OAKS,
Pa., Jan. 29, 2025 /PRNewswire/ -- SEI
Investments Company (NASDAQ: SEIC) today announced financial
results for the fourth quarter 2024. Relative to the fourth quarter
2023, EPS increased by 31%, and revenue and operating income grew
by 15% and 43%, respectively, with operating margins increasing to
26%.
|
Consolidated Overview
|
|
|
|
|
|
|
|
|
(In thousands, except
earnings per share)
|
For the Three Months
Ended December 31,
|
|
For the Twelve Months
Ended December 31,
|
|
|
2024
|
2023
|
%
|
2024
|
2023
|
%
|
|
Revenues
|
$557,190
|
$484,858
|
15 %
|
$2,125,151
|
$1,919,793
|
11 %
|
|
Operating
income
|
145,544
|
101,684
|
43 %
|
551,741
|
424,524
|
30 %
|
|
Operating
margin
|
26 %
|
21 %
|
25 %
|
26 %
|
22 %
|
17 %
|
|
Net income
|
155,771
|
120,731
|
29 %
|
581,191
|
462,258
|
26 %
|
|
Diluted earnings per
share
|
$1.19
|
$0.91
|
31 %
|
$4.41
|
$3.46
|
27 %
|
"Our record 2024 results reflect consistent execution against
our growth strategy, particularly the progress we have driven in
the last 18 months. Our net sales events in 2024 increased 58% from
2023—representing a mix across our entire organization and
reinforcing the high level of market engagement for our enterprise
capabilities," said CEO Ryan
Hicke.
"We are focused on maximizing our return on invested capital
across our segments and solutions globally. SEI has real momentum,
and our employees' commitment to delivering for our clients and
embracing an enterprise-first mindset has been core to igniting
that momentum. We're excited for what's ahead in 2025 and to
continue delivering long-term value 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,
|
|
|
Private Banks:
|
2024
|
2023
|
%
|
2024
|
2023
|
%
|
|
Revenues
|
$140,142
|
$123,337
|
14 %
|
$541,414
|
$496,317
|
9 %
|
|
Expenses
|
120,414
|
110,656
|
9 %
|
460,375
|
448,490
|
3 %
|
|
Operating Profit
|
19,728
|
12,681
|
56 %
|
81,039
|
47,827
|
69 %
|
|
Operating Margin
|
14 %
|
10 %
|
|
15 %
|
10 %
|
|
|
|
|
|
|
|
|
|
Investment Advisors:
|
|
|
|
|
|
|
|
Revenues
|
139,267
|
109,719
|
27 %
|
509,408
|
436,298
|
17 %
|
|
Expenses
|
76,839
|
67,138
|
14 %
|
282,902
|
259,142
|
9 %
|
|
Operating Profit
|
62,428
|
42,581
|
47 %
|
226,506
|
177,156
|
28 %
|
|
Operating Margin
|
45 %
|
39 %
|
|
44 %
|
41 %
|
|
|
|
|
|
|
|
|
|
Institutional Investors:
|
|
|
|
|
|
|
|
Revenues
|
70,812
|
69,794
|
1 %
|
285,723
|
289,708
|
(1) %
|
|
Expenses
|
38,315
|
39,118
|
(2) %
|
154,701
|
165,455
|
(6) %
|
|
Operating Profit
|
32,497
|
30,676
|
6 %
|
131,022
|
124,253
|
5 %
|
|
Operating Margin
|
46 %
|
44 %
|
|
46 %
|
43 %
|
|
|
|
|
|
|
|
|
|
Investment Managers:
|
|
|
|
|
|
|
|
Revenues
|
191,262
|
168,571
|
13 %
|
728,390
|
645,254
|
13 %
|
|
Expenses
|
118,130
|
110,713
|
7 %
|
453,085
|
419,196
|
8 %
|
|
Operating Profit
|
73,132
|
57,858
|
26 %
|
275,305
|
226,058
|
22 %
|
|
Operating Margin
|
38 %
|
34 %
|
|
38 %
|
35 %
|
|
|
|
|
|
|
|
|
|
Investments in New Businesses:
|
|
|
|
|
|
|
|
Revenues
|
15,707
|
13,437
|
17 %
|
60,216
|
52,216
|
15 %
|
|
Expenses
|
19,296
|
17,826
|
8 %
|
74,699
|
70,745
|
6 %
|
|
Operating Loss
|
(3,589)
|
(4,389)
|
(18) %
|
(14,483)
|
(18,529)
|
(22) %
|
|
|
|
|
|
|
|
|
Totals:
|
|
|
|
|
|
|
|
Revenues
|
$557,190
|
$484,858
|
15 %
|
$2,125,151
|
$1,919,793
|
11 %
|
|
Expenses
|
372,994
|
345,451
|
8 %
|
1,425,762
|
1,363,028
|
5 %
|
|
Corporate Overhead Expenses
|
38,652
|
37,723
|
2 %
|
147,648
|
132,241
|
12 %
|
|
Income from Operations
|
$145,544
|
$101,684
|
43 %
|
$551,741
|
$424,524
|
30 %
|
Fourth-Quarter Business Highlights:
- SEI achieved diluted EPS of $1.19, up 31% from the prior year, representing
the second consecutive quarter where SEI has realized significant
growth in net sales, revenue and earnings from the prior year.
