OAKS,
Pa., July 26, 2023 /PRNewswire/ -- SEI
Investments Company (NASDAQ:SEIC) today announced financial results
for the second-quarter 2023. Diluted earnings per share were
$0.89 in second-quarter 2023 compared
to $0.81 in second-quarter 2022.
Consolidated
Overview
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except
earnings per share)
|
|
For the Three
Months
Ended June 30,
|
|
|
|
For the Six Months
Ended June 30,
|
|
|
|
|
2023
|
|
2022
|
|
%
|
|
2023
|
|
2022
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$489,057
|
|
$481,670
|
|
2 %
|
|
$958,176
|
|
$1,063,113
|
|
(10) %
|
Net income
|
|
118,851
|
|
111,276
|
|
7 %
|
|
225,866
|
|
301,584
|
|
(25) %
|
Diluted earnings per
share
|
|
$0.89
|
|
$0.81
|
|
10 %
|
|
$1.68
|
|
$2.17
|
|
(23) %
|
"Our second-quarter financial results reflect solid sales and
revenue growth and increasing profitability. In particular, our
technology and investment processing businesses delivered strong
performance in the quarter, contributing to both top- and
bottom-line growth," said CEO Ryan
Hicke.
"Over the past year, we have evolved our leadership team,
invested in talent, increased our market presence, and aligned our
resources to drive an enterprise-wide approach to our markets. We
are engaged with our clients, building new relationships across our
markets, and expanding our reach globally, and we will continue
making prudent, strategic investments to drive long-term,
sustainable growth 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,
|
|
|
|
|
2023
|
|
2022
|
|
%
|
|
2023
|
|
2022
|
|
%
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$134,099
|
|
$124,184
|
|
8 %
|
|
$256,702
|
|
$337,732
|
|
(24) %
|
Expenses
|
|
116,061
|
|
121,060
|
|
(4) %
|
|
230,337
|
|
243,015
|
|
(5) %
|
Operating
Profit
|
|
18,038
|
|
3,124
|
|
NM
|
|
26,365
|
|
94,717
|
|
(72) %
|
Operating
Margin
|
|
13 %
|
|
3 %
|
|
|
|
10 %
|
|
28 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
109,580
|
|
113,194
|
|
(3) %
|
|
216,118
|
|
232,424
|
|
(7) %
|
Expenses
|
|
64,178
|
|
63,375
|
|
1 %
|
|
127,724
|
|
127,895
|
|
— %
|
Operating
Profit
|
|
45,402
|
|
49,819
|
|
(9) %
|
|
88,394
|
|
104,529
|
|
(15) %
|
Operating
Margin
|
|
41 %
|
|
44 %
|
|
|
|
41 %
|
|
45 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
75,145
|
|
83,483
|
|
(10) %
|
|
149,435
|
|
170,322
|
|
(12) %
|
Expenses
|
|
45,516
|
|
43,925
|
|
4 %
|
|
86,384
|
|
89,283
|
|
(3) %
|
Operating
Profit
|
|
29,629
|
|
39,558
|
|
(25) %
|
|
63,051
|
|
81,039
|
|
(22) %
|
Operating
Margin
|
|
39 %
|
|
47 %
|
|
|
|
42 %
|
|
48 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
165,339
|
|
155,926
|
|
6 %
|
|
326,025
|
|
312,827
|
|
4 %
|
Expenses
|
|
107,761
|
|
100,807
|
|
7 %
|
|
213,627
|
|
199,644
|
|
7 %
|
Operating
Profit
|
|
57,578
|
|
55,119
|
|
4 %
|
|
112,398
|
|
113,183
|
|
(1) %
|
Operating
Margin
|
|
35 %
|
|
35 %
|
|
|
|
34 %
|
|
36 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
4,894
|
|
4,883
|
|
— %
|
|
9,896
|
|
9,808
|
|
1 %
|
Expenses
|
|
10,571
|
|
12,844
|
|
(18) %
|
|
22,215
|
|
24,794
|
|
(10) %
|
Operating
Loss
|
|
(5,677)
|
|
(7,961)
|
|
NM
|
|
(12,319)
|
|
(14,986)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$489,057
|
|
$481,670
|
|
2 %
|
|
$958,176
|
|
$1,063,113
|
|
(10) %
|
Expenses
|
|
344,087
|
|
342,011
|
|
1 %
|
|
680,287
|
|
684,631
|
|
(1) %
|
Corporate Overhead
Expenses
|
|
32,369
|
|
23,799
|
|
36 %
|
|
63,521
|
|
47,823
|
|
33 %
|
Income from
Operations
|
|
$112,601
|
|
$115,860
|
|
(3) %
|
|
$214,368
|
|
$330,659
|
|
(35) %
|
Second-Quarter Business Highlights:
- Revenues from Information processing and software servicing
fees in the second-quarter 2023 include a one-time early
contractual buyout fee of $10.5
million relating to an investment processing client of the
Private Banks segment that was acquired by an existing client. The
Company will continue its relationship and provide investment
processing services to both entities.
