OAKS, Pa., Jan. 27, 2021
/PRNewswire/ -- SEI Investments Company (NASDAQ:SEIC) today
announced financial results for the fourth-quarter 2020. Diluted
earnings per share were $0.86 in
fourth-quarter 2020 compared to $0.84
in fourth-quarter 2019.
Consolidated
Overview
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except
earnings per share)
|
|
For the Three
Months
Ended Dec. 31,
|
|
|
|
For the Twelve
Months
Ended Dec. 31,
|
|
|
|
|
2020
|
|
2019
|
|
%
|
|
2020
|
|
2019
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$443,723
|
|
|
$423,225
|
|
|
5%
|
|
$1,684,058
|
|
|
$1,649,885
|
|
|
2%
|
Net income
|
|
125,882
|
|
|
128,737
|
|
|
(2)%
|
|
447,286
|
|
|
501,426
|
|
|
(11)%
|
Diluted earnings per
share
|
|
$0.86
|
|
|
$0.84
|
|
|
2%
|
|
$3.00
|
|
|
$3.24
|
|
|
(7)%
|
"Our financial results for 2020 reflect steady recovery from the
pandemic's impact on the markets we serve. The health and safety of
our workforce continue to be a priority, and I want to thank all of
our employees and the firms that support us for helping us stay
safe and thrive," said Alfred P. West,
Jr., SEI Chairman and CEO.
"We're living and operating in extraordinary times, but we are
unwavering in our focus on executing our long-term strategy to be
the provider of choice in the wealth and investment management
markets. We believe we have made significant progress on our One
SEI approach, making all of our assets available to all of our
markets, delivering new, dynamic solutions and creating new
opportunities. Our solutions, backed by our talented workforce, are
what uniquely position us to capture growth opportunities that will
lead to increased shareholder value. Despite 2020's challenging
environment, our investments and success in adding new clients and
building our backlog of new revenue situate us well for the
future."
Summary of Fourth-Quarter Results by Business Segment
(In
thousands)
|
|
For the Three
Months
Ended Dec. 31,
|
|
|
|
For the Twelve
Months
Ended Dec. 31,
|
|
|
|
|
2020
|
|
2019
|
|
%
|
|
2020
|
|
2019
|
|
%
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$119,654
|
|
|
$118,675
|
|
|
1%
|
|
$455,393
|
|
|
$470,276
|
|
|
(3)%
|
Expenses
|
|
115,039
|
|
|
113,596
|
|
|
1%
|
|
446,481
|
|
|
443,136
|
|
|
1%
|
Operating
Profit
|
|
4,615
|
|
|
5,079
|
|
|
(9)%
|
|
8,912
|
|
|
27,140
|
|
|
(67)%
|
Operating
Margin
|
|
4
|
%
|
|
4
|
%
|
|
|
|
2
|
%
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
108,346
|
|
|
105,862
|
|
|
2%
|
|
407,564
|
|
|
403,778
|
|
|
1%
|
Expenses
|
|
51,813
|
|
|
53,939
|
|
|
(4)%
|
|
205,913
|
|
|
208,508
|
|
|
(1)%
|
Operating
Profit
|
|
56,533
|
|
|
51,923
|
|
|
9%
|
|
201,651
|
|
|
195,270
|
|
|
3%
|
Operating
Margin
|
|
52
|
%
|
|
49
|
%
|
|
|
|
49
|
%
|
|
48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
82,318
|
|
|
80,503
|
|
|
2%
|
|
317,627
|
|
|
322,062
|
|
|
(1)%
|
Expenses
|
|
36,893
|
|
|
38,554
|
|
|
(4)%
|
|
149,909
|
|
|
153,937
|
|
|
(3)%
|
Operating
Profit
|
|
45,425
|
|
|
41,949
|
|
|
8%
|
|
167,718
|
|
|
168,125
|
|
|
—%
|
Operating
Margin
|
|
55
|
%
|
|
52
|
%
|
|
|
|
53
|
%
|
|
52
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
129,647
|
|
|
114,759
|
|
|
13%
|
|
489,462
|
|
|
440,796
|
|
|
11%
|
Expenses
|
|
80,204
|
|
|
72,698
|
|
|
10%
|
|
308,999
|
|
|
282,024
|
|
|
10%
|
Operating
Profit
|
|
49,443
|
|
|
42,061
|
|
|
18%
|
|
180,463
|
|
|
158,772
|
|
|
14%
|
Operating
Margin
|
|
38
|
%
|
|
37
|
%
|
|
|
|
37
|
%
|
|
36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in
New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
3,758
|
|
|
3,426
|
|
