OAKS, Pa., Oct. 21, 2020 /PRNewswire/ -- SEI Investments
Company (NASDAQ: SEIC) today announced financial results for the
third-quarter 2020. Diluted earnings per share were $0.75 in third-quarter 2020 compared to
$0.86 in third-quarter 2019. On
Tuesday, Oct. 20, 2020 the Board of
Directors of SEI Investments Company approved an increase in its
stock repurchase program by an additional $250 million, increasing the available
authorization under the program to approximately $292 million.
Consolidated
Overview
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except
earnings per share)
|
|
For the Three
Months
Ended September 30,
|
|
|
|
For the Nine
Months
Ended September 30,
|
|
|
|
|
2020
|
|
2019
|
|
%
|
|
2020
|
|
2019
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$424,927
|
|
$416,254
|
|
2%
|
|
$1,240,335
|
|
$1,226,660
|
|
1%
|
Net income
|
|
111,096
|
|
132,168
|
|
(16)%
|
|
321,404
|
|
372,689
|
|
(14)%
|
Diluted earnings per
share
|
|
$0.75
|
|
$0.86
|
|
(13)%
|
|
$2.14
|
|
$2.40
|
|
(11)%
|
"The pandemic continues, as does our focus on clients and our
employees' health and safety. We are fortunate to have a strong
global workforce that is resilient, engaged and dedicated to
providing our clients best-in-class service, and committed to our
company's growth. Words can't express our appreciation for their
efforts, along with all of the healthcare and service providers who
look after our health and well-being," said Alfred P. West, Jr., SEI Chairman and CEO.
"Our business continued to rebound during the quarter, as our
markets adjusted to the current environment. Our financial results
reflect our strong sales activity, while we invest in our strategic
priorities. Our diverse and talented global workforce drives our
ability to serve our clients and make an impact on our communities.
Looking to the future, we will capitalize on the opportunities in
our markets to deliver long-term value to our shareholders,
employees and clients."
Summary of Third-Quarter Results by Business Segment
|
|
For the Three Months
Ended
September 30,
|
|
|
|
For the Nine
Months
Ended September 30,
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
|
%
|
|
2020
|
|
2019
|
|
%
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$114,792
|
|
|
$117,250
|
|
|
(2)%
|
|
$335,739
|
|
|
$351,601
|
|
|
(5)%
|
Expenses
|
|
113,066
|
|
|
110,788
|
|
|
2%
|
|
331,442
|
|
|
329,540
|
|
|
1%
|
Operating
Profit
|
|
1,726
|
|
|
6,462
|
|
|
(73)%
|
|
4,297
|
|
|
22,061
|
|
|
(81)%
|
Operating
Margin
|
|
2
|
%
|
|
6
|
%
|
|
|
|
1
|
%
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
103,189
|
|
|
103,033
|
|
|
—%
|
|
299,218
|
|
|
297,916
|
|
|
—%
|
Expenses
|
|
51,519
|
|
|
51,509
|
|
|
—%
|
|
154,100
|
|
|
154,569
|
|
|
—%
|
Operating
Profit
|
|
51,670
|
|
|
51,524
|
|
|
—%
|
|
145,118
|
|
|
143,347
|
|
|
1%
|
Operating
Margin
|
|
50
|
%
|
|
50
|
%
|
|
|
|
48
|
%
|
|
48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
79,583
|
|
|
80,337
|
|
|
(1)%
|
|
235,309
|
|
|
241,559
|
|
|
(3)%
|
Expenses
|
|
37,812
|
|
|
37,268
|
|
|
1%
|
|
113,016
|
|
|
115,383
|
|
|
(2)%
|
Operating
Profit
|
|
41,771
|
|
|
43,069
|
|
|
(3)%
|
|
122,293
|
|
|
126,176
|
|
|
(3)%
|
Operating
Margin
|
|
52
|
%
|
|
54
|
%
|
|
|
|
52
|
%
|
|
52
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
123,846
|
|
|
112,186
|
|
|
10%
|
|
359,815
|
|
|
326,037
|
|
|
10%
|
Expenses
|
|
79,838
|
|
|
71,889
|
|
|
11%
|
|
228,795
|
|
|
209,326
|
|
|
9%
|
Operating
Profit
|
|
44,008
|
|
|
40,297
|
|
|
9%
|
|
131,020
|
|
|
