10-Q 1 seic-20210930.htm FORM 10-Q seic-20210930
00003508942021Q3FALSE--12-31P2Y00003508942021-01-012021-09-30xbrli:shares00003508942021-10-21iso4217:USD00003508942021-09-3000003508942020-12-31iso4217:USDxbrli:shares0000350894seic:AssetManagementAdministrationAndDistributionFeesMember2021-07-012021-09-300000350894seic:AssetManagementAdministrationAndDistributionFeesMember2020-07-012020-09-300000350894seic:AssetManagementAdministrationAndDistributionFeesMember2021-01-012021-09-300000350894seic:AssetManagementAdministrationAndDistributionFeesMember2020-01-012020-09-300000350894seic:InformationProcessingAndSoftwareServicingFeesMember2021-07-012021-09-300000350894seic:InformationProcessingAndSoftwareServicingFeesMember2020-07-012020-09-300000350894seic:InformationProcessingAndSoftwareServicingFeesMember2021-01-012021-09-300000350894seic:InformationProcessingAndSoftwareServicingFeesMember2020-01-012020-09-3000003508942021-07-012021-09-3000003508942020-07-012020-09-3000003508942020-01-012020-09-300000350894us-gaap:CommonStockMember2021-06-300000350894us-gaap:AdditionalPaidInCapitalMember2021-06-300000350894us-gaap:RetainedEarningsMember2021-06-300000350894us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-3000003508942021-06-300000350894us-gaap:RetainedEarningsMember2021-07-012021-09-300000350894us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000350894us-gaap:CommonStockMember2021-07-012021-09-300000350894us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300000350894us-gaap:CommonStockMember2021-09-300000350894us-gaap:AdditionalPaidInCapitalMember2021-09-300000350894us-gaap:RetainedEarningsMember2021-09-300000350894us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300000350894us-gaap:CommonStockMember2020-06-300000350894us-gaap:AdditionalPaidInCapitalMember2020-06-300000350894us-gaap:RetainedEarningsMember2020-06-300000350894us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-3000003508942020-06-300000350894us-gaap:RetainedEarningsMember2020-07-012020-09-300000350894us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300000350894us-gaap:CommonStockMember2020-07-012020-09-300000350894us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300000350894us-gaap:CommonStockMember2020-09-300000350894us-gaap:AdditionalPaidInCapitalMember2020-09-300000350894us-gaap:RetainedEarningsMember2020-09-300000350894us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-3000003508942020-09-300000350894us-gaap:CommonStockMember2020-12-310000350894us-gaap:AdditionalPaidInCapitalMember2020-12-310000350894us-gaap:RetainedEarningsMember2020-12-310000350894us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000350894us-gaap:RetainedEarningsMember2021-01-012021-09-300000350894us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300000350894us-gaap:CommonStockMember2021-01-012021-09-300000350894us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-300000350894us-gaap:CommonStockMember2019-12-310000350894us-gaap:AdditionalPaidInCapitalMember2019-12-310000350894us-gaap:RetainedEarningsMember2019-12-310000350894us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-3100003508942019-12-310000350894us-gaap:RetainedEarningsMember2020-01-012020-09-300000350894us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300000350894us-gaap:CommonStockMember2020-01-012020-09-300000350894us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300000350894seic:SeiSponsoredOpenEndedMoneyMarketMutualFundsMember2021-07-012021-09-300000350894seic:SeiSponsoredOpenEndedMoneyMarketMutualFundsMember2020-07-012020-09-300000350894seic:SeiSponsoredOpenEndedMoneyMarketMutualFundsMember2021-01-012021-09-300000350894seic:SeiSponsoredOpenEndedMoneyMarketMutualFundsMember2020-01-012020-09-300000350894seic:SeiSponsoredOpenEndedMoneyMarketMutualFundsMember2021-09-300000350894seic:SeiSponsoredOpenEndedMoneyMarketMutualFundsMember2020-12-310000350894seic:SeiInvestmentsEuropeLimitedMember2021-09-300000350894seic:SeiInvestmentsEuropeLimitedMember2020-12-310000350894seic:SeiInvestmentsDistributionCoSidcoMember2021-09-300000350894seic:SeiInvestmentsDistributionCoSidcoMember2020-12-310000350894seic:SeiWealthPlatformMember2021-01-012021-09-300000350894seic:SeiWealthPlatformMember2020-01-012020-09-300000350894seic:SeiWealthPlatformMember2021-09-300000350894seic:SeiWealthPlatformMember2020-12-310000350894srt:WeightedAverageMemberseic:SeiWealthPlatformMember2021-01-012021-09-30xbrli:pure0000350894seic:LSVAssetManagementMember2021-04-010000350894seic:LSVAssetManagementMember2021-09-300000350894seic:LSVAssetManagementMember2021-01-012021-09-300000350894seic:LSVAssetManagementMember2020-01-012020-09-300000350894seic:LSVAssetManagementMember2021-07-012021-09-300000350894seic:LSVAssetManagementMember2020-07-012020-09-300000350894us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberseic:LSVAssetManagementMember2021-07-012021-09-300000350894us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberseic:LSVAssetManagementMember2020-07-012020-09-300000350894us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberseic:LSVAssetManagementMember2021-01-012021-09-300000350894us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberseic:LSVAssetManagementMember2020-01-012020-09-300000350894us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberseic:LSVAssetManagementMember2021-09-300000350894us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberseic:LSVAssetManagementMember2020-12-310000350894seic:LSVAssetManagementMember2021-03-310000350894us-gaap:BuildingMember2021-09-300000350894us-gaap:BuildingMember2020-12-310000350894us-gaap:EquipmentMember2021-09-300000350894us-gaap:EquipmentMember2020-12-310000350894us-gaap:LandMember2021-09-300000350894us-gaap:LandMember2020-12-310000350894seic:PurchasedSoftwareMember2021-09-300000350894seic:PurchasedSoftwareMember2020-12-310000350894us-gaap:FurnitureAndFixturesMember2021-09-300000350894us-gaap:FurnitureAndFixturesMember2020-12-310000350894us-gaap:LeaseholdImprovementsMember2021-09-300000350894us-gaap:LeaseholdImprovementsMember2020-12-310000350894us-gaap:ConstructionInProgressMember2021-09-300000350894us-gaap:ConstructionInProgressMember2020-12-310000350894us-gaap:EquitySecuritiesMember2021-09-300000350894us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-09-300000350894us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2021-09-300000350894us-gaap:FixedIncomeSecuritiesMember2021-09-300000350894us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-09-300000350894us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-09-300000350894us-gaap:FairValueInputsLevel1Member2021-09-300000350894us-gaap:FairValueInputsLevel2Member2021-09-300000350894us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-09-300000350894us-gaap:EquitySecuritiesMember2020-12-310000350894us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-12-310000350894us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2020-12-310000350894us-gaap:FixedIncomeSecuritiesMember2020-12-310000350894us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-12-310000350894us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310000350894us-gaap:FairValueInputsLevel1Member2020-12-310000350894us-gaap:FairValueInputsLevel2Member2020-12-310000350894us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2020-12-310000350894us-gaap:CashEquivalentsMember2021-09-300000350894us-gaap:CashEquivalentsMember2020-12-310000350894seic:SEISponsoredMutualFundsMember2021-09-300000350894seic:EquitiesAndOtherMutualFundsMember2021-09-300000350894seic:SEISponsoredMutualFundsMember2020-12-310000350894seic:EquitiesAndOtherMutualFundsMember2020-12-310000350894us-gaap:FixedIncomeSecuritiesMember2021-01-012021-09-300000350894us-gaap:FixedIncomeSecuritiesMember2020-01-012020-09-300000350894us-gaap:PrivateEquityFundsForeignMember2021-09-300000350894us-gaap:PrivateEquityFundsForeignMember2020-12-310000350894us-gaap:PrivateEquityFundsForeignMember2021-07-012021-09-300000350894us-gaap:PrivateEquityFundsForeignMember2020-07-012020-09-300000350894us-gaap:PrivateEquityFundsForeignMember2021-01-012021-09-300000350894us-gaap:PrivateEquityFundsForeignMember2020-01-012020-09-300000350894us-gaap:LineOfCreditMemberseic:A2021CreditFacilityMember2021-04-232021-04-230000350894us-gaap:LineOfCreditMemberseic:A2021CreditFacilityMember2021-04-230000350894us-gaap:LineOfCreditMemberseic:A2021CreditFacilityMembersrt:MinimumMemberus-gaap:BaseRateMember2021-04-232021-04-230000350894srt:MaximumMemberus-gaap:LineOfCreditMemberseic:A2021CreditFacilityMemberus-gaap:BaseRateMember2021-04-232021-04-230000350894us-gaap:LineOfCreditMemberseic:A2021CreditFacilityMembersrt:MinimumMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-04-232021-04-230000350894srt:MaximumMemberus-gaap:LineOfCreditMemberseic:A2021CreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-04-232021-04-23seic:fiscalQuarter0000350894seic:A2021CreditFacilityMember2021-04-232021-04-230000350894us-gaap:LineOfCreditMemberus-gaap:FederalFundsEffectiveSwapRateMemberseic:A2021CreditFacilityMember2021-04-232021-04-230000350894us-gaap:LineOfCreditMemberseic:A2021CreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-04-232021-04-230000350894us-gaap:LineOfCreditMemberseic:A2021CreditFacilityMembersrt:MinimumMember2021-04-232021-04-230000350894srt:MaximumMemberus-gaap:LineOfCreditMemberseic:A2021CreditFacilityMember2021-04-232021-04-230000350894us-gaap:LetterOfCreditMemberseic:A2021CreditFacilityMember2021-04-230000350894us-gaap:LetterOfCreditMemberseic:A2021CreditFacilityMember2021-04-232021-04-230000350894seic:A2021CreditFacilityMember2021-09-300000350894us-gaap:LineOfCreditMemberseic:A2021CreditFacilityMember2021-09-300000350894seic:TwoThousandFourteenPlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2021-01-012021-09-300000350894seic:TwoThousandFourteenPlanMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2021-01-012021-09-300000350894srt:MinimumMember2021-01-012021-09-300000350894srt:MaximumMember2021-01-012021-09-300000350894seic:CommonStockBuybackMember2021-01-012021-09-300000350894seic:CommonStockBuybackMember2021-09-3000003508942021-06-022021-06-020000350894us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310000350894us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310000350894us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-09-300000350894us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-09-300000350894us-gaap:AccumulatedTranslationAdjustmentMember2021-09-300000350894us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-09-300000350894us-gaap:IntersegmentEliminationMember2020-01-012020-09-300000350894us-gaap:IntersegmentEliminationMember2021-07-012021-09-300000350894us-gaap:IntersegmentEliminationMember2021-01-012021-09-300000350894us-gaap:IntersegmentEliminationMember2020-07-012020-09-300000350894seic:PrivateBankMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMember2021-07-012021-09-300000350894seic:InstitutionalInvestorsMember2021-07-012021-09-300000350894seic:InvestmentManagersMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMember2021-07-012021-09-300000350894seic:PrivateBankMember2020-07-012020-09-300000350894seic:InvestmentAdvisorsMember2020-07-012020-09-300000350894seic:InstitutionalInvestorsMember2020-07-012020-09-300000350894seic:InvestmentManagersMember2020-07-012020-09-300000350894seic:InvestmentsInNewBusinessesMember2020-07-012020-09-300000350894us-gaap:OperatingSegmentsMember2021-07-012021-09-300000350894us-gaap:OperatingSegmentsMember2020-07-012020-09-300000350894us-gaap:CorporateNonSegmentMember2021-07-012021-09-300000350894us-gaap:CorporateNonSegmentMember2020-07-012020-09-300000350894us-gaap:OperatingSegmentsMemberseic:PrivateBankMember2021-07-012021-09-300000350894us-gaap:OperatingSegmentsMemberseic:PrivateBankMember2020-07-012020-09-300000350894seic:InvestmentAdvisorsMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000350894us-gaap:OperatingSegmentsMemberseic:InstitutionalInvestorsMember2021-07-012021-09-300000350894us-gaap:OperatingSegmentsMemberseic:InstitutionalInvestorsMember2020-07-012020-09-300000350894seic:InvestmentManagersMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300000350894seic:InvestmentManagersMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000350894seic:InvestmentsInNewBusinessesMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000350894seic:PrivateBankMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMember2021-01-012021-09-300000350894seic:InstitutionalInvestorsMember2021-01-012021-09-300000350894seic:InvestmentManagersMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMember2021-01-012021-09-300000350894seic:PrivateBankMember2020-01-012020-09-300000350894seic:InvestmentAdvisorsMember2020-01-012020-09-300000350894seic:InstitutionalInvestorsMember2020-01-012020-09-300000350894seic:InvestmentManagersMember2020-01-012020-09-300000350894seic:InvestmentsInNewBusinessesMember2020-01-012020-09-300000350894us-gaap:OperatingSegmentsMember2021-01-012021-09-300000350894us-gaap:OperatingSegmentsMember2020-01-012020-09-300000350894us-gaap:CorporateNonSegmentMember2021-01-012021-09-300000350894us-gaap:CorporateNonSegmentMember2020-01-012020-09-300000350894us-gaap:OperatingSegmentsMemberseic:PrivateBankMember2021-01-012021-09-300000350894us-gaap:OperatingSegmentsMemberseic:PrivateBankMember2020-01-012020-09-300000350894seic:InvestmentAdvisorsMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000350894us-gaap:OperatingSegmentsMemberseic:InstitutionalInvestorsMember2021-01-012021-09-300000350894us-gaap:OperatingSegmentsMemberseic:InstitutionalInvestorsMember2020-01-012020-09-300000350894seic:InvestmentManagersMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300000350894seic:InvestmentManagersMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000350894seic:InvestmentsInNewBusinessesMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000350894seic:SettlementandLapseofStatuteMember2021-09-30seic:lawsuit0000350894seic:CasesWithSPTCAsDefendantMember2021-09-300000350894seic:ClaimsForViolationsOfLouisianaRacketeeringActMember2021-09-300000350894seic:CasesRemainingInParishOfEastBatonRougeGrantedIndefiniteExtensionsToRespondMember2021-09-300000350894seic:CasesFiledInEastBatonRougeMember2021-09-300000350894seic:HuntingtonSteeleLLCMember2018-04-300000350894seic:HuntingtonSteeleLLCMember2021-01-012021-09-300000350894seic:HuntingtonSteeleLLCMember2020-01-012020-09-300000350894seic:HuntingtonSteeleLLCMember2021-09-300000350894seic:ArchwayMember2017-07-310000350894seic:InvestmentManagementFeesFromInvestmentProductsMemberseic:PrivateBankMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2021-07-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMemberseic:InstitutionalInvestorsMember2021-07-012021-09-300000350894seic:InvestmentManagersMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2021-07-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMember2021-07-012021-09-300000350894seic:PrivateBankMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-07-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMemberseic:InstitutionalInvestorsMember2021-07-012021-09-300000350894seic:InvestmentManagersMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-07-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-07-012021-09-300000350894seic:InvestmentOperationsFeesMemberseic:PrivateBankMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentOperationsFeesMember2021-07-012021-09-300000350894seic:InvestmentOperationsFeesMemberseic:InstitutionalInvestorsMember2021-07-012021-09-300000350894seic:InvestmentManagersMemberseic:InvestmentOperationsFeesMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentOperationsFeesMember2021-07-012021-09-300000350894seic:InvestmentOperationsFeesMember2021-07-012021-09-300000350894seic:PrivateBankMemberseic:InvestmentProcessingFeesPaaSMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentProcessingFeesPaaSMember2021-07-012021-09-300000350894seic:InvestmentProcessingFeesPaaSMemberseic:InstitutionalInvestorsMember2021-07-012021-09-300000350894seic:InvestmentManagersMemberseic:InvestmentProcessingFeesPaaSMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentProcessingFeesPaaSMember2021-07-012021-09-300000350894seic:InvestmentProcessingFeesPaaSMember2021-07-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:PrivateBankMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentProcessingFeesSaaSMember2021-07-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InstitutionalInvestorsMember2021-07-012021-09-300000350894seic:InvestmentManagersMemberseic:InvestmentProcessingFeesSaaSMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentProcessingFeesSaaSMember2021-07-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMember2021-07-012021-09-300000350894seic:ProfessionalServicesFeesMemberseic:PrivateBankMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:ProfessionalServicesFeesMember2021-07-012021-09-300000350894seic:ProfessionalServicesFeesMemberseic:InstitutionalInvestorsMember2021-07-012021-09-300000350894seic:InvestmentManagersMemberseic:ProfessionalServicesFeesMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:ProfessionalServicesFeesMember2021-07-012021-09-300000350894seic:ProfessionalServicesFeesMember2021-07-012021-09-300000350894seic:PrivateBankMemberseic:AccountFeesAndOtherMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:AccountFeesAndOtherMember2021-07-012021-09-300000350894seic:InstitutionalInvestorsMemberseic:AccountFeesAndOtherMember2021-07-012021-09-300000350894seic:InvestmentManagersMemberseic:AccountFeesAndOtherMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:AccountFeesAndOtherMember2021-07-012021-09-300000350894seic:AccountFeesAndOtherMember2021-07-012021-09-300000350894country:USseic:PrivateBankMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMembercountry:US2021-07-012021-09-300000350894country:USseic:InstitutionalInvestorsMember2021-07-012021-09-300000350894seic:InvestmentManagersMembercountry:US2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:US2021-07-012021-09-300000350894country:US2021-07-012021-09-300000350894seic:PrivateBankMembercountry:GB2021-07-012021-09-300000350894seic:InvestmentAdvisorsMembercountry:GB2021-07-012021-09-300000350894country:GBseic:InstitutionalInvestorsMember2021-07-012021-09-300000350894seic:InvestmentManagersMembercountry:GB2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:GB2021-07-012021-09-300000350894country:GB2021-07-012021-09-300000350894country:CAseic:PrivateBankMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMembercountry:CA2021-07-012021-09-300000350894country:CAseic:InstitutionalInvestorsMember2021-07-012021-09-300000350894seic:InvestmentManagersMembercountry:CA2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:CA2021-07-012021-09-300000350894country:CA2021-07-012021-09-300000350894country:IEseic:PrivateBankMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMembercountry:IE2021-07-012021-09-300000350894country:IEseic:InstitutionalInvestorsMember2021-07-012021-09-300000350894seic:InvestmentManagersMembercountry:IE2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:IE2021-07-012021-09-300000350894country:IE2021-07-012021-09-300000350894seic:OtherGeographicAreasMemberseic:PrivateBankMember2021-07-012021-09-300000350894seic:OtherGeographicAreasMemberseic:InvestmentAdvisorsMember2021-07-012021-09-300000350894seic:OtherGeographicAreasMemberseic:InstitutionalInvestorsMember2021-07-012021-09-300000350894seic:OtherGeographicAreasMemberseic:InvestmentManagersMember2021-07-012021-09-300000350894seic:OtherGeographicAreasMemberseic:InvestmentsInNewBusinessesMember2021-07-012021-09-300000350894seic:OtherGeographicAreasMember2021-07-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMemberseic:PrivateBankMember2020-07-012020-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2020-07-012020-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMemberseic:InstitutionalInvestorsMember2020-07-012020-09-300000350894seic:InvestmentManagersMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2020-07-012020-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2020-07-012020-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMember2020-07-012020-09-300000350894seic:PrivateBankMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2020-07-012020-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2020-07-012020-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMemberseic:InstitutionalInvestorsMember2020-07-012020-09-300000350894seic:InvestmentManagersMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2020-07-012020-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2020-07-012020-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2020-07-012020-09-300000350894seic:InvestmentOperationsFeesMemberseic:PrivateBankMember2020-07-012020-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentOperationsFeesMember2020-07-012020-09-300000350894seic:InvestmentOperationsFeesMemberseic:InstitutionalInvestorsMember2020-07-012020-09-300000350894seic:InvestmentManagersMemberseic:InvestmentOperationsFeesMember2020-07-012020-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentOperationsFeesMember2020-07-012020-09-300000350894seic:InvestmentOperationsFeesMember2020-07-012020-09-300000350894seic:PrivateBankMemberseic:InvestmentProcessingFeesPaaSMember2020-07-012020-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentProcessingFeesPaaSMember2020-07-012020-09-300000350894seic:InvestmentProcessingFeesPaaSMemberseic:InstitutionalInvestorsMember2020-07-012020-09-300000350894seic:InvestmentManagersMemberseic:InvestmentProcessingFeesPaaSMember2020-07-012020-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentProcessingFeesPaaSMember2020-07-012020-09-300000350894seic:InvestmentProcessingFeesPaaSMember2020-07-012020-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:PrivateBankMember2020-07-012020-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentProcessingFeesSaaSMember2020-07-012020-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InstitutionalInvestorsMember2020-07-012020-09-300000350894seic:InvestmentManagersMemberseic:InvestmentProcessingFeesSaaSMember2020-07-012020-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentProcessingFeesSaaSMember2020-07-012020-09-300000350894seic:InvestmentProcessingFeesSaaSMember2020-07-012020-09-300000350894seic:ProfessionalServicesFeesMemberseic:PrivateBankMember2020-07-012020-09-300000350894seic:InvestmentAdvisorsMemberseic:ProfessionalServicesFeesMember2020-07-012020-09-300000350894seic:ProfessionalServicesFeesMemberseic:InstitutionalInvestorsMember2020-07-012020-09-300000350894seic:InvestmentManagersMemberseic:ProfessionalServicesFeesMember2020-07-012020-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:ProfessionalServicesFeesMember2020-07-012020-09-300000350894seic:ProfessionalServicesFeesMember2020-07-012020-09-300000350894seic:PrivateBankMemberseic:AccountFeesAndOtherMember2020-07-012020-09-300000350894seic:InvestmentAdvisorsMemberseic:AccountFeesAndOtherMember2020-07-012020-09-300000350894seic:InstitutionalInvestorsMemberseic:AccountFeesAndOtherMember2020-07-012020-09-300000350894seic:InvestmentManagersMemberseic:AccountFeesAndOtherMember2020-07-012020-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:AccountFeesAndOtherMember2020-07-012020-09-300000350894seic:AccountFeesAndOtherMember2020-07-012020-09-300000350894country:USseic:PrivateBankMember2020-07-012020-09-300000350894seic:InvestmentAdvisorsMembercountry:US2020-07-012020-09-300000350894country:USseic:InstitutionalInvestorsMember2020-07-012020-09-300000350894seic:InvestmentManagersMembercountry:US2020-07-012020-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:US2020-07-012020-09-300000350894country:US2020-07-012020-09-300000350894seic:PrivateBankMembercountry:GB2020-07-012020-09-300000350894seic:InvestmentAdvisorsMembercountry:GB2020-07-012020-09-300000350894country:GBseic:InstitutionalInvestorsMember2020-07-012020-09-300000350894seic:InvestmentManagersMembercountry:GB2020-07-012020-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:GB2020-07-012020-09-300000350894country:GB2020-07-012020-09-300000350894country:CAseic:PrivateBankMember2020-07-012020-09-300000350894seic:InvestmentAdvisorsMembercountry:CA2020-07-012020-09-300000350894country:CAseic:InstitutionalInvestorsMember2020-07-012020-09-300000350894seic:InvestmentManagersMembercountry:CA2020-07-012020-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:CA2020-07-012020-09-300000350894country:CA2020-07-012020-09-300000350894country:IEseic:PrivateBankMember2020-07-012020-09-300000350894seic:InvestmentAdvisorsMembercountry:IE2020-07-012020-09-300000350894country:IEseic:InstitutionalInvestorsMember2020-07-012020-09-300000350894seic:InvestmentManagersMembercountry:IE2020-07-012020-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:IE2020-07-012020-09-300000350894country:IE2020-07-012020-09-300000350894seic:OtherGeographicAreasMemberseic:PrivateBankMember2020-07-012020-09-300000350894seic:OtherGeographicAreasMemberseic:InvestmentAdvisorsMember2020-07-012020-09-300000350894seic:OtherGeographicAreasMemberseic:InstitutionalInvestorsMember2020-07-012020-09-300000350894seic:OtherGeographicAreasMemberseic:InvestmentManagersMember2020-07-012020-09-300000350894seic:OtherGeographicAreasMemberseic:InvestmentsInNewBusinessesMember2020-07-012020-09-300000350894seic:OtherGeographicAreasMember2020-07-012020-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMemberseic:PrivateBankMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2021-01-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMemberseic:InstitutionalInvestorsMember2021-01-012021-09-300000350894seic:InvestmentManagersMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2021-01-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMember2021-01-012021-09-300000350894seic:PrivateBankMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-01-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMemberseic:InstitutionalInvestorsMember2021-01-012021-09-300000350894seic:InvestmentManagersMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-01-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-01-012021-09-300000350894seic:InvestmentOperationsFeesMemberseic:PrivateBankMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentOperationsFeesMember2021-01-012021-09-300000350894seic:InvestmentOperationsFeesMemberseic:InstitutionalInvestorsMember2021-01-012021-09-300000350894seic:InvestmentManagersMemberseic:InvestmentOperationsFeesMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentOperationsFeesMember2021-01-012021-09-300000350894seic:InvestmentOperationsFeesMember2021-01-012021-09-300000350894seic:PrivateBankMemberseic:InvestmentProcessingFeesPaaSMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentProcessingFeesPaaSMember2021-01-012021-09-300000350894seic:InvestmentProcessingFeesPaaSMemberseic:InstitutionalInvestorsMember2021-01-012021-09-300000350894seic:InvestmentManagersMemberseic:InvestmentProcessingFeesPaaSMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentProcessingFeesPaaSMember2021-01-012021-09-300000350894seic:InvestmentProcessingFeesPaaSMember2021-01-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:PrivateBankMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentProcessingFeesSaaSMember2021-01-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InstitutionalInvestorsMember2021-01-012021-09-300000350894seic:InvestmentManagersMemberseic:InvestmentProcessingFeesSaaSMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentProcessingFeesSaaSMember2021-01-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMember2021-01-012021-09-300000350894seic:ProfessionalServicesFeesMemberseic:PrivateBankMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:ProfessionalServicesFeesMember2021-01-012021-09-300000350894seic:ProfessionalServicesFeesMemberseic:InstitutionalInvestorsMember2021-01-012021-09-300000350894seic:InvestmentManagersMemberseic:ProfessionalServicesFeesMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:ProfessionalServicesFeesMember2021-01-012021-09-300000350894seic:ProfessionalServicesFeesMember2021-01-012021-09-300000350894seic:PrivateBankMemberseic:AccountFeesAndOtherMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:AccountFeesAndOtherMember2021-01-012021-09-300000350894seic:InstitutionalInvestorsMemberseic:AccountFeesAndOtherMember2021-01-012021-09-300000350894seic:InvestmentManagersMemberseic:AccountFeesAndOtherMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:AccountFeesAndOtherMember2021-01-012021-09-300000350894seic:AccountFeesAndOtherMember2021-01-012021-09-300000350894country:USseic:PrivateBankMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMembercountry:US2021-01-012021-09-300000350894country:USseic:InstitutionalInvestorsMember2021-01-012021-09-300000350894seic:InvestmentManagersMembercountry:US2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:US2021-01-012021-09-300000350894country:US2021-01-012021-09-300000350894seic:PrivateBankMembercountry:GB2021-01-012021-09-300000350894seic:InvestmentAdvisorsMembercountry:GB2021-01-012021-09-300000350894country:GBseic:InstitutionalInvestorsMember2021-01-012021-09-300000350894seic:InvestmentManagersMembercountry:GB2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:GB2021-01-012021-09-300000350894country:GB2021-01-012021-09-300000350894country:CAseic:PrivateBankMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMembercountry:CA2021-01-012021-09-300000350894country:CAseic:InstitutionalInvestorsMember2021-01-012021-09-300000350894seic:InvestmentManagersMembercountry:CA2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:CA2021-01-012021-09-300000350894country:CA2021-01-012021-09-300000350894country:IEseic:PrivateBankMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMembercountry:IE2021-01-012021-09-300000350894country:IEseic:InstitutionalInvestorsMember