OAKS, Pa., July 24, 2019
/PRNewswire/ -- SEI Investments Company (NASDAQ: SEIC) today
announced financial results for the second-quarter 2019. Diluted
earnings per share were $0.82 in
second-quarter 2019 compared to $0.75
in second-quarter 2018.
In addition, on July 23, 2019,
SEI's Board of Directors approved an increase in its stock
repurchase program by an additional $250
million, increasing the available authorization under the
program to approximately $280
million.
Consolidated
Overview
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except
earnings per share)
|
|
For the Three
Months
Ended June 30,
|
|
|
|
For the Six
Months
Ended June 30,
|
|
|
|
|
2019
|
|
2018
|
|
%
|
|
2019
|
|
2018
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$409,586
|
|
|
$404,830
|
|
|
1%
|
|
$810,406
|
|
|
$810,428
|
|
|
—%
|
Net income
|
|
126,540
|
|
|
121,677
|
|
|
4%
|
|
240,521
|
|
|
261,515
|
|
|
(8)%
|
Diluted earnings per
share
|
|
$0.82
|
|
|
$0.75
|
|
|
9%
|
|
$1.54
|
|
|
$1.61
|
|
|
(4)%
|
"Our second-quarter results reflect improved capital markets,
the implementation of new clients and the delivery of services to
existing clients. We are efficiently managing the business while
making the necessary investments to expand our opportunities and
strengthen the platforms we bring to our target markets," said
Alfred P. West, Jr., SEI Chairman
and CEO.
"We continue to face up to the challenges presented by the
ever-changing markets, while innovating to take advantage
of today's opportunities and those we anticipate in the
future. Our platforms are built to help our clients achieve lasting
success. This key focus will foster the company's growth and
increased shareholder value over the long term."
Summary of Second-Quarter Results by Business Segment
(In
thousands)
|
|
For the Three
Months
Ended June 30,
|
|
|
|
For the Six
Months
Ended June 30,
|
|
|
|
|
2019
|
|
2018
|
|
%
|
|
2019
|
|
2018
|
|
%
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$116,092
|
|
|
$121,126
|
|
|
(4)%
|
|
$234,351
|
|
|
$243,290
|
|
|
(4)%
|
Expenses
|
|
107,790
|
|
|
114,842
|
|
|
(6)%
|
|
218,752
|
|
|
227,044
|
|
|
(4)%
|
Operating
Profit
|
|
8,302
|
|
|
6,284
|
|
|
32%
|
|
15,599
|
|
|
16,246
|
|
|
(4)%
|
Operating
Margin
|
|
7
|
%
|
|
5
|
%
|
|
|
|
7
|
%
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
100,122
|
|
|
99,890
|
|
|
—%
|
|
194,883
|
|
|
199,082
|
|
|
(2)%
|
Expenses
|
|
50,558
|
|
|
53,052
|
|
|
(5)%
|
|
103,060
|
|
|
105,505
|
|
|
(2)%
|
Operating
Profit
|
|
49,564
|
|
|
46,838
|
|
|
6%
|
|
91,823
|
|
|
93,577
|
|
|
(2)%
|
Operating
Margin
|
|
50
|
%
|
|
47
|
%
|
|
|
|
47
|
%
|
|
47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
81,109
|
|
|
83,434
|
|
|
(3)%
|
|
161,222
|
|
|
168,925
|
|
|
(5)%
|
Expenses
|
|
39,361
|
|
|
40,871
|
|
|
(4)%
|
|
78,115
|
|
|
82,120
|
|
|
(5)%
|
Operating
Profit
|
|
41,748
|
|
|
42,563
|
|
|
(2)%
|
|
83,107
|
|
|
86,805
|
|
|
(4)%
|
Operating
Margin
|
|
51
|
%
|
|
51
|
%
|
|
|
|
52
|
%
|
|
51
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
109,202
|
|
|
97,566
|
|
|
12%
|
|
213,851
|
|
|
194,421
|
|
|
10%
|
Expenses
|
|
68,371
|
|
|
63,321
|
|
|
8%
|
|
137,437
|
|
|
126,659
|
|
|
9%
|
Operating
Profit
|
|
40,831
|
|
|
34,245
|
|
|
19%
|
|
76,414
|
|
|
67,762
|
|
|
13%
|
Operating
Margin
|
|
37
|
%
|
|
35
|
%
|
|
|
|
36
|
%
|
|
35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
3,061
|
|
|
2,814
|
|
|
9%
|
|
6,099
|
|
|
4,710
|
|
|
29%
|
Expenses
|
|
6,797
|
|
|
5,940
|
|
|
14%
|
|
12,737
|
|
|
11,038
|
|
|
15%
|
Operating
Loss
|
|
(3,736)
|
|
|
(3,126)
|
|
|
NM
|
|
(6,638)
|
|
|
(6,328)
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$409,586
|
|
|
$404,830
|
|
|
1%
|
|
$810,406
|
|
|
$810,428
|
|
|
—%
|
Expenses
|
|
272,877
|
|
|
278,026
|
|
|
(2)%
|
|
550,101
|
|
|
552,366
|
|
|
—%
|
Corporate overhead
