10-Q 1 seic-20220930.htm FORM 10-Q seic-20220930
00003508942022Q3FALSE--12-31P2Y00003508942022-01-012022-09-3000003508942022-10-20xbrli:shares00003508942022-09-30iso4217:USD00003508942021-12-31iso4217:USDxbrli:shares0000350894seic:AssetManagementAdministrationAndDistributionFeesMember2022-07-012022-09-300000350894seic:AssetManagementAdministrationAndDistributionFeesMember2021-07-012021-09-300000350894seic:AssetManagementAdministrationAndDistributionFeesMember2022-01-012022-09-300000350894seic:AssetManagementAdministrationAndDistributionFeesMember2021-01-012021-09-300000350894seic:InformationProcessingAndSoftwareServicingFeesMember2022-07-012022-09-300000350894seic:InformationProcessingAndSoftwareServicingFeesMember2021-07-012021-09-300000350894seic:InformationProcessingAndSoftwareServicingFeesMember2022-01-012022-09-300000350894seic:InformationProcessingAndSoftwareServicingFeesMember2021-01-012021-09-3000003508942022-07-012022-09-3000003508942021-07-012021-09-3000003508942021-01-012021-09-300000350894us-gaap:CommonStockMember2022-06-300000350894us-gaap:AdditionalPaidInCapitalMember2022-06-300000350894us-gaap:RetainedEarningsMember2022-06-300000350894us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-3000003508942022-06-300000350894us-gaap:RetainedEarningsMember2022-07-012022-09-300000350894us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000350894us-gaap:CommonStockMember2022-07-012022-09-300000350894us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300000350894us-gaap:CommonStockMember2022-09-300000350894us-gaap:AdditionalPaidInCapitalMember2022-09-300000350894us-gaap:RetainedEarningsMember2022-09-300000350894us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300000350894us-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:AccumulatedOtherComprehensiveIncomeMember2021-09-3000003508942021-09-300000350894us-gaap:CommonStockMember2021-12-310000350894us-gaap:AdditionalPaidInCapitalMember2021-12-310000350894us-gaap:RetainedEarningsMember2021-12-310000350894us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000350894us-gaap:RetainedEarningsMember2022-01-012022-09-300000350894us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300000350894us-gaap:CommonStockMember2022-01-012022-09-300000350894us-gaap:AdditionalPaidInCapitalMember2022-01-012022-09-300000350894us-gaap:CommonStockMember2020-12-310000350894us-gaap:AdditionalPaidInCapitalMember2020-12-310000350894us-gaap:RetainedEarningsMember2020-12-310000350894us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-3100003508942020-12-310000350894us-gaap:RetainedEarningsMember2021-01-012021-09-300000350894us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300000350894us-gaap:CommonStockMember2021-01-012021-09-300000350894us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-300000350894seic:SeiSponsoredOpenEndedMoneyMarketMutualFundsMember2022-07-012022-09-300000350894seic:SeiSponsoredOpenEndedMoneyMarketMutualFundsMember2021-07-012021-09-300000350894seic:SeiSponsoredOpenEndedMoneyMarketMutualFundsMember2022-01-012022-09-300000350894seic:SeiSponsoredOpenEndedMoneyMarketMutualFundsMember2021-01-012021-09-300000350894seic:SeiSponsoredOpenEndedMoneyMarketMutualFundsMember2022-09-300000350894seic:SeiSponsoredOpenEndedMoneyMarketMutualFundsMember2021-12-310000350894seic:SeiInvestmentsEuropeLimitedMember2021-12-310000350894seic:SeiInvestmentsEuropeLimitedMember2022-09-300000350894seic:SeiInvestmentsDistributionCoSidcoMember2022-09-300000350894seic:SeiInvestmentsDistributionCoSidcoMember2021-12-310000350894seic:SeiWealthPlatformMember2022-09-300000350894seic:SeiWealthPlatformMember2021-12-310000350894seic:SeiWealthPlatformMembersrt:WeightedAverageMember2022-01-012022-09-300000350894seic:SeiWealthPlatformMember2022-01-012022-09-300000350894seic:SeiWealthPlatformMember2021-01-012021-09-300000350894seic:InvestmentManagersMember2022-01-012022-09-300000350894seic:LSVAssetManagementMember2022-09-30xbrli:pure0000350894us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2022-07-012022-09-300000350894us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-07-012021-09-300000350894us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2022-01-012022-09-300000350894us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-01-012021-09-300000350894us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2022-09-300000350894us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-12-310000350894seic:LSVAssetManagementMember2022-04-010000350894seic:LSVAssetManagementMember2022-03-310000350894us-gaap:BuildingMember2022-09-300000350894us-gaap:BuildingMember2021-12-310000350894us-gaap:EquipmentMember2022-09-300000350894us-gaap:EquipmentMember2021-12-310000350894us-gaap:LandMember2022-09-300000350894us-gaap:LandMember2021-12-310000350894seic:PurchasedSoftwareMember2022-09-300000350894seic:PurchasedSoftwareMember2021-12-310000350894us-gaap:FurnitureAndFixturesMember2022-09-300000350894us-gaap:FurnitureAndFixturesMember2021-12-310000350894us-gaap:LeaseholdImprovementsMember2022-09-300000350894us-gaap:LeaseholdImprovementsMember2021-12-310000350894us-gaap:ConstructionInProgressMember2022-09-300000350894us-gaap:ConstructionInProgressMember2021-12-310000350894us-gaap:EquitySecuritiesMember2022-09-300000350894us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-09-300000350894us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2022-09-300000350894us-gaap:FixedIncomeSecuritiesMember2022-09-300000350894us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-09-300000350894us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-09-300000350894us-gaap:FairValueInputsLevel1Member2022-09-300000350894us-gaap:FairValueInputsLevel2Member2022-09-300000350894seic:InvestmentFundsSponsoredByLSVMember2022-09-300000350894us-gaap:EquitySecuritiesMember2021-12-310000350894us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000350894us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2021-12-310000350894us-gaap:FixedIncomeSecuritiesMember2021-12-310000350894us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000350894us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310000350894us-gaap:FairValueInputsLevel1Member2021-12-310000350894us-gaap:FairValueInputsLevel2Member2021-12-310000350894seic:InvestmentFundsSponsoredByLSVMember2021-12-310000350894seic:SEISponsoredMutualFundsMember2022-09-300000350894seic:EquitiesAndOtherMutualFundsMember2022-09-300000350894seic:SEISponsoredMutualFundsMember2021-12-310000350894seic:EquitiesAndOtherMutualFundsMember2021-12-310000350894us-gaap:FixedIncomeSecuritiesMember2022-01-012022-09-300000350894us-gaap:FixedIncomeSecuritiesMember2021-01-012021-09-300000350894us-gaap:PrivateEquityFundsForeignMember2022-09-300000350894us-gaap:PrivateEquityFundsForeignMember2021-12-310000350894us-gaap:PrivateEquityFundsForeignMember2022-07-012022-09-300000350894us-gaap:PrivateEquityFundsForeignMember2021-07-012021-09-300000350894us-gaap:PrivateEquityFundsForeignMember2022-01-012022-09-300000350894us-gaap:PrivateEquityFundsForeignMember2021-01-012021-09-300000350894seic:A2021CreditFacilityMemberus-gaap:LineOfCreditMember2021-04-232021-04-230000350894seic:A2021CreditFacilityMemberus-gaap:LineOfCreditMember2021-04-230000350894srt:MinimumMemberseic:A2021CreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMember2021-04-232021-04-230000350894srt:MaximumMemberseic:A2021CreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMember2021-04-232021-04-230000350894srt:MinimumMemberus-gaap:LondonInterbankOfferedRateLIBORMemberseic:A2021CreditFacilityMemberus-gaap:LineOfCreditMember2021-04-232021-04-230000350894srt:MaximumMemberus-gaap:LondonInterbankOfferedRateLIBORMemberseic:A2021CreditFacilityMemberus-gaap:LineOfCreditMember2021-04-232021-04-230000350894seic:A2021CreditFacilityMember2021-04-232021-04-23seic:fiscalQuarter0000350894seic:A2021CreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:FederalFundsEffectiveSwapRateMember2021-04-232021-04-230000350894us-gaap:LondonInterbankOfferedRateLIBORMemberseic:A2021CreditFacilityMemberus-gaap:LineOfCreditMember2021-04-232021-04-230000350894srt:MinimumMemberseic:A2021CreditFacilityMemberus-gaap:LineOfCreditMember2021-04-232021-04-230000350894srt:MaximumMemberseic:A2021CreditFacilityMemberus-gaap:LineOfCreditMember2021-04-232021-04-230000350894seic:A2021CreditFacilityMemberus-gaap:LetterOfCreditMember2021-04-230000350894seic:A2021CreditFacilityMemberus-gaap:LetterOfCreditMember2021-04-232021-04-230000350894seic:A2021CreditFacilityMemberus-gaap:LineOfCreditMember2021-11-012021-11-300000350894seic:A2021CreditFacilityMemberus-gaap:LineOfCreditMember2022-01-012022-09-300000350894seic:A2021CreditFacilityMemberus-gaap:SubsequentEventMember2022-10-200000350894seic:A2021CreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMember2022-10-200000350894us-gaap:ShareBasedCompensationAwardTrancheOneMemberseic:TwoThousandFourteenPlanMember2022-01-012022-09-300000350894us-gaap:ShareBasedCompensationAwardTrancheTwoMemberseic:TwoThousandFourteenPlanMember2022-01-012022-09-300000350894srt:MinimumMember2022-01-012022-09-300000350894srt:MaximumMember2022-01-012022-09-300000350894us-gaap:RestrictedStockUnitsRSUMember2022-03-312022-03-310000350894us-gaap:OneTimeTerminationBenefitsMember2022-07-012022-07-310000350894us-gaap:OneTimeTerminationBenefitsMember2022-07-012022-09-300000350894seic:CommonStockBuybackMember2022-01-012022-09-300000350894seic:CommonStockBuybackMember2022-06-010000350894seic:CommonStockBuybackMember2022-09-3000003508942022-06-012022-06-010000350894us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310000350894us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310000350894us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-09-300000350894us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-09-300000350894us-gaap:AccumulatedTranslationAdjustmentMember2022-09-300000350894us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-09-300000350894us-gaap:IntersegmentEliminationMember2021-01-012021-09-300000350894us-gaap:IntersegmentEliminationMember2022-01-012022-09-300000350894us-gaap:IntersegmentEliminationMember2021-07-012021-09-300000350894us-gaap:IntersegmentEliminationMember2022-07-012022-09-300000350894seic:PrivateBankMember2022-07-012022-09-300000350894seic:InvestmentAdvisorsMember2022-07-012022-09-300000350894seic:InstitutionalInvestorsMember2022-07-012022-09-300000350894seic:InvestmentManagersMember2022-07-012022-09-300000350894seic:InvestmentsInNewBusinessesMember2022-07-012022-09-300000350894seic: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:PrivateBankMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000350894seic:PrivateBankMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000350894seic:InvestmentAdvisorsMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300000350894seic:InstitutionalInvestorsMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000350894seic:InstitutionalInvestorsMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300000350894us-gaap:OperatingSegmentsMemberseic:InvestmentManagersMember2022-07-012022-09-300000350894us-gaap:OperatingSegmentsMemberseic:InvestmentManagersMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000350894seic:InvestmentsInNewBusinessesMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300000350894us-gaap:OperatingSegmentsMember2022-07-012022-09-300000350894us-gaap:OperatingSegmentsMember2021-07-012021-09-300000350894us-gaap:CorporateNonSegmentMember2022-07-012022-09-300000350894us-gaap:CorporateNonSegmentMember2021-07-012021-09-300000350894seic:PrivateBankMember2022-01-012022-09-300000350894seic:InvestmentAdvisorsMember2022-01-012022-09-300000350894seic:InstitutionalInvestorsMember2022-01-012022-09-300000350894seic:InvestmentsInNewBusinessesMember2022-01-012022-09-300000350894seic:PrivateBankMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMember2021-01-012021-09-300000350894seic:InstitutionalInvestorsMember2021-01-012021-09-300000350894seic:InvestmentManagersMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMember2021-01-012021-09-300000350894us-gaap:OperatingSegmentsMember2022-01-012022-09-300000350894us-gaap:OperatingSegmentsMember2021-01-012021-09-300000350894us-gaap:CorporateNonSegmentMember2022-01-012022-09-300000350894us-gaap:CorporateNonSegmentMember2021-01-012021-09-300000350894seic:PrivateBankMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000350894seic:PrivateBankMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000350894seic:InvestmentAdvisorsMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300000350894seic:InstitutionalInvestorsMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000350894seic:InstitutionalInvestorsMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300000350894us-gaap:OperatingSegmentsMemberseic:InvestmentManagersMember2022-01-012022-09-300000350894us-gaap:OperatingSegmentsMemberseic:InvestmentManagersMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000350894seic:InvestmentsInNewBusinessesMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300000350894seic:SettlementandLapseofStatuteMember2022-09-300000350894seic:InstitutionalInvestorsMember2021-12-310000350894seic:InvestmentManagersMember2021-12-310000350894seic:InvestmentsInNewBusinessesMember2021-12-310000350894seic:InstitutionalInvestorsMember2022-09-300000350894seic:InvestmentManagersMember2022-09-300000350894seic:InvestmentsInNewBusinessesMember2022-09-300000350894seic:FinomialMember2021-10-012021-10-310000350894seic:NovusPartnersMember2021-11-012021-11-300000350894seic:HuntingtonSteeleLLCMember2018-04-300000350894seic:HuntingtonSteeleLLCMember2022-01-012022-09-300000350894seic:HuntingtonSteeleLLCMember2021-01-012021-09-300000350894seic:HuntingtonSteeleLLCMember2022-09-300000350894seic:PrivateBankMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2022-07-012022-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2022-07-012022-09-300000350894seic:InstitutionalInvestorsMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2022-07-012022-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMemberseic:InvestmentManagersMember2022-07-012022-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2022-07-012022-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMember2022-07-012022-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMemberseic:PrivateBankMember2022-07-012022-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2022-07-012022-09-300000350894seic:InstitutionalInvestorsMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2022-07-012022-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMemberseic:InvestmentManagersMember2022-07-012022-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2022-07-012022-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2022-07-012022-09-300000350894seic:PrivateBankMemberseic:InvestmentOperationsFeesMember2022-07-012022-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentOperationsFeesMember2022-07-012022-09-300000350894seic:InstitutionalInvestorsMemberseic:InvestmentOperationsFeesMember2022-07-012022-09-300000350894seic:InvestmentOperationsFeesMemberseic:InvestmentManagersMember2022-07-012022-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentOperationsFeesMember2022-07-012022-09-300000350894seic:InvestmentOperationsFeesMember2022-07-012022-09-300000350894seic:PrivateBankMemberseic:InvestmentProcessingFeesPaaSMember2022-07-012022-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentProcessingFeesPaaSMember2022-07-012022-09-300000350894seic:InstitutionalInvestorsMemberseic:InvestmentProcessingFeesPaaSMember2022-07-012022-09-300000350894seic:InvestmentProcessingFeesPaaSMemberseic:InvestmentManagersMember2022-07-012022-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentProcessingFeesPaaSMember2022-07-012022-09-300000350894seic:InvestmentProcessingFeesPaaSMember2022-07-012022-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:PrivateBankMember2022-07-012022-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InvestmentAdvisorsMember2022-07-012022-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InstitutionalInvestorsMember2022-07-012022-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InvestmentManagersMember2022-07-012022-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InvestmentsInNewBusinessesMember2022-07-012022-09-300000350894seic:InvestmentProcessingFeesSaaSMember2022-07-012022-09-300000350894seic:PrivateBankMemberseic:ProfessionalServicesFeesMember2022-07-012022-09-300000350894seic:InvestmentAdvisorsMemberseic:ProfessionalServicesFeesMember2022-07-012022-09-300000350894seic:InstitutionalInvestorsMemberseic:ProfessionalServicesFeesMember2022-07-012022-09-300000350894seic:ProfessionalServicesFeesMemberseic:InvestmentManagersMember2022-07-012022-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:ProfessionalServicesFeesMember2022-07-012022-09-300000350894seic:ProfessionalServicesFeesMember2022-07-012022-09-300000350894seic:AccountFeesAndOtherMemberseic:PrivateBankMember2022-07-012022-09-300000350894seic:InvestmentAdvisorsMemberseic:AccountFeesAndOtherMember2022-07-012022-09-300000350894seic:AccountFeesAndOtherMemberseic:InstitutionalInvestorsMember2022-07-012022-09-300000350894seic:AccountFeesAndOtherMemberseic:InvestmentManagersMember2022-07-012022-09-300000350894seic:AccountFeesAndOtherMemberseic:InvestmentsInNewBusinessesMember2022-07-012022-09-300000350894seic:AccountFeesAndOtherMember2022-07-012022-09-300000350894seic:PrivateBankMembercountry:US2022-07-012022-09-300000350894seic:InvestmentAdvisorsMembercountry:US2022-07-012022-09-300000350894seic:InstitutionalInvestorsMembercountry:US2022-07-012022-09-300000350894country:USseic:InvestmentManagersMember2022-07-012022-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:US2022-07-012022-09-300000350894country:US2022-07-012022-09-300000350894seic:PrivateBankMembercountry:GB2022-07-012022-09-300000350894seic:InvestmentAdvisorsMembercountry:GB2022-07-012022-09-300000350894seic:InstitutionalInvestorsMembercountry:GB2022-07-012022-09-300000350894country:GBseic:InvestmentManagersMember2022-07-012022-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:GB2022-07-012022-09-300000350894country:GB2022-07-012022-09-300000350894seic:PrivateBankMembercountry:CA2022-07-012022-09-300000350894seic:InvestmentAdvisorsMembercountry:CA2022-07-012022-09-300000350894seic:InstitutionalInvestorsMembercountry:CA2022-07-012022-09-300000350894country:CAseic:InvestmentManagersMember2022-07-012022-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:CA2022-07-012022-09-300000350894country:CA2022-07-012022-09-300000350894country:IEseic:PrivateBankMember2022-07-012022