OAKS, Pa., Jan. 30, 2019 /PRNewswire/ -- SEI Investments
Company (NASDAQ: SEIC) today announced financial results for the
fourth-quarter 2018. Diluted earnings per share were $0.73 in fourth-quarter 2018 compared to
$0.75 in fourth-quarter 2017.
Consolidated
Overview
|
|
|
(In thousands,
except
earnings per share)
|
|
For the Three
Months
Ended December 31,
|
|
|
|
For the Twelve
Months
Ended December 31,
|
|
|
|
|
2018
|
|
2017
|
|
%
|
|
2018
|
|
2017
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$405,057
|
|
$408,219
|
|
(1)%
|
|
$1,624,167
|
|
$1,526,552
|
|
6%
|
Net income
|
|
116,034
|
|
122,144
|
|
(5)%
|
|
505,868
|
|
404,389
|
|
25%
|
Diluted earnings per
share
|
|
$0.73
|
|
$0.75
|
|
(3)%
|
|
$3.14
|
|
$2.49
|
|
26%
|
"Our financial results reflect the positive growth of platform
adoption across our business segments, as well as the capital
markets' negative impact during the fourth quarter," said
Alfred P. West, Jr., SEI Chairman
and CEO.
"As we have said in the past, the wealth and investment
management industries have headwinds to address and tailwinds to
capitalize on. We believe our platforms position us well to enable
our clients' success, while providing us growth opportunities that
will lead to increased shareholder value."
Summary of Fourth-Quarter Results by Business Segment
(In
thousands)
|
|
For the Three
Months
Ended December 31,
|
|
|
|
For the Twelve
Months
Ended December 31,
|
|
|
|
|
2018
|
|
2017
|
|
%
|
|
2018
|
|
2017
|
|
%
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$121,358
|
|
$126,955
|
|
(4)%
|
|
$483,097
|
|
$474,272
|
|
2%
|
Expenses
|
|
114,379
|
|
118,410
|
|
(3)%
|
|
457,894
|
|
455,119
|
|
1%
|
Operating
Profit
|
|
6,979
|
|
8,545
|
|
(18)%
|
|
25,203
|
|
19,153
|
|
32%
|
Operating
Margin
|
|
6%
|
|
7%
|
|
|
|
5%
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
97,457
|
|
98,171
|
|
(1)%
|
|
399,089
|
|
373,473
|
|
7%
|
Expenses
|
|
53,647
|
|
54,329
|
|
(1)%
|
|
212,439
|
|
201,833
|
|
5%
|
Operating
Profit
|
|
43,810
|
|
43,842
|
|
—%
|
|
186,650
|
|
171,640
|
|
9%
|
Operating
Margin
|
|
45%
|
|
45%
|
|
|
|
47%
|
|
46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
80,908
|
|
86,974
|
|
(7)%
|
|
333,299
|
|
322,457
|
|
3%
|
Expenses
|
|
40,919
|
|
44,141
|
|
(7)%
|
|
163,536
|
|
161,640
|
|
1%
|
Operating
Profit
|
|
39,989
|
|
42,833
|
|
(7)%
|
|
169,763
|
|
160,817
|
|
6%
|
Operating
Margin
|
|
49%
|
|
49%
|
|
|
|
51%
|
|
50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
102,380
|
|
94,321
|
|
9%
|
|
398,076
|
|
349,444
|
|
14%
|
Expenses
|
|
67,738
|
|
60,761
|
|
11%
|
|
259,693
|
|
226,504
|
|
15%
|
Operating
Profit
|
|
34,642
|
|
33,560
|
|
3%
|
|
138,383
|
|
122,940
|
|
13%
|
Operating
Margin
|
|
34%
|
|
36%
|
|
|
|
35%
|
|
35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
2,954
|
|
1,798
|
|
64%
|
|
10,606
|
|
6,906
|
|
54%
|
Expenses
|
|
6,164
|
|
5,611
|
|
10%
|
|
22,971
|
|
20,678
|
|
11%
|
Operating
Loss
|
|
(3,210)
|
|
(3,813)
|
|
NM
|
|
(12,365)
|
|
(13,772)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$405,057
|
|
$408,219
|
|
(1)%
|
|
$1,624,167
|
|
$1,526,552
|
|
6%
|
Expenses
|
|
282,847
|
|
283,252
|
|
—%
|
|
1,116,533
|
|
1,065,774
|
|
5%
|
Corporate overhead
expenses
|
|
19,248
|
|
18,004
|
|
7%
|
|
65,646
|
|
63,834
|
|
3%
|
Income from
operations
|
|
$102,962
|
|
$106,963
|
|
(4)%
|
|
$441,988
|
|
$396,944
|
|
11%
|
Fourth-Quarter Business Highlights:
- Revenues from Asset management, administration, and
distribution fees increased due to higher assets under
administration, resulting from positive cash flows from new and
existing clients in our Investment Managers segment; however, this
increase was partially offset by a decline in fees from assets
under management due to the unfavorable market conditions during
the fourth-quarter 2018, which negatively impacted our asset-based
fee revenues.
