confident that SEI's combination of stability, culture, balance sheet strength, client focus, and willingness to invest in innovation and scalable solutions will drive competitive differentiation and accelerated growth. We are focused on maximizing our enterprise value for our shareholders, and we are proud of our employees' dedication and enthusiasm."
Summary of Third-Quarter Results by Business Segment
|
||||||
(In thousands) |
For the Three Months |
For the Nine Months |
||||
Private Banks: |
2024 |
2023 |
% |
2024 |
2023 |
% |
Revenues |
$138,734 |
$119,664 |
16 % |
$401,272 |
$372,980 |
8 % |
Expenses |
115,097 |
111,207 |
3 % |
339,961 |
337,834 |
1 % |
Operating Profit |
23,637 |
8,457 |
179 % |
61,311 |
35,146 |
74 % |
Operating Margin |
17 % |
7 % |
15 % |
9 % |
||
Investment Advisors: |
||||||
Revenues |
126,836 |
110,461 |
15 % |
370,141 |
326,579 |
13 % |
Expenses |
70,152 |
64,280 |
9 % |
206,063 |
192,004 |
7 % |
Operating Profit |
56,684 |
46,181 |
23 % |
164,078 |
134,575 |
22 % |
Operating Margin |
45 % |
42 % |
44 % |
41 % |
||
Institutional Investors: |
||||||
Revenues |
71,626 |
70,479 |
2 % |
214,911 |
219,914 |
(2) % |
Expenses |
37,851 |
39,953 |
(5) % |
116,386 |
126,337 |
(8) % |
Operating Profit |
33,775 |
30,526 |
11 % |
98,525 |
93,577 |
5 % |
Operating Margin |
47 % |
43 % |
46 % |
43 % |
||
Investment Managers: |
||||||
Revenues |
184,607 |
162,982 |
13 % |
537,128 |
476,683 |
13 % |
Expenses |
114,118 |
103,585 |
10 % |
334,955 |
308,483 |
9 % |
Operating Profit |
70,489 |
59,397 |
19 % |
202,173 |
168,200 |
20 % |
Operating Margin |
38 % |
36 % |
38 % |
35 % |
||
Investments in New Businesses: |
||||||
Revenues |
15,593 |
13,173 |
18 % |
44,509 |
38,779 |
15 % |
Expenses |
18,440 |
18,265 |
1 % |
55,403 |
52,919 |
5 % |
Operating Loss |
(2,847) |
(5,092) |
NM |
(10,894) |
(14,140) |
NM |
Totals: |
||||||
Revenues |
$537,396 |
$476,759 |
13 % |
$1,567,961 |
$1,434,935 |
9 % |
Expenses |
355,658 |
337,290 |
5 % |
1,052,768 |
1,017,577 |
3 % |
Corporate Overhead Expenses |
37,906 |
30,997 |
22 % |
108,996 |
94,518 |
15 % |
Income from Operations |
$143,832 |
$108,472 |
33 % |
$406,197 |
$322,840 |
26 % |
Third-Quarter Business Highlights:
- Diluted EPS of $1.19, up 37% from the prior year, represents the second-highest level in SEI's history. SEI's strong EPS growth is attributable to double-digit revenue growth, margin expansion in each segment, a one-time gain of $8.2 million, or $0.05 impact, due to the sale of property located in New York, and a large one-time performance fee from LSV, of which our portion was approximately $5.3 million, or $0.03 impact.
- Consolidated revenues increased by 13% from Q3 2023, with each business segment posting positive growth. Both the Private Banks and Investment Advisors segments realized double- digit revenue growth in the quarter.
- Drivers of revenue growth were broad-based, with positive contributions from market appreciation, cross-sales to existing clients, and sales to new clients.
- Private Banks revenue growth of 16% was driven by backlog implementations, converting new clients onto the SEI Wealth PlatformSM (SWP), and growth in the volume of assets processed on SWP.
- Investment Advisors revenue growth of 15% was driven by a positive contribution from the FDIC program, which contributed $10.7 million to revenue in the quarter, and strong performance in separate account offerings.
- Average assets under administration increased by 2%, and average assets under management increased by 4%, relative to the second-quarter 2024. On a year-over-year basis, average AUA and AUM increased by 15% and 16%, respectively.
- Combined assets under management, administration, and advisement reached a record balance of approximately $1.6 trillion at quarter-end.
- Increases in assets were driven by a mix of market appreciation and positive net inflows, notably in the Investment Advisors and Investment Managers segments.