- Revenues from Assets under management, administration, and
distribution fees decreased primarily from lower assets under
management in equity and fixed income programs from market
depreciation during 2022 and negative cash flows from SEI fund
programs due to client losses in the Investment Advisors and
Institutional Investors segments. The improvement in market
conditions and positive cash flows into separately managed account
programs and Strategist programs during 2023 partially offset the
decline in revenues.
- Average assets under management in equity and fixed income
programs, excluding LSV, decreased $8.1
billion, or 5%, to $169.0
billion in the second-quarter 2023, as compared to
$177.1 billion during the
second-quarter 2022 (see attached Average Asset Balances schedule
for further details).
- Revenue from Asset management, administration, and distribution
fees of the Investment Managers segment increased from new business
and increases from existing alternative investment clients due to
new products and additional services. The decrease in average
assets under administration reflect a loss of a significant client
in 2022 which was not charged asset-based fees.
- Net sales events in the Private Banks and Investment Managers
segments during second-quarter 2023 were $31.1 million and are expected to generate net
annualized recurring revenues of approximately $25.4 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 second-quarter 2023 were negative $1.9 million.
- Operational expenses increased due to higher personnel costs
from business growth, competitive labor markets, and the impact of
inflation on wages and services. Operational expenses also
increased due to personnel costs and investments in compliance
infrastructure to meet new regulatory requirements. The increase
was substantially offset by lower direct costs related to asset
management revenues and lower amortization expense.
- Expenses in the Institutional Investors segment include the
impact of a one-time operational charge of $4.5 million related to a client
reimbursement.
- Corporate overhead expenses include a $2.5 million item related to a consulting
engagement which ended during the second-quarter 2023.
- Earnings from LSV increased to $32.7
million in the second-quarter 2023 as compared to
$29.8 million in the second-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.
- We capitalized $9.0 million of
software development costs in second-quarter 2023, of which
$4.7 million was for continued
enhancements to the SEI Wealth PlatformSM. We also
capitalized $4.3 million of software
development costs in second-quarter 2023 for a new platform for the
Investment Managers segment.
- Amortization expense related to SWP was $6.4 million in second-quarter 2023 as compared
to $11.8 million in second-quarter
2022. The decline in amortization expense was due to the
amortization period of the initial development costs related to SWP
which ended in second-quarter 2022.
- Effective tax rates were 23.4% in second-quarter 2023 and 23.1%
in second-quarter 2022.
- We repurchased 1.3 million shares of our common stock for
$75.5 million during the
second-quarter 2023 at an average price of $58.56 per share.
- Cash flow from operations was $68.2
million and free cash flow was $53.4
million during the second-quarter 2023.
Earnings Conference Call
A conference call to review earnings is scheduled for
4:30 p.m. Eastern time on
July 26, 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: 1070091.
