OAKS,
Pa., Jan. 31, 2024 /PRNewswire/ -- SEI
Investments Company (NASDAQ:SEIC) today announced financial results
for the fourth-quarter 2023. Diluted earnings per share were
$0.91 in fourth-quarter 2023 compared
to $0.83 in fourth-quarter 2022.
Consolidated
Overview
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except
earnings per share)
|
|
For the Three
Months
Ended December 31,
|
|
|
|
For the Twelve
Months Ended
December 31,
|
|
|
|
|
2023
|
|
2022
|
|
%
|
|
2023
|
|
2022
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$484,858
|
|
$456,590
|
|
6 %
|
|
$1,919,793
|
|
$1,991,037
|
|
(4) %
|
Net income
|
|
120,731
|
|
112,224
|
|
8 %
|
|
462,258
|
|
475,467
|
|
(3) %
|
Diluted earnings per
share
|
|
$0.91
|
|
$0.83
|
|
10 %
|
|
$3.46
|
|
$3.46
|
|
— %
|
"Despite variable market conditions throughout the year, we
navigated through uncertainty and delivered solid growth and core
profitability. Our 2023 results reflect strong sales
activity—particularly in our technology, investment processing, and
operations segments—demonstrating traction in growth segments where
we believe SEI has significant opportunity," said CEO Ryan Hicke.
"With our unmatched breadth of capabilities, we believe we are
firmly positioned to capitalize on the positive trends shaping our
markets today and well into the future. Looking ahead to 2024 and
beyond, we remain committed to our strategic vision for the future,
and our financial strength, robust pipeline, and world-class talent
reinforce our foundation and the momentum to deliver long-term,
sustainable growth for our stakeholders."
Summary of Fourth-Quarter Results by Business Segment
(In
thousands)
|
|
For the Three
Months
Ended December 31,
|
|
|
|
For the Twelve
Months
Ended December 31,
|
|
|
|
|
2023
|
|
2022
|
|
%
|
|
2023
|
|
2022
|
|
%
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$125,146
|
|
$115,233
|
|
9 %
|
|
$503,317
|
|
$575,625
|
|
(13) %
|
Expenses
|
|
112,378
|
|
113,533
|
|
(1) %
|
|
455,820
|
|
473,209
|
|
(4) %
|
Operating
Profit
|
|
12,768
|
|
1,700
|
|
NM
|
|
47,497
|
|
102,416
|
|
(54) %
|
Operating
Margin
|
|
10 %
|
|
1 %
|
|
|
|
9 %
|
|
18 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
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|
|
|
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Revenues
|
|
109,719
|
|
105,777
|
|
4 %
|
|
436,298
|
|
447,766
|
|
(3) %
|
Expenses
|
|
67,138
|
|
62,605
|
|
7 %
|
|
259,142
|
|
251,650
|
|
3 %
|
Operating
Profit
|
|
42,581
|
|
43,172
|
|
(1) %
|
|
177,156
|
|
196,116
|
|
(10) %
|
Operating
Margin
|
|
39 %
|
|
41 %
|
|
|
|
41 %
|
|
44 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
69,794
|
|
74,771
|
|
(7) %
|
|
289,708
|
|
323,353
|
|
(10) %
|
Expenses
|
|
39,118
|
|
40,820
|
|
(4) %
|
|
165,455
|
|
172,252
|
|
(4) %
|
Operating
Profit
|
|
30,676
|
|
33,951
|
|
(10) %
|
|
124,253
|
|
151,101
|
|
(18) %
|
Operating
Margin
|
|
44 %
|
|
45 %
|
|
|
|
43 %
|
|
47 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
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Revenues
|
|
175,168
|
|
156,076
|
|
12 %
|
|
670,486
|
|
624,918
|
|
7 %
|
Expenses
|
|
115,469
|
|
104,330
|
|
11 %
|
|
437,174
|
|
404,850
|
|
8 %
|
Operating
Profit
|
|
59,699
|
|
51,746
|
|
15 %
|
|
233,312
|
|
220,068
|
|
6 %
|
Operating
Margin
|
|
34 %
|
|
33 %
|
|
|
|
35 %
|
|
35 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
5,031
|
|
4,733
|
|
6 %
|
|
19,984
|
|
19,375
|
|
3 %
|
Expenses
|
|
11,348
|
|
10,450
|
|
9 %
|
|
45,437
|
|
45,159
|
|
1 %
|
Operating
Loss
|
|
(6,317)
|
|
(5,717)
|
|
NM
|
|
(25,453)
|
|
(25,784)
|
|
NM
|
|
|
|
|
|
|
|
|
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|
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Totals:
