SEI INVESTMENTS CO [SEIC] Filings

10-Q 1 seic-20240930.htm FORM 10-Q seic-20240930

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, 2024


☐			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

________________________________________

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 class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

SEIC

The 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 filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller 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 22, 2024:


Common Stock, $0.01 par value						128,908,648

SEI INVESTMENTS COMPANY

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Page

Item 1.

Financial Statements.

Consolidated Balance Sheets (Unaudited) -- September 30, 2024 and December 31, 2023

Consolidated Statements of Operations (Unaudited) -- For the Three and Nine Months Ended September 30, 2024 and 2023

Consolidated Statements of Comprehensive Income (Unaudited) -- For the Three and Nine Months Ended September 30, 2024 and 2023

Consolidated Statements of Changes in Equity (Unaudited) -- For the Three and Nine Months Ended September 30, 2024 and 2023

Consolidated Condensed Statements of Cash Flows (Unaudited) -- For the Nine Months Ended September 30, 2024 and 2023

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 5.

Other Information

Item 6.

Exhibits.

Signatures

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

SEI Investments Company

Consolidated Balance Sheets

(unaudited)

(Dollars in thousands, except par value)


	September 30, 2024		December 31, 2023
Assets
Current Assets:
Cash and cash equivalents	$	901,134	$	834,697
Restricted cash	302		301
Receivables from investment products	54,585		55,886
Receivables, net of allowance for doubtful accounts of $1,833 and $663	609,794		501,434
Securities owned	30,289		31,334
Other current assets	61,433		54,464
Total Current Assets	1,657,537		1,478,116
Property and Equipment, net of accumulated depreciation of $489,143 and $474,034	164,927		171,364
Operating Lease Right-of-Use Assets	29,567		22,477
Capitalized Software, net of accumulated amortization of $633,932 and $612,971	237,236		239,783
Available for Sale and Equity Securities	175,722		155,413
Investments in Affiliated Funds, at fair value	8,410		7,316
Investment in Unconsolidated Affiliate	49,675		110,781
Goodwill	138,085		137,333
Intangible Assets, net of accumulated amortization of $52,964 and $42,520	74,041		82,443
Deferred Contract Costs	42,527		40,221
Deferred Income Taxes	58,373		37,709
Other Assets, net	48,329		37,047
Total Assets	$	2,684,429	$	2,520,003

The accompanying notes are an integral part of these consolidated financial statements.

SEI Investments Company

Consolidated Balance Sheets

(unaudited)

(Dollars in thousands, except par value)


	September 30, 2024		December 31, 2023
Liabilities and Equity
Current Liabilities:
Accounts payable	$	8,250	$	10,618
Accrued liabilities	258,167		318,945
Current portion of long-term operating lease liabilities	7,926		8,118
Deferred revenue	11,330		15,366
Total Current Liabilities	285,673		353,047

Long-term Income Taxes Payable	803		803

Long-term Operating Lease Liabilities	24,647		17,235
Other Long-term Liabilities	18,896		17,090
Total Liabilities	330,019		388,175
Commitments and Contingencies
Shareholders' Equity:
Common stock, $0.01 par value, 750,000,000 shares authorized; 128,755,430 and 131,177,513 shares issued and outstanding	1,288		1,312
Capital in excess of par value	1,477,880		1,404,962
Retained earnings	901,908		762,586
Accumulated other comprehensive loss, net	(26,666)		(37,032)
Total Shareholders' Equity	2,354,410		2,131,828
Total Liabilities and Shareholders' Equity	$	2,684,429	$	2,520,003

The accompanying notes are an integral part of these consolidated financial statements.

SEI Investments Company

Consolidated Statements of Operations

(unaudited)

(In thousands, except per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues:
Asset management, administration and distribution fees	$	423,859	$	380,594	$	1,237,623	$	1,131,244
Information processing and software servicing fees	113,537		96,165		330,338		303,691
Total revenues	537,396		476,759		1,567,961		1,434,935
Expenses:
Subadvisory, distribution and other asset management costs	47,969		47,531		141,279		142,157
Software royalties and other information processing costs	8,936		8,095		25,503		23,784
Compensation, benefits and other personnel	191,740		180,470		570,534		529,591
Stock-based compensation	13,696		7,979		37,224		23,458
Consulting, outsourcing and professional fees	53,291		54,203		159,258		176,619
Data processing and computer related	37,556		34,016		112,790		102,301
Facilities, supplies and other costs	21,622		16,999		58,795		58,825
Amortization	10,413		9,797		31,284		28,851
Depreciation	8,341		9,197		25,097		26,509
Total expenses	393,564		368,287		1,161,764		1,112,095
Income from operations	143,832		108,472		406,197		322,840
Net gain (loss) from investments	427		(206)		3,349		1,053
Interest and dividend income	13,579		11,125		35,950		29,453
Interest expense	(141)		(116)		(419)		(396)
Other income	8,151		—		8,151		—
Equity in earnings of unconsolidated affiliate	36,513		29,927		102,375		91,517
Income before income taxes	202,361		149,202		555,603		444,467
Income taxes	47,461		33,541		130,183		102,940
Net income	$	154,900	$	115,661	$	425,420	$	341,527
Basic earnings per common share	$	1.20	$	0.87	$	3.26	$	2.57
Shares used to compute basic earnings per share	129,418		132,231		130,550		133,035
Diluted earnings per common share	$	1.19	$	0.87	$	3.23	$	2.54
Shares used to compute diluted earnings per share	130,671		133,504		131,830		134,250
Dividends declared per common share	$	—	$	—	$	0.46	$	0.43