- Q4 2024 diluted EPS matched Q3's near-record level despite the
$0.02 impact of several items
affecting comparability in the quarter, specifically:
- A $0.04 negative impact from
higher incentive compensation accrued in Q4, in recognition of our
employees' reigniting SEI's momentum and our strong financial
performance in 2024.
- A $0.05 negative impact from the
timing of stock-based compensation. Accelerating EPS growth caused
an increasing number of equity awards to vest in Q4, driving the
higher than normal non-cash expenditure.
- A $0.02 positive impact from FX
transaction gains.
- A $0.05 positive tax impact from
options exercised during the quarter as well as our year-end
provision estimate.
- Net sales events during the fourth quarter 2024 were
$38.2 million, bringing full-year
2024 net sales events to $127.9
million, a 58% increase vs. full-year 2023. Similar to last
quarter, the drivers of net sales activity were broad-based, coming
from multiple existing and new clients, both in the US and
globally.
- Consolidated revenues and operating income increased by 15% and
43%, respectively, from Q4 2023, with revenue, operating profit and
margins increasing for each business segment.
- Private Banks revenue growth of 14% was supported by recent
sales events, increased client retention and the conversion of the
existing client backlog into revenue, with operating profit growing
56% due to continued cost discipline.
- Investment Managers operating profit growth of 26% was driven
by sales event growth and client cross-selling. Our Investment
Managers offering continues to gain traction, most notably with
private credit and global clients.
- Investment Advisors operating profit growth of 47% was largely
driven by a $21.1 million
contribution from the integrated cash program in the quarter.
- Modest Institutional Investors revenue and operating profit
growth reflects improvement vs. the first half of 2024, with the
business working to offset the negative impact of corporate defined
benefit plan terminations.
- Absent the negative impact of incentive and stock compensation
expenses noted above, SEI's consolidated operating margins improved
relative to the prior year and the prior quarter.
- Average assets under administration increased by 3%, and
average assets under management increased by 1%, relative to Q3
2024. However, ending assets under management declined by 3% vs. Q3
2024 due to a combination of market valuation and net outflows,
most notably for LSV and Institutional Investors, which saw an
unusually large impact of plan terminations.
- Relative to Q4 2023, both average assets under administration
and assets under management realized healthy growth of 15% and 18%,
respectively.
- Earnings from LSV decreased to $33.4
million in the fourth quarter 2024 as compared to
$35.4 million in the fourth quarter
2023, due to slightly lower incentive fees.
- SEI repurchased 3.1 million shares of common stock for
$259.5 million during the fourth
quarter 2024 at an average price of $83.43 per share.
Earnings Conference Call
A conference call and
presentation to review earnings is scheduled for 5 p.m. Eastern time on Jan. 29, 2025. Investors and the public may
review the presentation and 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 Dec. 31, 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:
- our focus on maximizing our return on invested capital across
our segments and solutions globally;
- our ability to deliver long-term value 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.