|
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|
|
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|
|
|
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|
|
|
|
Revenues
|
|
$484,858
|
|
$456,590
|
|
6 %
|
|
$1,919,793
|
|
$1,991,037
|
|
(4) %
|
Expenses
|
|
345,451
|
|
331,738
|
|
4 %
|
|
1,363,028
|
|
1,347,120
|
|
1 %
|
Corporate Overhead
Expenses
|
|
37,723
|
|
30,804
|
|
22 %
|
|
132,241
|
|
168,164
|
|
(21) %
|
Income from
Operations
|
|
$101,684
|
|
$94,048
|
|
8 %
|
|
$424,524
|
|
$475,753
|
|
(11) %
|
Fourth-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 in the Investment
Advisors segment and client losses in the Institutional Investors
segment.
- Average assets under management in equity and fixed income
programs, excluding LSV, increased $5.0
billion, or 3%, to $167.4
billion during the fourth-quarter 2023, as compared to
$162.4 billion during the
fourth-quarter 2022 (see attached Average Asset Balances schedule
for further details).
- Average assets under administration increased $133.5 billion, or 17%, to $923.4 billion during the fourth-quarter 2023, as
compared to $789.9 billion during the
fourth-quarter 2022 (see attached Average Asset Balances schedules
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.
- Net sales events in the Private Banks and Investment Managers
segments during the fourth-quarter 2023 were $22.9 million and are expected to generate net
annualized recurring revenues of approximately $17.6 million when contract values are completely
realized. For the year ended 2023, net sales events were
$97.5 million and are expected to
generate net annualized recurring revenues of approximately
$79.1 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 fourth-quarter 2023 were negative $10.5 million. For the year ended 2023, net sales
events were negative $18.9
million.
- Net sales events for newer initiatives, which includes SEI
Sphere, were $1.3 million during the
fourth-quarter 2023. For the year ended 2023, net sales events were
$2.2 million.
- During the fourth-quarter 2023, we completed the acquisition of
the National Pensions Trust and also acquired Altigo, a cloud-based
technology platform that provides inventory, e-subscription, and
reporting capabilities for alternative investments.
- The increase in operational expenses was due to 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 expanding regulatory requirements also contributed to the
increase in operational expenses.
- One-time expense items during the fourth-quarter 2023 were
approximately $11.0 million due to an
asset write-off of previously capitalized software development
costs of $5.3 million in the
Investment Managers segment, $4.7
million in severance costs, and approximately $1.0 million in professional fees related to
acquisition activity. Of the amount of severance costs during the
fourth-quarter 2023, $4.0 million was
recognized in Corporate overhead expenses.
- Earnings from LSV increased to $35.4
million in the fourth-quarter 2023 as compared to
$31.7 million in the fourth-quarter
2022 due to market appreciation and increased performance fees. Net
negative cash flows from existing clients and client losses
partially offset the increase in earnings from LSV.
- Capitalized software development costs were $7.4 million in the fourth-quarter 2023, of which
$4.5 million was for continued
enhancements to SWP. Capitalized software development costs also
include $2.9 million in the
fourth-quarter 2023 for a new platform for the Investment Managers
segment.
- Interest and dividend income increased to $11.6 million in the fourth-quarter 2023 as
compared to $6.6 million in the
fourth-quarter 2022, primarily due to higher interest rates.