The accompanying notes are an integral part of these consolidated financial statements.

SEI Investments Company

Consolidated Statements of Comprehensive Income

(unaudited)

(In thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income	$	154,900	$	115,661	$	425,420	$	341,527
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	12,413		(8,502)		9,071		249
Unrealized gain (loss) on investments:
Unrealized gains (losses) during the period, net of income taxes of $(1,007), $624, $(463) and $581	3,373		(2,089)		1,546		(1,945)
Reclassification adjustment for (gains) losses realized in net income, net of income taxes of $21, $(10), $76 and $(39)	(70)		35		(251)		128
Total other comprehensive income (loss), net of tax	15,716		(10,556)		10,366		(1,568)
Comprehensive income	$	170,616	$	105,105	$	435,786	$	339,959

The accompanying notes are an integral part of these consolidated financial statements.

SEI Investments Company

Consolidated Statements of Changes in Equity

(unaudited)

(In thousands)


	Shares of Common Stock	Common Stock		Capital In Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Total Equity
	For the Three Months Ended September 30, 2024
Balance, July 1, 2024	129,855	$	1,299	$	1,465,037	$	823,549	$	(42,382)	$	2,247,503
Net income	—	—		—		154,900		—		154,900
Other comprehensive income	—	—		—		—		15,716		15,716
Purchase and retirement of common stock	(1,274)	(13)		(9,261)		(76,541)		—		(85,815)
Issuance of common stock under employee stock purchase plan	17	1		965		—		—		966
Issuance of common stock under share-based award plans	157	1		7,443		—		—		7,444
Stock-based compensation	—	—		13,696		—		—		13,696


Balance, September 30, 2024	128,755	$	1,288	$	1,477,880	$	901,908	$	(26,666)	$	2,354,410


	Shares of Common Stock	Common Stock		Capital In Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Total Equity
	For the Three Months Ended September 30, 2023
Balance, July 1, 2023	132,230	$	1,322	$	1,337,538	$	724,672	$	(39,979)	$	2,023,553
Net income	—	—		—		115,661		—		115,661
Other comprehensive loss	—	—		—		—		(10,556)		(10,556)
Purchase and retirement of common stock	(1,399)	(14)		(9,262)		(76,703)		—		(85,979)
Issuance of common stock under employee stock purchase plan	20	1		1,072		—		—		1,073
Issuance of common stock under share-based award plans	720	7		32,138		—		—		32,145
Stock-based compensation	—	—		7,979		—		—		7,979

Other	—	—		—		5		—		5
Balance, September 30, 2023	131,571	$	1,316	$	1,369,465	$	763,635	$	(50,535)	$	2,083,881

The accompanying notes are an integral part of these consolidated financial statements.

SEI Investments Company

Consolidated Statements of Changes in Equity

(unaudited)

(In thousands)


	Shares of Common Stock	Common Stock		Capital In Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Total Equity
	For the Nine Months Ended September 30, 2024
Balance, January 1, 2024	131,178	$	1,312	$	1,404,962	$	762,586	$	(37,032)	$	2,131,828
Net income	—	—		—		425,420		—		425,420
Other comprehensive income	—	—		—		—		10,366		10,366
Purchase and retirement of common stock	(3,730)	(37)		(27,128)		(225,813)		—		(252,978)
Issuance of common stock under employee stock purchase plan	59	1		3,348		—		—		3,349
Issuance of common stock under share-based award plans	1,248	12		59,474		—		—		59,486
Stock-based compensation	—	—		37,224		—		—		37,224
Dividends declared ($0.46 per share)	—	—		—		(60,285)		—		(60,285)

Balance, September 30, 2024	128,755	$	1,288	$	1,477,880	$	901,908	$	(26,666)	$	2,354,410