expenses
|
|
16,573
|
|
|
16,514
|
|
|
—%
|
|
36,608
|
|
|
31,456
|
|
|
16%
|
Income from
operations
|
|
$120,136
|
|
|
$110,290
|
|
|
9%
|
|
$223,697
|
|
|
$226,606
|
|
|
(1)%
|
Second-Quarter Business Highlights:
- Revenues from Asset management, administration, and
distribution fees increased primarily from higher assets under
administration in our Investment Managers segment.
- Our average assets under administration increased $78.3 billion, or 14 percent, to $623.6 billion in the second-quarter 2019, as
compared to $545.3 billion during the
second-quarter 2018 (see attached Average Asset Balances schedules
for further details).
- Our average assets under management, excluding LSV, increased
$1.6 billion, or one percent, to
$228.6 billion in the second-quarter
2019, as compared to $227.0 billion
during the second-quarter 2018 (see attached Average Asset Balances
schedules for further details).
- Information processing and software servicing fees in our
Private Banks segment decreased by $3.4
million due to decreased non-recurring fees and previously
announced client losses.
- Our Subadvisory, distribution and other asset management costs
increased in second-quarter 2019, primarily from higher assets
under management.
- Sales events, net of client losses, during second-quarter 2019
totaled approximately $12.7 million
and are expected to generate net annualized recurring revenues of
approximately $10.8 million when
contract values are fully realized.
- Our earnings from LSV decreased by $3.2
million, or eight percent, to $37.8
million in second-quarter 2019 as compared to $41.1 million in second-quarter 2018. The
decrease in earnings was primarily due to a decline in assets under
management from market depreciation, as well as reduced performance
fees earned by LSV and negative cash flows.
- Our operating expenses during the second-quarter 2019 decreased
primarily due to cost containment measures implemented in late 2018
and early 2019. These measures mainly impacted personnel
compensation and consulting costs.
- Total expenses during the second-quarter 2019 in our Investment
Advisors segment included approximately $400
thousand of fixed costs associated with TRUST
3000®.
- We capitalized $9.0 million of
software development costs in second-quarter 2019 for continued
enhancements to the SEI Wealth PlatformSM (SWP).
Amortization expense related to SWP was $10.5 million in second-quarter 2019.
- Our effective tax rates were 22.1 percent in second-quarter
2019 and 21.1 percent in second-quarter 2018. The increase in our
effective tax rate was primarily due to reduced tax benefits from a
lower volume of stock option exercise activity during the quarter
as compared to the prior year period.
- We repurchased 1.8 million shares of our common stock for
$97.0 million during the
second-quarter 2019.
Earnings Conference Call
A conference call to review
earnings is scheduled for 4:30 p.m. Eastern
Time on July 24, 2019. Investors may listen to the call
at seic.com/ir-events. Investors may also listen to a replay by
telephone at (USA) 800-475-6701;
(International) 320-365-3844, access code 469877.
About SEI
After 50 years in business, SEI
(NASDAQ:SEIC) remains a leading global provider of investment
processing, investment management, and investment operations
solutions that help corporations, financial institutions, financial
advisors, and ultra-high-net-worth families create and manage
wealth. As of June 30, 2019, through its subsidiaries and
partnerships in which the company has a significant interest, SEI
manages, advises or administers $970
billion in hedge, private equity, mutual fund and pooled or
separately managed assets, including $335
billion in assets under management and $630 billion in client assets under
administration. For more information, visit seic.com.