- Effective tax rates were 19.6% in the fourth-quarter 2023 and
18.1% in the fourth-quarter 2022. The tax rate in the
fourth-quarter 2023 was affected by reduced tax benefits related to
stock option exercises.
- Repurchased shares of SEI common stock were 1.2 million for
$68.9 million during the
fourth-quarter 2023 at an average price of $58.08 per share.
- Cash flow from operations was $101.0
million, and free cash flow was $92.0
million during the fourth-quarter 2023.
Earnings Conference Call
A conference call to review
earnings is scheduled for 4:30 p.m. Eastern
time on Jan. 31, 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: 4801296.
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 Dec. 31, 2023,
SEI manages, advises, or administers approximately $1.4 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 are positioned to capitalize on trends
shaping our markets;
- 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; and
- the degree to which we will deliver 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 degree to which our Private Banking and Investment Manager
Services business units are well positioned to continue to expand
and contribute to our top and bottom lines;
- the size of the intermediary market;
- the opportunities for our Advisor business;
- whether our strategic initiatives in our Advisor business will
help us with new client adoption and exploit the opportunity we see
in the intermediary market;
- the elements of our strategic focus, including, without
limitation, our focus on:
- sales and revenue growth;
- transforming our asset management businesses;
- targeting new segments for sales;
- driving margin expansion and profit growth through increased
operational leverage and discipline;
- innovating our solution for the future;
- delivering for our clients;
- engaging with our markets; and
- investing in our talent and our capabilities;
- whether we are well-positioned for 2024 and beyond;
- the degree to which our capabilities benefit our clients;
- our ability to accelerate growth and market share;
- the benefits of our focus on key clients in the alternatives
space and the cross sale opportunities that this focus may
generate;
- the strength of the expansion opportunities for our turn-key
Collective Investment Trust solution;
- 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;
- our ability to capitalize on our pipeline and opportunities,
manage expenses, and drive profit to the bottom line;
- 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 market dynamics affecting our market units;
- our ability to improve profitability without cannibalizing our
medium to long-term growth agendas;
- the areas in which we will invest;
- the degree to which the Private Banks segment's focus is paying
off in both new business generation and building a quality and
growing pipeline;
- our ability to expand the margins of our Private Banking
business and the degree to which this business is positioned for
growth;
- the amount of revenue and profit that our new FDIC cash sweep
program will generate during 2024;
- our tax rate for the first quarter of 2024;
- the degree to which there is positive sales momentum in our