|
10%
|
|
14,012
|
|
|
12,973
|
|
|
8%
|
Expenses
|
|
15,180
|
|
|
8,997
|
|
|
69%
|
|
52,871
|
|
|
29,660
|
|
|
78%
|
Operating
Loss
|
|
(11,422)
|
|
|
(5,571)
|
|
|
NM
|
|
(38,859)
|
|
|
(16,687)
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$443,723
|
|
|
$423,225
|
|
|
5%
|
|
$1,684,058
|
|
|
$1,649,885
|
|
|
2%
|
Expenses
|
|
299,129
|
|
|
287,784
|
|
|
4%
|
|
1,164,173
|
|
|
1,117,265
|
|
|
4%
|
Corporate Overhead
Expenses
|
|
20,584
|
|
|
19,351
|
|
|
6%
|
|
73,998
|
|
|
72,196
|
|
|
2%
|
Income from
Operations
|
|
$124,010
|
|
|
$116,090
|
|
|
7%
|
|
$445,887
|
|
|
$460,424
|
|
|
(3)%
|
Fourth-Quarter Business Highlights:
- Sales events, net of client losses, during fourth-quarter 2020
totaled approximately $8.8 million
and are expected to generate net annualized recurring revenues of
approximately $4.9 million when
contract values are fully realized. For the year ended 2020, sales
events, net of client losses, totaled $94.0
million and are expected to generate net annualized
recurring revenues of approximately $68.6
million when contract values are fully realized.
- Revenues from Asset management, administration, and
distribution fees increased primarily from higher assets under
administration in our Investment Managers segment due to sales of
new business and market appreciation.
- Our average assets under administration increased $108.2 billion, or 16%, to $779.7 billion in the fourth-quarter 2020, as
compared to $671.5 billion during the
fourth-quarter 2019 (see attached Average Asset Balances schedules
for further details).
- Our average assets under management, excluding LSV, increased
$21.2 billion, or 9%, to $260.4 billion in the fourth-quarter 2020, as
compared to $239.2 billion during the
fourth-quarter 2019 (see attached Average Asset Balances schedules
for further details).
- 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 $8.5
million, or 22%, to $30.6
million in fourth-quarter 2020 as compared to $39.1 million in fourth-quarter 2019. The
decrease in earnings was primarily due to lower assets under
management from market depreciation, negative cash flows from
existing clients and client losses. LSV's revenues were
$102.1 million in the fourth-quarter
2020, as compared to $126.5 million
during the fourth-quarter of 2019.
- Stock-based compensation expense in fourth-quarter 2020
decreased $2.5 million as compared to
fourth-quarter 2019 primarily due to a change in our estimate of
the timing of when stock option vesting targets would be achieved.
We expect stock-based compensation expense during 2021 to be
approximately $42.7 million as
compared to $27.0 million during 2020
as a result of new options granted in fourth-quarter 2020 net of
awards granted in the prior year.
- We capitalized $5.5 million of
software development costs in fourth-quarter 2020, which includes
$5.0 million for continued
enhancements to the SEI Wealth PlatformSM (SWP).
Amortization expense related to capitalized software was
$12.6 million in fourth-quarter
2020.
- Our effective tax rates were 19.6% in fourth-quarter 2020 and
19.5% in fourth-quarter 2019.
- We repurchased 1.8 million shares of our common stock for
$99.1 million during the
fourth-quarter 2020 at an average price of $54.36 per share. For the year ended 2020, we
repurchased 8.0 million shares of our common stock for $424.7 million at an average price of
$53.04 per share.
Earnings Conference Call
A conference call to review
earnings is scheduled for 4:30 p.m. Eastern
time on Jan. 27, 2021. 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: 5584674.