- Performance fees of $3.4 million
were recognized in fourth-quarter 2017 associated with an
SEI-sponsored investment product in our Institutional Investors
segment. We did not earn any performance fees from this product in
fourth-quarter 2018.
- Our average assets under management, excluding LSV, decreased
$9.5 billion, or four percent, to
$218.4 billion, as compared to
$227.9 billion during the
fourth-quarter 2017 (see attached Average Asset Balances schedules
for further details).
- Our average assets under administration increased $65.7 billion, or 13 percent, to $582.7 billion in the fourth-quarter 2018, as
compared to $517.0 billion during the
fourth-quarter 2017 (see attached Average Asset Balances schedules
for further details).
- Information processing and software servicing fees declined
primarily from our adoption of ASU Accounting Standards Update No.
2014-09, Revenue from Contracts with Customers (ASU 2014-09) in
2018 in which fees received for research services provided by our
brokerage subsidiary, SIDCO, are recorded net of amounts paid for
the related soft dollar arrangements. The corresponding decrease in
expenses due to the adoption of ASU 2014-09 is reflected in
Software royalties and other information processing costs.
- Our Subadvisory, distribution and other asset management costs
decreased in fourth-quarter 2018, primarily from lower assets under
management due to unfavorable market conditions, as well as the
recognition of subadvisory expense of $1.7
million in fourth-quarter 2017 related to the previously
mentioned performance fees.
- Sales events, net of client losses, during fourth-quarter 2018
totaled approximately $10.7 million
and are expected to generate net annualized recurring revenues of
approximately $3.7 million when
contract values are fully realized. For the year ended 2018, sales
events, net of client losses, totaled approximately $81.9 million and are expected to generate net
annualized recurring revenues of approximately $56.9 million when contract values are fully
realized.
- Our earnings from LSV decreased by $7.0
million, or 16 percent, to $36.4
million in fourth-quarter 2018 as compared to $43.3 million in fourth-quarter 2017. The
decrease in earnings was primarily due to a decline in assets under
management from market volatility in fourth-quarter 2018, as well
as reduced performance fees earned by LSV.
- Our operating expenses for the year ended 2018 increased across
all of our business segments. These expenses, primarily personnel
costs, generally consist of operational, technology development and
maintenance, and marketing costs, and are mainly related to our
solutions offerings, as well as servicing existing clients and
acquiring new clients.
- We capitalized $10.9 million of
software development costs in fourth-quarter 2018 for continued
enhancements to the SEI Wealth PlatformSM.
- Stock-based compensation expense in fourth-quarter 2018
decreased by $9.4 million as compared
to fourth-quarter 2017 due to the fourth-quarter 2017 change in our
estimate of the timing of when stock option vesting targets would
be achieved. We expect stock-based compensation expense during 2019
to be approximately $22.6 million as
compared to $23.8 million during
2018.
- Our effective tax rate was 19.2 percent in fourth-quarter 2018
and included the new 21.0 percent corporate tax rate and deductions
through the Tax Cuts and Jobs Act (the Tax Act). Our fourth-quarter
2017 rate was 19.9 percent and reflected the estimated impact of
the Tax Act and included a net tax benefit of $12.4 million from the re-measurement of our
deferred tax liability and the deemed repatriation of our
previously undistributed foreign earnings.