116,711
|
|
|
12%
|
Operating
Margin
|
|
36
|
%
|
|
36
|
%
|
|
|
|
36
|
%
|
|
36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
3,517
|
|
|
3,448
|
|
|
2%
|
|
10,254
|
|
|
9,547
|
|
|
7%
|
Expenses
|
|
13,315
|
|
|
7,926
|
|
|
68%
|
|
37,691
|
|
|
20,663
|
|
|
82%
|
Operating
Loss
|
|
(9,798)
|
|
|
(4,478)
|
|
|
NM
|
|
(27,437)
|
|
|
(11,116)
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$424,927
|
|
|
$416,254
|
|
|
2%
|
|
$1,240,335
|
|
|
$1,226,660
|
|
|
1%
|
Expenses
|
|
295,550
|
|
|
279,380
|
|
|
6%
|
|
865,044
|
|
|
829,481
|
|
|
4%
|
Corporate Overhead
Expenses
|
|
18,040
|
|
|
16,237
|
|
|
11%
|
|
53,414
|
|
|
52,845
|
|
|
1%
|
Income from
Operations
|
|
$111,337
|
|
|
$120,637
|
|
|
(8)%
|
|
$321,877
|
|
|
$344,334
|
|
|
(7)%
|
Third-Quarter Business Highlights:
- Revenues from Asset management, administration, and
distribution fees increased primarily from higher assets under
administration due to positive cash flows from new and existing
clients in our Investment Managers segment.
- Our average assets under administration increased $84.8 billion, or 13%, to $738.8 billion in the third-quarter 2020, as
compared to $654.0 billion during the
third-quarter 2019 (see attached Average Asset Balances schedules
for further details).
- Our average assets under management, excluding LSV, increased
$13.1 billion, or 6%, to $246.1 billion in the third-quarter 2020, as
compared to $233.0 billion during the
third-quarter 2019 (see attached Average Asset Balances schedules
for further details).
- Sales events, net of client losses, during third-quarter 2020
totaled approximately $27.9 million
and are expected to generate net annualized recurring revenues of
approximately $14.6 million when
contract values are fully realized. For the nine months ended
Sept. 30, 2020, sales events, net of
client losses, totaled approximately $84.8
million and are expected to generate net annualized
recurring revenues of approximately $63.5
million when contract values are fully realized.
- The increase in our operational expenses was primarily due to
increased consulting costs related to our continued investments in
new business opportunities, such as our One SEI strategy and IT
Services offering, as well as increased personnel costs to service
new clients in our Investment Managers segment. This increase was
partially offset by a decline in travel and promotional-related
expenses, as our sales and client relationship personnel adapted to
COVID-19 restrictions.
- Our earnings from LSV decreased by $9.3
million, or 25%, to $28.3
million in third-quarter 2020, as compared to $37.6 million in third-quarter 2019. The decrease
in earnings was due to lower assets under management from negative
cash flows from existing clients, market depreciation and client
losses.
- We capitalized $5.4 million of
software development costs in third-quarter 2020 for continued
enhancements to the SEI Wealth PlatformSM (SWP).
Amortization expense related to SWP was $10.9 million in third-quarter 2020.
- Our effective tax rates were 21.4% in third-quarter 2020 and
18.9% in third-quarter 2019. The increase in our effective tax rate
was due to decreased tax benefits associated with a lower volume of
stock option exercises and a higher effective state tax rate.
- We repurchased 2.1 million shares of our common stock for
$108.7 million during the
third-quarter 2020.
Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern time on Oct. 21, 2020. 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: 4259639.