- Operating profit margins of 26.8% increased on both a year-over-year and sequential basis. Margins also increased for each of our business segments, also on a year-over-year and sequential basis. Margin improvement was driven by operating leverage on revenue growth in addition to focused cost management efforts, most notably in the Private Banks and Institutional Investors businesses.
- Net sales events during the third quarter 2024 were $46.4 million, a record level of net sales events for any single quarter. Net sales events in third quarter are expected to generate net annualized recurring revenues of approximately $34.9 million when contract values are completely realized (see the Sales Events schedule for further details).
- Earnings from LSV increased to $36.5 million in the third quarter 2024 as compared to $29.9 million in the third quarter 2023 due to market appreciation and higher performance fees. Net negative cash flows from existing clients and client losses partially offset the increase in earnings from LSV.
- SEI repurchased 1.3 million shares of common stock for $85.8 million during the third quarter 2024 at an average price of $67.40 per share.
- SEI recognized other income of $8.2 million, or $0.05 diluted earnings per share, in third quarter 2024 from the sale of property located in New York, NY, noted above.
Earnings Conference Call
A conference call to review earnings is scheduled for 5 p.m. Eastern time on Oct. 23, 2024. Investors and the public may listen to the call and replay at seic.com/ir-events.
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, 2024, SEI manages, advises, or administers approximately $1.6 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 degree to which our combination of stability, culture, balance sheet strength, client focus, and willingness to invest in innovation and scalable solutions will drive competitive differentiation and accelerated growth; 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, including, without limitation, sales, client engagement, marketing and enterprise positioning, expanding our share of total addressable markets and the markets that we identify for expansion;
- our investment priorities;
- the opportunities available to us for growth and to gain share in the markets in which we currently, and seek to, participate;
- our opportunities for earnings growth, including the opportunities for growth for our Institutional business and delivering single products to our Institutional clients;
- the performance of our various businesses, including the margins and profitability of such businesses;
- the strength and elements of our balance sheet;
- the strength of our pipelines and the momentum that each may have;
- our run rate and the stability of the elements of that run rate;
- the effects of any change to the federal funds rate on our businesses or products and the revenue associated with these items;
- the effects of consolidation in the industries in which we participate;
- the demand for our products and services, including the outsourcing services of our Investment Managers business, Data Cloud and Integration Transition Services;
- platform adoption in the RIA space and the potential to win clients as a consequence of consolidation in the RIA space;
- the amount of revenue we may generate from the cash balances in our Integrated Cash Program and the volatility of these cash deposits;
- the amount, if any, of management fees that may be received by LSV and the contribution of such management fees to our equity income; and
- the market dynamics affecting our businesses.
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 |