- We repurchased 2.3 million shares of our common stock for
$115.2 million during the
fourth-quarter 2018.
Earnings Conference Call
A conference call to review
earnings is scheduled for 4:30 p.m. Eastern
Time on Jan. 30, 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 463177.
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 Dec. 31, 2018, through its subsidiaries and
partnerships in which the company has a significant interest, SEI
manages, advises or administers $884
billion in hedge, private equity, mutual fund and pooled or
separately managed assets, including $307
billion in assets under management and $573 billion in client assets under
administration. For more information, visit seic.com.
Many of the statements in this release may be considered
"forward looking statements" and include discussions about future
operations, strategies and financial results, including our
expectations as to the amount of our stock-based compensation
expense during 2019, the revenue that we believe will be generated
by sales events that occurred during the quarter and the degree to
which our current operations will create value prospectively.
Forward-looking statements are based upon estimates and assumptions
that involve risks and uncertainties, many of which are beyond our
control or are subject to change. Although we believe our
assumptions are reasonable, they could be inaccurate. Our actual
future revenues, expenses and income could differ materially from
our expected results. We have no obligation to publicly update or
revise any forward-looking statements.
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,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
Asset management,
admin. and distribution fees
|
|
$314,685
|
|
|
$314,597
|
|
|
$1,270,180
|
|
|
$1,184,157
|
|
Information
processing and software servicing fees
|
|
90,372
|
|
|
93,622
|
|
|
353,987
|
|
|
342,395
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
405,057
|
|
|
408,219
|
|
|
1,624,167
|
|
|
1,526,552
|
|
|
|
|
|
|
|
|
|
|
Subadvisory,
distribution and other asset mgmt. costs
|
|
44,798
|
|
|
48,436
|
|
|
180,488
|
|
|
181,509
|
|
Software royalties
and other information processing costs
|
|
7,987
|
|
|
12,497
|
|
|
32,449
|
|
|
46,792
|
|
Compensation,
benefits and other personnel
|
|
132,126
|
|
|
121,818
|
|
|
511,258
|
|
|
458,737
|
|
Stock-based
compensation
|
|
7,409
|
|
|
16,839
|
|
|
23,805
|
|
|
36,366
|
|
Consulting,
outsourcing and professional fees
|
|
49,956
|
|
|
48,366
|
|
|
200,862
|
|
|
186,357
|
|
Data processing and
computer related
|
|
21,312
|
|
|
20,508
|
|
|
84,790
|
|
|
77,615
|
|
Facilities, supplies
and other costs
|
|
18,755
|
|
|
15,885
|
|
|
70,840
|
|
|
66,646
|
|
Amortization
|
|
12,475
|
|
|
9,943
|
|
|
48,895
|
|
|
48,275
|
|
Depreciation
|
|
7,277
|
|
|
6,964
|
|
|
28,792
|
|
|
27,311
|
|
|
|
|
|
|
|
|
|
|
Total
expenses
|
|
302,095
|
|
|
301,256
|
|
|
1,182,179
|
|
|
1,129,608
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
102,962
|
|
|
106,963
|
|
|
441,988
|
|
|
396,944
|
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on
investments
|
|
135
|
|
|
233
|
|
|
(325)
|
|
|
1,269
|
|
Interest and dividend
income
|
|
4,251
|
|
|
2,129
|
|
|
13,397
|
|
|
7,057
|
|
Interest
expense
|
|
(134)
|
|
|
(210)
|
|
|
(645)
|
|
|
(781)
|
|
Equity in earnings of
unconsolidated affiliate
|
|
36,385
|
|
|
43,337
|
|
|
159,791
|
|
|
152,550
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