About SEI
After 50 years in business, SEI (NASDAQ:SEIC) remains a leading
global provider of investment processing, investment management,
and investment operations solutions designed to help corporations,
financial institutions, financial advisors, and
ultra-high-net-worth families create and manage wealth. As of
Sept. 30, 2020, through its
subsidiaries and partnerships in which the company has a
significant interest, SEI manages, advises or administers
approximately $1 trillion in hedge,
private equity, mutual fund and pooled or separately managed
assets, including approximately $330
billion in assets under management and $755 billion in client assets under
administration. 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:
- revenue that we believe will be generated by sales events that
occurred during the quarter,
- the rebound of our business,
- whether and the degree to which we will invest in our strategic
priorities, and
- whether capitalizing on the opportunities in our markets will
deliver long-term value for any of our shareholders, employees or
clients.
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, 2019, filed with the
Securities and Exchange Commission.
Investor
Contact:
|
Media
Contact:
|
Lindsey
Opsahl
|
Leslie
Wojcik
|
SEI
|
SEI
|
+1
610-676-4052
|
+1
610-676-4191
|
lopsahl@seic.com
|
lwojcik@seic.com
|
SEI INVESTMENTS
COMPANY
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
|
For the Three
Months
Ended September 30,
|
|
For the Nine
Months
Ended September 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
Asset management,
admin. and distribution fees
|
|
$339,609
|
|
|
$330,943
|
|
|
$992,039
|
|
|
$969,812
|
|
Information
processing and software servicing fees
|
|
85,318
|
|
|
85,311
|
|
|
248,296
|
|
|
256,848
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
424,927
|
|
|
416,254
|
|
|
1,240,335
|
|
|
1,226,660
|
|
|
|
|
|
|
|
|
|
|
Subadvisory,
distribution and other asset mgmt. costs
|
|
45,126
|
|
|
44,978
|
|
|
134,645
|
|
|
134,960
|
|
Software royalties
and other information processing costs
|
|
6,992
|
|
|
7,198
|
|
|
21,828
|
|
|
22,719
|
|
Compensation,
benefits and other personnel
|
|
134,795
|
|
|
130,579
|
|
|
391,607
|
|
|
386,913
|
|
Stock-based
compensation
|
|
6,467
|
|
|
5,453
|
|
|
20,458
|
|
|
15,555
|
|
Consulting,
outsourcing and professional fees
|
|
57,949
|
|
|
48,789
|
|
|
168,350
|
|
|
144,325
|
|
Data processing and
computer related
|
|
24,437
|
|
|
22,338
|
|
|
71,647
|
|
|
65,514
|
|
Facilities, supplies
and other costs
|
|
16,679
|
|
|
15,926
|
|
|
47,448
|
|
|
51,771
|
|
Amortization
|
|
13,200
|
|
|
12,947
|
|
|
39,417
|
|
|
38,407
|
|
Depreciation
|
|
7,945
|
|
|
7,409
|
|
|
23,058
|
|
|
22,162
|
|
|
|
|
|
|
|
|
|
|
Total
expenses
|
|
313,590
|
|
|
295,617
|
|
|
918,458
|
|
|
882,326
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
111,337
|
|
|
120,637
|
|
|
321,877
|
|
|
344,334
|
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on
investments
|
|
776
|
|
|
611
|
|
|
(1,310)
|
|
|
2,121
|
|
Interest and dividend
income
|
|
1,009
|