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, 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:
- 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
- whether we will make prudent, strategic investments to drive
long-term, sustainable 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:
-
- managing expenses;
- proactively engaging with current clients;
- expanding our 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;
- our sales momentum;
- the markets in which our clients are expanding;
- our success in converting clients from TRUST 3000®
to the SEI Wealth PlatformSM;
- our ability to capitalize on our pipeline, prudently manage
expenses, and drive growth 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 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 appetite of existing clients for our products;
- the degree to which our newer investment offerings will benefit
our business;
- the market dynamics affecting our market units;
- our ability to mitigate the headwinds of various markets;
- the strength of our partnership with our affiliates;
- our ability to identify and incubate businesses that we believe
will build upon our foundation for future growth and contribute to
our corporate revenue goals;
- the degree to which the expenses in our Investments in New
Businesses segment will remain consistent going forward;
- the degree to which our tax rate may vary;
- our sales momentum;
- 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 June 30,
|
|
For the Six
Months
Ended June 30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Asset management,
admin. and distribution fees
|
|
$378,821
|
|
$382,594
|
|
$750,650
|
|
$776,691
|
Information processing
and software servicing fees
|
|
110,236
|
|
99,076
|
|
207,526
|
|
286,422
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
489,057
|
|
481,670
|
|
958,176
|
|
1,063,113
|
|
|
|
|
|
|
|
|
|
Subadvisory,
distribution and other asset mgmt. costs
|
|
47,247
|
|
50,023
|
|
94,626
|
|
103,151
|
Software royalties and
other information processing costs
|
|
8,396
|
|
7,407
|
|
15,689
|
|
14,954
|
Compensation, benefits
and other personnel
|
|
175,706
|
|
157,921
|
|
349,121
|
|
318,405
|
Stock-based
compensation
|
|
7,405
|
|
10,007
|
|
15,479
|
|
20,573
|
Consulting, outsourcing
and professional fees
|
|
61,312
|
|
63,271
|
|
122,416
|
|
125,762
|
Data processing and
computer related
|
|
34,945
|
|
32,254
|
|
68,285
|
|
62,070
|
Facilities, supplies
and other costs
|
|
23,034
|
|
20,133
|
|
41,826
|
|
37,760
|
Amortization
|
|
9,630
|
|
16,508
|
|
19,054
|
|
33,395
|
Depreciation
|
|
8,781
|
|
8,286
|
|
17,312
|
|
16,384
|
|
|
|
|
|
|
|
|
|
Total
expenses
|
|
376,456
|
|
365,810
|
|
743,808
|
|
732,454
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
112,601
|
|
115,860
|
|
214,368
|
|
330,659
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on
investments
|
|
515
|
|
(2,620)
|
|
1,259
|
|
(3,109)
|
Interest and dividend
income
|
|
9,550
|
|
1,853
|
|
18,328
|
|
2,701
|
Interest
expense
|
|
(139)
|
|
(211)
|
|
(280)
|
|
(461)
|
Equity in earnings of
unconsolidated affiliate
|
|
32,711
|
|
29,813
|
|
61,590
|
|
62,272
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
155,238
|
|
144,695
|
|
295,265
|
|
392,062
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
36,387
|
|
33,419
|
|
69,399
|
|
90,478
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$118,851
|
|
$111,276
|
|
$225,866