143,599
|
|
|
152,452
|
|
|
614,206
|
|
|
557,039
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
27,565
|
|
|
30,308
|
|
|
108,338
|
|
|
152,650
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$116,034
|
|
|
$122,144
|
|
|
$505,868
|
|
|
$404,389
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
|
$0.75
|
|
|
$0.78
|
|
|
$3.23
|
|
|
$2.56
|
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate basic earnings per share
|
|
155,057
|
|
|
157,390
|
|
|
156,579
|
|
|
158,177
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$0.73
|
|
|
$0.75
|
|
|
$3.14
|
|
|
$2.49
|
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate diluted earnings per share
|
|
158,770
|
|
|
163,478
|
|
|
161,232
|
|
|
162,269
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
|
$0.33
|
|
|
$0.30
|
|
|
$0.63
|
|
|
$0.58
|
|
SEI INVESTMENTS
COMPANY
CONSOLIDATED
BALANCE SHEETS
(In
thousands)
(Unaudited)
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2018
|
|
2017
|
Assets
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$754,525
|
|
|
$744,247
|
|
Restricted
cash
|
|
3,514
|
|
|
3,505
|
|
Receivables
from investment products
|
|
49,869
|
|
|
56,666
|
|
Receivables,
net of allowance for doubtful accounts of $718 and $695
|
|
315,336
|
|
|
282,706
|
|
Securities
owned
|
|
30,892
|
|
|
21,526
|
|
Other current
assets
|
|
36,676
|
|
|
31,158
|
|
Total Current
Assets
|
|
1,190,812
|
|
|
1,139,808
|
|
|
|
|
|
|
Property and
Equipment, net of accumulated depreciation of $338,206 and
$309,955
|
|
145,863
|
|
|
146,428
|
|
Capitalized Software,
net of accumulated amortization of $395,171 and $350,045
|
|
309,500
|
|
|
310,405
|
|
Investments Available
for Sale
|
|
111,901
|
|
|
87,983
|
|
Investments in
Affiliated Funds, at fair value
|
|
4,887
|
|
|
6,034
|
|
Investment in
Unconsolidated Affiliate
|
|
52,342
|
|
|
59,492
|
|
Goodwill
|
|
64,489
|
|
|
52,990
|
|
Intangible Assets, net
of accumulated amortization of $5,090 and $1,552
|
|
31,670
|
|
|
28,578
|
|
Deferred Contract
Costs
|
|
24,007
|
|
|
—
|
|
Deferred Income
Taxes
|
|
2,042
|
|
|
2,767
|
|
Other Assets,
net
|
|
34,155
|
|
|
18,884
|
|
Total
Assets
|
|
$1,971,668
|
|
|
$1,853,369
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
|
$10,920
|
|
|
$5,268
|
|
Accrued
liabilities
|
|
279,634
|
|
|
265,058
|
|
Deferred
revenue
|
|
5,154
|
|
|
4,723
|
|
Total Current
Liabilities
|
|
295,708
|
|
|
275,049
|
|
|
|
|
|
|
Borrowings Under
Revolving Credit Facility
|
|
—
|
|
|
30,000
|
|
Long-term Taxes
Payable
|
|
803
|
|
|
10,629
|
|
Deferred Income
Taxes
|
|
57,795
|
|
|
48,472
|
|
Other Long-term
Liabilities
|
|
24,215
|
|
|
12,380
|
|
Total
Liabilities
|
|
378,521
|
|
|
376,530
|
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
Common stock,
$.01 par value, 750,000 shares authorized; 153,634 and 157,069
shares issued and outstanding
|
|
1,536
|
|
|
1,571
|
|
Capital in
excess of par value
|
|
1,106,641
|
|
|
1,027,709
|
|
Retained
earnings
|
|
517,970
|
|
|
467,467
|
|
Accumulated
other comprehensive loss, net
|
|
(33,000)
|
|
|
(19,908)
|
|
Total
Shareholders' Equity
|
|
1,593,147
|
|
|
1,476,839
|
|
Total
Liabilities and Shareholders' Equity
|
|
$1,971,668
|
|
|
$1,853,369
|
|
ENDING ASSET
BALANCES
(In
millions) (Unaudited)
|
|
|
|
|
Dec 31,
|
|
Mar. 31,
|
|
Jun. 30,
|
|
Sept. 30,
|
|
Dec 31,
|
|
|
|
2017
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$22,764
|
|
|
$22,917
|
|
|
$22,448
|
|
|
$22,739
|
|
|
$20,453
|
|
Collective trust fund