For the Nine Months |
|||
2024 |
2023 |
2024 |
2023 |
|
Asset management, admin. and distribution fees |
$423,859 |
$380,594 |
$1,237,623 |
$1,131,244 |
Information processing and software servicing fees |
113,537 |
96,165 |
330,338 |
303,691 |
Total revenues |
537,396 |
476,759 |
1,567,961 |
1,434,935 |
Subadvisory, distribution and other asset mgmt. costs |
47,969 |
47,531 |
141,279 |
142,157 |
Software royalties and other information processing costs |
8,936 |
8,095 |
25,503 |
23,784 |
Compensation, benefits and other personnel |
191,740 |
180,470 |
570,534 |
529,591 |
Stock-based compensation |
13,696 |
7,979 |
37,224 |
23,458 |
Consulting, outsourcing and professional fees |
53,291 |
54,203 |
159,258 |
176,619 |
Data processing and computer related |
37,556 |
34,016 |
112,790 |
102,301 |
Facilities, supplies and other costs |
21,622 |
16,999 |
58,795 |
58,825 |
Amortization |
10,413 |
9,797 |
31,284 |
28,851 |
Depreciation |
8,341 |
9,197 |
25,097 |
26,509 |
Total expenses |
393,564 |
368,287 |
1,161,764 |
1,112,095 |
Income from operations |
143,832 |
108,472 |
406,197 |
322,840 |
Net gain (loss) from investments |
427 |
(206) |
3,349 |
1,053 |
Interest and dividend income |
13,579 |
11,125 |
35,950 |
29,453 |
Interest expense |
(141) |
(116) |
(419) |
(396) |
Other income |
8,151 |
— |
8,151 |
— |
Equity in earnings of unconsolidated affiliate |
36,513 |
29,927 |
102,375 |
91,517 |
Income before income taxes |
202,361 |
149,202 |
555,603 |
444,467 |
Income taxes |
47,461 |
33,541 |
130,183 |
102,940 |
Net income |
$154,900 |
$115,661 |
$425,420 |
$341,527 |
Basic earnings per common share |
$1.20 |
$0.87 |
$3.26 |
$2.57 |
Shares used to calculate basic earnings per share |
129,418 |
132,231 |
130,550 |
133,035 |
Diluted earnings per common share |
$1.19 |
$0.87 |
$3.23 |
$2.54 |
Shares used to calculate diluted earnings per share |
130,671 |
133,504 |
131,830 |
134,250 |
Dividends declared per common share |
$— |
$— |
$0.46 |
$0.43 |
SEI INVESTMENTS COMPANY CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
|
||
September 30, 2024 |
December 31, |
|
Assets |
||
Current Assets: |
||
Cash and cash equivalents |
$901,134 |
$834,697 |
Restricted cash |
302 |
301 |
Receivables from investment products |
54,585 |
55,886 |
Receivables, net of allowance for doubtful accounts of $1,833 and $663 |
609,794 |
501,434 |
Securities owned |
30,289 |
31,334 |
Other current assets |
61,433 |
54,464 |
Total Current Assets |
1,657,537 |
1,478,116 |
Property and Equipment, net of accumulated depreciation of $489,143 and $474,034 |
164,927 |
171,364 |
Operating Lease Right-of-Use Assets |
29,567 |
22,477 |
Capitalized Software, net of accumulated amortization of $633,932 and $612,971 |
237,236 |
239,783 |
Available for Sale and Equity Securities |
175,722 |
155,413 |
Investments in Affiliated Funds, at fair value |
8,410 |
7,316 |
Investment in Unconsolidated Affiliate |
49,675 |
110,781 |
Goodwill |
138,085 |
137,333 |
Intangible Assets, net of accumulated amortization of $52,964 and $42,520 |
74,041 |
82,443 |
Deferred Contract Costs |
42,527 |
40,221 |
Deferred Income Taxes |
58,373 |
37,709 |
Other Assets, net |
48,329 |
37,047 |
Total Assets |
$2,684,429 |
$2,520,003 |
Liabilities and Equity |
||
Current Liabilities: |
||
Accounts payable |
$8,250 |
$10,618 |
Accrued liabilities |
258,167 |
318,945 |
Current portion of long-term operating lease liabilities |
7,926 |
8,118 |
Deferred revenue |
11,330 |
15,366 |
Total Current Liabilities |
285,673 |
353,047 |
Long-term Income Taxes Payable |
803 |
803 |
Long-term Operating Lease Liabilities |
24,647 |
17,235 |
Other Long-term Liabilities |
18,896 |