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 Dec. 31, 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 $369
billion in assets under management and $787 billion in client assets under
administration. For more information, visit seic.com.
This release contains, and the comments we expect to deliver
during the earnings call referenced above will contain,
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 in today's release
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,
- our strategic priorities and the degree to which we will
execute on them,
- whether our solutions position us to capture growth
opportunities or will lead to increased shareholder value, and
- whether our investments and new clients and backlog of new
revenue situate us well for the future.
We anticipate that we may deliver forward-looking statements
during today's earnings call that include our current expectations
as to:
- our ability to capture the opportunities inherent in
significant change,
- the timing and success of client implementations and
conversions,
- our ability to expand our relationships and revenue
opportunities with new and existing clients,
- our ability to leverage our technologies and scale our
businesses,
- the degree to which one-time and transaction-based revenues
during the quarter will be repeated,
- revenue that we believe will be generated by sales events that
occurred during the quarter or when our unfunded backlog may
fund,
- the strategic initiatives and business segments that we will
pursue and those in which we will invest,
- the strength of our pipelines,
- how we will manage our expenses,
- the organic and inorganic opportunities that will drive our
growth, and
- the success of our strategic investments.
You should not place undue reliance on our forward-looking
statements, as they are based on the current beliefs and
expectations of our management and subject to significant risks and
uncertainties, many of which are beyond our control or are subject
to change. Although we believe the assumptions upon which we base
our forward-looking statements are reasonable, they could be
inaccurate. Some of the risks and important factors that could
cause actual results to differ from those described in our
forward-looking statements can be found in the "Risk Factors"
section of our Annual Report on Form 10-K for the year ended
Dec. 31, 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 Dec.
31,
|
|
For the Twelve
Months Ended Dec.
31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
Asset management,
admin. and distribution fees
|
|
$353,610
|
|
|
$337,232
|
|
|
$1,345,649
|
|
|
$1,307,044
|
|
Information
processing and software servicing fees
|
|
90,113
|
|
|
85,993
|
|
|
338,409
|
|
|
342,841
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
443,723
|
|
|
423,225
|
|
|
1,684,058
|
|
|
1,649,885
|
|
|
|
|
|
|
|
|
|
|
Subadvisory,
distribution and other asset mgmt. costs
|
|
46,973
|
|
|
46,458
|
|
|
181,618
|
|
|
181,418
|
|
Software royalties
and other information processing costs
|
|
7,109
|
|
|
7,274
|
|
|
28,937
|
|
|
29,993
|
|
Compensation,
benefits and other personnel
|
|
135,902
|
|
|
131,004
|
|
|
527,509
|
|
|
517,917
|
|
Stock-based
compensation
|
|
6,556
|
|
|
9,027
|
|
|
27,014
|
|
|
24,582
|
|
Consulting,
outsourcing and professional fees
|
|
59,566
|
|
|
50,235
|
|
|
227,916
|
|
|
194,560
|
|
Data processing and
computer related
|
|
24,681
|
|
|
22,544
|
|
|
96,328
|
|
|
88,058
|
|
Facilities, supplies
and other costs
|
|
17,467
|
|
|
20,307
|
|
|
64,915
|
|
|
72,078
|
|
Amortization
|
|
13,558
|
|
|
13,012
|
|
|
52,975
|
|
|
51,419
|
|
Depreciation
|
|
7,901
|
|
|
7,274
|
|
|
30,959
|
|
|
29,436
|
|
|
|
|
|
|
|
|
|
|
Total
expenses
|
|
319,713
|
|
|
307,135
|
|
|
1,238,171
|
|
|
1,189,461
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
124,010
|
|
|
116,090
|
|
|
445,887
|
|
|
460,424
|
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on
investments
|
|
1,024
|
|
|
1,053
|
|
|
(286)
|
|
|
3,174
|
|
Interest and dividend
income
|
|
986
|
|
|
3,845
|
|
|
6,568
|
|
|
16,582
|
|
Interest
expense
|
|
(153)
|
|
|
(153)
|
|
|
(609)
|
|
|
(630)
|
|
Equity in earnings of
unconsolidated affiliate
|
|
30,646
|
|
|
39,133
|
|
|
117,134
|
|
|
151,891
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
156,513
|
|
|
159,968
|
|
|
568,694
|
|
|
631,441
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
30,631
|
|
|
31,231
|
|
|
121,408
|
|
|
130,015
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$125,882
|
|
|
$128,737
|
|
|
$447,286
|
|
|
$501,426
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
|
$0.87
|
|
|
$0.86
|
|
|
$3.05
|
|
|
$3.31
|
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate basic earnings per share
|
|
144,077
|
|
|
150,131
|
|
|
146,709
|
|
|
151,540
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$0.86
|
|
|
$0.84
|
|
|
$3.00
|
|
|
$3.24
|
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate diluted earnings per share
|
|
146,140
|
|
|
153,672
|
|
|
149,003
|
|
|
154,901
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
|
$0.37
|
|
|
$0.35
|
|
|
$0.72
|
|
|
$0.68
|
|
SEI INVESTMENTS
COMPANY
CONSOLIDATED
BALANCE SHEETS
(In
thousands)
(Unaudited)
|
|
|
Dec.