|
|
$301,584
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
|
$0.89
|
|
$0.82
|
|
$1.69
|
|
$2.20
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate basic earnings per share
|
|
132,854
|
|
136,435
|
|
133,437
|
|
137,185
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$0.89
|
|
$0.81
|
|
$1.68
|
|
$2.17
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate diluted earnings per share
|
|
133,936
|
|
137,817
|
|
134,623
|
|
138,764
|
|
|
|
|
|
|
|
|
|
Dividends declared per
common share
|
|
$0.43
|
|
$0.40
|
|
$0.43
|
|
$0.40
|
SEI INVESTMENTS
COMPANY
CONSOLIDATED BALANCE
SHEETS
(In
thousands)
(Unaudited)
|
|
|
|
June
30,
|
|
December
31,
|
|
|
2023
|
|
2022
|
Assets
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$777,051
|
|
$853,008
|
Restricted
cash
|
|
300
|
|
351
|
Receivables
from investment products
|
|
56,304
|
|
62,014
|
Receivables,
net of allowance for doubtful accounts of $936 and $901
|
|
521,600
|
|
457,084
|
Securities
owned
|
|
31,040
|
|
32,148
|
Other current
assets
|
|
55,610
|
|
48,703
|
Total
Current Assets
|
|
1,441,905
|
|
1,453,308
|
|
|
|
|
|
Property and
Equipment, net of accumulated depreciation of $458,119 and
$440,861
|
|
180,503
|
|
181,029
|
Operating Lease
Right-of-Use Assets
|
|
22,293
|
|
24,992
|
Capitalized Software,
net of accumulated amortization of $599,557 and $586,744
|
|
242,525
|
|
237,302
|
Available for Sale and
Equity Securities
|
|
116,791
|
|
128,201
|
Investments in
Affiliated Funds, at fair value
|
|
6,772
|
|
6,366
|
Investment in
Unconsolidated Affiliate
|
|
54,318
|
|
104,673
|
Goodwill
|
|
115,602
|
|
115,599
|
Intangible Assets, net
of accumulated amortization of $36,450 and $30,261
|
|
49,621
|
|
55,532
|
Deferred Contract
Costs
|
|
38,561
|
|
37,928
|
Deferred Income
Taxes
|
|
17,464
|
|
4,936
|
Other Assets,
net
|
|
38,609
|
|
33,687
|
Total
Assets
|
|
$2,324,964
|
|
$2,383,553
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
|
$7,220
|
|
$13,283
|
Accrued
liabilities
|
|
237,164
|
|
359,363
|
Current portion
of long-term operating lease liabilities
|
|
11,076
|
|
10,344
|
Deferred
revenue
|
|
14,913
|
|
14,893
|
Total
Current Liabilities
|
|
270,373
|
|
397,883
|
|
|
|
|
|
Long-term Income Taxes
Payable
|
|
803
|
|
803
|
Long-term Operating
Lease Liabilities
|
|
16,032
|
|
18,786
|
Other Long-term
Liabilities
|
|
14,203
|
|
12,257
|
Total
Liabilities
|
|
301,411
|
|
429,729
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
Common stock,
$0.01 par value, 750,000 shares authorized; 132,230 and 134,162
shares issued and outstanding
|
|
1,322
|
|
1,342
|
Capital in
excess of par value
|
|
1,337,538
|
|
1,307,162
|
Retained
earnings
|
|
724,672
|
|
694,287
|
Accumulated
other comprehensive loss, net
|
|
(39,979)
|
|
(48,967)
|
Total
Shareholders' Equity
|
|
2,023,553
|
|
1,953,824
|
Total
Liabilities and Shareholders' Equity
|
|
$2,324,964
|
|
$2,383,553
|
ENDING ASSET
BALANCES
(In millions)
(Unaudited)
|
|
|
|
Jun. 30,
|
|
Sept. 30,
|
|
Dec. 31,
|
|
Mar. 31,
|
|
Jun. 30,
|
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2023
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$22,277
|
|
$20,131
|
|
$22,377
|
|
$23,653
|
|
$24,091
|
Collective trust fund
programs
|
|
7
|
|
7
|
|
7
|
|
6
|
|
7
|
Liquidity
funds
|
|
3,666
|
|
3,778
|
|
3,201
|
|
3,427
|
|
3,433
|
Total assets under
management
|
|
$25,950
|
|
$23,916
|
|
$25,585
|
|
$27,086
|
|
$27,531
|
Client assets under
administration