Institutional Investors business segment; 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 December 31,
|
|
For the Twelve
Months
Ended December 31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Asset management,
admin. and distribution fees
|
|
$383,571
|
|
$365,239
|
|
$1,514,815
|
|
$1,514,063
|
Information processing
and software servicing fees
|
|
101,287
|
|
91,351
|
|
404,978
|
|
476,974
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
484,858
|
|
456,590
|
|
1,919,793
|
|
1,991,037
|
|
|
|
|
|
|
|
|
|
Subadvisory,
distribution and other asset mgmt. costs
|
|
47,106
|
|
46,247
|
|
189,263
|
|
196,732
|
Software royalties and
other information processing costs
|
|
8,505
|
|
7,143
|
|
32,289
|
|
29,006
|
Compensation, benefits
and other personnel
|
|
184,508
|
|
174,497
|
|
714,099
|
|
720,029
|
Stock-based
compensation
|
|
7,850
|
|
8,064
|
|
31,308
|
|
39,403
|
Consulting, outsourcing
and professional fees
|
|
54,850
|
|
57,693
|
|
231,469
|
|
242,013
|
Data processing and
computer related
|
|
34,735
|
|
32,151
|
|
137,036
|
|
125,171
|
Facilities, supplies
and other costs
|
|
27,011
|
|
17,529
|
|
85,836
|
|
74,993
|
Amortization
|
|
9,818
|
|
10,503
|
|
38,669
|
|
54,280
|
Depreciation
|
|
8,791
|
|
8,715
|
|
35,300
|
|
33,657
|
|
|
|
|
|
|
|
|
|
Total
expenses
|
|
383,174
|
|
362,542
|
|
1,495,269
|
|
1,515,284
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
101,684
|
|
94,048
|
|
424,524
|
|
475,753
|
|
|
|
|
|
|
|
|
|
Net gain (loss) from
investments
|
|
1,704
|
|
1,437
|
|
2,757
|
|
(3,078)
|
Interest and dividend
income
|
|
11,574
|
|
6,645
|
|
41,027
|
|
13,308
|
Interest
expense
|
|
(187)
|
|
(145)
|
|
(583)
|
|
(749)
|
Other income
|
|
—
|
|
3,379
|
|
—
|
|
3,379
|
Equity in earnings of
unconsolidated affiliate
|
|
35,413
|
|
31,741
|
|
126,930
|
|
120,667
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
150,188
|
|
137,105
|
|
594,655
|
|
609,280
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
29,457
|
|
24,881
|
|
132,397
|
|
133,813
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$120,731
|
|
$112,224
|
|
$462,258
|
|
$475,467
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
|
$0.92
|
|
$0.83
|
|
$3.49
|
|
$3.49
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate basic earnings per share
|
|
131,269
|
|
134,714
|
|
132,593
|
|
136,071
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$0.91
|
|
$0.83
|
|
$3.46
|
|
$3.46
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate diluted earnings per share
|
|
132,160
|
|
135,818
|
|
133,728
|
|
137,423
|
|
|
|
|
|
|
|
|
|
Dividends declared per
common share
|
|
$0.46
|
|
$0.43
|
|
$0.89
|
|
$0.83
|
SEI INVESTMENTS
COMPANY
CONSOLIDATED BALANCE
SHEETS
(In
thousands)
(Unaudited)
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2023
|
|
2022
|
Assets
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$834,697
|
|
$853,008
|
Restricted
cash
|
|
301
|
|
351
|
Receivables from
investment products
|
|
55,886
|
|
62,014
|
Receivables, net of
allowance for doubtful accounts of $663 and $901
|
|
501,434
|
|
457,084
|
Securities
owned
|
|
31,334
|
|
32,148
|
Other current
assets
|
|
54,464
|
|
48,703
|
Total Current
Assets
|
|
1,478,116