17,090 |
Total Liabilities |
330,019 |
388,175 |
Shareholders' Equity: |
||
Common stock, $0.01 par value, 750,000 shares authorized; 128,755 and 131,178 shares issued and outstanding |
1,288 |
1,312 |
Capital in excess of par value |
1,477,880 |
1,404,962 |
Retained earnings |
901,908 |
762,586 |
Accumulated other comprehensive loss, net |
(26,666) |
(37,032) |
Total Shareholders' Equity |
2,354,410 |
2,131,828 |
Total Liabilities and Shareholders' Equity |
$2,684,429 |
$2,520,003 |
SEI INVESTMENTS COMPANY CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
|
||
For the Nine Months |
||
2024 |
2023 |
|
Cash flows from operating activities: |
||
Net income |
$425,420 |
$341,527 |
Adjustments to reconcile net income to net cash provided by operating activities |
$1,654 |
$4,455 |
Net cash provided by operating activities |
$427,074 |
$345,982 |
Net cash used in investing activities |
($57,185) |
($48,237) |
Net cash used in financing activities |
($310,392) |
($294,886) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
6,941 |
(1,474) |
Net increase in cash, cash equivalents and restricted cash |
66,438 |
1,385 |
Cash, cash equivalents and restricted cash, beginning of period |
834,998 |
853,359 |
Cash, cash equivalents and restricted cash, end of period |
$901,436 |
$854,744 |
ENDING ASSET BALANCES (In millions) (Unaudited) |
|||||
Sept. 30, 2023 |
Dec. 31, 2023 |
Mar. 31, 2024 |
Jun. 30, 2024 |
Sept. 30, 2024 |
|
Private Banks: Equity and fixed-income programs |
$23,039 |
$24,496 |
$25,282 |
$25,031 |
$26,565 |
Collective trust fund programs |
6 |
4 |
5 |
5 |
5 |
Liquidity funds |
3,636 |
3,916 |
2,733 |
2,699 |
2,948 |
Total assets under management |
$26,681 |
$28,416 |
$28,020 |
$27,735 |
$29,518 |
Client assets under administration |
4,399 |
7,267 |
8,024 |
7,813 |
8,349 |
Total assets |
$31,080 |
$35,683 |
$36,044 |
$35,548 |
$37,867 |
Investment Advisors: Equity and fixed-income programs |
$66,911 |
$71,634 |
$74,715 |
$74,556 |
$78,361 |
Liquidity funds |
5,175 |
4,812 |
4,722 |
4,301 |
2,790 |
Total Platform assets under management |
$72,086 |
$76,446 |
$79,437 |
$78,857 |
$81,151 |
Platform-only assets |
16,232 |
18,324 |
20,516 |
21,908 |
24,501 |
Platform-only assets-deposit program |
— |
843 |
897 |
894 |
2,447 |
Total Platform assets |
$88,318 |
$95,613 |
$100,850 |
$101,659 |
$108,099 |
Institutional Investors: Equity and fixed-income programs |
$72,387 |
$77,208 |
$75,969 |
$75,542 |
$79,252 |
Collective trust fund programs |
4 |
1 |
1 |
1 |
1 |
Liquidity funds |
2,119 |
1,734 |
2,179 |
2,309 |
1,829 |
Total assets under management |
$74,510 |
$78,943 |
$78,149 |
$77,852 |
$81,082 |
Client assets under advisement |
4,085 |
6,120 |
6,862 |
7,886 |
8,038 |
Total assets |
$78,595 |
$85,063 |
$85,011 |
$85,738 |
$89,120 |
Investment Managers: Collective trust fund programs (A) |
$146,991 |
$156,376 |
$161,660 |
$192,747 |
$204,429 |
Liquidity funds |
180 |
114 |
202 |
221 |
233 |
Total assets under management |
$147,171 |
$156,490 |
$161,862 |
$192,968 |
$204,662 |
Client assets under administration |
871,385 |
920,757 |
959,904 |
998,315 |
1,022,515 |
Total assets |
$1,018,556 |
$1,077,247 |
$1,121,766 |
$1,191,283 |
$1,227,177 |
Investments in New Businesses: Equity and fixed-income programs |
$2,017 |
$2,174 |
$2,269 |
$2,285 |
$2,825 |
Liquidity funds |
202 |
209 |
223 |
631 |
246 |
Total assets under management |
$2,219 |
$2,383 |
$2,492 |
$2,916 |
$3,071 |
Client assets under advisement |
1,070 |
1,150 |
1,248 |
1,886 |
2,021 |
Client assets under administration |
14,997 |
14,807 |
15,411 |
14,848 |
15,110 |
Total assets |
$18,286 |
$18,340 |
$19,151 |
$19,650 |
$20,202 |