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 December 31,
|
For the Twelve Months
Ended December 31,
|
|
2024
|
2023
|
2024
|
2023
|
|
Asset management, admin.
and distribution fees
|
$439,520
|
$383,571
|
$1,677,143
|
$1,514,815
|
|
Information processing and software servicing fees
|
117,670
|
101,287
|
448,008
|
404,978
|
|
Total revenues
|
557,190
|
484,858
|
2,125,151
|
1,919,793
|
|
|
|
|
|
|
Subadvisory, distribution and other asset
mgmt. costs
|
50,427
|
47,106
|
191,706
|
189,263
|
|
Software royalties and
other information processing costs
|
8,726
|
8,505
|
34,229
|
32,289
|
|
Compensation, benefits and
other personnel
|
200,347
|
184,508
|
770,881
|
714,099
|
|
Stock-based compensation
|
21,402
|
7,850
|
58,626
|
31,308
|
|
Consulting, outsourcing and professional fees
|
52,548
|
54,850
|
211,806
|
231,469
|
|
Data processing and computer related
|
38,863
|
34,735
|
151,653
|
137,036
|
|
Facilities, supplies and
other costs
|
20,487
|
27,011
|
79,282
|
85,836
|
|
Amortization
|
10,585
|
9,818
|
41,869
|
38,669
|
|
Depreciation
|
8,261
|
8,791
|
33,358
|
35,300
|
|
Total expenses
|
411,646
|
383,174
|
1,573,410
|
1,495,269
|
|
|
|
|
|
|
Income from
operations
|
145,544
|
101,684
|
551,741
|
424,524
|
|
|
|
|
|
|
Net (loss) gain
from investments
|
(559)
|
1,704
|
2,790
|
2,757
|
|
Interest and dividend income
|
12,947
|
11,574
|
48,897
|
41,027
|
|
Interest expense
|
(144)
|
(187)
|
(563)
|
(583)
|
|
Other income
|
—
|
—
|
8,151
|
—
|
|
Equity in earnings of unconsolidated affiliate
|
33,366
|
35,413
|
135,741
|
126,930
|
|
Income before income taxes
|
191,154
|
150,188
|
746,757
|
594,655
|
|
Income taxes
|
35,383
|
29,457
|
165,566
|
132,397
|
|
Net income
|
$155,771
|
$120,731
|
$581,191
|
$462,258
|
|
Basic earnings per common share
|
$1.21
|
$0.92
|
$4.47
|
$3.49
|
|
Shares used to calculate basic
earnings per share
|
128,642
|
131,269
|
130,073
|
132,593
|
|
Diluted earnings per
common share
|
$1.19
|
$0.91
|
$4.41
|
$3.46
|
|
Shares used to calculate diluted
earnings per share
|
131,421
|
132,160
|
131,727
|
133,728
|
|
Dividends declared per common share
|
$0.49
|
$0.46
|
$0.95
|
$0.89
|
SEI INVESTMENTS COMPANY
CONSOLIDATED CONDENSED BALANCE
SHEETS
(In thousands)
(Unaudited)
|
|
|
December 31,
2024
|
December 31,
2023
|
|
Assets
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$839,891
|
$834,697
|
|
Restricted
cash
|
302
|
301
|
|
Receivables from
investment products
|
54,118
|
55,886
|
|
Receivables, net of
allowance for doubtful accounts of $1,435 and $663
|
567,634
|
501,434
|
|
Securities
owned
|
29,583
|
31,334
|
|
Other current
assets
|
60,282
|
54,464
|
|
Total Current
Assets
|
1,551,810
|
1,478,116
|
|
Property and Equipment,
net of accumulated depreciation of $493,219 and $474,034
|
159,643
|
171,364
|
|
Operating Lease
Right-of-Use Assets
|
28,905
|
22,477
|
|
Capitalized Software,
net of accumulated amortization of $641,071 and $612,971
|
236,023
|
239,783
|
|
Investments
|
315,567
|
273,510
|
|