-09-300000350894seic:InvestmentAdvisorsMembercountry:IE2022-07-012022-09-300000350894country:IEseic:InstitutionalInvestorsMember2022-07-012022-09-300000350894country:IEseic:InvestmentManagersMember2022-07-012022-09-300000350894country:IEseic:InvestmentsInNewBusinessesMember2022-07-012022-09-300000350894country:IE2022-07-012022-09-300000350894seic:PrivateBankMembercountry:LU2022-07-012022-09-300000350894seic:InvestmentAdvisorsMembercountry:LU2022-07-012022-09-300000350894seic:InstitutionalInvestorsMembercountry:LU2022-07-012022-09-300000350894country:LUseic:InvestmentManagersMember2022-07-012022-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:LU2022-07-012022-09-300000350894country:LU2022-07-012022-09-300000350894seic:PrivateBankMemberseic:OtherGeographicAreasMember2022-07-012022-09-300000350894seic:InvestmentAdvisorsMemberseic:OtherGeographicAreasMember2022-07-012022-09-300000350894seic:InstitutionalInvestorsMemberseic:OtherGeographicAreasMember2022-07-012022-09-300000350894seic:InvestmentManagersMemberseic:OtherGeographicAreasMember2022-07-012022-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:OtherGeographicAreasMember2022-07-012022-09-300000350894seic:OtherGeographicAreasMember2022-07-012022-09-300000350894seic:PrivateBankMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2021-07-012021-09-300000350894seic:InstitutionalInvestorsMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2021-07-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMemberseic:InvestmentManagersMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2021-07-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMember2021-07-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMemberseic:PrivateBankMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-07-012021-09-300000350894seic:InstitutionalInvestorsMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-07-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMemberseic:InvestmentManagersMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-07-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-07-012021-09-300000350894seic:PrivateBankMemberseic:InvestmentOperationsFeesMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentOperationsFeesMember2021-07-012021-09-300000350894seic:InstitutionalInvestorsMemberseic:InvestmentOperationsFeesMember2021-07-012021-09-300000350894seic:InvestmentOperationsFeesMemberseic:InvestmentManagersMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentOperationsFeesMember2021-07-012021-09-300000350894seic:InvestmentOperationsFeesMember2021-07-012021-09-300000350894seic:PrivateBankMemberseic:InvestmentProcessingFeesPaaSMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentProcessingFeesPaaSMember2021-07-012021-09-300000350894seic:InstitutionalInvestorsMemberseic:InvestmentProcessingFeesPaaSMember2021-07-012021-09-300000350894seic:InvestmentProcessingFeesPaaSMemberseic:InvestmentManagersMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentProcessingFeesPaaSMember2021-07-012021-09-300000350894seic:InvestmentProcessingFeesPaaSMember2021-07-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:PrivateBankMember2021-07-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InvestmentAdvisorsMember2021-07-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InstitutionalInvestorsMember2021-07-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InvestmentManagersMember2021-07-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InvestmentsInNewBusinessesMember2021-07-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMember2021-07-012021-09-300000350894seic:PrivateBankMemberseic:ProfessionalServicesFeesMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:ProfessionalServicesFeesMember2021-07-012021-09-300000350894seic:InstitutionalInvestorsMemberseic:ProfessionalServicesFeesMember2021-07-012021-09-300000350894seic:ProfessionalServicesFeesMemberseic:InvestmentManagersMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:ProfessionalServicesFeesMember2021-07-012021-09-300000350894seic:ProfessionalServicesFeesMember2021-07-012021-09-300000350894seic:AccountFeesAndOtherMemberseic:PrivateBankMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:AccountFeesAndOtherMember2021-07-012021-09-300000350894seic:AccountFeesAndOtherMemberseic:InstitutionalInvestorsMember2021-07-012021-09-300000350894seic:AccountFeesAndOtherMemberseic:InvestmentManagersMember2021-07-012021-09-300000350894seic:AccountFeesAndOtherMemberseic:InvestmentsInNewBusinessesMember2021-07-012021-09-300000350894seic:AccountFeesAndOtherMember2021-07-012021-09-300000350894seic:PrivateBankMembercountry:US2021-07-012021-09-300000350894seic:InvestmentAdvisorsMembercountry:US2021-07-012021-09-300000350894seic:InstitutionalInvestorsMembercountry:US2021-07-012021-09-300000350894country:USseic:InvestmentManagersMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:US2021-07-012021-09-300000350894country:US2021-07-012021-09-300000350894seic:PrivateBankMembercountry:GB2021-07-012021-09-300000350894seic:InvestmentAdvisorsMembercountry:GB2021-07-012021-09-300000350894seic:InstitutionalInvestorsMembercountry:GB2021-07-012021-09-300000350894country:GBseic:InvestmentManagersMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:GB2021-07-012021-09-300000350894country:GB2021-07-012021-09-300000350894seic:PrivateBankMembercountry:CA2021-07-012021-09-300000350894seic:InvestmentAdvisorsMembercountry:CA2021-07-012021-09-300000350894seic:InstitutionalInvestorsMembercountry:CA2021-07-012021-09-300000350894country:CAseic:InvestmentManagersMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:CA2021-07-012021-09-300000350894country:CA2021-07-012021-09-300000350894country:IEseic:PrivateBankMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMembercountry:IE2021-07-012021-09-300000350894country:IEseic:InstitutionalInvestorsMember2021-07-012021-09-300000350894country:IEseic:InvestmentManagersMember2021-07-012021-09-300000350894country:IEseic:InvestmentsInNewBusinessesMember2021-07-012021-09-300000350894country:IE2021-07-012021-09-300000350894seic:PrivateBankMemberseic:OtherGeographicAreasMember2021-07-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:OtherGeographicAreasMember2021-07