This release contains forward-looking statements within the
meaning of the rules and regulations of the Securities and Exchange
Commission. In some cases you can identify forward-looking
statements by the words ''may,'' ''will,'' ''expect,'' ''believe,''
and ''continue'' or ''appear." Our forward-looking statements
include discussions about future operations, strategies and
financial results, including our expectations as to revenue that we
believe will be generated by sales events that occurred during the
quarter, the degree to which we are able to take advantage of
current and anticipated market opportunities, the degree to which
the manner in which we will seek to invest will create
opportunities for growth and value, and whether our current
initiatives will create growth and shareholder value. 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,
2018, filed with the Securities and Exchange Commission and
available on our website at https://www.seic.com/investor-relations
and on the Securities and Exchange Commission's website
(www.sec.gov). There may be additional risks that we do not
presently know or that we currently believe are immaterial which
could also cause actual results to differ from those contained in
our forward-looking statements. We do not undertake to update the
forward-looking statements to reflect the impact of circumstances
or events that may arise after the date of the forward-looking
statements.
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,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
Asset management,
admin. and distribution fees
|
|
$324,925
|
|
|
$316,508
|
|
|
$638,869
|
|
|
$632,717
|
|
Information
processing and software servicing fees
|
|
84,661
|
|
|
88,322
|
|
|
171,537
|
|
|
177,711
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
409,586
|
|
|
404,830
|
|
|
810,406
|
|
|
810,428
|
|
|
|
|
|
|
|
|
|
|
Subadvisory,
distribution and other asset mgmt. costs
|
|
46,177
|
|
|
45,209
|
|
|
89,982
|
|
|
90,414
|
|
Software royalties
and other information processing costs
|
|
7,393
|
|
|
7,977
|
|
|
15,521
|
|
|
16,695
|
|
Compensation,
benefits and other personnel
|
|
125,999
|
|
|
127,375
|
|
|
256,334
|
|
|
251,652
|
|
Stock-based
compensation
|
|
5,064
|
|
|
5,323
|
|
|
10,102
|
|
|
10,518
|
|
Consulting,
outsourcing and professional fees
|
|
45,330
|
|
|
50,441
|
|
|
95,536
|
|
|
99,148
|
|
Data processing and
computer related
|
|
22,184
|
|
|
21,133
|
|
|
43,176
|
|
|
41,724
|
|
Facilities, supplies
and other costs
|
|
17,100
|
|
|
17,783
|
|
|
35,845
|
|
|
35,396
|
|
Amortization
|
|
12,781
|
|
|
12,161
|
|
|
25,460
|
|
|
24,015
|
|
Depreciation
|
|
7,422
|
|
|
7,138
|
|
|
14,753
|
|
|
14,260
|
|
|
|
|
|
|
|
|
|
|
Total
expenses
|
|
289,450
|
|
|
294,540
|
|
|
586,709
|
|
|
583,822
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
120,136
|
|
|
110,290
|
|
|
223,697
|
|
|
226,606
|
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on
investments
|
|
231
|
|
|
(139)
|
|
|
1,510
|
|
|
(549)
|
|
Interest and dividend
income
|
|
4,313
|
|
|
3,162
|
|
|
8,570
|
|
|
5,664
|
|
Interest
expense
|
|
(166)
|
|
|
(132)
|
|
|
(323)
|
|
|
(389)
|
|
Equity in earnings of
unconsolidated affiliate
|
|
37,832
|
|
|
41,073
|
|
|
75,149
|
|
|
81,680
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
162,346
|
|
|
154,254
|
|
|
308,603
|
|
|
313,012
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
35,806
|
|
|
32,577
|
|
|
68,082
|
|
|
51,497