|
|
1,453,308
|
|
|
|
|
|
Property and
Equipment, net of accumulated depreciation of $474,034 and
$440,861
|
|
171,364
|
|
181,029
|
Operating Lease
Right-of-Use Assets
|
|
22,477
|
|
24,992
|
Capitalized Software,
net of accumulated amortization of $612,971 and $586,744
|
|
239,783
|
|
237,302
|
Available for Sale and
Equity Securities
|
|
155,413
|
|
128,201
|
Investments in
Affiliated Funds, at fair value
|
|
7,316
|
|
6,366
|
Investment in
Unconsolidated Affiliate
|
|
110,781
|
|
104,673
|
Goodwill
|
|
137,333
|
|
115,599
|
Intangible Assets, net
of accumulated amortization of $42,520 and $30,261
|
|
82,443
|
|
55,532
|
Deferred Contract
Costs
|
|
40,221
|
|
37,928
|
Deferred Income
Taxes
|
|
37,709
|
|
4,936
|
Other Assets,
net
|
|
37,047
|
|
33,687
|
Total
Assets
|
|
$2,520,003
|
|
$2,383,553
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
|
$10,618
|
|
$13,283
|
Accrued
liabilities
|
|
318,945
|
|
359,363
|
Current portion of
long-term operating lease liabilities
|
|
8,118
|
|
10,344
|
Deferred
revenue
|
|
15,366
|
|
14,893
|
Total Current
Liabilities
|
|
353,047
|
|
397,883
|
|
|
|
|
|
Long-term Income Taxes
Payable
|
|
803
|
|
803
|
Long-term Operating
Lease Liabilities
|
|
17,235
|
|
18,786
|
Other Long-term
Liabilities
|
|
17,090
|
|
12,257
|
Total
Liabilities
|
|
388,175
|
|
429,729
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
Common stock, $0.01
par value, 750,000 shares authorized; 131,178 and 134,162
shares issued and outstanding
|
|
1,312
|
|
1,342
|
Capital in excess of
par value
|
|
1,404,962
|
|
1,307,162
|
Retained
earnings
|
|
762,586
|
|
694,287
|
Accumulated other
comprehensive loss, net
|
|
(37,032)
|
|
(48,967)
|
Total Shareholders'
Equity
|
|
2,131,828
|
|
1,953,824
|
Total Liabilities and
Shareholders' Equity
|
|
$2,520,003
|
|
$2,383,553
|
ENDING ASSET
BALANCES
(In millions)
(Unaudited)
|
|
|
|
Dec. 31,
|
|
Mar. 31,
|
|
Jun. 30,
|
|
Sept. 30,
|
|
Dec. 31,
|
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$22,377
|
|
$23,653
|
|
$24,091
|
|
$23,039
|
|
$24,496
|
Collective trust fund
programs
|
|
7
|
|
6
|
|
7
|
|
6
|
|
4
|
Liquidity
funds
|
|
3,201
|
|
3,427
|
|
3,433
|
|
3,636
|
|
3,916
|
Total assets under
management
|
|
$25,585
|
|
$27,086
|
|
$27,531
|
|
$26,681
|
|
$28,416
|
Client assets under
administration
|
|
4,151
|
|
4,299
|
|
4,154
|
|
4,399
|
|
7,267
|
Total assets
|
|
$29,736
|
|
$31,385
|
|
$31,685
|
|
$31,080
|
|
$35,683
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$66,240
|
|
$68,065
|
|
$69,439
|
|
$66,911
|
|
$71,634
|
Liquidity
funds
|
|
5,436
|
|
4,965
|
|
4,968
|
|
5,175
|
|
4,812
|
Total Platform assets
under management
|
|
$71,676
|
|
$73,030
|
|
$74,407
|
|
$72,086
|
|
$76,446
|
Platform-only
assets
|
|
13,931
|
|
14,980
|
|
16,103
|
|
16,232
|
|
18,324
|
Platform-only
assets-deposit program
|
|
—
|
|
—
|
|
—
|
|
—
|
|
843
|
Total Platform
assets
|
|
$85,607
|
|
$88,010
|
|
$90,510
|
|
$88,318
|
|
$95,613
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$73,178
|
|
$74,939
|
|
$75,854
|
|
$72,387
|
|
$77,208
|
Collective trust fund
programs
|
|
5
|
|
4
|
|
4
|
|
4
|
|
1
|
Liquidity
funds
|
|
1,557
|
|
1,576
|
|
1,353
|
|
2,119
|
|
1,734
|
Total assets under
management