31,
|
|
Dec.
31,
|
|
|
2020
|
|
2019
|
Assets
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$784,626
|
|
|
$841,446
|
|
Restricted
cash
|
|
3,101
|
|
|
3,101
|
|
Receivables from
investment products
|
|
55,271
|
|
|
54,165
|
|
Receivables, net of
allowance for doubtful accounts of $1,100 and $1,201
|
|
385,219
|
|
|
340,358
|
|
Securities
owned
|
|
34,064
|
|
|
33,486
|
|
Other current
assets
|
|
38,696
|
|
|
32,289
|
|
Total Current
Assets
|
|
1,300,977
|
|
|
1,304,845
|
|
|
|
|
|
|
Property and
Equipment, net of accumulated depreciation of $378,639 and
$353,453
|
|
189,052
|
|
|
160,859
|
|
Operating Lease
Right-of-Use Assets
|
|
38,397
|
|
|
42,789
|
|
Capitalized Software,
net of accumulated amortization of $491,739 and $442,677
|
|
270,977
|
|
|
296,068
|
|
Investments Available
for Sale
|
|
105,419
|
|
|
116,917
|
|
Investments in
Affiliated Funds, at fair value
|
|
6,166
|
|
|
5,988
|
|
Investment in
Unconsolidated Affiliate
|
|
98,433
|
|
|
67,413
|
|
Goodwill
|
|
64,489
|
|
|
64,489
|
|
Intangible Assets, net
of accumulated amortization of $12,456 and $8,773
|
|
24,304
|
|
|
27,987
|
|
Deferred Contract
Costs
|
|
33,781
|
|
|
30,991
|
|
Deferred Income
Taxes
|
|
2,972
|
|
|
2,822
|
|
Other Assets,
net
|
|
32,289
|
|
|
30,202
|
|
Total
Assets
|
|
$2,167,256
|
|
|
$2,151,370
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
|
$7,766
|
|
|
$4,423
|
|
Accrued
liabilities
|
|
299,845
|
|
|
272,801
|
|
Current portion of
long-term operating lease liabilities
|
|
8,579
|
|
|
9,156
|
|
Deferred
revenue
|
|
1,085
|
|
|
7,185
|
|
Total Current
Liabilities
|
|
317,275
|
|
|
293,565
|
|
|
|
|
|
|
Long-term Taxes
Payable
|
|
803
|
|
|
803
|
|
Deferred Income
Taxes
|
|
55,159
|
|
|
55,722
|
|
Long-term Operating
Lease Liabilities
|
|
34,058
|
|
|
38,450
|
|
Other Long-term
Liabilities
|
|
20,054
|
|
|
24,052
|
|
Total
Liabilities
|
|
427,349
|
|
|
412,592
|
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
Common stock, $0.01
par value, 750,000 shares authorized; 143,396 and 149,745
shares issued and outstanding
|
|
1,434
|
|
|
1,497
|
|
Capital in excess of
par value
|
|
1,190,001
|
|
|
1,158,900
|
|
Retained
earnings
|
|
565,270
|
|
|
601,885
|
|
Accumulated other
comprehensive loss, net
|
|
(16,798)
|
|
|
(23,504)
|
|
Total Shareholders'
Equity
|
|
1,739,907
|
|
|
1,738,778
|
|
Total Liabilities and
Shareholders' Equity
|
|
$2,167,256
|
|
|
$2,151,370
|
|
ENDING ASSET
BALANCES
(In
millions) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31,
|
|
Mar. 31,
|
|
Jun. 30,
|
|
Sept. 30,
|
|
Dec. 31,
|
|
|
2019
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
$23,851
|
|
|
$21,160
|
|
|
$22,974
|
|
|
$23,499
|
|
|
$25,498
|
|
Collective trust fund
programs
|
|
4
|
|
|
5
|
|
|
5
|
|
|
6
|
|
|
6
|
|
Liquidity
funds
|
|
3,405
|
|
|
4,143
|
|
|
4,291
|
|
|
3,718
|
|
|