-012021-09-300000350894seic:InstitutionalInvestorsMemberseic:OtherGeographicAreasMember2021-07-012021-09-300000350894seic:InvestmentManagersMemberseic:OtherGeographicAreasMember2021-07-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:OtherGeographicAreasMember2021-07-012021-09-300000350894seic:OtherGeographicAreasMember2021-07-012021-09-300000350894seic:PrivateBankMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2022-01-012022-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2022-01-012022-09-300000350894seic:InstitutionalInvestorsMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2022-01-012022-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMemberseic:InvestmentManagersMember2022-01-012022-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2022-01-012022-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMember2022-01-012022-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMemberseic:PrivateBankMember2022-01-012022-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2022-01-012022-09-300000350894seic:InstitutionalInvestorsMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2022-01-012022-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMemberseic:InvestmentManagersMember2022-01-012022-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2022-01-012022-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2022-01-012022-09-300000350894seic:PrivateBankMemberseic:InvestmentOperationsFeesMember2022-01-012022-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentOperationsFeesMember2022-01-012022-09-300000350894seic:InstitutionalInvestorsMemberseic:InvestmentOperationsFeesMember2022-01-012022-09-300000350894seic:InvestmentOperationsFeesMemberseic:InvestmentManagersMember2022-01-012022-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentOperationsFeesMember2022-01-012022-09-300000350894seic:InvestmentOperationsFeesMember2022-01-012022-09-300000350894seic:PrivateBankMemberseic:InvestmentProcessingFeesPaaSMember2022-01-012022-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentProcessingFeesPaaSMember2022-01-012022-09-300000350894seic:InstitutionalInvestorsMemberseic:InvestmentProcessingFeesPaaSMember2022-01-012022-09-300000350894seic:InvestmentProcessingFeesPaaSMemberseic:InvestmentManagersMember2022-01-012022-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentProcessingFeesPaaSMember2022-01-012022-09-300000350894seic:InvestmentProcessingFeesPaaSMember2022-01-012022-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:PrivateBankMember2022-01-012022-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InvestmentAdvisorsMember2022-01-012022-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InstitutionalInvestorsMember2022-01-012022-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InvestmentManagersMember2022-01-012022-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InvestmentsInNewBusinessesMember2022-01-012022-09-300000350894seic:InvestmentProcessingFeesSaaSMember2022-01-012022-09-300000350894seic:PrivateBankMemberseic:ProfessionalServicesFeesMember2022-01-012022-09-300000350894seic:InvestmentAdvisorsMemberseic:ProfessionalServicesFeesMember2022-01-012022-09-300000350894seic:InstitutionalInvestorsMemberseic:ProfessionalServicesFeesMember2022-01-012022-09-300000350894seic:ProfessionalServicesFeesMemberseic:InvestmentManagersMember2022-01-012022-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:ProfessionalServicesFeesMember2022-01-012022-09-300000350894seic:ProfessionalServicesFeesMember2022-01-012022-09-300000350894seic:AccountFeesAndOtherMemberseic:PrivateBankMember2022-01-012022-09-300000350894seic:InvestmentAdvisorsMemberseic:AccountFeesAndOtherMember2022-01-012022-09-300000350894seic:AccountFeesAndOtherMemberseic:InstitutionalInvestorsMember2022-01-012022-09-300000350894seic:AccountFeesAndOtherMemberseic:InvestmentManagersMember2022-01-012022-09-300000350894seic:AccountFeesAndOtherMemberseic:InvestmentsInNewBusinessesMember2022-01-012022-09-300000350894seic:AccountFeesAndOtherMember2022-01-012022-09-300000350894seic:PrivateBankMembercountry:US2022-01-012022-09-300000350894seic:InvestmentAdvisorsMembercountry:US2022-01-012022-09-300000350894seic:InstitutionalInvestorsMembercountry:US2022-01-012022-09-300000350894country:USseic:InvestmentManagersMember2022-01-012022-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:US2022-01-012022-09-300000350894country:US2022-01-012022-09-300000350894seic:PrivateBankMembercountry:GB2022-01-012022-09-300000350894seic:InvestmentAdvisorsMembercountry:GB2022-01-012022-09-300000350894seic:InstitutionalInvestorsMembercountry:GB2022-01-012022-09-300000350894country:GBseic:InvestmentManagersMember2022-01-012022-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:GB2022-01-012022-09-300000350894country:GB2022-01-012022-09-300000350894seic:PrivateBankMembercountry:CA2022-01-012022-09-300000350894seic:InvestmentAdvisorsMembercountry:CA2022-01-012022-09-300000350894seic:InstitutionalInvestorsMembercountry:CA2022-01-012022-09-300000350894country:CAseic:InvestmentManagersMember2022-01-012022-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:CA2022-01-012022-09-300000350894country:CA2022-01-012022-09-300000350894country:IEseic:PrivateBankMember2022-01-012022-09-300000350894seic:InvestmentAdvisorsMembercountry:IE2022-01-012022-09-300000350894country:IEseic:InstitutionalInvestorsMember2022-01-012022-09-300000350894country:IEseic:InvestmentManagersMember2022-01-012022-09-300000350894country:IEseic:InvestmentsInNewBusinessesMember2022-01-012022-09-300000350894country:IE2022-01-012022-09-300000350894seic:PrivateBankMembercountry:LU2022-01-012022-09-300000350894seic:InvestmentAdvisorsMembercountry:LU2022-01-012022-09-300000350894seic:InstitutionalInvestorsMembercountry:LU2022-01-012022-09-300000350894country:LUseic:InvestmentManagersMember2022-01-012022-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:LU2022-01-012022-09-300000350894country:LU2022-01-012022-09-300000350894seic:PrivateBankMemberseic:OtherGeographicAreasMember2022-01-012022-09-300000350894seic:InvestmentAdvisorsMemberseic:OtherGeographicAreasMember2022-01-012022-09-300000350894seic:InstitutionalInvestorsMemberseic:OtherGeographicAreasMember