|
|
4,167
|
|
|
5,582
|
|
|
12,737
|
|
Interest
expense
|
|
(153)
|
|
|
(154)
|
|
|
(456)
|
|
|
(477)
|
|
Equity in earnings of
unconsolidated affiliate
|
|
28,305
|
|
|
37,609
|
|
|
86,488
|
|
|
112,758
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
141,274
|
|
|
162,870
|
|
|
412,181
|
|
|
471,473
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
30,178
|
|
|
30,702
|
|
|
90,777
|
|
|
98,784
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$111,096
|
|
|
$132,168
|
|
|
$321,404
|
|
|
$372,689
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
|
$0.76
|
|
|
$0.88
|
|
|
$2.18
|
|
|
$2.45
|
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate basic earnings per share
|
|
145,812
|
|
|
150,855
|
|
|
147,586
|
|
|
152,009
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$0.75
|
|
|
$0.86
|
|
|
$2.14
|
|
|
$2.40
|
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate diluted earnings per share
|
|
147,907
|
|
|
154,227
|
|
|
149,958
|
|
|
155,311
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
|
$—
|
|
|
$—
|
|
|
$0.35
|
|
|
$0.33
|
|
SEI INVESTMENTS
COMPANY
|
CONSOLIDATED
BALANCE SHEETS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
September
30,
|
|
December
31,
|
|
|
2020
|
|
2019
|
Assets
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$767,698
|
|
|
$841,446
|
|
Restricted
cash
|
|
3,101
|
|
|
3,101
|
|
Receivables from
investment products
|
|
51,644
|
|
|
54,165
|
|
Receivables, net of
allowance for doubtful accounts of $1,310 and $1,201
|
|
378,170
|
|
|
340,358
|
|
Securities
owned
|
|
35,820
|
|
|
33,486
|
|
Other current
assets
|
|
38,475
|
|
|
32,289
|
|
Total Current
Assets
|
|
1,274,908
|
|
|
1,304,845
|
|
|
|
|
|
|
Property and
Equipment, net of accumulated depreciation of $370,072 and
$353,453
|
|
180,531
|
|
|
160,859
|
|
Operating Lease
Right-of-Use Assets
|
|
38,945
|
|
|
42,789
|
|
Capitalized Software,
net of accumulated amortization of $479,159 and $442,677
|
|
278,226
|
|
|
296,068
|
|
Available for Sale and
Equity Securities
|
|
116,564
|
|
|
116,917
|
|
Investments in
Affiliated Funds, at fair value
|
|
5,207
|
|
|
5,988
|
|
Investment in
Unconsolidated Affiliate
|
|
33,117
|
|
|
67,413
|
|
Goodwill
|
|
64,489
|
|
|
64,489
|
|
Intangible Assets, net
of accumulated amortization of $11,536 and $8,773
|
|
25,225
|
|
|
27,987
|
|
Deferred Contract
Costs
|
|
33,833
|
|
|
30,991
|
|
Deferred Income
Taxes
|
|
2,065
|
|
|
2,822
|
|
Other Assets,
net
|
|
32,507
|
|
|
30,202
|
|
Total
Assets
|
|
$2,085,617
|
|
|
$2,151,370
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
|
$13,038
|
|
|
$4,423
|
|
Accrued
liabilities
|
|
223,217
|
|
|
272,801
|
|
Current portion of
long-term operating lease liabilities
|
|
8,445
|
|
|
9,156
|
|
Deferred
revenue
|
|
5,815
|
|
|
7,185
|
|
Total Current
Liabilities
|
|
250,515
|
|
|
293,565
|
|
|
|
|
|
|
Long-term Income Taxes
Payable
|
|
803
|
|
|
803
|
|
Deferred Income
Taxes
|
|
47,578
|
|
|
55,722
|
|
Long-term Operating
Lease Liabilities
|
|
34,768
|
|
|
38,450
|
|
Other Long-term
Liabilities
|
|
22,520
|
|
|
24,052
|
|
Total