	Shares of Common Stock	Common Stock		Capital In Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Total Equity
	For the Nine Months Ended September 30, 2023
Balance, January 1, 2023	134,162	$	1,342	$	1,307,162	$	694,287	$	(48,967)	$	1,953,824
Net income	—	—		—		341,527		—		341,527
Other comprehensive loss	—	—		—		—		(1,568)		(1,568)
Purchase and retirement of common stock	(4,050)	(41)		(26,800)		(215,007)		—		(241,848)
Issuance of common stock under employee stock purchase plan	65	1		3,316		—		—		3,317
Issuance of common stock under share-based award plans	1,394	14		62,329		—		—		62,343
Stock-based compensation	—	—		23,458		—		—		23,458
Dividends declared ($0.43 per share)	—	—		—		(57,177)		—		(57,177)
Other	—	—		—		5		—		5
Balance, September 30, 2023	131,571	$	1,316	$	1,369,465	$	763,635	$	(50,535)	$	2,083,881

SEI Investments Company

Consolidated Condensed Statements of Cash Flows

(unaudited)

(In thousands)


	Nine Months Ended September 30,
	2024		2023
Cash flows from operating activities:
Net income	$	425,420	$	341,527
Adjustments to reconcile net income to net cash provided by operating activities (See Note 1)	1,654		4,455
Net cash provided by operating activities	427,074		345,982
Cash flows from investing activities:
Additions to property and equipment	(27,203)		(23,114)
Additions to capitalized software	(18,414)		(26,584)
Purchases of marketable securities	(134,665)		(83,968)
Prepayments and maturities of marketable securities	113,801		89,352
Sales of marketable securities	7,546		893
Proceeds from fixed asset dispositions	9,946		—
Other investing activities	(8,196)		(4,816)
Net cash used in investing activities	(57,185)		(48,237)
Cash flows from financing activities:

Payment of contingent consideration	—		(8,799)
Purchase and retirement of common stock	(252,889)		(236,914)
Proceeds from issuance of common stock	62,835		65,660
Payment of dividends	(120,338)		(114,833)
Net cash used in financing activities	(310,392)		(294,886)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	6,941		(1,474)
Net increase in cash, cash equivalents and restricted cash	66,438		1,385
Cash, cash equivalents and restricted cash, beginning of period	834,998		853,359
Cash, cash equivalents and restricted cash, end of period	$	901,436	$	854,744

The accompanying notes are an integral part of these consolidated financial statements.

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. 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 and Enhanced Chief Investment Officer (ECIO) 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, 2024, the results of operations for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023. 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, 2023.

There have been no significant changes in significant accounting policies during the nine months ended September 30, 2024 as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

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 agreements, the Company waived $1,202 and $5,519 in fees during the three months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024 and 2023, the Company waived $6,764 and $16,400, 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 $423,471 and $397,838 at September 30, 2024 and December 31, 2023, respectively, invested in SEI-sponsored open-ended money market mutual funds. See Note 5 for information related to the Company's total investments in SEI-sponsored and non-SEI-sponsored money market mutual funds and commercial paper classified as cash equivalents.

Restricted Cash

Restricted cash includes $250 at September 30, 2024 and December 31, 2023 segregated for regulatory purposes related to trade-execution services conducted by SEI Investments (Europe) Limited. Restricted cash also includes $52 and $51 at September 30, 2024 and December 31, 2023, respectively, 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 $18,414 and $26,584 of software development costs during the nine months ended September 30, 2024 and 2023, respectively, to further develop the SEI Wealth PlatformSM (SWP) and for the development of a new platform for the Investment Managers segment. The Company capitalized $10,542 and $13,706 of software development costs for significant enhancements to SWP during the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the net book value of SWP was $208,457. The net book value includes $1,145 of capitalized software development costs in-progress associated with future releases of SWP. SWP has a weighted average remaining life of 8.4 years. Amortization expense for SWP was $20,517 and $19,027 during the nine months ended September 30, 2024 and 2023, respectively.

The Company also capitalized $7,872 and $12,878 of software development costs during the nine months ended September 30, 2024 and 2023, respectively, related to the development of a new platform for the Investment Managers segment. Capitalized software development costs in-progress associated with this platform were $28,040 as of September 30, 2024. 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, 2024 and 2023 are:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income	$	154,900	$	115,661	$	425,420	$	341,527
Shares used to compute basic earnings per common share	129,418,000		132,231,000		130,550,000		133,035,000
Dilutive effect of stock awards	1,253,000		1,273,000		1,280,000		1,215,000
Shares used to compute diluted earnings per common share	130,671,000		133,504,000		131,830,000		134,250,000
Basic earnings per common share	$	1.20	$	0.87	$	3.26	$	2.57
Diluted earnings per common share	$	1.19	$	0.87	$	3.23	$	2.54

During the three months ended Sept 30, 2024 and 2023, employee stock options to purchase 10,606,000 and 10,869,000 shares of common stock with an average exercise price of $61.06 and $61.31, respectively, were outstanding but not

included in the computation of diluted earnings per common share. During the nine months ended September 30, 2024 and 2023, employee stock options to purchase 10,747,000 and 11,049,000 shares of common stock with an average exercise price of $61.05 and $61.29, 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 the average market price of the Company’s common stock and the effect on diluted earnings per common share would have been anti-dilutive.

New Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07) which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in ASU 2023-07 apply retrospectively to all prior periods presented in the financial statements. The Company continues to assess the impact of ASU 2023-07. The Company has identified the chief operating decision maker (CODM) and is in the process of finalizing the significant segment expenses and other information regularly provided to the CODM and included with the reported measure of segment profit/loss. The Company is on schedule to complete its assessment of ASU 2023-07 and the impact on its consolidated financial statements and related disclosures as of January 1, 2025.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures (ASU 2023-09) to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements and related disclosures.

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, 2024 and 2023:


	2024		2023
Net income	$	425,420	$	341,527
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	25,097		26,509
Amortization	31,284		28,851
Equity in earnings of unconsolidated affiliate	(102,375)		(91,517)
Distributions received from unconsolidated affiliate	112,476		100,252
Stock-based compensation	37,224		23,458
Provision for losses on receivables	1,170		283
Deferred income tax expense	(21,051)		(20,971)
Net gain from investments	(3,349)		(1,053)
Net gain from sale of property	(8,151)		—
Change in other long-term liabilities	3,205		3,105
Change in other assets	(4,005)		1,099
Contract costs capitalized, net of amortization	(2,306)		(590)
Other	(2,900)		2,122
Change in current assets and liabilities:

Receivables from investment products	1,301		6,327
Receivables	(109,522)		(62,053)
Other current assets	606		(8,654)
Advances due from unconsolidated affiliate	51,005		51,293

Accounts payable	(2,364)		(3,085)
Accrued liabilities	(1,655)		(48,128)
Deferred revenue	(4,036)		(2,793)
Total adjustments	1,654		4,455
Net cash provided by operating activities	$	427,074	$	345,982

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, 2024 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, 2024, the Company’s total investment in LSV was $49,675. The Company's investment includes advances provided to LSV related to their working capital accounts. The Company receives partnership distributions from LSV on a quarterly basis. The Company received partnership distributions from LSV of $112,476 and $100,252 in the nine months ended September 30, 2024 and 2023, 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 $36,513 and $29,927 during the three months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024 and 2023, the Company’s proportionate share in the earnings of LSV was $102,375 and $91,517, respectively.

These tables contain condensed financial information of LSV:


Condensed Statement of Operations	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues	$	122,412	$	102,183	$	343,581	$	309,211
Net income	94,634		77,566		265,335		237,119


Condensed Balance Sheets	September 30, 2024		December 31, 2023
Current assets	$	137,776	$	169,867
Non-current assets	5,735		6,568
Total assets	$	143,511	$	176,435

Current liabilities	$	66,795	$	74,853
Non-current liabilities	5,544		2,182
Partners’ capital	71,172		99,400
Total liabilities and partners’ capital	$	143,511	$	176,435

Note 3. Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:


	September 30, 2024		December 31, 2023
Trade receivables	$	174,091	$	115,356
Fees earned, not billed	418,561		372,291
Other receivables	18,975		14,450
	611,627		502,097
Less: Allowance for doubtful accounts	(1,833)		(663)
	$	609,794	$	501,434

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.

Property and Equipment

Property and Equipment on the accompanying Consolidated Balance Sheets consists of:


	September 30, 2024		December 31, 2023
Buildings	$	216,418	$	216,968
Equipment	194,591		193,096
Land	27,317		26,450
Purchased software	165,676		165,348
Furniture and fixtures	23,028		23,025
Leasehold improvements	26,533		19,827
Construction in progress	507		684
	654,070		645,398
Less: Accumulated depreciation	(489,143)		(474,034)
Property and Equipment, net	$	164,927	$	171,364

The Company recognized $25,097 and $26,509 in depreciation expense related to property and equipment for the nine months ended September 30, 2024 and 2023, respectively.