2022-01-012022-09-300000350894seic:InvestmentManagersMemberseic:OtherGeographicAreasMember2022-01-012022-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:OtherGeographicAreasMember2022-01-012022-09-300000350894seic:OtherGeographicAreasMember2022-01-012022-09-300000350894seic:ProfessionalServicesFeesOneTimeEarlyTerminationFeesMemberseic:PrivateBankMember2022-01-012022-03-310000350894seic:PrivateBankMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2021-01-012021-09-300000350894seic:InstitutionalInvestorsMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2021-01-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMemberseic:InvestmentManagersMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentManagementFeesFromInvestmentProductsMember2021-01-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentProductsMember2021-01-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMemberseic:PrivateBankMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-01-012021-09-300000350894seic:InstitutionalInvestorsMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-01-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMemberseic:InvestmentManagersMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-01-012021-09-300000350894seic:InvestmentManagementFeesFromInvestmentManagementAgreementsMember2021-01-012021-09-300000350894seic:PrivateBankMemberseic:InvestmentOperationsFeesMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentOperationsFeesMember2021-01-012021-09-300000350894seic:InstitutionalInvestorsMemberseic:InvestmentOperationsFeesMember2021-01-012021-09-300000350894seic:InvestmentOperationsFeesMemberseic:InvestmentManagersMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentOperationsFeesMember2021-01-012021-09-300000350894seic:InvestmentOperationsFeesMember2021-01-012021-09-300000350894seic:PrivateBankMemberseic:InvestmentProcessingFeesPaaSMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:InvestmentProcessingFeesPaaSMember2021-01-012021-09-300000350894seic:InstitutionalInvestorsMemberseic:InvestmentProcessingFeesPaaSMember2021-01-012021-09-300000350894seic:InvestmentProcessingFeesPaaSMemberseic:InvestmentManagersMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:InvestmentProcessingFeesPaaSMember2021-01-012021-09-300000350894seic:InvestmentProcessingFeesPaaSMember2021-01-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:PrivateBankMember2021-01-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InvestmentAdvisorsMember2021-01-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InstitutionalInvestorsMember2021-01-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InvestmentManagersMember2021-01-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMemberseic:InvestmentsInNewBusinessesMember2021-01-012021-09-300000350894seic:InvestmentProcessingFeesSaaSMember2021-01-012021-09-300000350894seic:PrivateBankMemberseic:ProfessionalServicesFeesMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:ProfessionalServicesFeesMember2021-01-012021-09-300000350894seic:InstitutionalInvestorsMemberseic:ProfessionalServicesFeesMember2021-01-012021-09-300000350894seic:ProfessionalServicesFeesMemberseic:InvestmentManagersMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:ProfessionalServicesFeesMember2021-01-012021-09-300000350894seic:ProfessionalServicesFeesMember2021-01-012021-09-300000350894seic:AccountFeesAndOtherMemberseic:PrivateBankMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:AccountFeesAndOtherMember2021-01-012021-09-300000350894seic:AccountFeesAndOtherMemberseic:InstitutionalInvestorsMember2021-01-012021-09-300000350894seic:AccountFeesAndOtherMemberseic:InvestmentManagersMember2021-01-012021-09-300000350894seic:AccountFeesAndOtherMemberseic:InvestmentsInNewBusinessesMember2021-01-012021-09-300000350894seic:AccountFeesAndOtherMember2021-01-012021-09-300000350894seic:PrivateBankMembercountry:US2021-01-012021-09-300000350894seic:InvestmentAdvisorsMembercountry:US2021-01-012021-09-300000350894seic:InstitutionalInvestorsMembercountry:US2021-01-012021-09-300000350894country:USseic:InvestmentManagersMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:US2021-01-012021-09-300000350894country:US2021-01-012021-09-300000350894seic:PrivateBankMembercountry:GB2021-01-012021-09-300000350894seic:InvestmentAdvisorsMembercountry:GB2021-01-012021-09-300000350894seic:InstitutionalInvestorsMembercountry:GB2021-01-012021-09-300000350894country:GBseic:InvestmentManagersMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:GB2021-01-012021-09-300000350894country:GB2021-01-012021-09-300000350894seic:PrivateBankMembercountry:CA2021-01-012021-09-300000350894seic:InvestmentAdvisorsMembercountry:CA2021-01-012021-09-300000350894seic:InstitutionalInvestorsMembercountry:CA2021-01-012021-09-300000350894country:CAseic:InvestmentManagersMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMembercountry:CA2021-01-012021-09-300000350894country:CA2021-01-012021-09-300000350894country:IEseic:PrivateBankMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMembercountry:IE2021-01-012021-09-300000350894country:IEseic:InstitutionalInvestorsMember2021-01-012021-09-300000350894country:IEseic:InvestmentManagersMember2021-01-012021-09-300000350894country:IEseic:InvestmentsInNewBusinessesMember2021-01-012021-09-300000350894country:IE2021-01-012021-09-300000350894seic:PrivateBankMemberseic:OtherGeographicAreasMember2021-01-012021-09-300000350894seic:InvestmentAdvisorsMemberseic:OtherGeographicAreasMember2021-01-012021-09-300000350894seic:InstitutionalInvestorsMemberseic:OtherGeographicAreasMember2021-01-012021-09-300000350894seic:InvestmentManagersMemberseic:OtherGeographicAreasMember2021-01-012021-09-300000350894seic:InvestmentsInNewBusinessesMemberseic:OtherGeographicAreasMember2021-01-012021-09-300000350894seic:OtherGeographicAreasMember2021-01-012021-09-30

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, 2022
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-20220930_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 20, 2022:
Common Stock, $0.01 par value134,828,481 





SEI INVESTMENTS COMPANY

TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
Page
Item 1.Financial Statements.