programs
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
Liquidity
funds
|
|
|
3,864
|
|
|
3,537
|
|
|
3,471
|
|
|
3,142
|
|
|
3,633
|
|
Total assets under
management
|
|
|
$26,632
|
|
|
$26,458
|
|
|
$25,923
|
|
|
$25,885
|
|
|
$24,090
|
|
Client assets under
administration
|
|
|
22,980
|
|
|
22,411
|
|
|
22,435
|
|
|
23,394
|
|
|
20,226
|
|
Total
assets
|
|
|
$49,612
|
|
|
$48,869
|
|
|
$48,358
|
|
|
$49,279
|
|
|
$44,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$61,908
|
|
|
$62,176
|
|
|
$62,227
|
|
|
$63,958
|
|
|
$55,395
|
|
Collective trust fund
programs
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
7
|
|
Liquidity
funds
|
|
|
2,414
|
|
|
2,399
|
|
|
3,101
|
|
|
3,182
|
|
|
5,948
|
|
Total assets under
management
|
|
|
$64,327
|
|
|
$64,580
|
|
|
$65,333
|
|
|
$67,145
|
|
|
$61,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$87,587
|
|
|
$85,607
|
|
|
$83,687
|
|
|
$85,248
|
|
|
$78,765
|
|
Collective trust fund
programs
|
|
|
78
|
|
|
72
|
|
|
73
|
|
|
74
|
|
|
79
|
|
Liquidity
funds
|
|
|
2,937
|
|
|
2,727
|
|
|
2,594
|
|
|
2,544
|
|
|
2,234
|
|
Total assets under
management
|
|
|
$90,602
|
|
|
$88,406
|
|
|
$86,354
|
|
|
$87,866
|
|
|
$81,078
|
|
Advised
assets
|
|
|
3,942
|
|
|
4,185
|
|
|
4,544
|
|
|
4,131
|
|
|
3,359
|
|
Total
assets
|
|
|
$94,544
|
|
|
$92,591
|
|
|
$90,898
|
|
|
$91,997
|
|
|
$84,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$96
|
|
|
$97
|
|
|
$95
|
|
|
$99
|
|
|
$89
|
|
Collective trust fund
programs
|
|
|
49,340
|
|
|
45,062
|
|
|
45,213
|
|
|
46,934
|
|
|
42,804
|
|
Liquidity
funds
|
|
|
743
|
|
|
732
|
|
|
496
|
|
|
580
|
|
|
336
|
|
Total assets under
management
|
|
|
$50,179
|
|
|
$45,891
|
|
|
$45,804
|
|
|
$47,613
|
|
|
$43,229
|
|
Client assets under
administration (A)
|
|
|
495,447
|
|
|
507,694
|
|
|
522,700
|
|
|
552,411
|
|
|
552,318
|
|
Total
assets
|
|
|
$545,626
|
|
|
$553,585
|
|
|
$568,504
|
|
|
$600,024
|
|
|
$595,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$1,104
|
|
|
$1,114
|
|
|
$1,120
|
|
|
$1,179
|
|
|
$1,257
|
|
Liquidity
funds
|
|
|
53
|
|
|
72
|
|
|
106
|
|
|
162
|
|
|
189
|
|
Total assets under
management
|
|
|
$1,157
|
|
|
$1,186
|
|
|
$1,226
|
|
|
$1,341
|
|
|
$1,446
|
|
Advised
assets
|
|
|
49
|
|
|
49
|
|
|
807
|
|
|
730
|
|
|
687
|
|
Total
assets
|
|
|
$1,206
|
|
|
$1,235
|
|
|
$2,033
|
|
|
$2,071
|
|
|
$2,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LSV Asset
Management:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs (B)
|
|
|
$107,690
|
|
|
$108,186
|
|
|
$106,505
|
|
|
$109,363
|
|
|
$96,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs (C)
|
|
|
$281,149
|
|
|
$280,097
|
|
|
$276,082
|
|
|
$282,586
|
|
|
$252,073
|
|
Collective trust fund
programs
|
|
|
49,427
|
|
|
45,143
|
|
|
45,295
|
|
|
47,017
|
|
|
42,894
|
|
Liquidity
funds
|
|
|
10,011
|
|
|
9,467
|
|
|
9,768
|
|
|
9,610
|
|
|
12,340
|
|
Total assets under
management
|
|
|
$340,587
|
|
|
$334,707
|
|
|
$331,145
|
|
|
$339,213
|
|
|
$307,307
|
|
Advised
assets
|
|
|
3,991
|
|
|
4,234
|
|
|
5,351
|
|
|
4,861
|
|
|
4,046
|
|
Client assets under
administration (D)
|
|
|
518,427
|
|
|
530,105
|
|
|
545,135
|
|
|
575,805
|
|
|
572,544
|
|
Total
assets
|
|
|
$863,005
|
|
|
$869,046
|
|
|
$881,631
|
|
|
$919,879
|
|
|
$883,897
|
|
(A)
|
Client assets under
administration in the Investment Managers segment include $56.7
billion of assets that are at fee levels below our normal full
service assets (as of December 31, 2018).