Goodwill and Intangible
Assets, net
|
247,657
|
219,776
|
|
Deferred Contract
Costs
|
45,855
|
40,221
|
|
Deferred Income
Taxes
|
51,984
|
37,709
|
|
Other Assets,
net
|
47,162
|
37,047
|
|
Total
Assets
|
$2,684,606
|
$2,520,003
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Current
Liabilities:
|
|
|
Accounts
payable
|
$13,081
|
$10,618
|
|
Accrued
liabilities
|
347,513
|
318,945
|
|
Current portion of
long-term operating lease liabilities
|
7,900
|
8,118
|
|
Deferred
revenue
|
12,019
|
15,366
|
|
Total Current
Liabilities
|
380,513
|
353,047
|
|
|
|
|
Long-term Income Taxes
Payable
|
803
|
803
|
|
Long-term Operating
Lease Liabilities
|
24,235
|
17,235
|
|
Other Long-term
Liabilities
|
26,943
|
17,090
|
|
Total
Liabilities
|
432,494
|
388,175
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
Common stock, $0.01
par value, 750,000 shares authorized; 126,840 and 131,178
shares issued and outstanding
|
1,268
|
1,312
|
|
Capital in excess of
par value
|
1,539,816
|
1,404,962
|
|
Retained
earnings
|
758,003
|
762,586
|
|
Accumulated other
comprehensive loss, net
|
(46,975)
|
(37,032)
|
|
Total
Shareholders' Equity
|
2,252,112
|
2,131,828
|
|
Total
Liabilities and Shareholders' Equity
|
$2,684,606
|
$2,520,003
|
|
SEI INVESTMENTS COMPANY
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
|
|
|
For the Twelve
Months
Ended December 31,
|
|
2024
|
2023
|
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
$581,191
|
$462,258
|
|
Adjustments to reconcile net income to net cash
provided by operating activities
|
$41,152
|
($15,228)
|
|
Net cash provided by operating activities
|
$622,343
|
$447,030
|
|
Net cash used in investing activities
|
($117,302)
|
($141,543)
|
|
Net cash used in financing activities
|
($494,401)
|
($331,324)
|
|
Effect of exchange rate changes on cash, cash
equivalents and restricted cash
|
(5,445)
|
7,476
|
|
Net increase (decrease) in cash, cash
equivalents and restricted cash
|
5,195
|
(18,361)
|
|
Cash, cash equivalents and restricted cash,
beginning of period
|
834,998
|
853,359
|
|
Cash, cash equivalents and restricted cash,
end of period
|
$840,193
|
$834,998
|
|
ENDING ASSET
BALANCES
(In millions) (Unaudited)
|
|
|
Dec. 31,
2023
|
Mar. 31,
2024
|
Jun. 30,
2024
|
Sept. 30,
2024
|
Dec. 31,
2024
|
|
Private Banks:
Equity and fixed-income programs
|
$24,496
|
$25,282
|
$25,031
|
$26,565
|
$25,523
|
|
Collective trust fund programs
|
4
|
5
|
5
|
5
|
4
|
|
Liquidity funds
|
3,916
|
2,733
|
2,699
|
2,948
|
2,688
|
|
Total assets under management
|
$28,416
|
$28,020
|
$27,735
|
$29,518
|
$28,215
|
|
Client assets under
administration
|
7,267
|
8,024
|
7,813
|
8,349
|
8,340
|
|
Total assets
|
$35,683
|
$36,044
|
$35,548
|
$37,867
|
$36,555
|
|
|
|
|
|
|
|
Investment Advisors:
Equity and fixed-income programs
|
$71,634
|
$74,715
|
$74,556
|
$78,361
|
$76,283
|
|
Liquidity funds
|
4,812
|
4,722
|
4,301
|
2,790
|
3,105
|
|
Total Platform assets
under management
|
$76,446
|
$79,437
|
$78,857
|
$81,151
|
$79,388
|
|
Platform-only assets