2021-01-012021-09-300000350894seic:InvestmentManagersMembercountry:IE2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:IE2021-01-012021-09-300000350894country:IE2021-01-012021-09-300000350894seic:OtherGeographicAreasMemberseic:PrivateBankMember2021-01-012021-09-300000350894seic:OtherGeographicAreasMemberseic:InvestmentAdvisorsMember2021-01-012021-09-300000350894seic:OtherGeographicAreasMemberseic:InstitutionalInvestorsMember2021-01-012021-09-300000350894seic:OtherGeographicAreasMemberseic:InvestmentManagersMember2021-01-012021-09-300000350894seic:OtherGeographicAreasMemberseic:InvestmentsInNewBusinessesMember2021-01-012021-09-300000350894seic:OtherGeographicAreasMember2021-01-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMemberseic:PrivateBankMember2020-01-012020-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2020-01-012020-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMemberseic:InstitutionalInvestorsMember2020-01-012020-09-300000350894seic:InvestmentManagersMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2020-01-012020-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2020-01-012020-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMember2020-01-012020-09-300000350894seic:PrivateBankMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2020-01-012020-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2020-01-012020-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMemberseic:InstitutionalInvestorsMember2020-01-012020-09-300000350894seic:InvestmentManagersMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2020-01-012020-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2020-01-012020-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2020-01-012020-09-300000350894seic:InvestmentOperationsFeesMemberseic:PrivateBankMember2020-01-012020-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentOperationsFeesMember2020-01-012020-09-300000350894seic:InvestmentOperationsFeesMemberseic:InstitutionalInvestorsMember2020-01-012020-09-300000350894seic:InvestmentManagersMemberseic:InvestmentOperationsFeesMember2020-01-012020-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentOperationsFeesMember2020-01-012020-09-300000350894seic:InvestmentOperationsFeesMember2020-01-012020-09-300000350894seic:PrivateBankMemberseic:InvestmentProcessingFeesPaaSMember2020-01-012020-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentProcessingFeesPaaSMember2020-01-012020-09-300000350894seic:InvestmentProcessingFeesPaaSMemberseic:InstitutionalInvestorsMember2020-01-012020-09-300000350894seic:InvestmentManagersMemberseic:InvestmentProcessingFeesPaaSMember2020-01-012020-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentProcessingFeesPaaSMember2020-01-012020-09-300000350894seic:InvestmentProcessingFeesPaaSMember2020-01-012020-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:PrivateBankMember2020-01-012020-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentProcessingFeesSaaSMember2020-01-012020-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InstitutionalInvestorsMember2020-01-012020-09-300000350894seic:InvestmentManagersMemberseic:InvestmentProcessingFeesSaaSMember2020-01-012020-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentProcessingFeesSaaSMember2020-01-012020-09-300000350894seic:InvestmentProcessingFeesSaaSMember2020-01-012020-09-300000350894seic:ProfessionalServicesFeesMemberseic:PrivateBankMember2020-01-012020-09-300000350894seic:InvestmentAdvisorsMemberseic:ProfessionalServicesFeesMember2020-01-012020-09-300000350894seic:ProfessionalServicesFeesMemberseic:InstitutionalInvestorsMember2020-01-012020-09-300000350894seic:InvestmentManagersMemberseic:ProfessionalServicesFeesMember2020-01-012020-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:ProfessionalServicesFeesMember2020-01-012020-09-300000350894seic:ProfessionalServicesFeesMember2020-01-012020-09-300000350894seic:PrivateBankMemberseic:AccountFeesAndOtherMember2020-01-012020-09-300000350894seic:InvestmentAdvisorsMemberseic:AccountFeesAndOtherMember2020-01-012020-09-300000350894seic:InstitutionalInvestorsMemberseic:AccountFeesAndOtherMember2020-01-012020-09-300000350894seic:InvestmentManagersMemberseic:AccountFeesAndOtherMember2020-01-012020-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:AccountFeesAndOtherMember2020-01-012020-09-300000350894seic:AccountFeesAndOtherMember2020-01-012020-09-300000350894country:USseic:PrivateBankMember2020-01-012020-09-300000350894seic:InvestmentAdvisorsMembercountry:US2020-01-012020-09-300000350894country:USseic:InstitutionalInvestorsMember2020-01-012020-09-300000350894seic:InvestmentManagersMembercountry:US2020-01-012020-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:US2020-01-012020-09-300000350894country:US2020-01-012020-09-300000350894seic:PrivateBankMembercountry:GB2020-01-012020-09-300000350894seic:InvestmentAdvisorsMembercountry:GB2020-01-012020-09-300000350894country:GBseic:InstitutionalInvestorsMember2020-01-012020-09-300000350894seic:InvestmentManagersMembercountry:GB2020-01-012020-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:GB2020-01-012020-09-300000350894country:GB2020-01-012020-09-300000350894country:CAseic:PrivateBankMember2020-01-012020-09-300000350894seic:InvestmentAdvisorsMembercountry:CA2020-01-012020-09-300000350894country:CAseic:InstitutionalInvestorsMember2020-01-012020-09-300000350894seic:InvestmentManagersMembercountry:CA2020-01-012020-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:CA2020-01-012020-09-300000350894country:CA2020-01-012020-09-300000350894country:IEseic:PrivateBankMember2020-01-012020-09-300000350894seic:InvestmentAdvisorsMembercountry:IE2020-01-012020-09-300000350894country:IEseic:InstitutionalInvestorsMember2020-01-012020-09-300000350894seic:InvestmentManagersMembercountry:IE2020-01-012020-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:IE2020-01-012020-09-300000350894country:IE2020-01-012020-09-300000350894seic:OtherGeographicAreasMemberseic:PrivateBankMember2020-01-012020-09-300000350894seic:OtherGeographicAreasMemberseic:InvestmentAdvisorsMember2020-01-012020-09-300000350894seic:OtherGeographicAreasMemberseic:InstitutionalInvestorsMember2020-01-012020-09-300000350894seic:OtherGeographicAreasMemberseic:InvestmentManagersMember2020-01-012020-09-300000350894seic:OtherGeographicAreasMemberseic:InvestmentsInNewBusinessesMember2020-01-012020-09-300000350894seic:OtherGeographicAreasMember2020-01-012020-09-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ________________________________________
FORM 10-Q
________________________________________
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_________to ________
Commission File Number: 0-10200
________________________________________ 
seic-20210930_g1.jpg
________________________________________
SEI INVESTMENTS COMPANY
(Exact Name of Registrant as Specified in its Charter)
________________________________________ 
Pennsylvania 23-1707341
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer Identification No.)
1 Freedom Valley Drive, Oaks, Pennsylvania 19456-1100
(Address of Principal Executive Offices) (Zip Code)
(610) 676-1000
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareSEICThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes  x    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes      No  x
The number of shares outstanding of the registrant’s common stock, as of the close of business on October 21, 2021:
Common Stock, $0.01 par value139,452,507 