3,778
|
|
Total assets under
management
|
|
$27,260
|
|
|
$25,308
|
|
|
$27,270
|
|
|
$27,223
|
|
|
$29,282
|
|
Client assets under
administration
|
|
25,801
|
|
|
21,497
|
|
|
23,903
|
|
|
24,174
|
|
|
26,346
|
|
Total
assets
|
|
$53,061
|
|
|
$46,805
|
|
|
$51,173
|
|
|
$51,397
|
|
|
$55,628
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
$67,895
|
|
|
$54,856
|
|
|
$59,958
|
|
|
$65,581
|
|
|
$71,247
|
|
Collective trust fund
programs
|
|
4
|
|
|
2
|
|
|
3
|
|
|
3
|
|
|
1
|
|
Liquidity
funds
|
|
2,887
|
|
|
5,969
|
|
|
6,648
|
|
|
3,866
|
|
|
3,832
|
|
Total assets under
management
|
|
$70,786
|
|
|
$60,827
|
|
|
$66,609
|
|
|
$69,450
|
|
|
$75,080
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
$84,291
|
|
|
$72,399
|
|
|
$80,257
|
|
|
$83,846
|
|
|
$90,869
|
|
Collective trust fund
programs
|
|
83
|
|
|
94
|
|
|
103
|
|
|
101
|
|
|
98
|
|
Liquidity
funds
|
|
1,746
|
|
|
3,672
|
|
|
1,924
|
|
|
2,096
|
|
|
2,128
|
|
Total assets under
management
|
|
$86,120
|
|
|
$76,165
|
|
|
$82,284
|
|
|
$86,043
|
|
|
$93,095
|
|
Client assets under
advisement
|
|
3,948
|
|
|
3,406
|
|
|
3,326
|
|
|
3,618
|
|
|
4,063
|
|
Total
assets
|
|
$90,068
|
|
|
$79,571
|
|
|
$85,610
|
|
|
$89,661
|
|
|
$97,158
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
Collective trust fund
programs
|
|
$
|
58,070
|
|
|
$
|
48,226
|
|
|
$
|
58,178
|
|
|
$
|
63,277
|
|
|
$
|
75,214
|
|
Liquidity
funds
|
|
479
|
|
|
392
|
|
|
664
|
|
|
389
|
|
|
424
|
|
Total assets under
management
|
|
$58,549
|
|
|
$48,618
|
|
|
$58,842
|
|
|
$63,666
|
|
|
$75,638
|
|
Client assets under
administration (A)
|
|
657,541
|
|
|
610,794
|
|
|
668,611
|
|
|
730,369
|
|
|
760,397
|
|
Total
assets
|
|
$716,090
|
|
|
$659,412
|
|
|
$727,453
|
|
|
$794,035
|
|
|
$836,035
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
$1,688
|
|
|
$1,484
|
|
|
$1,498
|
|
|
$1,572
|
|
|
$1,711
|
|
Liquidity
funds
|
|
158
|
|
|
152
|
|
|
194
|
|
|
169
|
|
|
162
|
|
Total assets under
management
|
|
$1,846
|
|
|
$1,636
|
|
|
$1,692
|
|
|
$1,741
|
|
|
$1,873
|
|
Client assets under
advisement
|
|
1,343
|
|
|
1,056
|
|
|
1,193
|
|
|
1,179
|
|
|
1,299
|
|
Total
assets
|
|
$3,189
|
|
|
$2,692
|
|
|
$2,885
|
|
|
$2,920
|
|
|
$3,172
|
|
|
|
|
|
|
|
|
|
|
|
|
LSV Asset
Management:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs (B)
|
|
$107,476
|
|
|
$70,851
|
|
|
$81,134
|
|
|
$82,051
|
|
|
$93,692
|
|
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs (C)
|
|
$285,201
|
|
|
$220,750
|
|
|
$245,821
|
|
|
$256,549
|
|
|
$283,017
|
|
Collective trust fund
programs
|
|
58,161
|
|
|
48,327
|
|
|
58,289
|
|
|
63,387
|
|
|
75,319
|
|
Liquidity
funds
|
|
8,675
|
|
|
14,328
|
|
|
13,721
|
|
|
10,238
|
|
|
10,324
|
|
Total assets under
management
|
|
$352,037
|
|
|
$283,405
|
|
|
$317,831
|
|
|
$330,174
|
|
|
$368,660
|
|
Client assets under