|
|
$74,740
|
|
$76,519
|
|
$77,211
|
|
$74,510
|
|
$78,943
|
Client assets under
advisement
|
|
4,314
|
|
4,559
|
|
4,368
|
|
4,085
|
|
6,120
|
Total assets
|
|
$79,054
|
|
$81,078
|
|
$81,579
|
|
$78,595
|
|
$85,063
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
Collective trust fund
programs (A)
|
|
$141,285
|
|
$146,176
|
|
$149,779
|
|
$146,991
|
|
$156,376
|
Liquidity
funds
|
|
199
|
|
203
|
|
249
|
|
180
|
|
114
|
Total assets under
management
|
|
$141,484
|
|
$146,379
|
|
$150,028
|
|
$147,171
|
|
$156,490
|
Client assets under
administration
|
|
810,491
|
|
845,828
|
|
873,570
|
|
886,382
|
|
935,564
|
Total assets
|
|
$951,975
|
|
$992,207
|
|
$1,023,598
|
|
$1,033,553
|
|
$1,092,054
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$1,912
|
|
$2,031
|
|
$2,104
|
|
$2,017
|
|
$2,174
|
Liquidity
funds
|
|
215
|
|
217
|
|
217
|
|
202
|
|
209
|
Total assets under
management
|
|
$2,127
|
|
$2,248
|
|
$2,321
|
|
$2,219
|
|
$2,383
|
Client assets under
administration
|
|
1,077
|
|
1,081
|
|
1,098
|
|
1,070
|
|
1,150
|
Total assets
|
|
$3,204
|
|
$3,329
|
|
$3,419
|
|
$3,289
|
|
$3,533
|
|
|
|
|
|
|
|
|
|
|
|
LSV Asset
Management:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs (B)
|
|
$83,753
|
|
$84,964
|
|
$86,469
|
|
$83,684
|
|
$89,312
|
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs (C)
|
|
$247,460
|
|
$253,652
|
|
$257,957
|
|
$248,038
|
|
$264,824
|
Collective trust fund
programs
|
|
141,297
|
|
146,186
|
|
149,790
|
|
147,001
|
|
156,381
|
Liquidity
funds
|
|
10,608
|
|
10,388
|
|
10,220
|
|
11,312
|
|
10,785
|
Total assets under
management
|
|
$399,365
|
|
$410,226
|
|
$417,967
|
|
$406,351
|
|
$431,990
|
Client assets under
advisement
|
|
5,391
|
|
5,640
|
|
5,466
|
|
5,155
|
|
7,270
|
Client assets under
administration (D)
|
|
814,642
|
|
850,127
|
|
877,724
|
|
890,781
|
|
942,831
|
Platform-only
assets
|
|
13,931
|
|
14,980
|
|
16,103
|
|
16,232
|
|
19,167
|
Total assets
|
|
$1,233,329
|
|
$1,280,973
|
|
$1,317,260
|
|
$1,318,519
|
|
$1,401,258
|
|
|
(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 $1.9 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 December 31, 2023).
|
(C)
|
Equity and fixed-income
programs include $6.3 billion of assets invested in various asset
allocation funds (as of December 31, 2023).
|
(D)
|
In addition to the
assets presented, SEI also administers an additional $11.2 billion
in Funds of Funds assets on which SEI does not earn an
administration fee (as of December 31, 2023).
|
AVERAGE ASSET
BALANCES
(In millions)
(Unaudited)
|
|
|
|
4th Qtr.
|
|
1st Qtr.
|
|
2nd Qtr.
|
|
3rd Qtr.
|
|
4th Qtr.
|
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$21,839
|
|
$23,576
|
|
$23,748
|
|
$23,920
|
|
$23,309
|
Collective trust fund
programs
|
|
7
|
|
7
|
|
7
|
|
6
|
|
5
|
Liquidity
funds
|
|
3,395
|
|
3,253
|
|
3,500
|
|
3,585
|
|
3,808
|
Total assets under
management
|
|
$25,241
|
|
$26,836
|
|
$27,255
|
|
$27,511
|
|
$27,122
|
Client assets under
administration
|
|
4,126
|
|
4,316
|
|
4,282
|
|
4,221
|
|
7,083
|
Total assets
|
|
$29,367
|
|
$31,152
|
|
$31,537
|
|
$31,732
|
|
$34,205
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$66,100
|
|
$67,578
|
|
$68,371
|
|