|
(B)
|
Equity and
fixed-income programs include $2.1 billion of assets managed by LSV
in which fees are based on performance only (as of
December 31, 2018).
|
(C)
|
Equity and
fixed-income programs include $5.1 billion of assets invested in
various asset allocation funds at December 31,
2018.
|
(D)
|
In addition to the
numbers presented, SEI also administers an additional $11.0 billion
in Funds of Funds assets (as of December 31, 2018) on which
SEI does not earn an administration fee.
|
AVERAGE ASSET
BALANCES
(In millions)
(Unaudited)
|
|
|
|
|
4th Qtr.
|
|
1st Qtr.
|
|
2nd Qtr.
|
|
3rd Qtr.
|
|
4th Qtr.
|
|
|
|
2017
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$21,748
|
|
|
$23,412
|
|
|
$22,870
|
|
|
$22,516
|
|
|
$21,383
|
|
Collective trust fund
programs
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
Liquidity
funds
|
|
|
3,584
|
|
|
3,720
|
|
|
3,516
|
|
|
3,376
|
|
|
3,265
|
|
Total assets under
management
|
|
|
$25,336
|
|
|
$27,136
|
|
|
$26,390
|
|
|
$25,896
|
|
|
$24,652
|
|
Client assets under
administration
|
|
|
22,759
|
|
|
23,398
|
|
|
22,605
|
|
|
23,175
|
|
|
21,608
|
|
Total
assets
|
|
|
$48,095
|
|
|
$50,534
|
|
|
$48,995
|
|
|
$49,071
|
|
|
$46,260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$60,730
|
|
|
$62,650
|
|
|
$62,890
|
|
|
$63,399
|
|
|
$59,954
|
|
Collective trust fund
programs
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
4
|
|
Liquidity
funds
|
|
|
2,235
|
|
|
2,290
|
|
|
2,429
|
|
|
2,958
|
|
|
3,452
|
|
Total assets under
management
|
|
|
$62,970
|
|
|
$64,945
|
|
|
$65,324
|
|
|
$66,362
|
|
|
$63,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$86,573
|
|
|
$87,207
|
|
|
$85,045
|
|
|
$84,885
|
|
|
$81,833
|
|
Collective trust fund
programs
|
|
|
80
|
|
|
77
|
|
|
72
|
|
|
74
|
|
|
75
|
|
Liquidity
funds
|
|
|
3,052
|
|
|
2,905
|
|
|
2,621
|
|
|
2,469
|
|
|
2,449
|
|
Total assets under
management
|
|
|
$89,705
|
|
|
$90,189
|
|
|
$87,738
|
|
|
$87,428
|
|
|
$84,357
|
|
Advised
assets
|
|
|
3,796
|
|
|
4,383
|
|
|
4,301
|
|
|
4,263
|
|
|
3,566
|
|
Total
assets
|
|
|
$93,501
|
|
|
$94,572
|
|
|
$92,039
|
|
|
$91,691
|
|
|
$87,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$99
|
|
|
$96
|
|
|
$109
|
|
|
$95
|
|
|
$96
|
|
Collective trust fund
programs
|
|
|
47,772
|
|
|
49,243
|
|
|
45,646
|
|
|
45,856
|
|
|
44,009
|
|
Liquidity
funds
|
|
|
843
|
|
|
834
|
|
|
649
|
|
|
555
|
|
|
480
|
|
Total assets under
management
|
|
|
$48,714
|
|
|
$50,173
|
|
|
$46,404
|
|
|
$46,506
|
|
|
$44,585
|
|
Client assets under
administration (A)
|
|
|
494,201
|
|
|
506,951
|
|
|
522,679
|
|
|
541,063
|
|
|