Deferred Contract Costs

Deferred contract costs, which primarily consist of deferred sales commissions, were $42,527 and $40,221 as of September 30, 2024 and December 31, 2023, respectively. The Company deferred expenses related to contract costs of $5,326 and $2,243 during the three months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024 and 2023, the Company deferred expenses related to contract costs of $10,237 and $7,212, respectively. Amortization expense related to deferred contract costs were $7,931 and $6,622 during the nine months ended September 30, 2024 and 2023, respectively. Amortization expense related to deferred contract costs is included in Compensation, benefits and other personnel on the accompanying Consolidated Statements of Operations. There were no material impairment losses in relation to deferred contract costs during the nine months ended September 30, 2024.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:


	September 30, 2024		December 31, 2023
Accrued employee compensation	$	103,977	$	107,495
Accrued employee benefits and other personnel	10,368		9,797
Accrued voluntary separation program	5,515		21,058
Accrued consulting, outsourcing and professional fees	37,753		32,285
Accrued sub-advisory, distribution and other asset management fees	51,812		49,405

Accrued dividend payable	1,042		61,104
Accrued income taxes	13,130		4,965
Other accrued liabilities	34,570		32,836
Total accrued liabilities	$	258,167	$	318,945

Note 4. Fair Value Measurements

The fair value of the Company’s financial assets and liabilities, except for the Company's investment funds sponsored by LSV, is determined in accordance with the fair value hierarchy. The fair value of the Company’s Level 1 financial assets consist mainly of investments in open-ended mutual funds that are quoted daily. Level 2 financial assets consist of GNMA mortgage-backed securities held by the Company's wholly-owned limited purpose federal thrift subsidiary, SEI Private Trust Company (SPTC), and Federal Home Loan Bank (FHLB) and other U.S. government agency short-term notes held by SIDCO. The financial assets held by SIDCO were purchased as part of a cash management program requiring only short term, top-tier investment grade government and corporate securities. The financial assets held by SPTC are debt securities issued by GNMA and are backed by the full faith and credit of the U.S. government. These securities were purchased for the sole purpose of satisfying applicable regulatory requirements and have maturity dates which range from 2027 to 2041.

The fair value of the Company's investment funds sponsored by LSV is measured using the net asset value per share (NAV) as a practical expedient. The NAVs of the funds are calculated by the funds' independent custodian and are derived from the fair values of the underlying investments as of the reporting date. The funds allow for investor redemptions at the end of each calendar month. This investment has not been classified in the fair value hierarchy but is presented in the tables below to permit reconciliation to the amounts presented on the accompanying Consolidated Balance Sheets.

The valuation of the Company's Level 2 financial assets held by SIDCO and SPTC are based upon securities pricing policies and procedures utilized by third-party pricing vendors.

The pricing policies and procedures applied for our Level 1 and Level 2 financial assets during the nine months ended September 30, 2024 were consistent with those as described in the Company's Annual Report on Form 10-K at December 31, 2023. The Company had no Level 3 financial assets at September 30, 2024 or December 31, 2023 that were required to be measured at fair value on a recurring basis. The Company's Level 3 financial liabilities at September 30, 2024 and December 31, 2023 consist entirely of the estimated fair value of the contingent consideration resulting from an acquisition (See Note 12). There were no transfers of financial assets between levels within the fair value hierarchy during the nine months ended September 30, 2024.

The fair value of certain financial assets of the Company was determined using the following inputs:


			Fair Value Measurements at the End of the Reporting Period Using
Assets	September 30, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Equity securities	$	40,251	$	40,251	$	—
Available-for-sale debt securities	135,471		—		135,471
Fixed-income securities owned	30,289		—		30,289
Investment funds sponsored by LSV (1)	8,410
	$	214,421	$	40,251	$	165,760


			Fair Value Measurements at the End of the Reporting Period Using
Assets	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Equity securities	$	36,661	$	36,661	$	—
Available-for-sale debt securities	118,752		—		118,752
Fixed-income securities owned	31,334		—		31,334
Investment funds sponsored by LSV (1)	7,316
	$	194,063	$	36,661	$	150,086

(1) The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the accompanying Consolidated Balance Sheets (See Note 5).

Note 5. Marketable Securities

Marketable securities include investments in money market funds and commercial paper classified as cash equivalents, available-for-sale debt securities, investments in SEI-sponsored and non-SEI-sponsored mutual funds, equities, investments in funds sponsored by LSV and securities owned by SIDCO.

Cash Equivalents

Investments in SEI-sponsored and non-SEI-sponsored money market funds and commercial paper classified as cash equivalents had a fair value of $633,780 and $565,588 at September 30, 2024 and December 31, 2023, respectively. There were no material unrealized or realized gains or losses from these investments during the nine months ended September 30, 2024 and 2023. Investments in money market funds and commercial paper are Level 1 assets.