SEI INVESTMENTS COMPANY

TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
Page
Item 1.Financial Statements.
Consolidated Balance Sheets (Unaudited) -- September 30, 2021 and December 31, 2020
Consolidated Statements of Operations (Unaudited) -- For the Three and Nine Months Ended September 30, 2021 and 2020
Consolidated Statements of Comprehensive Income (Unaudited) -- For the Three and Nine Months Ended September 30, 2021 and 2020
Consolidated Statements of Changes in Equity (Unaudited) -- For the Three and Nine Months Ended September 30, 2021 and 2020
Consolidated Condensed Statements of Cash Flows (Unaudited) -- For the Nine Months Ended September 30, 2021 and 2020
Notes to Consolidated Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3.Quantitative and Qualitative Disclosures About Market Risk.
Item 4.Controls and Procedures.
PART II - OTHER INFORMATION
Item 1.Legal Proceedings.
Item 1A.Risk Factors.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6.Exhibits.
Signatures






1


PART I.        FINANCIAL INFORMATION

Item 1.    Consolidated Financial Statements.

SEI Investments Company
Consolidated Balance Sheets
(unaudited)
(In thousands, except par value)
September 30, 2021December 31, 2020
Assets
Current Assets:
Cash and cash equivalents$793,883 $784,626 
Restricted cash351 3,101 
Receivables from investment products59,808 55,271 
Receivables, net of allowance for doubtful accounts of $2,669 and $1,100
442,187 385,219 
Securities owned31,770 34,064 
Other current assets42,615 38,696 
Total Current Assets1,370,614 1,300,977 
Property and Equipment, net of accumulated depreciation of $400,679 and $378,639
183,802 189,052 
Operating Lease Right-of-Use Assets35,145 38,397 
Capitalized Software, net of accumulated amortization of $531,923 and $491,739
250,280 270,977 
Available for Sale and Equity Securities140,079 105,419 
Investments in Affiliated Funds, at fair value6,893 6,166 
Investment in Unconsolidated Affiliate39,872 98,433 
Goodwill64,489 64,489 
Intangible Assets, net of accumulated amortization of $15,768 and $12,456
31,992 24,304 
Deferred Contract Costs34,263 33,781 
Deferred Income Taxes2,148 2,972 
Other Assets, net32,224 32,289 
Total Assets$2,191,801 $2,167,256 
The accompanying notes are an integral part of these consolidated financial statements.





2


SEI Investments Company
Consolidated Balance Sheets
(unaudited)
(In thousands, except par value)
September 30, 2021December 31, 2020
Liabilities and Equity
Current Liabilities:
Accounts payable$10,772 $7,766 
Accrued liabilities231,043 299,845 
Current portion of long-term operating lease liabilities10,412 8,579 
Deferred revenue1,235 1,085 
Total Current Liabilities253,462 317,275 
Long-term Income Taxes Payable803 803 
Deferred Income Taxes47,434 55,159 
Long-term Operating Lease Liabilities29,857 34,058 
Other Long-term Liabilities22,157 20,054 
Total Liabilities353,713 427,349 
Commitments and Contingencies
Shareholders' Equity:
Common stock, $0.01 par value, 750,000 shares authorized; 139,305 and 143,396 shares issued and outstanding
1,393 1,434 
Capital in excess of par value1,228,085 1,190,001 
Retained earnings629,153 565,270 
Accumulated other comprehensive loss, net(20,543)(16,798)
Total Shareholders' Equity1,838,088 1,739,907 
Total Liabilities and Shareholders' Equity$2,191,801 $2,167,256 
The accompanying notes are an integral part of these consolidated financial statements.




3


SEI Investments Company
Consolidated Statements of Operations
(unaudited)
(In thousands, except per share data)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Revenues:
Asset management, administration and distribution fees
$393,296 $339,609 $1,143,451 $992,039 
Information processing and software servicing fees
92,026 85,318 273,208 248,296 
Total revenues485,322 424,927 1,416,659 1,240,335 
Expenses:
Subadvisory, distribution and other asset management costs
55,619 45,126 161,610 134,645 
Software royalties and other information processing costs
7,348 6,992 20,561 21,828 
Compensation, benefits and other personnel
150,188 134,795 429,188 391,607 
Stock-based compensation
11,318 6,467 31,173 20,458 
Consulting, outsourcing and professional fees
55,868 57,949 165,657 168,350 
Data processing and computer related
26,650 24,437 79,746 71,647 
Facilities, supplies and other costs
14,124 16,679 49,851 47,448 
Amortization
14,674 13,200 43,749 39,417 
Depreciation
8,408 7,945 25,141 23,058 
Total expenses344,197 313,590 1,006,676 918,458 
Income from operations141,125 111,337 409,983 321,877 
Net (loss) gain from investments(575)776 134 (1,310)
Interest and dividend income892 1,009 2,715 5,582 
Interest expense(101)(153)(354)(456)
Equity in earnings of unconsolidated affiliate35,005 28,305 103,420 86,488 
Income before income taxes176,346 141,274 515,898 412,181 
Income taxes38,301 30,178 114,605 90,777 
Net income$138,045 $111,096 $401,293 $321,404 
Basic earnings per common share$0.98 $0.76 $2.83 $2.18 
Shares used to compute basic earnings per share140,507 145,812 141,928 147,586 
Diluted earnings per common share$0.97 $0.75 $2.79 $2.14 
Shares used to compute diluted earnings per share142,426 147,907 143,981 149,958 
Dividends declared per common share$ $ $0.37 $0.35 
The accompanying notes are an integral part of these consolidated financial statements.




4


SEI Investments Company
Consolidated Statements of Comprehensive Income
(unaudited)
(In thousands)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Net income$138,045 $111,096 $401,293 $321,404 
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments(5,546)7,085 (2,867)(5,051)
Unrealized (loss) gain on investments:
Unrealized (losses) gains during the period, net of income taxes of $208, $154, $453 and $(218)
(713)(542)(1,548)702 
Reclassification adjustment for losses realized in net income, net of income taxes of $(67), $(63), $(190) and $(126)
238 238 670 455 
Total other comprehensive (loss) income, net of tax(6,021)6,781 (3,745)(3,894)
Comprehensive income$132,024 $117,877 $397,548 $317,510 
The accompanying notes are an integral part of these consolidated financial statements.




5


SEI Investments Company
Consolidated Statements of Changes in Equity
(unaudited)
(In thousands)
Shares of Common StockCommon StockCapital In Excess of Par ValueRetained EarningsAccumulated Other Comprehensive LossTotal Equity
For the Three Months Ended September 30, 2021
Balance, July 1, 2021141,027 $1,410 $1,219,487 $599,231 $(14,522)$1,805,606 
Net income— — — 138,045 — 138,045 
Other comprehensive loss— — — — (6,021)(6,021)
Purchase and retirement of common stock(1,980)(21)(11,751)(108,123)— (119,895)
Issuance of common stock under employee stock purchase plan22 1 1,119 — — 1,120 
Issuance of common stock upon exercise of stock options236 3 7,912 — — 7,915 
Stock-based compensation— — 11,318 — — 11,318 
Balance, September 30, 2021139,305 $1,393 $1,228,085 $629,153 $(20,543)$1,838,088 
Shares of Common StockCommon StockCapital In Excess of Par ValueRetained EarningsAccumulated Other Comprehensive LossTotal Equity
For the Three Months Ended September 30, 2020
Balance, July 1, 2020146,445 $1,464 $1,174,411 $566,929 $(34,179)$1,708,625 
Net income— — — 111,096 — 111,096 
Other comprehensive income— — — — 6,781 6,781 
Purchase and retirement of common stock(2,110)(22)(11,939)(96,781)— (108,742)
Issuance of common stock under employee stock purchase plan26 1 1,152 — — 1,153 
Issuance of common stock upon exercise of stock options130 2 4,051 — — 4,053 
Stock-based compensation— — 6,467 — — 6,467 
Balance, September 30, 2020144,491 $1,445 $1,174,142 $581,244 $(27,398)$1,729,433 
The accompanying notes are an integral part of these consolidated financial statements.