Liabilities
|
|
356,184
|
|
|
412,592
|
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
Common stock, $0.01
par value, 750,000 shares authorized; 144,491 and 149,745
shares issued and outstanding
|
|
1,445
|
|
|
1,497
|
|
Capital in excess of
par value
|
|
1,174,142
|
|
|
1,158,900
|
|
Retained
earnings
|
|
581,244
|
|
|
601,885
|
|
Accumulated other
comprehensive loss, net
|
|
(27,398)
|
|
|
(23,504)
|
|
Total Shareholders'
Equity
|
|
1,729,433
|
|
|
1,738,778
|
|
Total Liabilities and
Shareholders' Equity
|
|
$2,085,617
|
|
|
$2,151,370
|
|
ENDING ASSET
BALANCES
|
(In
millions) (Unaudited)
|
|
|
|
Sept. 30,
|
|
Dec. 31,
|
|
Mar. 31,
|
|
Jun. 30,
|
|
Sept. 30,
|
|
|
2019
|
|
2019
|
|
2020
|
|
2020
|
|
2020
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
$22,580
|
|
|
$23,851
|
|
|
$21,160
|
|
|
$22,974
|
|
|
$23,499
|
|
Collective trust fund
programs
|
|
4
|
|
|
4
|
|
|
5
|
|
|
5
|
|
|
6
|
|
Liquidity
funds
|
|
3,695
|
|
|
3,405
|
|
|
4,143
|
|
|
4,291
|
|
|
3,718
|
|
Total assets under
management
|
|
$26,279
|
|
|
$27,260
|
|
|
$25,308
|
|
|
$27,270
|
|
|
$27,223
|
|
Client assets under
administration
|
|
23,985
|
|
|
25,801
|
|
|
21,497
|
|
|
23,903
|
|
|
24,174
|
|
Total
assets
|
|
$50,264
|
|
|
$53,061
|
|
|
$46,805
|
|
|
$51,173
|
|
|
$51,397
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
$65,059
|
|
|
$67,895
|
|
|
$54,856
|
|
|
$59,958
|
|
|
$65,581
|
|
Collective trust fund
programs
|
|
4
|
|
|
4
|
|
|
2
|
|
|
3
|
|
|
3
|
|
Liquidity
funds
|
|
2,673
|
|
|
2,887
|
|
|
5,969
|
|
|
6,648
|
|
|
3,866
|
|
Total assets under
management
|
|
$67,736
|
|
|
$70,786
|
|
|
$60,827
|
|
|
$66,609
|
|
|
$69,450
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
$82,659
|
|
|
$84,291
|
|
|
$72,399
|
|
|
$80,257
|
|
|
$83,846
|
|
Collective trust fund
programs
|
|
81
|
|
|
83
|
|
|
94
|
|
|
103
|
|
|
101
|
|
Liquidity
funds
|
|
2,290
|
|
|
1,746
|
|
|
3,672
|
|
|
1,924
|
|
|
2,096
|
|
Total assets under
management
|
|
$85,030
|
|
|
$86,120
|
|
|
$76,165
|
|
|
$82,284
|
|
|
$86,043
|
|
Client assets under
advisement
|
|
4,467
|
|
|
3,948
|
|
|
3,406
|
|
|
3,326
|
|
|
3,618
|
|
Total
assets
|
|
$89,497
|
|
|
$90,068
|
|
|
$79,571
|
|
|
$85,610
|
|
|
$89,661
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
Collective trust fund
programs
|
|
53,169
|
|
|
58,070
|
|
|
48,226
|
|
|
58,178
|
|
|
63,277
|
|
Liquidity
funds
|
|
477
|
|
|
479
|
|
|
392
|
|
|
664
|
|
|
389
|
|
Total assets under
management
|
|
$53,646
|
|
|
$58,549
|
|
|
$48,618
|
|
|
$58,842
|
|
|
$63,666
|
|
Client assets under
administration (A)
|
|
637,986
|
|
|
657,541
|
|
|
610,794
|
|
|
668,611
|
|
|
730,369
|
|
Total
assets
|
|
$691,632
|
|
|
$716,090
|
|
|
$659,412
|
|
|
$727,453
|
|
|
$794,035
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
$1,621
|
|
|
$1,688
|
|
|
$1,484
|
|
|
$1,498
|
|
|
$1,572
|
|
Liquidity
funds
|
|
132
|
|
|
158
|
|
|
152
|
|
|
194
|
|
|
169
|
|
Total assets under
management
|
|
$1,753
|
|
|
$1,846
|
|
|
$1,636
|
|
|
$1,692
|
|
|
$1,741
|
|
Client assets under
advisement
|
|
825
|
|
|
1,343
|
|
|
1,056