Available for Sale and Equity Securities

Available For Sale and Equity Securities on the accompanying Consolidated Balance Sheets consist of:


	At September 30, 2024
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available-for-sale debt securities	$	142,718	$	—	$	(7,247)	$	135,471
SEI-sponsored mutual funds	32,203		2,144		—		34,347
Equities and other mutual funds	5,418		486		—		5,904
	$	180,339	$	2,630	$	(7,247)	$	175,722


	At December 31, 2023
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available-for-sale debt securities	$	127,681	$	—	$	(8,929)	$	118,752
SEI-sponsored mutual funds	30,427		818		(19)		31,226
Equities and other mutual funds	5,301		134		—		5,435
	$	163,409	$	952	$	(8,948)	$	155,413

Net unrealized losses at September 30, 2024 of available-for-sale debt securities were $5,580 (net of income tax benefit of $1,667). Net unrealized losses at December 31, 2023 of available-for-sale debt securities were $6,875 (net of income tax benefit of $2,054). These unrealized losses are associated with the Company’s investments in mortgage-backed securities issued by GNMA and were caused by interest rate increases (See Note 4). The contractual cash flows of these securities are guaranteed by an agency of the U.S. government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost bases of the Company's investments. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases. These net unrealized losses are reported as a separate component of Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets.

The following tables provide the scheduled maturities of the Company's available-for-sale debt securities:


	At September 30, 2024
	Cost		Fair Value
Within one year	$	—	$	—
After one year through five years	4,648		4,269
After 5 years through 10 years	17,732		16,478
After 10 years	120,338		114,724
	$	142,718	$	135,471


	At December 31, 2023
	Cost		Fair Value
Within one year	$	—	$	—
After one year through five years	5,679		5,035
After 5 years through 10 years	31,162		28,084
After 10 years	90,840		85,633
	$	127,681	$	118,752

There were no material realized gains or losses from available-for-sale debt securities during the nine months ended September 30, 2024 and 2023, respectively.

There were gross realized gains of $1,651 and gross realized losses of $1,416 from mutual funds and equities during the nine months ended September 30, 2024. There were no material realized gains or losses from mutual funds and equities during the nine months ended September 30, 2023. Gains and losses from mutual funds and equities are reflected in Net gain (loss) from investments on the accompanying Consolidated Statements of Operations.

Investments in Affiliated Funds

The Company has an investment in funds sponsored by LSV. The Company records this investment on the accompanying Consolidated Balance Sheets at fair value. Unrealized gains and losses from the change in fair value of these funds are recognized in Net gain (loss) from investments on the accompanying Consolidated Statements of Operations.

The funds had a fair value of $8,410 and $7,316 at September 30, 2024 and December 31, 2023, respectively. The Company recognized unrealized gains of $673 and $66 during the three months ended September 30, 2024 and 2023, respectively, from the change in fair value of the funds. The Company recognized unrealized gains of $1,094 and $472 during the nine months ended September 30, 2024 and 2023, respectively, from the change in fair value of the funds.

Securities Owned

The Company’s broker-dealer subsidiary, SIDCO, has investments in U.S. government agency securities with maturity dates less than one year. These investments are reflected as Securities owned on the accompanying Consolidated Balance Sheets. Due to specialized accounting practices applicable to investments by broker-dealers, the securities are reported at fair value and changes in fair value are recorded in current period earnings. The securities had a fair value of $30,289 and $31,334 at September 30, 2024 and December 31, 2023, respectively. There were no material net gains or losses related to the securities during the three and nine months ended September 30, 2024 and 2023.

Note 6. Line of Credit

The Company has a five-year $325,000 Credit Agreement (the Credit Facility) with Wells Fargo Bank, N.A., and a syndicate of other lenders. The Credit Facility is scheduled to expire in April 2026, at which time any aggregate principal amount of loans outstanding becomes payable in full. Any borrowings made under the Credit Facility will accrue interest at rates that, at the Company's option, are based on a base rate (the Base Rate) plus a premium that can range from 0.25% to 1.00% or the Adjusted Term Secured Overnight Financing Rate (SOFR) plus a premium that can range from 1.25% to 2.00% depending on the Company’s Leverage Ratio (a ratio of consolidated indebtedness to consolidated EBITDA for the four preceding fiscal quarters, all as defined in the related agreement). The Base Rate is defined as the highest of a) the Prime Rate, b) the Federal Funds Rate plus 0.50% and c) the Adjusted Term SOFR for a one-month tenor in effect on such day plus 1.00%.

The Company also pays quarterly commitment fees based on the unused portion of the Credit Facility. The quarterly fees for the Credit Facility can range from 0.15% of the amount of the unused portion to 0.30%, depending on the Company’s Leverage Ratio. Certain wholly-owned subsidiaries of the Company have guaranteed the obligations of the Company under the agreement. The aggregate amount of the Credit Facility may be increased by an additional $100,000 under certain conditions set forth in the agreement. The Company may issue up to $15,000 in letters of credit under the terms of the Credit Facility. The Company pays a periodic commission fee of 1.25% plus an issuance fee of 0.20% of the aggregate face amount of the outstanding letters of credit issued under the Credit Facility.