LSV Asset Management: Equity and fixed-income programs (B) |
$83,684 |
$89,312 |
$93,616 |
$90,197 |
$93,855 |
Total: Equity and fixed-income programs (C) |
$248,038 |
$264,824 |
$271,851 |
$267,611 |
$280,858 |
Collective trust fund programs |
147,001 |
156,381 |
161,666 |
192,753 |
204,435 |
Liquidity funds |
11,312 |
10,785 |
10,059 |
10,161 |
8,046 |
Total assets under management |
$406,351 |
$431,990 |
$443,576 |
$470,525 |
$493,339 |
Client assets under advisement |
5,155 |
7,270 |
8,110 |
9,772 |
10,059 |
Client assets under administration (D) |
890,781 |
942,831 |
983,339 |
1,020,976 |
1,045,974 |
Platform-only assets |
16,232 |
19,167 |
21,413 |
22,802 |
26,948 |
Total assets |
$1,318,519 |
$1,401,258 |
$1,456,438 |
$1,524,075 |
$1,576,320 |
(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 $1.6 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, 2024). |
(C) |
Equity and fixed-income programs include $6.4 billion of assets invested in various asset allocation funds (as of September 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 September 30, 2024). |
AVERAGE ASSET BALANCES (In millions) (Unaudited) |
|||||
3rd Qtr. 2023 |
4th Qtr. 2023 |
1st Qtr. 2024 |
2nd Qtr. 2024 |
3rd Qtr. 2024 |
|
Private Banks: Equity and fixed-income programs |
$23,920 |
$23,309 |
$24,593 |
$24,859 |
$25,823 |
Collective trust fund programs |
6 |
5 |
4 |
5 |
5 |
Liquidity funds |
3,585 |
3,808 |
3,902 |
2,734 |
2,858 |
Total assets under management |
$27,511 |
$27,122 |
$28,499 |
$27,598 |
$28,686 |
Client assets under administration |
4,221 |
7,083 |
7,753 |
7,884 |
8,074 |
Total assets |
$31,732 |
$34,205 |
$36,252 |
$35,482 |
$36,760 |
Investment Advisors: Equity and fixed-income programs |
$69,309 |
$68,369 |
$72,689 |
$73,793 |
$76,111 |
Liquidity funds |
4,990 |
5,046 |
4,649 |
4,348 |
4,264 |
Total Platform assets under management |
$74,299 |
$73,415 |
$77,338 |
$78,141 |
$80,375 |
Platform-only assets |
16,544 |
17,201 |
19,198 |
20,897 |
23,194 |
Platform-only assets-deposit program |
— |
281 |
849 |
886 |
1,176 |
Total Platform assets |
$90,843 |
$90,897 |
$97,385 |
$99,924 |
$104,745 |
Institutional Investors: Equity and fixed-income programs |
$75,023 |
$73,644 |
$76,414 |
$75,203 |
$77,473 |
Collective trust fund programs |
4 |
3 |
1 |
1 |
1 |
Liquidity funds |
1,611 |
1,682 |
1,812 |
1,893 |
2,046 |
Total assets under management |
$76,638 |
$75,329 |
$78,227 |
$77,097 |
$79,520 |
Client assets under advisement |
4,294 |
4,607 |
6,498 |
7,508 |
7,925 |
Total assets |
$80,932 |
$79,936 |
$84,725 |
$84,605 |
$87,445 |
Investment Managers: Collective trust fund programs (A) |
$150,379 |
$149,551 |
$156,737 |
$189,884 |
$198,839 |
Liquidity funds |
237 |
205 |
207 |
227 |
245 |
Total assets under management |
$150,616 |
$149,756 |
$156,944 |
$190,111 |
$199,084 |
Client assets under administration |
873,821 |
901,487 |
938,804 |
982,806 |
1,005,111 |
Total assets |
$1,024,437 |
$1,051,243 |
$1,095,748 |
$1,172,917 |
$1,204,195 |
Investments in New Businesses: Equity and fixed-income programs |
$2,096 |
$2,069 |
$2,200 |
$2,234 |
$2,432 |
Liquidity funds |
211 |
197 |
214 |
471 |
546 |
Total assets under management |
$2,307 |
$2,266 |
$2,414 |
$2,705 |
$2,978 |
Client assets under advisement |
1,101 |
1,080 |
1,194 |
2,014 |
1,885 |
Client assets under administration |
15,682 |
14,781 |
15,147 |
14,713 |
14,973 |
Total assets |
$19,090 |
$18,127 |
$18,755 |
$19,432 |
$19,836 |
LSV Asset Management: Equity and fixed-income programs (B) |
$86,671 |
$84,492 |
$90,708 |
$90,849 |
$93,195 |
Total: Equity and fixed-income programs (C) |
$257,019 |
$251,883 |
$266,604 |
$266,938 |
$275,034 |
Collective trust fund programs |