|
|
3,923
|
|
4,161
|
|
4,151
|
|
4,299
|
|
4,154
|
Total assets
|
|
$29,873
|
|
$28,077
|
|
$29,736
|
|
$31,385
|
|
$31,685
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$65,783
|
|
$62,579
|
|
$66,240
|
|
$68,065
|
|
$69,439
|
Liquidity
funds
|
|
8,292
|
|
5,200
|
|
5,436
|
|
4,965
|
|
4,968
|
Total Platform assets
under management
|
|
$74,075
|
|
$67,779
|
|
$71,676
|
|
$73,030
|
|
$74,407
|
Platform-only
assets
|
|
12,642
|
|
12,609
|
|
13,931
|
|
14,980
|
|
16,103
|
Total Platform
assets
|
|
$86,717
|
|
$80,388
|
|
$85,607
|
|
$88,010
|
|
$90,510
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$75,506
|
|
$69,621
|
|
$73,178
|
|
$74,939
|
|
$75,854
|
Collective trust fund
programs
|
|
5
|
|
6
|
|
5
|
|
4
|
|
4
|
Liquidity
funds
|
|
1,654
|
|
1,640
|
|
1,557
|
|
1,576
|
|
1,353
|
Total assets under
management
|
|
$77,165
|
|
$71,267
|
|
$74,740
|
|
$76,519
|
|
$77,211
|
Client assets under
advisement
|
|
4,218
|
|
4,204
|
|
4,314
|
|
4,559
|
|
4,368
|
Total assets
|
|
$81,383
|
|
$75,471
|
|
$79,054
|
|
$81,078
|
|
$81,579
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
Collective trust fund
programs (A)
|
|
$142,035
|
|
$137,538
|
|
$141,285
|
|
$146,176
|
|
$149,779
|
Liquidity
funds
|
|
271
|
|
248
|
|
199
|
|
203
|
|
249
|
Total assets under
management
|
|
$142,306
|
|
$137,786
|
|
$141,484
|
|
$146,379
|
|
$150,028
|
Client assets under
administration
|
|
885,096
|
|
781,246
|
|
810,491
|
|
845,828
|
|
873,570
|
Total assets
|
|
$1,027,402
|
|
$919,032
|
|
$951,975
|
|
$992,207
|
|
$1,023,598
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$1,903
|
|
$1,813
|
|
$1,912
|
|
$2,031
|
|
$2,104
|
Liquidity
funds
|
|
242
|
|
221
|
|
215
|
|
217
|
|
217
|
Total assets under
management
|
|
$2,145
|
|
$2,034
|
|
$2,127
|
|
$2,248
|
|
$2,321
|
Client assets under
administration
|
|
1,076
|
|
1,026
|
|
1,077
|
|
1,081
|
|
1,098
|
Total assets
|
|
$3,221
|
|
$3,060
|
|
$3,204
|
|
$3,329
|
|
$3,419
|
|
|
|
|
|
|
|
|
|
|
|
LSV Asset
Management:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs (B)
|
|
$81,940
|
|
$75,380
|
|
$83,753
|
|
$84,964
|
|
$86,469
|
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs (C)
|
|
$247,409
|
|
$229,524
|
|
$247,460
|
|
$253,652
|
|
$257,957
|
Collective trust fund
programs
|
|
142,047
|
|
137,551
|
|
141,297
|
|
146,186
|
|
149,790
|
Liquidity
funds
|
|
14,125
|
|
11,087
|
|
10,608
|
|
10,388
|
|
10,220
|
Total assets under
management
|
|
$403,581
|
|
$378,162
|
|
$399,365
|
|
$410,226
|
|
$417,967
|
Client assets under
advisement
|
|
5,294
|
|
5,230
|
|
5,391
|
|
5,640
|
|
5,466
|
Client assets under
administration (D)
|
|
889,019
|
|
785,407
|
|
814,642
|
|
850,127
|
|
877,724
|
Platform-only
assets
|
|
12,642
|
|
12,609
|
|
13,931
|
|
14,980
|
|
16,103
|
Total assets
|
|
$1,310,536
|
|
$1,181,408
|
|
$1,233,329
|
|
$1,280,973
|
|
$1,317,260
|
|
|
(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 $2.0 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, 2023).
|
(C)
|
Equity and fixed-income
programs include $6.2 billion of assets invested in various asset
allocation funds (as of June 30, 2023).
|
(D)
|
In addition to the
assets presented, SEI also administers an additional $11.7 billion
in Funds of Funds assets on which SEI does not earn an
administration fee (as of June 30, 2023).
|
AVERAGE ASSET
BALANCES
(In millions)
(Unaudited)
|
|
|
|
2nd Qtr.
|
|
3rd Qtr.
|
|
4th Qtr.
|
|
1st Qtr.
|
|
2nd Qtr.