The Credit Facility contains covenants with restrictions on the ability of the Company to do transactions with affiliates other than wholly-owned subsidiaries or to incur liens or certain types of indebtedness as defined in the agreement. In the event of a default under the Credit Facility, the Company would also be restricted from paying dividends on, or repurchasing, its common stock without the approval of the lenders. Upon the occurrence of certain financial or economic events, significant corporate events, or certain other events of default constituting an event of default under the Credit Facility, all loans outstanding may be declared immediately due and payable and all commitments under the agreement may be terminated.

The Company was in compliance with all covenants of the Credit Facility during the nine months ended September 30, 2024. As of October 22, 2024, the Company had outstanding letters of credit of $4,866 under the Credit Facility. The amount of the Credit Facility that is available for general corporate purposes as of October 22, 2024 was $320,134.

Note 7. Shareholders’ Equity

Stock-Based Compensation

On April 2, 2024, the Company’s Board of Directors approved the 2024 Omnibus Equity Compensation Plan (the 2024 Plan), which was later approved by the shareholders of the Company on May 29, 2024. The 2024 Plan became effective upon receipt of the shareholders' approval on May 29, 2024 and is the successor equity compensation plan to the 2014 Equity Compensation Plan (the 2014 Plan) which was merged with and into the 2024 Plan. The 2024 Plan provides for the grant of stock options, stock units, stock awards, stock appreciation rights and other stock-based awards. No further grants will be made under the 2014 Plan, and shares with respect to all grants outstanding under the 2014 Plan will be issued or transferred under the 2024 Plan. Permitted grantees under the 2024 Plan include employees, non-employee

directors and consultants who perform services for the Company. The plan is administered by the Compensation Committee of the Board of Directors of the Company. There were no grants of stock options, stock units, stock awards, stock appreciation rights or other stock-based awards made under the 2024 Plan as of June 30, 2024.

The Company has non-qualified stock options and restricted stock units (RSUs) outstanding under its equity compensation plans. The Company recognized stock-based compensation expense in its Consolidated Financial Statements in the three and nine months ended September 30, 2024 and 2023, respectively, as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock-based compensation expense	$	13,696	$	7,979	$	37,224	$	23,458
Less: Deferred tax benefit	(2,616)		(1,438)		(7,201)		(4,278)
Stock-based compensation expense, net of tax	$	11,080	$	6,541	$	30,023	$	19,180

The vesting of the Company's RSUs are time-based and are not based on the achievement of performance targets. The majority of the Company's RSUs will vest on the third anniversary of the issuance date. All outstanding stock options have performance-based vesting provisions specific to each option grant that tie the vesting of the applicable stock options to the Company’s financial performance. The Company’s stock options vest at a rate of 50% when a specified financial vesting target is achieved, and the remaining 50% when a second, higher specified financial vesting target is achieved. Options vest as a result of achievement of the financial vesting targets. Options granted in December 2017 and thereafter include a service condition which requires a minimum two or four year waiting period from the grant date along with the attainment of the applicable financial vesting target. The targets are measured annually on December 31. The amount of stock-based compensation expense recognized in the period is based upon management’s estimate of when the financial vesting targets may be achieved. Any change in management’s estimate could result in the remaining amount of stock-based compensation expense to be accelerated, spread out over a longer period, or reversed. This may cause volatility in the recognition of stock-based compensation expense in future periods and could materially affect the Company’s earnings.

The Company revised its estimate of when some vesting targets are expected to be achieved. This change in management's estimate resulted in an increase of $3,098 in stock-based compensation expense during the nine months ended September 30, 2024.

As of September 30, 2024, there was approximately $85,239 of unrecognized compensation cost remaining related to unvested employee stock options and restricted stock units that management expects will vest and is being amortized.

The Company issues new common shares associated with the exercise of stock options. The total intrinsic value of options exercised during the nine months ended September 30, 2024 was $24,053. The total options exercisable as of September 30, 2024 had an intrinsic value of $71,076. The total intrinsic value for options exercisable is calculated as the difference between the market value of the Company’s common stock as of September 30, 2024 and the weighted average exercise price of the options. The market value of the Company’s common stock as of September 30, 2024 was $69.19 as reported by the Nasdaq Stock Market, LLC. The weighted average exercise price of the options exercisable as of September 30, 2024 was $55.98. Total options that were outstanding as of September 30, 2024 were 15,343,000. Total options that were exercisable as of September 30, 2024 were 5,298,000.

Common Stock Buyback

The Company’s Board of Directors, under multiple authorizations, has authorized the repurchase of common stock on the open market or through private transactions. The Company purchased 3,730,000 shares at a total cost of $252,978 during the nine months ended September 30, 2024, which reduced the total shares outstanding of common stock. The cost of stock purchases during the period includes the cost of excise taxes applicable to stock repurchases and certain transactions that settled in the following quarter. As of September 30, 2024, the Company had approximately $29,100 of authorization remaining for the purchase of common stock under the program. On October 22, 2024, the Company's Board of Directors approved an increase in the stock repurchase program by an additional $400,000, increasing the available authorization to approximately $429,100.