561,043
|
|
Total
assets
|
|
|
$542,915
|
|
|
$557,124
|
|
|
$569,083
|
|
|
$587,569
|
|
|
$605,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
|
$1,079
|
|
|
$1,105
|
|
|
$1,090
|
|
|
$1,148
|
|
|
$1,198
|
|
Liquidity
funds
|
|
|
54
|
|
|
70
|
|
|
95
|
|
|
146
|
|
|
179
|
|
Total assets under
management
|
|
|
$1,133
|
|
|
$1,175
|
|
|
$1,185
|
|
|
$1,294
|
|
|
$1,377
|
|
Advised
assets
|
|
|
50
|
|
|
50
|
|
|
813
|
|
|
777
|
|
|
958
|
|
Total
assets
|
|
|
$1,183
|
|
|
$1,225
|
|
|
$1,998
|
|
|
$2,071
|
|
|
$2,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LSV Asset
Management:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs (B)
|
|
|
$106,112
|
|
|
$109,904
|
|
|
$108,380
|
|
|
$109,527
|
|
|
$99,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs (C)
|
|
|
$276,341
|
|
|
$284,374
|
|
|
$280,384
|
|
|
$281,570
|
|
|
$264,255
|
|
Collective trust fund
programs
|
|
|
47,861
|
|
|
49,329
|
|
|
45,727
|
|
|
45,939
|
|
|
44,092
|
|
Liquidity
funds
|
|
|
9,768
|
|
|
9,819
|
|
|
9,310
|
|
|
9,504
|
|
|
9,825
|
|
Total assets under
management
|
|
|
$333,970
|
|
|
$343,522
|
|
|
$335,421
|
|
|
$337,013
|
|
|
$318,172
|
|
Advised assets
|
|
|
3,846
|
|
|
4,433
|
|
|
5,114
|
|
|
5,040
|
|
|
4,524
|
|
Client assets under
administration (D)
|
|
|
516,960
|
|
|
530,349
|
|
|
545,284
|
|
|
564,238
|
|
|
582,651
|
|
Total
assets
|
|
|
$854,776
|
|
|
$878,304
|
|
|
$885,819
|
|
|
$906,291
|
|
|
$905,347
|
|
(A)
|
Average client assets
under administration in the Investment Managers segment during
fourth-quarter 2018 include $59.1 billion that are at fee levels
below our normal full service assets.
|
(B)
|
Equity and
fixed-income programs include $2.1 billion of average assets
managed by LSV in which fees are based on performance only during
fourth-quarter 2018.
|
(C)
|
Equity and
fixed-income programs include $5.2 billion of average assets
invested in various asset allocation funds during fourth-quarter
2018.
|
(D)
|
In addition to the
numbers presented, SEI also administers an additional $11.0 billion
of average assets in Funds of Funds assets during fourth-quarter
2018 on which SEI does not earn an administration fee.
|
Investor
Contact:
|
Media
Contact:
|
Lindsey
Opsahl
|
Leslie
Wojcik
|
SEI
|
SEI
|
+1
610-676-4052
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+1
610-676-4191
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lopsahl@seic.com
|
lwojcik@seic.com
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content:http://www.prnewswire.com/news-releases/sei-reports-fourth-quarter-2018-financial-results-300787023.html
SOURCE SEI Investments Company