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$126,540
|
|
|
$121,677
|
|
|
$240,521
|
|
|
$261,515
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
|
$0.83
|
|
|
$0.77
|
|
|
$1.58
|
|
|
$1.66
|
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate basic earnings per share
|
|
151,863
|
|
|
157,542
|
|
|
152,587
|
|
|
157,488
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$0.82
|
|
|
$0.75
|
|
|
$1.54
|
|
|
$1.61
|
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate diluted earnings per share
|
|
155,165
|
|
|
162,225
|
|
|
155,853
|
|
|
162,825
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
|
$0.33
|
|
|
$0.30
|
|
|
$0.33
|
|
|
$0.30
|
|
SEI INVESTMENTS
COMPANY
|
CONSOLIDATED
BALANCE SHEETS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
June
30,
|
|
December
31,
|
|
|
2019
|
|
2018
|
Assets
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$682,266
|
|
|
$754,525
|
|
Restricted
cash
|
|
3,520
|
|
|
3,514
|
|
Receivables
from investment products
|
|
52,407
|
|
|
49,869
|
|
Receivables,
net of allowance for doubtful accounts of $1,101 and
$718
|
|
335,144
|
|
|
315,336
|
|
Securities
owned
|
|
32,289
|
|
|
30,892
|
|
Other current
assets
|
|
31,915
|
|
|
36,676
|
|
Total Current
Assets
|
|
1,137,541
|
|
|
1,190,812
|
|
|
|
|
|
|
Property and
Equipment, net of accumulated depreciation of $352,293 and
$338,206
|
|
150,045
|
|
|
145,863
|
|
Operating Lease
Right-of-Use Assets
|
|
42,940
|
|
|
—
|
|
Capitalized Software,
net of accumulated amortization of $418,675 and $395,171
|
|
305,184
|
|
|
309,500
|
|
Investments Available
for Sale
|
|
106,671
|
|
|
111,901
|
|
Investments in
Affiliated Funds, at fair value
|
|
5,434
|
|
|
4,887
|
|
Investment in
Unconsolidated Affiliate
|
|
50,203
|
|
|
52,342
|
|
Goodwill
|
|
64,489
|
|
|
64,489
|
|
Intangible Assets, net
of accumulated amortization of $6,932 and $5,090
|
|
29,828
|
|
|
31,670
|
|
Deferred Contract
Costs
|
|
25,132
|
|
|
24,007
|
|
Deferred Income
Taxes
|
|
1,571
|
|
|
2,042
|
|
Other Assets,
net
|
|
33,761
|
|
|
34,155
|
|
Total
Assets
|
|
$1,952,799
|
|
|
$1,971,668
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
|
$5,494
|
|
|
$10,920
|
|
Accrued
liabilities
|
|
178,473
|
|
|
279,634
|
|
Short-term
operating lease liabilities
|
|
8,259
|
|
|
—
|
|
Deferred
revenue
|
|
4,705
|
|
|
5,154
|
|
Total Current
Liabilities
|
|
196,931
|
|
|
295,708
|
|
|
|
|
|
|
Long-term Taxes
Payable
|
|
803
|
|
|
803
|
|
Deferred Income
Taxes
|
|
55,793
|
|
|
57,795
|
|
Long-term Operating
Lease Liabilities
|
|
39,427
|
|
|
—
|
|
Other Long-term
Liabilities
|
|
25,344
|
|
|
24,215
|
|
Total
Liabilities
|
|
318,298
|
|
|
378,521
|
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
Common stock,
$0.01 par value, 750,000 shares authorized; 150,955 and 153,634
shares issued and outstanding
|
|
1,509
|
|
|
1,536
|
|
Capital in
excess of par value
|
|
1,122,068
|
|
|
1,106,641
|
|
Retained
earnings
|
|
541,664
|
|
|
517,970
|
|
Accumulated
other comprehensive loss, net
|
|
(30,740)
|
|
|
(33,000)
|
|
Total
Shareholders' Equity
|
|
1,634,501
|
|
|
1,593,147
|
|
Total
Liabilities and Shareholders' Equity
|
|
$1,952,799
|
|
|
$1,971,668
|
|
ENDING ASSET
BALANCES
|
(In
millions) (Unaudited)
|
|
|
|
|
Jun. 30,
|
|
Sept. 30,
|
|
Dec 31,
|
|
Mar. 31,
|
|
Jun. 30,
|
|
|
|
2018
|
|
2018
|
|
2018
|
|
2019
|
|
2019
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$22,448
|
|
|
$22,739
|
|
|
$20,453
|
|
|
$22,369
|
|
|
$22,563
|
|
Collective trust fund
programs