|
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2023
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$23,713
|
|
$22,115
|
|
$21,839
|
|
$23,576
|
|
$23,748
|
Collective trust fund
programs
|
|
7
|
|
7
|
|
7
|
|
7
|
|
7
|
Liquidity
funds
|
|
3,795
|
|
3,742
|
|
3,395
|
|
3,253
|
|
3,500
|
Total assets under
management
|
|
$27,515
|
|
$25,864
|
|
$25,241
|
|
$26,836
|
|
$27,255
|
Client assets under
administration
|
|
4,163
|
|
4,026
|
|
4,126
|
|
4,316
|
|
4,282
|
Total assets
|
|
$31,678
|
|
$29,890
|
|
$29,367
|
|
$31,152
|
|
$31,537
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$70,436
|
|
$67,464
|
|
$66,100
|
|
$67,578
|
|
$68,371
|
Liquidity
funds
|
|
7,070
|
|
5,380
|
|
5,127
|
|
4,995
|
|
4,808
|
Total Platform assets
under management
|
|
$77,506
|
|
$72,844
|
|
$71,227
|
|
$72,573
|
|
$73,179
|
Platform-only
assets
|
|
13,142
|
|
13,271
|
|
13,905
|
|
14,812
|
|
15,548
|
Total Platform
assets
|
|
$90,648
|
|
$86,115
|
|
$85,132
|
|
$87,385
|
|
$88,727
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$80,971
|
|
$74,859
|
|
$72,581
|
|
$74,653
|
|
$74,865
|
Collective trust fund
programs
|
|
5
|
|
6
|
|
5
|
|
5
|
|
4
|
Liquidity
funds
|
|
2,097
|
|
1,717
|
|
1,719
|
|
1,715
|
|
1,537
|
Total assets under
management
|
|
$83,073
|
|
$76,582
|
|
$74,305
|
|
$76,373
|
|
$76,406
|
Client assets under
advisement
|
|
3,987
|
|
4,194
|
|
4,251
|
|
4,431
|
|
4,583
|
Total assets
|
|
$87,060
|
|
$80,776
|
|
$78,556
|
|
$80,804
|
|
$80,989
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
Collective trust fund
programs (A)
|
|
$131,435
|
|
$143,817
|
|
$140,494
|
|
$144,914
|
|
$147,543
|
Liquidity
funds
|
|
285
|
|
250
|
|
275
|
|
317
|
|
286
|
Total assets under
management
|
|
$131,720
|
|
$144,067
|
|
$140,769
|
|
$145,231
|
|
$147,829
|
Client assets under
administration
|
|
893,361
|
|
782,559
|
|
785,813
|
|
836,410
|
|
859,296
|
Total assets
|
|
$1,025,081
|
|
$926,626
|
|
$926,582
|
|
$981,641
|
|
$1,007,125
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$2,016
|
|
$1,939
|
|
$1,890
|
|
$1,991
|
|
$2,057
|
Liquidity
funds
|
|
262
|
|
231
|
|
208
|
|
212
|
|
199
|
Total assets under
management
|
|
$2,278
|
|
$2,170
|
|
$2,098
|
|
$2,203
|
|
$2,256
|
Client assets under
advisement
|
|
1,165
|
|
1,126
|
|
1,075
|
|
1,098
|
|
1,075
|
Total assets
|
|
$3,443
|
|
$3,296
|
|
$3,173
|
|
$3,301
|
|
$3,331
|
|
|
|
|
|
|
|
|
|
|
|
LSV Asset
Management:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs (B)
|
|
$87,818
|
|
$81,241
|
|
$83,370
|
|
$86,987
|
|
$84,492
|
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs (C)
|
|
$264,954
|
|
$247,618
|
|
$245,780
|
|
$254,785
|
|
$253,533
|
Collective trust fund
programs
|
|
131,447
|
|
143,830
|
|
140,506
|
|
144,926
|
|
147,554
|
Liquidity
funds
|
|
13,509
|
|
11,320
|
|
10,724
|
|
10,492
|
|
10,330
|
Total assets under
management
|
|
$409,910
|
|
$402,768
|
|
$397,010
|
|
$410,203
|
|
$411,417
|
Client assets under
advisement
|
|
5,152
|
|
5,320
|
|
5,326
|
|
5,529
|
|
5,658
|
Client assets under
administration (D)
|
|
897,524
|
|
786,585
|
|
789,939
|
|
840,726
|
|
863,578
|
Platform-only
assets
|
|
13,142
|
|
13,271
|
|
13,905
|
|
14,812
|
|
15,548
|
Total assets
|
|
$1,325,728
|
|
$1,207,944
|
|
$1,206,180
|
|
$1,271,270
|
|
$1,296,201
|
|
|
(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 2023 include $2.0 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 2023.
|
(D)
|
In addition to the
assets presented, SEI also administers an additional $11.9 billion
of average assets in Funds of Funds assets during second-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-second-quarter-2023-financial-results-301886652.html
SOURCE SEI Investments Company