advisement
|
|
5,291
|
|
|
4,462
|
|
|
4,519
|
|
|
4,797
|
|
|
5,362
|
|
Client assets under
administration (D)
|
|
683,342
|
|
|
632,291
|
|
|
692,514
|
|
|
754,543
|
|
|
786,743
|
|
Total
assets
|
|
$1,040,670
|
|
|
$920,158
|
|
|
$1,014,864
|
|
|
$1,089,514
|
|
|
$1,160,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
Client assets under
administration in the Investment Managers segment include $54.3
billion of assets that are at fee levels
below our normal full-service assets (as of Dec. 31,
2020).
|
(B)
|
Equity and
fixed-income programs include $2.0 billion of assets managed by LSV
in which fees are based on performance
only (as of Dec. 31, 2020).
|
(C)
|
Equity and
fixed-income programs include $7.9 billion of assets invested in
various asset allocation funds at Dec. 31, 2020.
|
(D)
|
In addition to the
numbers presented, SEI also administers an additional $12.9 billion
in Funds of Funds assets (as of
Dec. 31, 2020 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.
|
|
|
2019
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
Private
Banks:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
$23,106
|
|
|
$24,657
|
|
|
$22,229
|
|
|
$23,740
|
|
|
$24,284
|
|
Collective trust fund
programs
|
|
4
|
|
|
4
|
|
|
5
|
|
|
7
|
|
|
6
|
|
Liquidity
funds
|
|
3,581
|
|
|
3,581
|
|
|
4,366
|
|
|
3,948
|
|
|
3,712
|
|
Total assets under
management
|
|
$26,691
|
|
|
$28,242
|
|
|
$26,600
|
|
|
$27,695
|
|
|
$28,002
|
|
Client assets under
administration
|
|
24,930
|
|
|
24,840
|
|
|
23,819
|
|
|
25,295
|
|
|
25,368
|
|
Total
assets
|
|
$51,621
|
|
|
$53,082
|
|
|
$50,419
|
|
|
$52,990
|
|
|
$53,370
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisors:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
$66,371
|
|
|
$64,933
|
|
|
$57,429
|
|
|
$64,479
|
|
|
$68,396
|
|
Collective trust fund
programs
|
|
4
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
2
|
|
Liquidity
funds
|
|
2,673
|
|
|
3,284
|
|
|
6,923
|
|
|
4,569
|
|
|
3,788
|
|
Total assets under
management
|
|
$69,048
|
|
|
$68,220
|
|
|
$64,355
|
|
|
$69,051
|
|
|
$72,186
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Investors:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
$83,304
|
|
|
$79,926
|
|
|
$77,037
|
|
|
$82,830
|
|
|
$86,277
|
|
Collective trust fund
programs
|
|
82
|
|
|
86
|
|
|
100
|
|
|
102
|
|
|
102
|
|
Liquidity
funds
|
|
2,106
|
|
|
2,342
|
|
|
2,476
|
|
|
2,120
|
|
|
2,271
|
|
Total assets under
management
|
|
$85,492
|
|
|
$82,354
|
|
|
$79,613
|
|
|
$85,052
|
|
|
$88,650
|
|
Client assets under
advisement
|
|
4,106
|
|
|
3,760
|
|
|
3,362
|
|
|
3,565
|
|
|
3,746
|
|
Total
assets
|
|
$89,598
|
|
|
$86,114
|
|
|
$82,975
|
|
|
$88,617
|
|
|
$92,396
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Managers:
|
|
|
|
|
|
|
|
|
|
|
Collective trust fund
programs
|
|
$
|