Consolidated Balance Sheets (Unaudited) -- September 30, 2022 and December 31, 2021
Consolidated Statements of Operations (Unaudited) -- For the Three and Nine Months Ended September 30, 2022 and 2021
Consolidated Statements of Comprehensive Income (Unaudited) -- For the Three and Nine Months Ended September 30, 2022 and 2021
Consolidated Statements of Changes in Equity (Unaudited) -- For the Three and Nine Months Ended September 30, 2022 and 2021
Consolidated Condensed Statements of Cash Flows (Unaudited) -- For the Nine Months Ended September 30, 2022 and 2021
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, 2022December 31, 2021
Assets
Current Assets:
Cash and cash equivalents$791,437 $831,407 
Restricted cash351 351 
Receivables from investment products91,223 59,036 
Receivables, net of allowance for doubtful accounts of $2,336 and $1,602
482,692 441,609 
Securities owned31,586 28,267 
Other current assets54,931 43,559 
Total Current Assets1,452,220 1,404,229 
Property and Equipment, net of accumulated depreciation of $431,473 and $409,248
182,522 178,869 
Operating Lease Right-of-Use Assets24,187 33,614 
Capitalized Software, net of accumulated amortization of $579,352 and $545,307
234,228 243,446 
Available for Sale and Equity Securities109,375 129,541 
Investments in Affiliated Funds, at fair value5,620 6,916 
Investment in Unconsolidated Affiliate39,012 107,918 
Goodwill117,509 117,232 
Intangible Assets, net of accumulated amortization of $27,133 and $17,716
58,201 68,782 
Deferred Contract Costs37,790 36,236 
Deferred Income Taxes2,253 2,983 
Other Assets, net32,514 24,936 
Total Assets$2,295,431 $2,354,702 
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, 2022December 31, 2021
Liabilities and Equity
Current Liabilities:
Accounts payable$8,209 $10,312 
Accrued liabilities294,987 324,382 
Current portion of long-term operating lease liabilities11,202 11,328 
Deferred revenue13,025 9,721 
Total Current Liabilities327,423 355,743 
Borrowings Under Revolving Credit Facility 40,000 
Long-term Income Taxes Payable803 803 
Deferred Income Taxes3,545 48,876 
Long-term Operating Lease Liabilities18,361 27,639 
Other Long-term Liabilities14,986 20,878 
Total Liabilities365,118 493,939 
Commitments and Contingencies
Shareholders' Equity:
Common stock, $0.01 par value, 750,000 shares authorized; 134,816 and 138,449 shares issued and outstanding
1,348 1,384 
Capital in excess of par value1,285,224 1,246,608 
Retained earnings711,330 632,614 
Accumulated other comprehensive loss, net(67,589)(19,843)
Total Shareholders' Equity1,930,313 1,860,763 
Total Liabilities and Shareholders' Equity$2,295,431 $2,354,702 
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,
 2022202120222021
Revenues:
Asset management, administration and distribution fees
$372,133 $393,296 $1,148,824 $1,143,451 
Information processing and software servicing fees
99,201 92,026 385,623 273,208 
Total revenues471,334 485,322 1,534,447 1,416,659 
Expenses:
Subadvisory, distribution and other asset management costs
47,334 55,619 150,485 161,610 
Software royalties and other information processing costs
6,909 7,348 21,863 20,561 
Compensation, benefits and other personnel
227,127 150,188 545,532 429,188 
Stock-based compensation
10,766 11,318 31,339 31,173 
Consulting, outsourcing and professional fees
58,558 55,868 184,320 165,657 
Data processing and computer related
30,950 26,650 93,020 79,746 
Facilities, supplies and other costs
19,704 14,124 57,464 49,851 
Amortization
10,382 14,674 43,777 43,749 
Depreciation
8,558 8,408 24,942 25,141 
Total expenses420,288 344,197 1,152,742 1,006,676 
Income from operations51,046 141,125 381,705 409,983 
Net (loss) gain from investments(1,406)(575)(4,515)134 
Interest and dividend income3,962 892 6,663 2,715 
Interest expense(143)(101)(604)(354)
Equity in earnings of unconsolidated affiliate26,654 35,005 88,926 103,420 
Income before income taxes80,113 176,346 472,175 515,898 
Income taxes18,454 38,301 108,932 114,605 
Net income$61,659 $138,045 $363,243 $401,293 
Basic earnings per common share$0.46 $0.98 $2.66 $2.83 
Shares used to compute basic earnings per share135,203 140,507 136,524 141,928 
Diluted earnings per common share$0.45 $0.97 $2.63 $2.79 
Shares used to compute diluted earnings per share136,345 142,426 137,958 143,981 
Dividends declared per common share$ $ $0.40 $0.37 
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,
 2022202120222021
Net income$61,659 $138,045 $363,243 $401,293 
Other comprehensive loss, net of tax:
Foreign currency translation adjustments(17,909)(5,546)(37,090)(2,867)
Unrealized loss on investments:
Unrealized losses during the period, net of income taxes of $1,194, $208, $3,303 and $453
(4,000)(713)(11,057)(1,548)
Reclassification adjustment for losses realized in net income, net of income taxes of $(24), $(67), $(120) and $(190)
83 238 401 670 
Total other comprehensive loss, net of tax(21,826)(6,021)(47,746)(3,745)
Comprehensive income$39,833 $132,024 $315,497 $397,548 
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, 2022
Balance, July 1, 2022135,480 $1,355 $1,272,971 $693,525 $(45,763)$1,922,088 
Net income— — — 61,659 — 61,659 
Other comprehensive loss— — — — (21,826)(21,826)
Purchase and retirement of common stock(890)(9)(5,571)(43,854)— (49,434)
Issuance of common stock under employee stock purchase plan24 — 1,123 — — 1,123 
Issuance of common stock upon exercise of stock options202 2 5,935 — — 5,937 
Stock-based compensation— — 10,766 — — 10,766 
Balance, September 30, 2022134,816 $1,348 $1,285,224 $711,330 $(67,589)$1,930,313 
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 
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, 2022
Balance, January 1, 2022138,449 $1,384 $1,246,608 $632,614 $(19,843)$1,860,763 
Net income— — — 363,243 — 363,243 
Other comprehensive loss— — — — (47,746)(47,746)
Purchase and retirement of common stock(4,573)(46)(28,622)(230,149)— (258,817)
Issuance of common stock under employee stock purchase plan69 1 3,380 — — 3,381 
Issuance of common stock upon exercise of stock options871 9 32,519 — — 32,528 
Stock-based compensation— — 31,339 — — 31,339 
Dividends declared ($0.40 per share)
— — — (54,378)— (54,378)
Balance, September 30, 2022134,816 $1,348 $1,285,224 $711,330 $(67,589)$1,930,313 
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 
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,
 20222021
Cash flows from operating activities:
Net income$363,243 $401,293 
Adjustments to reconcile net income to net cash provided by operating activities (See Note 1)65,276 82,588 
Net cash provided by operating activities428,519 483,881 
Cash flows from investing activities:
Additions to property and equipment(32,319)(22,520)
Additions to capitalized software(24,827)(19,486)
Purchases of marketable securities(124,454)(168,333)
Prepayments and maturities of marketable securities124,040 133,895 
Sales of marketable securities179 327 
Other investing activities(2,961)(11,425)
Net cash used in investing activities(60,342)(87,542)
Cash flows from financing activities:
Repayments under revolving credit facility(40,000) 
Payment of contingent consideration(868)(3,965)
Purchase and retirement of common stock(266,549)(315,811)
Proceeds from issuance of common stock35,909 37,902 
Payment of dividends(109,830)(105,516)
Net cash used in financing activities(381,338)(387,390)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(26,809)(2,442)
Net (decrease) increase in cash, cash equivalents and restricted cash(39,970)6,507 
Cash, cash equivalents and restricted cash, beginning of period831,758 787,727 
Cash, cash equivalents and restricted cash, end of period$791,788 $794,234 
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, 2022, the results of operations for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine-months ended September 30, 2022 and 2021. 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, 2021.