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
Liquidity
funds
|
|
|
3,471
|
|
|
3,142
|
|
|
3,633
|
|
|
3,753
|
|
|
3,322
|
|
Total assets under
management
|
|
|
$25,923
|
|
|
$25,885
|
|
|
$24,090
|
|
|
$26,126
|
|
|
$25,889
|
|
Client assets under
administration
|
|
|
22,435
|
|
|
23,394
|
|
|
20,226
|
|
|
22,886
|
|
|
23,387
|
|
Total
assets
|
|
|
$48,358
|
|
|
$49,279
|
|
|
$44,316
|
|
|
$49,012
|
|
|
$49,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$62,227
|
|
|
$63,958
|
|
|
$55,395
|
|
|
$61,277
|
|
|
$64,591
|
|
Collective trust fund
programs
|
|
|
5
|
|
|
5
|
|
|
7
|
|
|
5
|
|
|
6
|
|
Liquidity
funds
|
|
|
3,101
|
|
|
3,182
|
|
|
5,948
|
|
|
4,362
|
|
|
2,618
|
|
Total assets under
management
|
|
|
$65,333
|
|
|
$67,145
|
|
|
$61,350
|
|
|
$65,644
|
|
|
$67,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$83,687
|
|
|
$85,248
|
|
|
$78,765
|
|
|
$82,578
|
|
|
$82,335
|
|
Collective trust fund
programs
|
|
|
73
|
|
|
74
|
|
|
79
|
|
|
79
|
|
|
78
|
|
Liquidity
funds
|
|
|
2,594
|
|
|
2,544
|
|
|
2,234
|
|
|
2,529
|
|
|
2,173
|
|
Total assets under
management
|
|
|
$86,354
|
|
|
$87,866
|
|
|
$81,078
|
|
|
$85,186
|
|
|
$84,586
|
|
Client assets under
advisement
|
|
|
4,544
|
|
|
4,131
|
|
|
3,359
|
|
|
3,694
|
|
|
3,598
|
|
Total
assets
|
|
|
$90,898
|
|
|
$91,997
|
|
|
$84,437
|
|
|
$88,880
|
|
|
$88,184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$95
|
|
|
$99
|
|
|
$89
|
|
|
$—
|
|
|
$—
|
|
Collective trust fund
programs
|
|
|
45,213
|
|
|
46,934
|
|
|
42,804
|
|
|
49,232
|
|
|
51,838
|
|
Liquidity
funds
|
|
|
496
|
|
|
580
|
|
|
336
|
|
|
704
|
|
|
472
|
|
Total assets under
management
|
|
|
$45,804
|
|
|
$47,613
|
|
|
$43,229
|
|
|
$49,936
|
|
|
$52,310
|
|
Client assets under
administration (A)
|
|
|
522,700
|
|
|
552,411
|
|
|
552,318
|
|
|
585,997
|
|
|
607,086
|
|
Total
assets
|
|
|
$568,504
|
|
|
$600,024
|
|
|
$595,547
|
|
|
$635,933
|
|
|
$659,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$1,120
|
|
|
$1,179
|
|
|
$1,257
|
|
|
$1,466
|
|
|
$1,566
|
|
Liquidity
funds
|
|
|
106
|
|
|
162
|
|
|
189
|
|
|
218
|
|
|
141
|
|
Total assets under
management
|
|
|
$1,226
|
|
|
$1,341
|
|
|
$1,446
|
|
|
$1,684
|
|
|
$1,707
|
|
Client assets under
advisement
|
|
|
807
|
|
|
730
|
|
|
687
|
|
|
729
|
|
|
887
|
|
Total
assets
|
|
|
$2,033
|
|
|
$2,071
|
|
|
$2,133
|
|
|
$2,413
|
|
|
$2,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LSV Asset
Management:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs (B)
|
|
|
$106,505
|
|
|
$109,363
|
|
|
$96,114
|
|
|
$103,163
|
|
|
$103,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs (C)
|
|
|
$276,082
|
|
|
$282,586
|
|
|
$252,073
|
|
|
$270,853
|
|
|
$274,630
|
|
Collective trust fund
programs
|
|
|
45,295
|
|
|
47,017
|
|
|
42,894
|
|
|
49,320
|
|
|
51,926
|
|
Liquidity
funds
|
|
|
9,768
|
|
|
9,610
|
|
|
12,340
|
|
|
11,566
|
|
|
8,726
|
|
Total assets under
management
|
|
|
$331,145
|
|
|
$339,213
|
|
|
$307,307
|
|
|
$331,739
|
|
|
$335,282
|
|
Client assets under
advisement
|
|
|
5,351
|
|
|
4,861
|
|
|
4,046
|
|
|
4,423
|
|
|
4,485
|
|
Client assets under
administration (D)
|
|
|
545,135
|
|
|
575,805
|
|
|
572,544
|
|
|
608,883
|
|
|
630,473
|
|
Total
assets
|
|
|
$881,631
|
|
|
$919,879
|
|
|
$883,897
|
|
|
$945,045
|
|
|
$970,240
|
|
|
(A)
|
Client assets under
administration in the Investment Managers segment include $57.1
billion of assets that are at fee levels below our normal
full-service assets (as of June 30, 2019).