|
18,324
|
20,516
|
21,908
|
24,501
|
25,244
|
|
Platform-only assets-deposit program
|
843
|
897
|
894
|
2,447
|
2,398
|
|
Total Platform assets
|
$95,613
|
$100,850
|
$101,659
|
$108,099
|
$107,030
|
|
|
|
|
|
|
|
Institutional Investors:
Equity and fixed-income programs
|
$77,208
|
$75,969
|
$75,542
|
$79,252
|
$75,481
|
|
Collective trust fund programs
|
1
|
1
|
1
|
1
|
1
|
|
Liquidity funds
|
1,734
|
2,179
|
2,309
|
1,829
|
1,511
|
|
Total assets under management
|
$78,943
|
$78,149
|
$77,852
|
$81,082
|
$76,993
|
|
Client assets under advisement
|
6,120
|
6,862
|
7,886
|
8,038
|
5,955
|
|
Total assets
|
$85,063
|
$85,011
|
$85,738
|
$89,120
|
$82,948
|
|
|
|
|
|
|
|
Investment Managers:
Collective trust fund programs (A)
|
$156,376
|
$161,660
|
$192,747
|
$204,429
|
$202,384
|
|
Liquidity funds
|
114
|
202
|
221
|
233
|
188
|
|
Total assets under management
|
$156,490
|
$161,862
|
$192,968
|
$204,662
|
$202,572
|
|
Client assets under
administration
|
920,757
|
959,904
|
998,315
|
1,022,515
|
1,032,812
|
|
Total assets
|
$1,077,247
|
$1,121,766
|
$1,191,283
|
$1,227,177
|
$1,235,384
|
|
|
|
|
|
|
|
Investments in New
Businesses:
Equity and fixed-income programs
|
$2,174
|
$2,269
|
$2,285
|
$2,825
|
$2,747
|
|
Liquidity funds
|
209
|
223
|
631
|
246
|
297
|
|
Total assets under management
|
$2,383
|
$2,492
|
$2,916
|
$3,071
|
$3,044
|
|
Client assets under advisement
|
1,150
|
1,248
|
1,886
|
2,021
|
2,185
|
|
Client assets under
administration
|
14,807
|
15,411
|
14,848
|
15,110
|
14,791
|
|
Total assets
|
$18,340
|
$19,151
|
$19,650
|
$20,202
|
$20,020
|
|
|
|
|
|
|
|
LSV Asset
Management:
Equity and fixed-income programs (B)
|
$89,312
|
$93,616
|
$90,197
|
$93,855
|
$86,501
|
|
|
|
|
|
|
|
Total:
Equity and fixed-income programs (C)
|
$264,824
|
$271,851
|
$267,611
|
$280,858
|
$266,535
|
|
Collective trust fund programs
|
156,381
|
161,666
|
192,753
|
204,435
|
202,389
|
|
Liquidity funds
|
10,785
|
10,059
|
10,161
|
8,046
|
7,789
|
|
Total assets under management
|
$431,990
|
$443,576
|
$470,525
|
$493,339
|
$476,713
|
|
Client assets under advisement
|
7,270
|
8,110
|
9,772
|
10,059
|
8,140
|
|
Client assets under
administration (D)
|
942,831
|
983,339
|
1,020,976
|
1,045,974
|
1,055,943
|
|
Platform-only assets
|
19,167
|
21,413
|
22,802
|
26,948
|
27,642
|
|
Total assets
|
$1,401,258
|
$1,456,438
|
$1,524,075
|
$1,576,320
|
$1,568,438
|
|
|
|
(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 $1.4 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, 2024).
|
|
(C)
|
Equity and fixed-income
programs include $6.4 billion of assets invested in various asset
allocation funds (as of December 31, 2024).
|
|
(D)
|
In addition to the
assets presented, SEI also administers an additional $10.3 billion
in Funds of Funds assets on which SEI does not earn an
administration fee (as of December 31, 2024).
|
|
AVERAGE ASSET
BALANCES
(In millions) (Unaudited)
|
|
|
4th Qtr.
2023
|
1st Qtr.
2024
|
2nd Qtr.
2024
|
3rd Qtr.
2024
|
4th Qtr.