|
|
|
1,193
|
|
|
1,179
|
|
Total
assets
|
|
$2,578
|
|
|
$3,189
|
|
|
$2,692
|
|
|
$2,885
|
|
|
$2,920
|
|
|
|
|
|
|
|
|
|
|
|
|
LSV Asset
Management:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs (B)
|
|
$100,295
|
|
|
$107,476
|
|
|
$70,851
|
|
|
$81,134
|
|
|
$82,051
|
|
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs (C)
|
|
$272,214
|
|
|
$285,201
|
|
|
$220,750
|
|
|
$245,821
|
|
|
$256,549
|
|
Collective trust fund
programs
|
|
53,258
|
|
|
58,161
|
|
|
48,327
|
|
|
58,289
|
|
|
63,387
|
|
Liquidity
funds
|
|
9,267
|
|
|
8,675
|
|
|
14,328
|
|
|
13,721
|
|
|
10,238
|
|
Total assets under
management
|
|
$334,739
|
|
|
$352,037
|
|
|
$283,405
|
|
|
$317,831
|
|
|
$330,174
|
|
Client assets under
advisement
|
|
5,292
|
|
|
5,291
|
|
|
4,462
|
|
|
4,519
|
|
|
4,797
|
|
Client assets under
administration (D)
|
|
661,971
|
|
|
683,342
|
|
|
632,291
|
|
|
692,514
|
|
|
754,543
|
|
Total
assets
|
|
$1,002,002
|
|
|
$1,040,670
|
|
|
$920,158
|
|
|
$1,014,864
|
|
|
$1,089,514
|
|
|
|
(A)
|
Client assets under
administration in the Investment Managers segment include $51.1
billion of assets that are at fee levels below our normal
full-service assets (as of September 30, 2020).
|
(B)
|
Equity and
fixed-income programs include $1.6 billion of assets managed by LSV
in which fees are based on performance only (as of
September 30, 2020).
|
(C)
|
Equity and
fixed-income programs include $7.5 billion of assets invested in
various asset allocation funds at September 30,
2020.
|
(D)
|
In addition to the
numbers presented, SEI also administers an additional $11.5 billion
in Funds of Funds assets (as of September 30, 2020) on which
SEI does not earn an administration fee.
|
AVERAGE ASSET
BALANCES
|
(In millions)
(Unaudited)
|
|
|
|
3rd Qtr.
|
|
4th Qtr.
|
|
1st Qtr.
|
|
2nd Qtr.
|
|
3rd Qtr.
|
|
|
2019
|
|
2019
|
|
2020
|
|
2020
|
|
2020
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
$22,432
|
|
|
$23,106
|
|
|
$24,657
|
|
|
$22,229
|
|
|
$23,740
|
|
Collective trust fund
programs
|
|
4
|
|
|
4
|
|
|
4
|
|
|
5
|
|
|
7
|
|
Liquidity
funds
|
|
3,625
|
|
|
3,581
|
|
|
3,581
|
|
|
4,366
|
|
|
3,948
|
|
Total assets under
management
|
|
$26,061
|
|
|
$26,691
|
|
|
$28,242
|
|
|
$26,600
|
|
|
$27,695
|
|
Client assets under
administration
|
|
23,717
|
|
|
24,930
|
|
|
24,840
|
|
|
23,819
|
|
|
25,295
|
|
Total
assets
|
|
$49,778
|
|
|
$51,621
|
|
|
$53,082
|
|
|
$50,419
|
|
|
$52,990
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
$64,761
|
|
|
$66,371
|
|
|
$64,933
|
|
|
$57,429
|
|
|
$64,479
|
|
Collective trust fund
programs
|
|
5
|
|
|
4
|
|
|
3
|
|
|
3
|
|
|
3
|
|
Liquidity
funds
|
|
2,580
|
|
|
2,673
|
|
|
3,284
|
|
|
6,923
|
|
|
4,569
|
|
Total assets under
management
|
|
$67,346
|
|
|
$69,048
|
|
|
$68,220
|
|
|
$64,355
|
|
|
$69,051
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
$82,398
|
|
|
$83,304
|
|
|
$79,926
|
|
|
$77,037
|
|
|
$82,830
|
|
Collective trust fund
programs
|
|
80
|
|
|
82
|
|
|
86
|
|
|
100
|
|
|
102
|
|
Liquidity
funds
|
|
2,287
|
|
|
2,106
|
|
|
2,342
|
|
|
2,476
|
|
|
2,120