6


SEI Investments Company
Consolidated Statements of Changes in Equity
(unaudited)
(In thousands)
Shares of Common StockCommon StockCapital In Excess of Par ValueRetained EarningsAccumulated Other Comprehensive LossTotal Equity
For the Nine Months Ended September 30, 2021
Balance, January 1, 2021143,396 $1,434 $1,190,001 $565,270 $(16,798)$1,739,907 
Net income— — — 401,293 — 401,293 
Other comprehensive loss— — — — (3,745)(3,745)
Purchase and retirement of common stock(5,218)(53)(30,979)(285,021)— (316,053)
Issuance of common stock under employee stock purchase plan64 1 3,224 — — 3,225 
Issuance of common stock upon exercise of stock options1,063 11 34,666 — — 34,677 
Stock-based compensation— — 31,173 — — 31,173 
Dividends declared ($0.37 per share)
— — — (52,389)— (52,389)
Balance, September 30, 2021139,305 $1,393 $1,228,085 $629,153 $(20,543)$1,838,088 
Shares of Common StockCommon StockCapital In Excess of Par ValueRetained EarningsAccumulated Other Comprehensive LossTotal Equity
For the Nine Months Ended September 30, 2020
Balance, January 1, 2020149,745 $1,497 $1,158,900 $601,885 $(23,504)$1,738,778 
Net income— — — 321,404 — 321,404 
Other comprehensive loss— — — — (3,894)(3,894)
Purchase and retirement of common stock(6,185)(62)(34,999)(290,583)— (325,644)
Issuance of common stock under employee stock purchase plan73 1 3,400 — — 3,401 
Issuance of common stock upon exercise of stock options858 9 26,383 — — 26,392 
Stock-based compensation— — 20,458 — — 20,458 
Dividends declared ($0.35 per share)
— — — (51,462)— (51,462)
Balance, September 30, 2020144,491 $1,445 $1,174,142 $581,244 $(27,398)$1,729,433 
The accompanying notes are an integral part of these consolidated financial statements.




7


SEI Investments Company
Consolidated Condensed Statements of Cash Flows
(unaudited)
(In thousands)
 Nine Months Ended
September 30,
 20212020
Cash flows from operating activities:
Net income$401,293 $321,404 
Adjustments to reconcile net income to net cash provided by operating activities (See Note 1)82,588 75,120 
Net cash provided by operating activities483,881 396,524 
Cash flows from investing activities:
Additions to property and equipment(22,520)(43,113)
Additions to capitalized software(19,486)(18,640)
Purchases of marketable securities(168,333)(114,407)
Prepayments and maturities of marketable securities133,895 112,575 
Sales of marketable securities327 842 
Other investing activities(11,425)(1,500)
Net cash used in investing activities(87,542)(64,243)
Cash flows from financing activities:
Payment of contingent consideration(3,965)(633)
Purchase and retirement of common stock(315,811)(327,079)
Proceeds from issuance of common stock37,902 29,793 
Payment of dividends(105,516)(103,914)
Net cash used in financing activities(387,390)(401,833)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(2,442)(4,196)
Net increase (decrease) in cash, cash equivalents and restricted cash6,507 (73,748)
Cash, cash equivalents and restricted cash, beginning of period787,727 844,547 
Cash, cash equivalents and restricted cash, end of period$794,234 $770,799 
The accompanying notes are an integral part of these consolidated financial statements.




8


Notes to Consolidated Financial Statements
(all figures are in thousands except share and per share data)
 
Note 1.    Summary of Significant Accounting Policies
Nature of Operations
SEI Investments Company (the Company), a Pennsylvania corporation, provides comprehensive platforms, services and infrastructure—encompassing technology, operational, and investment management services—to help wealth managers, financial advisors, investment managers, family offices, institutional and private investors create and manage wealth.
Investment processing platforms provide technologies and business process outsourcing services for wealth managers and investment advisors. These solutions include investment advisory, client relationship, and other technology-enabled capabilities for the front office; administrative and investment services for the middle office; and accounting and processing services for the back office. Revenues from investment processing platforms are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.
Investment operations platforms provide business process outsourcing services for investment managers and asset owners. These platforms support a broad range of traditional and alternative investments and provide technology-enabled information analytics and investor capabilities for the front office; administrative and investment services for the middle office; and fund administration and accounting services for the back office. Revenues from investment operations platforms are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.
Investment management platforms provide comprehensive solutions for managing personal and institutional wealth. These platforms include goals-based investment strategies; SEI-sponsored investment products, including mutual funds, collective investment products, alternative investment portfolios and separately managed accounts (SMA); and other market-specific advice, technology and operational components. These platforms are offered to wealth managers as part of a complete goals-based investment program for their end-investors. For institutional investors, the Company provides Outsourced Chief Investment Officer (OCIO) solutions that include investment management programs, as well as advisory and administrative services. Revenues from investment management platforms are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.
Basis of Presentation
The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Certain financial information and accompanying note disclosure normally included in the Company’s Annual Report on Form 10-K have been condensed or omitted. The interim financial information is unaudited but reflects all adjustments (consisting of only normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of financial position of the Company as of September 30, 2021, the results of operations for the three and nine months ended September 30, 2021 and 2020, and cash flows for the nine-months ended September 30, 2021 and 2020. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
There have been no significant changes in significant accounting policies during the nine months ended September 30, 2021 as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.
Variable Interest Entities
The Company or its affiliates have created numerous investment products for its clients in various types of legal entity structures. The Company serves as the Manager, Administrator and Distributor for these investment products and may also serve as the Trustee for some of the investment products. The Company receives asset management, distribution, administration and custodial fees for these services. Clients are the equity investors and participate in proportion to their ownership percentage in the net income or loss and net capital gains or losses of the products, and, on liquidation, will participate in proportion to their ownership percentage in the remaining net assets of the products after satisfaction of outstanding liabilities. The Company has concluded that it is not the primary beneficiary of the entities and, therefore, is not required to consolidate any of the pooled investment vehicles for which it receives asset management, distribution, administration and custodial fees under the VIE model.
The Company is a party to expense limitation agreements with certain SEI-sponsored money market funds subject to Rule 2a-7 of the Investment Company Act of 1940 which establish a maximum level of ordinary operating expenses incurred by the fund in any fiscal year including, but not limited to, fees of the administrator or its affiliates. Under the terms of these