2024
|
|
Private Banks:
Equity and fixed-income programs
|
$23,309
|
$24,593
|
$24,859
|
$25,823
|
$26,067
|
|
Collective trust fund programs
|
5
|
4
|
5
|
5
|
4
|
|
Liquidity funds
|
3,808
|
3,902
|
2,734
|
2,858
|
2,814
|
|
Total assets under management
|
$27,122
|
$28,499
|
$27,598
|
$28,686
|
$28,885
|
|
Client assets under
administration
|
7,083
|
7,753
|
7,884
|
8,074
|
8,395
|
|
Total assets
|
$34,205
|
$36,252
|
$35,482
|
$36,760
|
$37,280
|
|
|
|
|
|
|
|
Investment Advisors:
Equity and fixed-income programs
|
$68,369
|
$72,689
|
$73,793
|
$76,111
|
$77,866
|
|
Liquidity funds
|
5,046
|
4,649
|
4,348
|
4,264
|
3,031
|
|
Total Platform assets
under management
|
$73,415
|
$77,338
|
$78,141
|
$80,375
|
$80,897
|
|
Platform-only assets
|
17,201
|
19,198
|
20,897
|
23,194
|
25,109
|
|
Platform-only assets-deposit program
|
281
|
849
|
886
|
1,176
|
2,186
|
|
Total Platform assets
|
$90,897
|
$97,385
|
$99,924
|
$104,745
|
$108,192
|
|
|
|
|
|
|
|
Institutional Investors:
Equity and fixed-income programs
|
$73,644
|
$76,414
|
$75,203
|
$77,473
|
$77,399
|
|
Collective trust fund programs
|
3
|
1
|
1
|
1
|
1
|
|
Liquidity funds
|
1,682
|
1,812
|
1,893
|
2,046
|
2,154
|
|
Total assets under management
|
$75,329
|
$78,227
|
$77,097
|
$79,520
|
$79,554
|
|
Client assets under advisement
|
4,607
|
6,498
|
7,508
|
7,925
|
6,991
|
|
Total assets
|
$79,936
|
$84,725
|
$84,605
|
$87,445
|
$86,545
|
|
|
|
|
|
|
|
Investment Managers:
Collective trust fund programs (A)
|
$149,551
|
$156,737
|
$189,884
|
$198,839
|
$204,954
|
|
Liquidity funds
|
205
|
207
|
227
|
245
|
223
|
|
Total assets under management
|
$149,756
|
$156,944
|
$190,111
|
$199,084
|
$205,177
|
|
Client assets under
administration
|
901,487
|
938,804
|
982,806
|
1,005,111
|
1,034,500
|
|
Total assets
|
$1,051,243
|
$1,095,748
|
$1,172,917
|
$1,204,195
|
$1,239,677
|
|
|
|
|
|
|
|
Investments in New
Businesses:
Equity and fixed-income programs
|
$2,069
|
$2,200
|
$2,234
|
$2,432
|
$2,819
|
|
Liquidity funds
|
197
|
214
|
471
|
546
|
269
|
|
Total assets under management
|
$2,266
|
$2,414
|
$2,705
|
$2,978
|
$3,088
|
|
Client assets under advisement
|
1,080
|
1,194
|
2,014
|
1,885
|
2,110
|
|
Client assets under
administration
|
14,781
|
15,147
|
14,713
|
14,973
|
14,961
|
|
Total assets
|
$18,127
|
$18,755
|
$19,432
|
$19,836
|
$20,159
|
|
|
|
|
|
|
|
LSV Asset
Management:
Equity and fixed-income programs (B)
|
$84,492
|
$90,708
|
$90,849
|
$93,195
|
$88,880
|
|
|
|
|
|
|
|
Total:
Equity and fixed-income programs (C)
|
$251,883
|
$266,604
|
$266,938
|
$275,034
|
$273,031
|
|
Collective trust fund programs
|
149,559
|
156,742
|
189,890
|
198,845
|
204,959
|
|
Liquidity funds
|
10,938
|
10,784
|
9,673
|
9,959
|
8,491
|
|
Total assets under management
|
$412,380
|
$434,130
|
$466,501
|
$483,838
|
$486,481
|
|
Client assets under advisement
|
5,687
|
7,692
|
9,522
|
9,810
|
9,101
|
|
Client assets under
administration (D)
|
923,351
|
961,704
|
1,005,403
|
1,028,158
|
1,057,856
|
|
Platform-only assets
|
17,482
|
20,047
|
21,783
|
24,370
|
27,295
|
|
Total assets
|
$1,358,900
|
$1,423,573
|
$1,503,209
|
$1,546,176
|
$1,580,733
|
|
|
|
(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 2024 include $1.5 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 $6.4 billion of average assets invested in various
asset allocation funds during fourth-quarter 2024.
|
|
(D)
|
In addition to the
assets
presented, SEI also administers an additional $9.4 billion of average assets
in Funds of Funds assets during fourth-quarter 2024
on which SEI does not earn an administration fee.
|
|
SALES
EVENTS
(In thousands) (Unaudited
Net Recurring Sales Events
|
|
|
4th Qtr.
2023
|
1st Qtr.
2024
|
|
2nd Qtr.
2024
|
3rd Qtr.
2024
|
4th Qtr.