|
|
Total assets under
management
|
|
$84,765
|
|
|
$85,492
|
|
|
$82,354
|
|
|
$79,613
|
|
|
$85,052
|
|
Client assets under
advisement
|
|
3,797
|
|
|
4,106
|
|
|
3,760
|
|
|
3,362
|
|
|
3,565
|
|
Total
assets
|
|
$88,562
|
|
|
$89,598
|
|
|
$86,114
|
|
|
$82,975
|
|
|
$88,617
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
Collective trust fund
programs
|
|
52,587
|
|
|
55,499
|
|
|
55,952
|
|
|
54,061
|
|
|
62,028
|
|
Liquidity
funds
|
|
460
|
|
|
642
|
|
|
617
|
|
|
482
|
|
|
565
|
|
Total assets under
management
|
|
$53,047
|
|
|
$56,141
|
|
|
$56,569
|
|
|
$54,543
|
|
|
$62,593
|
|
Client assets under
administration (A)
|
|
630,328
|
|
|
646,592
|
|
|
654,386
|
|
|
649,012
|
|
|
713,528
|
|
Total
assets
|
|
$683,375
|
|
|
$702,733
|
|
|
$710,955
|
|
|
$703,555
|
|
|
$776,121
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
$1,609
|
|
|
$1,649
|
|
|
$1,663
|
|
|
$1,468
|
|
|
$1,560
|
|
Liquidity
funds
|
|
142
|
|
|
145
|
|
|
168
|
|
|
182
|
|
|
180
|
|
Total assets under
management
|
|
$1,751
|
|
|
$1,794
|
|
|
$1,831
|
|
|
$1,650
|
|
|
$1,740
|
|
Client assets under
advisement
|
|
842
|
|
|
1,044
|
|
|
1,222
|
|
|
1,148
|
|
|
1,206
|
|
Total
assets
|
|
$2,593
|
|
|
$2,838
|
|
|
$3,053
|
|
|
$2,798
|
|
|
$2,946
|
|
|
|
|
|
|
|
|
|
|
|
|
LSV Asset
Management:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs (B)
|
|
$100,094
|
|
|
$104,814
|
|
|
$88,059
|
|
|
$80,395
|
|
|
$83,536
|
|
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs (C)
|
|
$271,294
|
|
|
$279,244
|
|
|
$259,238
|
|
|
$238,558
|
|
|
$256,145
|
|
Collective trust fund
programs
|
|
52,676
|
|
|
55,589
|
|
|
56,045
|
|
|
54,169
|
|
|
62,140
|
|
Liquidity
funds
|
|
9,094
|
|
|
9,147
|
|
|
9,992
|
|
|
14,429
|
|
|
11,382
|
|
Total assets under
management
|
|
$333,064
|
|
|
$343,980
|
|
|
$325,275
|
|
|
$307,156
|
|
|
$329,667
|
|
Client assets under
advisement
|
|
4,639
|
|
|
5,150
|
|
|
4,982
|
|
|
4,510
|
|
|
4,771
|
|
Client assets under
administration (D)
|
|
654,045
|
|
|
671,522
|
|
|
679,226
|
|
|
672,831
|
|
|
738,823
|
|
Total
assets
|
|
$991,748
|
|
|
$1,020,652
|
|
|
$1,009,483
|
|
|
$984,497
|
|
|
$1,073,261
|
|
|
|
(A)
|
Average client assets
under administration in the Investment Managers segment during
third-quarter 2020 include $50.4 billion that are at fee levels
below our normal full-service assets.
|
(B)
|
Equity and
fixed-income programs include $1.6 billion of average assets
managed by LSV in which fees are based on performance only during
third-quarter 2020.
|
(C)
|
Equity and
fixed-income programs include $7.5 billion of average assets
invested in various asset allocation funds during third-quarter
2020.
|
(D)
|
In addition to the
numbers presented, SEI also administers an additional $11.4 billion
of average assets in Funds of Funds assets during third-quarter
2020 on which SEI does not earn an administration fee.
|
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content:http://www.prnewswire.com/news-releases/sei-reports-third-quarter-2020-financial-results-301157297.html
SOURCE SEI Investments Company