9


agreements, the Company waived $11,629 and $8,575 in fees during the three months ended September 30, 2021 and 2020, respectively. During the nine months ended September 30, 2021 and 2020, the Company waived $33,118 and $24,930, respectively, in fees.
Revenue Recognition
Revenue is recognized when the transfer of control of promised goods or services under the terms of a contract with customers are satisfied in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services. Certain portions of the Company’s revenues involve a third party in providing goods or services to its customers. In such circumstances, the Company must determine whether the nature of its promise to the customer is to provide the underlying goods or services (the Company is the principal in the transaction and reports the transaction gross) or to arrange for a third party to provide the underlying goods or services (the entity is the agent in the transaction and reports the transaction net). See Note 13 for related disclosures regarding revenue recognition.
Cash and Cash Equivalents
Cash and cash equivalents includes $332,657 and $347,082 at September 30, 2021 and December 31, 2020, respectively, primarily invested in SEI-sponsored open-ended money market mutual funds.
Restricted Cash
Restricted cash includes $250 and $3,000 at September 30, 2021 and December 31, 2020, respectively, segregated for regulatory purposes related to trade-execution services conducted by SEI Investments (Europe) Limited. Restricted cash also includes $101 at September 30, 2021 and December 31, 2020 segregated in special reserve accounts for the benefit of customers of the Company’s broker-dealer subsidiary, SEI Investments Distribution Co. (SIDCO), in accordance with certain rules established by the Securities and Exchange Commission (SEC) for broker-dealers.
Capitalized Software
The Company capitalized $19,486 and $18,640 of software development costs during the nine months ended September 30, 2021 and 2020, respectively. The Company's software development costs primarily relate to significant enhancements to the SEI Wealth PlatformSM (SWP). The Company capitalized $19,387 and $17,208 of software development costs for significant enhancements to SWP during the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, the net book value of SWP was $241,262. The net book value includes $22,702 of capitalized software development costs in-progress associated with future releases of SWP. Capitalized software development costs in-progress associated with future releases of SWP were $13,409 as of December 31, 2020. SWP has a weighted average remaining life of 10.0 years. Amortization expense for SWP was $35,834 and $32,576 during the nine months ended September 30, 2021 and 2020, respectively.
Earnings per Share
The calculations of basic and diluted earnings per share for the three and nine months ended September 30, 2021 and 2020 are:
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Net income$138,045 $111,096 $401,293 $321,404 
Shares used to compute basic earnings per common share140,507,000 145,812,000 141,928,000 147,586,000 
Dilutive effect of stock options1,919,000 2,095,000 2,053,000 2,372,000 
Shares used to compute diluted earnings per common share142,426,000 147,907,000 143,981,000 149,958,000 
Basic earnings per common share$0.98 $0.76 $2.83 $2.18 
Diluted earnings per common share$0.97 $0.75 $2.79 $2.14 
During the three months ended September 30, 2021 and 2020, employee stock options to purchase 11,347,000 and 8,813,000 shares of common stock with an average exercise price of $57.80 and $57.98, respectively, were outstanding but not included in the computation of diluted earnings per common share. During the nine months ended September 30, 2021 and 2020, employee stock options to purchase 11,531,000 and 8,342,000 shares of common stock with an average exercise price of $57.78 and $58.18, respectively, were outstanding but not included in the computation of diluted earnings per common share. These options for the three and nine month periods were not included in the computation of diluted earnings per common share because either the performance conditions have not been satisfied or would not have been satisfied if the reporting date was the end of the contingency period or the options' exercise price was greater than




10


the average market price of the Company’s common stock and the effect on diluted earnings per common share would have been anti-dilutive.
Reclassifications
Certain prior year amounts have been reclassified to conform to current year presentation.
Statements of Cash Flows
For purposes of the Consolidated Statements of Cash Flows, the Company considers investment instruments purchased with an original maturity of three months or less to be cash equivalents.
The following table provides the details of the adjustments to reconcile net income to net cash provided by operating activities for the nine months ended September 30:
20212020
Net income$401,293 $321,404 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation25,141 23,058 
Amortization43,749 39,417 
Equity in earnings of unconsolidated affiliate(103,420)(86,488)
Distributions received from unconsolidated affiliate110,559 107,180 
Stock-based compensation31,173 20,458 
Provision for losses on receivables1,569 109 
Deferred income tax expense(6,639)(7,731)
Net (gain) loss from investments(134)1,310 
Change in other long-term liabilities2,103 (4,442)
Change in other assets314 (965)
Contract costs capitalized, net of amortization(482)(2,842)
Other921 (1,053)
Change in current assets and liabilities
(Increase) decrease in
Receivables from investment products(4,537)2,521 
Receivables(58,537)(37,921)
Other current assets(3,919)(6,186)
Advances due from unconsolidated affiliate51,422 12,641 
(Decrease) increase in
Accounts payable3,006 8,615 
Accrued liabilities(9,851)8,809 
Deferred revenue150 (1,370)
Total adjustments82,588 75,120 
Net cash provided by operating activities$483,881 $396,524 

Note 2.    Investment in Unconsolidated Affiliate
LSV Asset Management
The Company has an investment in LSV Asset Management (LSV), a registered investment advisor that provides investment advisory services primarily to institutions, including pension plans and investment companies. LSV is currently an investment sub-advisor for a limited number of SEI-sponsored investment products. The Company's partnership interest in LSV as of September 30, 2021 was 38.7%. The Company accounts for its interest in LSV using the equity method because of its less than 50% ownership. The Company’s interest in the net assets of LSV is reflected in Investment in unconsolidated affiliate on the accompanying Consolidated Balance Sheets and its interest in the earnings of LSV is reflected in Equity in earnings of unconsolidated affiliate on the accompanying Consolidated Statements of Operations.




11


At September 30, 2021, the Company’s total investment in LSV was $39,872. The Company receives partnership distributions from LSV on a quarterly basis. The Company received partnership distributions from LSV of $110,559 and $107,180 in the nine months ended September 30, 2021 and 2020, respectively. As such, the Company considers these distribution payments as returns on investment rather than returns of the Company's original investment in LSV and has therefore classified the associated cash inflows as an operating activity on the Consolidated Statements of Cash Flows.
The Company’s proportionate share in the earnings of LSV was $35,005 and $28,305 during the three months ended September 30, 2021 and 2020, respectively. During the nine months ended September 30, 2021 and 2020, the Company's proportionate share in the earnings of LSV was $103,420 and $86,488, respectively.
These tables contain condensed financial information of LSV:
Condensed Statement of OperationsThree Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Revenues$115,728 $94,902 $342,957 $289,546 
Net income90,365 70,440 266,805 220,184 
Condensed Balance SheetsSeptember 30, 2021December 31, 2020
Current assets$123,325 $151,515 
Non-current assets4,426 4,296 
Total assets$127,751 $155,811 
Current liabilities$69,349 $77,077 
Non-current liabilities4,058 4,620 
Partners’ capital54,344 74,114 
Total liabilities and partners’ capital$127,751 $155,811 
On April 1, 2021, LSV provided an interest in the partnership to select key employees which reduced the ownership percentage of each existing partner on a pro-rata basis. As a result, the Company's total partnership interest in LSV was reduced slightly to approximately 38.7% from approximately 38.8%.

Note 3.    Composition of Certain Financial Statement Captions
Receivables
Receivables on the accompanying Consolidated Balance Sheets consist of: 
September 30, 2021December 31, 2020
Trade receivables$112,572 $99,106 
Fees earned, not billed313,883 262,167 
Other receivables18,401 25,046 
444,856 386,319 
Less: Allowance for doubtful accounts(2,669)(1,100)
$442,187 $385,219 
Fees earned, not billed represents receivables from contracts with customers earned but unbilled and results from timing differences between services provided and contractual billing schedules. These billing schedules generally provide for fees to be billed on a quarterly basis. In addition, certain fees earned from investment operations services are calculated based on assets under administration that have an extended valuation process. Billings to these clients occur once the asset valuation processes are completed.
Receivables from investment products on the accompanying Consolidated Balance Sheets primarily represent fees receivable for distribution, investment advisory, and administration services to various regulated investment companies and other investment products sponsored by SEI.





12


Property and Equipment
Property and Equipment on the accompanying Consolidated Balance Sheets consists of:
September 30, 2021December 31, 2020
Buildings$209,315 $206,151 
Equipment150,945 141,820 
Land24,651 24,179 
Purchased software156,327 147,838 
Furniture and fixtures21,196 21,439 
Leasehold improvements21,838 21,604 
Construction in progress209 4,660 
584,481 567,691 
Less: Accumulated depreciation(400,679)(378,639)
Property and Equipment, net$183,802 $189,052