55,499
|
|
|
$
|
55,952
|
|
|
$
|
54,061
|
|
|
$
|
62,028
|
|
|
$
|
69,349
|
|
Liquidity
funds
|
|
642
|
|
|
617
|
|
|
482
|
|
|
565
|
|
|
411
|
|
Total assets under
management
|
|
$56,141
|
|
|
$56,569
|
|
|
$54,543
|
|
|
$62,593
|
|
|
$69,760
|
|
Client assets under
administration (A)
|
|
646,592
|
|
|
654,386
|
|
|
649,012
|
|
|
713,528
|
|
|
754,350
|
|
Total
assets
|
|
$702,733
|
|
|
$710,955
|
|
|
$703,555
|
|
|
$776,121
|
|
|
$824,110
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in New
Businesses:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs
|
|
$1,649
|
|
|
$1,663
|
|
|
$1,468
|
|
|
$1,560
|
|
|
$1,634
|
|
Liquidity
funds
|
|
145
|
|
|
168
|
|
|
182
|
|
|
180
|
|
|
165
|
|
Total assets under
management
|
|
$1,794
|
|
|
$1,831
|
|
|
$1,650
|
|
|
$1,740
|
|
|
$1,799
|
|
Client assets under
advisement
|
|
1,044
|
|
|
1,222
|
|
|
1,148
|
|
|
1,206
|
|
|
1,218
|
|
Total
assets
|
|
$2,838
|
|
|
$3,053
|
|
|
$2,798
|
|
|
$2,946
|
|
|
$3,017
|
|
|
|
|
|
|
|
|
|
|
|
|
LSV Asset
Management:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs (B)
|
|
$104,814
|
|
|
$88,059
|
|
|
$80,395
|
|
|
$83,536
|
|
|
$88,182
|
|
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
Equity and
fixed-income programs (C)
|
|
$279,244
|
|
|
$259,238
|
|
|
$238,558
|
|
|
$256,145
|
|
|
$268,773
|
|
Collective trust fund
programs
|
|
55,589
|
|
|
56,045
|
|
|
54,169
|
|
|
62,140
|
|
|
69,459
|
|
Liquidity
funds
|
|
9,147
|
|
|
9,992
|
|
|
14,429
|
|
|
11,382
|
|
|
10,347
|
|
Total assets under
management
|
|
$343,980
|
|
|
$325,275
|
|
|
$307,156
|
|
|
$329,667
|
|
|
$348,579
|
|
Client assets under
advisement
|
|
5,150
|
|
|
4,982
|
|
|
4,510
|
|
|
4,771
|
|
|
4,964
|
|
Client assets under
administration (D)
|
|
671,522
|
|
|
679,226
|
|
|
672,831
|
|
|
738,823
|
|
|
779,718
|
|
Total
assets
|
|
$1,020,652
|
|
|
$1,009,483
|
|
|
$984,497
|
|
|
$1,073,261
|
|
|
$1,133,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
Average client assets
under administration in the Investment Managers segment during
fourth-quarter 2020 include $53.3
billion that are at fee levels below our normal full-service
assets.
|
(B)
|
Equity and
fixed-income programs include $1.8 billion of average assets
managed by LSV in which fees are based on
performance only during fourth-quarter 2020.
|
(C)
|
Equity and
fixed-income programs include $7.9 billion of average assets
invested in various asset allocation funds during
fourth-quarter 2020.
|
(D)
|
In addition to the
numbers presented, SEI also administers an additional $12.3 billion
of average assets in Funds of Funds
assets during fourth-quarter 2020 on which SEI does not earn an
administration fee.
|
View original
content:http://www.prnewswire.com/news-releases/sei-reports-fourth-quarter-2020-financial-results-301216617.html
SOURCE SEI Investments Company