2024
|
|
Investment Processing-related Businesses:
|
|
|
|
|
|
|
|
Private Banks
|
$
2,210
|
$
247
|
|
$
4,331
|
$
9,417
|
$
9,245
|
|
Investment Managers
|
15,314
|
20,407
|
|
17,180
|
23,319
|
18,027
|
|
Total Investment Processing-related Businesses
|
$ 17,524
|
$ 20,654
|
|
$ 21,511
|
$ 32,736
|
$ 27,272
|
|
Asset Management-related Businesses:
|
|
|
|
|
|
|
|
Private Banks-AMD
|
$ (1,068)
|
$
(85)
|
|
$
(494)
|
$
(854)
|
$
495
|
|
Investment Advisors
|
(5,277)
|
(942)
|
|
(3,299)
|
2,686
|
1,339
|
|
Institutional Investors
|
(4,151)
|
(4,649)
|
|
(1,787)
|
(576)
|
(2,673)
|
|
Total Asset Management-related Businesses
|
$ (10,496)
|
$ (5,676)
|
|
$ (5,580)
|
$
1,256
|
$
(839)
|
|
Newer Initiatives:
|
|
|
|
|
|
|
|
Investments in New Businesses
|
$
1,432
|
$
1,494
|
|
$
(43)
|
$
936
|
$
1,778
|
|
Total Net Recurring Sales Events
|
$
8,460
|
$ 16,472
|
|
$ 15,888
|
$ 34,928
|
$ 28,211
|
|
Non-Recurring Sales Events
|
|
|
4th Qtr.
2023
|
1st Qtr.
2024
|
|
2nd Qtr.
2024
|
3rd Qtr.
2024
|
4th Qtr.
2024
|
|
Investment Processing-related Businesses:
|
|
|
|
|
|
|
|
Private Banks
|
$
3,489
|
$
2,613
|
|
$
4,431
|
$
8,796
|
$
6,622
|
|
Investment Managers
|
1,000
|
1,213
|
|
930
|
712
|
2,465
|
|
Total Investment Processing-related Businesses
|
$
4,489
|
$
3,826
|
|
$
5,361
|
$
9,508
|
$
9,087
|
|
Newer Initiatives:
|
|
|
|
|
|
|
|
Investments in New Businesses
|
$
770
|
$
987
|
|
$
717
|
$
1,976
|
$
921
|
|
Total Non-Recurring Sales Events
|
$
5,259
|
$
4,813
|
|
$
6,078
|
$ 11,484
|
$ 10,008
|
|
Total Sales Events
|
|
|
4th Qtr.
2023
|
1st Qtr.
2024
|
|
2nd Qtr.
2024
|
3rd Qtr.
2024
|
4th Qtr.
2024
|
|
Investment Processing-related Businesses:
|
|
|
|
|
|
|
|
Private Banks
|
$
5,699
|
$
2,860
|
|
$
8,762
|
$ 18,213
|
$ 15,867
|
|
Investment Managers
|
16,314
|
21,620
|
|
18,110
|
24,031
|
20,492
|
|
Total Investment Processing-related Businesses
|
$ 22,013
|
$ 24,480
|
|
$ 26,872
|
$ 42,244
|
$ 36,359
|
|
Asset Management-related Businesses:
|
|
|
|
|
|
|
|
Private Banks-AMD
|
$ (1,068)
|
$
(85)
|
|
$
(494)
|
$
(854)
|
$
495
|
|
Investment Advisors
|
(5,277)
|
(942)
|
|
(3,299)
|
2,686
|
1,339
|
|
Institutional Investors
|
(4,151)
|
(4,649)
|
|
(1,787)
|
(576)
|
(2,673)
|
|
Total Asset Management-related Businesses
|
$ (10,496)
|
$ (5,676)
|
|
$ (5,580)
|
$
1,256
|
$
(839)
|
|
Newer Initiatives:
|
|
|
|
|
|
|
|
Investments in New Businesses
|
$
2,202
|
$
2,481
|
|
$
674
|
$
2,912
|
$
2,699
|
|
Total Sales Events
|
$ 13,719
|
$ 21,285
|
|
$ 21,966
|
$ 46,412
|
$ 38,219
|
|
Investor contact:
|
Media contact:
|
|
Brad Burke
|
Leslie Wojcik
|
|
SEI
|
SEI
|
|
+1 610-676-5350
|
+1 610-676-4191
|
|
bburke2@seic.com
|
lwojcik@seic.com
|
View original
content:https://www.prnewswire.com/news-releases/sei-reports-fourth-quarter-2024-financial-results-302363697.html
SOURCE SEI Investments Company