The Company immediately retires its common stock when purchased. Upon retirement, the Company reduces Capital in excess of par value for the average capital per share outstanding and the remainder is charged against Retained earnings. If the Company reduces its Retained earnings to zero, any subsequent purchases of common stock will be charged entirely to Capital in excess of par value.

Cash Dividend

On May 29, 2024, the Board of Directors declared a cash dividend of $0.46 per share on the Company's common stock, which was paid on June 18, 2024, to shareholders of record on June 10, 2024. Cash dividends declared during the nine months ended September 30, 2024 and 2023 were $60,285 and $57,177, respectively.

Note 8. Accumulated Other Comprehensive Loss

The components of Accumulated other comprehensive loss, net of tax, are as follows:


	Foreign Currency Translation Adjustments		Unrealized Gains (Losses) on Investments		Accumulated Other Comprehensive Loss
Balance, January 1, 2024	$	(30,157)	$	(6,875)	$	(37,032)

Other comprehensive income before reclassifications	9,071		1,546		10,617
Amounts reclassified from accumulated other comprehensive loss	—		(251)		(251)
Net current-period other comprehensive income	9,071		1,295		10,366

Balance, September 30, 2024	$	(21,086)	$	(5,580)	$	(26,666)

Note 9. Business Segment Information

The Company’s reportable business segments are:

Private Banks – Provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers, and financial advisors worldwide;

Investment Advisors – Provides investment management and investment processing platforms to affluent investors through a network of independent registered investment advisors, financial planners and other investment professionals in the United States;

Institutional Investors – Provides Outsourced Chief Investment Officer solutions, including investment management and administrative outsourcing platforms to retirement plan sponsors, healthcare systems, higher education and other not-for-profit organizations worldwide;

Investment Managers – Provides investment operations outsourcing platforms to fund companies, banking institutions, traditional and non-traditional investment managers worldwide; and

Investments in New Businesses – Focuses on providing investment management solutions to ultra-high-net-worth families residing in the United States, hosted technology services to family offices and financial institutions; developing network and data protection services; entering new markets; and conducting other research and development activities.

The information in the following tables is derived from internal financial reporting used for corporate management purposes. There are no inter-segment revenues for the three and nine months ended September 30, 2024 and 2023. Assets are not allocated to segments for internal reporting purposes. The accounting policies of the reportable business segments are the same as those described in Note 1 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

During the first quarter 2024 and made effective January 1, 2024, the Company made a determination to reorganize some of its business segments based on how its current Chief Operating Decision Maker (CODM) manages its businesses, including with respect to resource allocation and performance assessment. As a result, one of the Company's client relationships formerly reported in the Private Banks segment will be reported in the Investment Managers segment and the Company’s family office services business, formerly reported in the Investment Managers segment, will be reported in the Investments in New Businesses segment. The business segment financial presentation was reclassified in 2024 to conform to this reorganization. Prior year amounts have been reclassified to conform to current year presentation.

The following tables highlight certain financial information about each of the business segments for the three months ended September 30, 2024 and 2023:


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Three Months Ended September 30, 2024
Revenues	$	138,734	$	126,836	$	71,626	$	184,607	$	15,593	$	537,396
Expenses	115,097		70,152		37,851		114,118		18,440		355,658
Operating profit (loss)	$	23,637	$	56,684	$	33,775	$	70,489	$	(2,847)	$	181,738


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Three Months Ended September 30, 2023
Revenues	$	119,664	$	110,461	$	70,479	$	162,982	$	13,173	$	476,759
Expenses	111,207		64,280		39,953		103,585		18,265		337,290
Operating profit (loss)	$	8,457	$	46,181	$	30,526	$	59,397	$	(5,092)	$	139,469

A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the three months ended September 30, 2024 and 2023 is as follows:


	2024		2023
Total operating profit from segments	$	181,738	$	139,469
Corporate overhead expenses	(37,906)		(30,997)
Income from operations	$	143,832	$	108,472

The following tables provide additional information for the three months ended September 30, 2024 and 2023 pertaining to the business segments:


	Capital Expenditures (1)				Depreciation
	2024		2023		2024		2023
Private Banks	$	2,764	$	7,580	$	2,620	$	5,565
Investment Advisors	1,092		3,545		2,254		540
Institutional Investors	740		390		614		338
Investment Managers	7,196		2,804		1,659		2,227
Investments in New Businesses	124		262		186		280
Total from business segments	$	11,916	$	14,581	$	7,333	$	8,950
Corporate overhead	222		307		1,008