There have been no significant changes in significant accounting policies during the nine months ended September 30, 2022 as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.
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 $7,896 and $11,629 in fees during the three months ended September 30, 2022 and 2021, respectively. During the nine months ended September 30, 2022 and 2021, the Company waived $28,120 and $33,118, 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 $305,877 and $290,256 at September 30, 2022 and December 31, 2021, respectively, primarily invested in SEI-sponsored open-ended money market mutual funds.
Restricted Cash
Restricted cash includes $250 at September 30, 2022 and December 31, 2021 segregated for regulatory purposes related to trade-execution services conducted by SEI Investments (Europe) Limited. Restricted cash also includes $101 at September 30, 2022 and December 31, 2021 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 $24,827 and $19,486 of software development costs during the nine months ended September 30, 2022 and 2021, respectively. The Company's software development costs primarily relate to significant enhancements to the SEI Wealth PlatformSM (SWP). As of September 30, 2022, the net book value of SWP was $225,725. The net book value includes $8,660 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 $29,253 as of December 31, 2021. SWP has a weighted average remaining life of 10.0 years. Amortization expense for SWP was $29,696 and $35,834 during the nine months ended September 30, 2022 and 2021, respectively. The Company capitalized $5,284 of software development costs during the nine months ended September 30, 2022 related to a new platform for the Investment Managers segment. The platform is not yet ready for use.
Earnings per Share
The calculations of basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021 are:
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Net income$61,659 $138,045 $363,243 $401,293 
Shares used to compute basic earnings per common share135,203,000 140,507,000 136,524,000 141,928,000 
Dilutive effect of stock options1,142,000 1,919,000 1,434,000 2,053,000 
Shares used to compute diluted earnings per common share136,345,000 142,426,000 137,958,000 143,981,000 
Basic earnings per common share$0.46 $0.98 $2.66 $2.83 
Diluted earnings per common share$0.45 $0.97 $2.63 $2.79 
During the three months ended September 30, 2022 and 2021, employee stock options to purchase 11,862,000 and 11,347,000 shares of common stock with an average exercise price of $60.26 and $57.80, respectively, were outstanding but not included in the computation of diluted earnings per common share. During the nine months ended September 30, 2022 and 2021, employee stock options to purchase 12,048,000 and 11,531,000 shares of common stock with an average exercise price of $60.27 and $57.78, 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.
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:
20222021
Net income$363,243 $401,293 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation24,942 25,141 
Amortization43,777 43,749 
Equity in earnings of unconsolidated affiliate(88,926)(103,420)
Distributions received from unconsolidated affiliate103,504 110,559 
Stock-based compensation31,339 31,173 
Provision for losses on receivables734 1,569 
Deferred income tax expense(41,419)(6,639)
Net loss (gain) from investments4,515 (134)
Change in other long-term liabilities3,014 2,103 
Change in other assets(4,820)314 
Contract costs capitalized, net of amortization(1,554)(482)
Other(6,934)921 
Change in current assets and liabilities
(Increase) decrease in
Receivables from investment products(32,187)(4,537)
Receivables(41,697)(58,537)
Other current assets(11,422)(3,919)
Advances due from unconsolidated affiliate54,328 51,422 
(Decrease) increase in
Accounts payable(2,103)3,006 
Accrued liabilities27,092 (9,851)
Deferred revenue3,093 150 
Total adjustments65,276 82,588 
Net cash provided by operating activities$428,519 $483,881 

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, 2022 was 38.6%. 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.
At September 30, 2022, the Company’s total investment in LSV was $39,012. The Company receives partnership distributions from LSV on a quarterly basis. The Company received partnership distributions from LSV of $103,504 and $110,559 in the nine months ended September 30, 2022 and 2021, respectively. As such, the Company considers these




11


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 $26,654 and $35,005 during the three months ended September 30, 2022 and 2021, respectively. During the nine months ended September 30, 2022 and 2021, the Company's proportionate share in the earnings of LSV was $88,926 and $103,420, respectively.
These tables contain condensed financial information of LSV:
Condensed Statement of OperationsThree Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Revenues$91,588 $115,728 $299,852 $342,957 
Net income69,013 90,365 229,997 266,805 
Condensed Balance SheetsSeptember 30, 2022December 31, 2021
Current assets$110,421 $171,058 
Non-current assets5,113 4,792 
Total assets$115,534 $175,850 
Current liabilities$64,263 $82,858 
Non-current liabilities3,260 3,863 
Partners’ capital48,011 89,129 
Total liabilities and partners’ capital$115,534 $175,850 
On April 1, 2022, 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 38.6% from approximately 38.7%.

Note 3.    Composition of Certain Financial Statement Captions
Receivables
Receivables on the accompanying Consolidated Balance Sheets consist of: 
September 30, 2022December 31, 2021
Trade receivables$121,181 $111,209 
Fees earned, not billed332,457 315,255 
Other receivables31,390 16,747 
485,028 443,211 
Less: Allowance for doubtful accounts(2,336)(1,602)
$482,692 $441,609 
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, 2022December 31, 2021
Buildings$210,108 $209,766 
Equipment175,059 153,158 
Land26,439 24,651 
Purchased software