150,389 |
149,559 |
156,742 |
189,890 |
198,845 |
Liquidity funds |
10,634 |
10,938 |
10,784 |
9,673 |
9,959 |
Total assets under management |
$418,042 |
$412,380 |
$434,130 |
$466,501 |
$483,838 |
Client assets under advisement |
5,395 |
5,687 |
7,692 |
9,522 |
9,810 |
Client assets under administration (D) |
893,724 |
923,351 |
961,704 |
1,005,403 |
1,028,158 |
Platform-only assets |
16,544 |
17,482 |
20,047 |
21,783 |
24,370 |
Total assets |
$1,333,705 |
$1,358,900 |
$1,423,573 |
$1,503,209 |
$1,546,176 |
(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 2024 include $1.7 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 third-quarter 2024. |
(D) |
In addition to the assets presented, SEI also administers an additional $8.5 billion of average assets in Funds of Funds assets during third-quarter 2024 on which SEI does not earn an administration fee. |
SALES EVENTS (In thousands) (Unaudited
|
||||||
Net Recurring Sales Events |
||||||
3rd Qtr. 2023 |
4th Qtr. 2023 |
1st Qtr. 2024 |
2nd Qtr. 2024 |
3rd Qtr. 2024 |
||
Investment Processing-related Businesses: |
||||||
Private Banks |
$ 2,176 |
$ 2,210 |
$ 247 |
$ 4,331 |
$ 9,417 |
|
Investment Managers |
16,371 |
15,314 |
20,407 |
17,180 |
23,319 |
|
Total Investment Processing-related Businesses |
$ 18,547 |
$ 17,524 |
$ 20,654 |
$ 21,511 |
$ 32,736 |
|
Asset Management-related Businesses: |
||||||
Private Banks-AMD |
$ (543) |
$ (1,068) |
$ (85) |
$ (494) |
$ (854) |
|
Investment Advisors |
(1,238) |
(5,277) |
(942) |
(3,299) |
2,686 |
|
Institutional Investors |
(5,780) |
(4,151) |
(4,649) |
(1,787) |
(576) |
|
Total Asset Management-related Businesses |
$ (7,561) |
$ (10,496) |
$ (5,676) |
$ (5,580) |
$ 1,256 |
|
Newer Initiatives: |
||||||
Investments in New Businesses |
$ 161 |
$ 1,432 |
$ 1,494 |
$ (43) |
$ 936 |
|
Total Net Recurring Sales Events |
$ 11,147 |
$ 8,460 |
$ 16,472 |
$ 15,888 |
$ 34,928 |
|
Non-Recurring Sales Events
|
||||||
3rd Qtr. 2023 |
4th Qtr. 2023 |
1st Qtr. 2024 |
2nd Qtr. 2024 |
3rd Qtr. 2024 |
||
Investment Processing-related Businesses: |
||||||
Private Banks |
$ 1,162 |
$ 3,489 |
$ 2,613 |
$ 4,431 |
$ 8,796 |
|
Investment Managers |
839 |
1,000 |
1,213 |
930 |
712 |
|
Total Investment Processing-related Businesses |
$ 2,001 |
$ 4,489 |
$ 3,826 |
$ 5,361 |
$ 9,508 |
|
Newer Initiatives: |
||||||
Investments in New Businesses |
$ 1,307 |
$ 770 |
$ 987 |
$ 717 |
$ 1,976 |
|
Total Non-Recurring Sales Events |
$ 3,308 |
$ 5,259 |
$ 4,813 |
$ 6,078 |
$ 11,484 |
|
Total Sales Events
|
||||||
3rd Qtr. 2023 |
4th Qtr. 2023 |
1st Qtr. 2024 |
2nd Qtr. 2024 |
3rd Qtr. 2024 |
||
Investment Processing-related Businesses: |
||||||
Private Banks |
$ 3,338 |
$ 5,699 |
$ 2,860 |
$ 8,762 |
$ 18,213 |
|
Investment Managers |
17,210 |
16,314 |
21,620 |
18,110 |
24,031 |
|
Total Investment Processing-related Businesses |
$ 20,548 |
$ 22,013 |
$ 24,480 |
$ 26,872 |
$ 42,244 |
|
Asset Management-related Businesses: |
||||||
Private Banks-AMD |
$ (543) |
$ (1,068) |
$ (85) |
$ (494) |
$ (854) |
|
Investment Advisors |
(1,238) |
(5,277) |
(942) |
(3,299) |
2,686 |
|
Institutional Investors |
(5,780) |
(4,151) |
(4,649) |
(1,787) |
(576) |
|
Total Asset Management-related Businesses |
$ (7,561) |
$ (10,496) |
$ (5,676) |
$ (5,580) |
$ 1,256 |
|
Newer Initiatives: |
||||||
Investments in New Businesses |
$ 1,468 |
$ 2,202 |
$ 2,481 |
$ 674 |
$ 2,912 |
|
Total Sales Events |
$ 14,455 |
$ 13,719 |
$ 21,285 |
$ 21,966 |
$ 46,412 |
|
Investor contact: |
Media contact: |
Brad Burke |
Leslie Wojcik |
SEI |
SEI |
+1 610-676-5350 |
+1 610-676-4191 |
SOURCE SEI Investments Company
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