$69,309
|
|
$68,369
|
Liquidity
funds
|
|
5,127
|
|
4,995
|
|
4,808
|
|
4,990
|
|
5,046
|
Total Platform assets
under management
|
|
$71,227
|
|
$72,573
|
|
$73,179
|
|
$74,299
|
|
$73,415
|
Platform-only
assets
|
|
13,905
|
|
14,812
|
|
15,548
|
|
16,544
|
|
17,201
|
Platform-only
assets-deposit program
|
|
—
|
|
—
|
|
—
|
|
—
|
|
281
|
Total Platform
assets
|
|
$85,132
|
|
$87,385
|
|
$88,727
|
|
$90,843
|
|
$90,897
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$72,581
|
|
$74,653
|
|
$74,865
|
|
$75,023
|
|
$73,644
|
Collective trust fund
programs
|
|
5
|
|
5
|
|
4
|
|
4
|
|
3
|
Liquidity
funds
|
|
1,719
|
|
1,715
|
|
1,537
|
|
1,611
|
|
1,682
|
Total assets under
management
|
|
$74,305
|
|
$76,373
|
|
$76,406
|
|
$76,638
|
|
$75,329
|
Client assets under
advisement
|
|
4,251
|
|
4,431
|
|
4,583
|
|
4,294
|
|
4,607
|
Total assets
|
|
$78,556
|
|
$80,804
|
|
$80,989
|
|
$80,932
|
|
$79,936
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
Collective trust fund
programs (A)
|
|
$140,494
|
|
$144,914
|
|
$147,543
|
|
$150,379
|
|
$149,551
|
Liquidity
funds
|
|
275
|
|
317
|
|
286
|
|
237
|
|
205
|
Total assets under
management
|
|
$140,769
|
|
$145,231
|
|
$147,829
|
|
$150,616
|
|
$149,756
|
Client assets under
administration
|
|
785,813
|
|
836,410
|
|
859,296
|
|
889,503
|
|
916,268
|
Total assets
|
|
$926,582
|
|
$981,641
|
|
$1,007,125
|
|
$1,040,119
|
|
$1,066,024
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs
|
|
$1,890
|
|
$1,991
|
|
$2,057
|
|
$2,096
|
|
$2,069
|
Liquidity
funds
|
|
208
|
|
212
|
|
199
|
|
211
|
|
197
|
Total assets under
management
|
|
$2,098
|
|
$2,203
|
|
$2,256
|
|
$2,307
|
|
$2,266
|
Client assets under
advisement
|
|
1,075
|
|
1,098
|
|
1,075
|
|
1,101
|
|
1,080
|
Total assets
|
|
$3,173
|
|
$3,301
|
|
$3,331
|
|
$3,408
|
|
$3,346
|
|
|
|
|
|
|
|
|
|
|
|
LSV Asset
Management:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs (B)
|
|
$83,370
|
|
$86,987
|
|
$84,492
|
|
$86,671
|
|
$84,492
|
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
Equity and fixed-income
programs (C)
|
|
$245,780
|
|
$254,785
|
|
$253,533
|
|
$257,019
|
|
$251,883
|
Collective trust fund
programs
|
|
140,506
|
|
144,926
|
|
147,554
|
|
150,389
|
|
149,559
|
Liquidity
funds
|
|
10,724
|
|
10,492
|
|
10,330
|
|
10,634
|
|
10,938
|
Total assets under
management
|
|
$397,010
|
|
$410,203
|
|
$411,417
|
|
$418,042
|
|
$412,380
|
Client assets under
advisement
|
|
5,326
|
|
5,529
|
|
5,658
|
|
5,395
|
|
5,687
|
Client assets under
administration (D)
|
|
789,939
|
|
840,726
|
|
863,578
|
|
893,724
|
|
923,351
|
Platform-only
assets
|
|
13,905
|
|
14,812
|
|
15,548
|
|
16,544
|
|
17,482
|
Total assets
|
|
$1,206,180
|
|
$1,271,270
|
|
$1,296,201
|
|
$1,333,705
|
|
$1,358,900
|
|
|
(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 fourth-quarter 2023 include $1.8 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 fourth-quarter 2023.
|
(D)
|
In addition to the
assets presented, SEI also administers an additional $11.3 billion
of average assets in Funds of Funds assets during fourth-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-fourth-quarter-2023-financial-results-302049850.html
SOURCE SEI Investments Company