|
(B)
|
Equity and
fixed-income programs include $2.8 billion of assets managed by LSV
in which fees are based on performance only (as of June 30,
2019).
|
(C)
|
Equity and
fixed-income programs include $5.5 billion of assets invested in
various asset allocation funds at June 30, 2019.
|
(D)
|
In addition to the
numbers presented, SEI also administers an additional $11.6 billion
in Funds of Funds assets (as of June 30, 2019) on which SEI
does not earn an administration fee.
|
AVERAGE ASSET
BALANCES
|
(In millions)
(Unaudited)
|
|
|
|
|
2nd Qtr.
|
|
3rd Qtr.
|
|
4th Qtr.
|
|
1st Qtr.
|
|
2nd Qtr.
|
|
|
|
2018
|
|
2018
|
|
2018
|
|
2019
|
|
2019
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$22,870
|
|
|
$22,516
|
|
|
$21,383
|
|
|
$21,831
|
|
|
$22,088
|
|
Collective trust fund
programs
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
Liquidity
funds
|
|
|
3,516
|
|
|
3,376
|
|
|
3,265
|
|
|
3,706
|
|
|
3,388
|
|
Total assets under
management
|
|
|
$26,390
|
|
|
$25,896
|
|
|
$24,652
|
|
|
$25,541
|
|
|
$25,480
|
|
Client assets under
administration
|
|
|
22,605
|
|
|
23,175
|
|
|
21,608
|
|
|
22,098
|
|
|
23,124
|
|
Total
assets
|
|
|
$48,995
|
|
|
$49,071
|
|
|
$46,260
|
|
|
$47,639
|
|
|
$48,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$62,890
|
|
|
$63,399
|
|
|
$59,954
|
|
|
$58,732
|
|
|
$62,419
|
|
Collective trust fund
programs
|
|
|
5
|
|
|
5
|
|
|
4
|
|
|
5
|
|
|
6
|
|
Liquidity
funds
|
|
|
2,429
|
|
|
2,958
|
|
|
3,452
|
|
|
5,298
|
|
|
3,465
|
|
Total assets under
management
|
|
|
$65,324
|
|
|
$66,362
|
|
|
$63,410
|
|
|
$64,035
|
|
|
$65,890
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$85,045
|
|
|
$84,885
|
|
|
$81,833
|
|
|
$81,725
|
|
|
$82,597
|
|
Collective trust fund
programs
|
|
|
72
|
|
|
74
|
|
|
75
|
|
|
79
|
|
|
78
|
|
Liquidity
funds
|
|
|
2,621
|
|
|
2,469
|
|
|
2,449
|
|
|
2,375
|
|
|
2,342
|
|
Total assets under
management
|
|
|
$87,738
|
|
|
$87,428
|
|
|
$84,357
|
|
|
$84,179
|
|
|
$85,017
|
|
Client assets under
advisement
|
|
|
4,301
|
|
|
4,263
|
|
|
3,566
|
|
|
3,494
|
|
|
3,641
|
|
Total
assets
|
|
|
$92,039
|
|
|
$91,691
|
|
|
$87,923
|
|
|
$87,673
|
|
|
$88,658
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$109
|
|
|
$95
|
|
|
$96
|
|
|
$—
|
|
|
$—
|
|
Collective trust fund
programs
|
|
|
45,646
|
|
|
45,856
|
|
|
44,009
|
|
|
47,322
|
|
|
50,108
|
|
Liquidity
funds
|
|
|
649
|
|
|
555
|
|
|
480
|
|
|
559
|
|
|
497
|
|
Total assets under
management
|
|
|
$46,404
|
|
|
$46,506
|
|
|
$44,585
|
|
|
$47,881
|
|
|
$50,605
|
|
Client assets under
administration (A)
|
|
|
522,679
|
|
|
541,063
|
|
|
561,043
|
|
|
572,065
|
|
|
600,509
|
|
Total
assets
|
|
|
$569,083
|
|
|
$587,569
|
|
|
$605,628
|
|
|
$619,946
|
|
|
$651,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$1,090
|
|
|
$1,148
|
|
|
$1,198
|
|
|
$1,394
|
|
|
$1,436
|
|
Liquidity
funds
|
|
|
95
|
|
|
146
|
|
|
179
|
|
|
202
|
|
|
178
|
|
Total assets under
management
|
|
|
$1,185
|
|
|
$1,294
|
|
|
$1,377
|
|
|
$1,596
|
|
|
$1,614
|
|
Client assets under
advisement
|
|
|
813
|
|
|
777
|
|
|
958
|
|
|
708
|
|
|
917
|
|
Total
assets
|
|
|
$1,998
|
|
|
$2,071
|
|
|
$2,335
|
|
|
$2,304
|
|
|
$2,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LSV Asset
Management:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs (B)
|
|
|
$108,380
|
|
|
$109,527
|
|
|
$99,791
|
|
|
$104,517
|
|
|
$102,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs (C)
|
|
|
$280,384
|
|
|
$281,570
|
|
|
$264,255
|
|
|
$268,199
|
|
|
$271,459
|
|
Collective trust fund
programs
|
|
|
45,727
|
|
|
45,939
|
|
|
44,092
|
|
|
47,410
|
|
|
50,196
|
|
Liquidity
funds
|
|
|
9,310
|
|
|
9,504
|
|
|
9,825
|
|
|
12,140
|
|
|
9,870
|
|
Total assets under
management
|
|
|
$335,421
|
|
|
$337,013
|
|
|
$318,172
|
|
|
$327,749
|
|
|
$331,525
|
|
Client assets under
advisement
|
|
|
5,114
|
|
|
5,040
|
|
|
4,524
|
|
|
4,202
|
|
|
4,558
|
|
Client assets under
administration (D)
|
|
|
545,284
|
|
|
564,238
|
|
|
582,651
|
|
|
594,163
|
|
|
623,633
|
|
Total
assets
|
|
|
$885,819
|
|
|
$906,291
|
|
|
$905,347
|
|
|
$926,114
|
|
|
$959,716
|
|
|
(A)
|
Average client assets
under administration in the Investment Managers segment during
second-quarter 2019 include $56.7 billion that are at fee levels
below our normal full-service assets.
|
(B)
|
Equity and
fixed-income programs include $2.8 billion of average assets
managed by LSV in which fees are based on performance only during
second-quarter 2019.
|
(C)
|
Equity and
fixed-income programs include $5.6 billion of average assets
invested in various asset allocation funds during second-quarter
2019.
|
(D)
|
In addition to the
numbers presented, SEI also administers an additional $11.5 billion
of average assets in Funds of Funds assets during second-quarter
2019 on which SEI does not earn an administration fee.
|
Investor
Contact:
|
Media
Contact:
|
Lindsey
Opsahl
|
Leslie
Wojcik
|
SEI
|
SEI
|
+1
610-676-4052
|
+1
610-676-4191
|
lopsahl@seic.com
|
lwojcik@seic.com
|
View original
content:http://www.prnewswire.com/news-releases/sei-reports-second-quarter-2019-financial-results-300890513.html
SOURCE SEI