Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - SEI INVESTMENTS CO | d384597d8k.htm |
Exhibit 99.1
| Investor Contact: | Media Contact: | |
| Murray Louis | Dana Grosser | |
| SEI | SEI | |
| +1 610-676-1932 | +1 610-676-2459 | |
| mlouis@seic.com | dgrosser@seic.com | |
| Pages: 9 |
FOR IMMEDIATE RELEASE
SEI REPORTS SECOND-QUARTER 2012 FINANCIAL RESULTS
OAKS, Pa., July 18, 2012 — SEI Investments Company (NASDAQ:SEIC) today announced financial results for second-quarter 2012. Diluted earnings per share were $.28 in second-quarter 2012 compared to $.29 in second-quarter 2011.
| Consolidated Overview | For the Three Months | For the Six Months | ||||||||||||||||||||||
| (In thousands, except earnings per share) | Ended June 30, | Ended June 30, | ||||||||||||||||||||||
| 2012 | 2011 | % | 2012 | 2011 | % | |||||||||||||||||||
| Revenues |
$ | 241,237 | $ | 237,760 | 1 | % | $ | 479,135 | $ | 470,253 | 2 | % | ||||||||||||
| Net Income attributable to SEI |
49,555 | 53,603 | (8 | %) | 99,520 | 111,331 | (11 | %) | ||||||||||||||||
| Diluted Earnings Per Share |
$ | 0.28 | $ | 0.29 | (3 | %) | $ | 0.56 | $ | 0.59 | (5 | %) | ||||||||||||
“Second-quarter 2012 results reflect continued solid sales activity and improving profits and margins across our core business segments,” said Alfred P. West, Jr., SEI Chairman and CEO.
“Global financial market uncertainty and market volatility affected our results, particularly earnings from LSV. Despite this, we continue to see strong and growing interest in the solutions we offer from the markets we serve. We are confident we are on the right track and the investments we are making will enable us to significantly increase shareholder value.”
Summary of Second-Quarter Results by Business Segment
| (In thousands) | For the Three Month Period | For the Six Month Period | ||||||||||||||||||||||
| Ended June 30, | Ended June 30, | |||||||||||||||||||||||
| 2012 | 2011 | % | 2012 | 2011 | % | |||||||||||||||||||
| Private Banks: |
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| Revenues |
$ | 88,303 | $ | 87,873 | — | $ | 176,291 | $ | 174,582 | 1 | % | |||||||||||||
| Expenses |
84,886 | 86,274 | (2 | %) | 172,403 | 168,677 | 2 | % | ||||||||||||||||
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| Operating Profit |
$ | 3,417 | $ | 1,599 | 114 | % | $ | 3,888 | $ | 5,905 | (34 | %) | ||||||||||||
| Operating Margin |
4 | % | 2 | % | 2 | % | 3 | % | ||||||||||||||||
| Investment Advisors: |
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| Revenues |
49,375 | 49,768 | (1 | %) | 98,843 | 97,876 | 1 | % | ||||||||||||||||
| Expenses |
29,025 | 27,734 | 5 | % | 58,326 | 54,774 | 6 | % | ||||||||||||||||
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| Operating Profit |
20,350 | 22,034 | (8 | %) | 40,517 | 43,102 | (6 | %) | ||||||||||||||||
| Operating Margin |
41 | % | 44 | % | 41 | % | 44 | % | ||||||||||||||||
| Institutional Investors: |
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| Revenues |
55,895 | 54,731 | 2 | % | 109,212 | 107,916 | 1 | % | ||||||||||||||||
| Expenses |
28,740 | 27,406 | 5 | % | 56,840 | 54,359 | (5 | %) | ||||||||||||||||
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| Operating Profit |
27,155 | 27,325 | (1 | %) | 52,372 | 53,557 | (2 | %) | ||||||||||||||||
| Operating Margin |
49 | % | 50 | % | 48 | % | 50 | % | ||||||||||||||||
| Investment Managers: |
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| Revenues |
46,713 | 44,452 | 5 | % | 92,924 | 87,893 | 6 | % | ||||||||||||||||
| Expenses |
30,163 | 29,282 | 3 | % | 60,589 | 57,281 | 6 | % | ||||||||||||||||
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| Operating Profit |
16,550 | 15,170 | 9 | % | 32,335 | 30,612 | 6 | % | ||||||||||||||||
| Operating Margin |
35 | % | 34 | % | 35 | % | 35 | % | ||||||||||||||||
| Investments in New Businesses: |
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| Revenues |
951 | 936 | 2 | % | 1,865 | 1,986 | (6 | %) | ||||||||||||||||
| Expenses |
3,684 | 2,920 | 26 | % | 7,382 | 6,045 | 22 | % | ||||||||||||||||
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| Operating Loss |
(2,733 | ) | (1,984 | ) | 38 | % | (5,517 | ) | (4,059 | ) | 36 | % | ||||||||||||
| Operating Margin |
N/A | N/A | N/A | N/A | ||||||||||||||||||||
| Totals: |
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| Revenues |
$ | 241,237 | $ | 237,760 | 1 | % | $ | 479,135 | $ | 470,253 | 2 | % | ||||||||||||
| Expenses |
176,498 | 173,616 | 2 | % | 355,540 | 341,136 | 4 | % | ||||||||||||||||
| Corporate overhead expenses |
11,080 | 10,720 | 3 | % | 22,162 | 21,368 | 4 | % | ||||||||||||||||
| Noncontrolling interest reflected in segments |
(139 | ) | (533 | ) | N/A | (454 | ) | (805 | ) | N/A | ||||||||||||||
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| Income from operations |
$ | 53,798 | $ | 53,957 | — | $ | 101,887 | $ | 108,554 | (6 | %) | |||||||||||||
Second-Quarter Business Commentary:
| • | Revenues increased in second-quarter 2012 as compared to both second-quarter 2011 and first-quarter 2012. This was driven by an increase in Asset management, administrative, and distribution fee revenues resulting from increased cash flows from new and existing clients and market appreciation in 2012, despite the market decline in second-quarter 2012. |
| • | Our average assets under management, excluding LSV, increased $7.4 billion, or six percent, to $126.6 billion in the second-quarter 2012 as compared to $119.2 billion during the second-quarter 2011 and increased $2.5 billion, or 2 percent, as compared to $124.1 billion during the first-quarter 2012 (See attached Ending and Average Asset Balances schedules for further details). |
| • | Sales events, net of client losses, during second-quarter 2012 totaled approximately $20.3 million and are expected to generate net annualized recurring revenues of approximately $15.7 million when contract values are fully realized. |
| • | Income from LSV decreased $6.8 million to $22.7 million in second-quarter 2012 as compared to $29.5 million in second-quarter 2011. The reduction in earnings was due to lower assets under management from market deprecation in second-quarter 2012 and a decrease in our ownership interest to 40 percent from 41 percent. |
| • | Net income attributable to SEI includes gains from SIV securities of $1.1 million in second-quarter 2012 compared to losses of $1.9 million in second-quarter 2011 and a gain of $2.9 million in first-quarter 2012. |
| • | The effective tax rates were 36.6 percent in the second-quarter 2012 and 34.7 percent in the second-quarter 2011. The increase in the tax rate was due to tax planning strategies which benefited the tax rate in second-quarter 2011. |
| • | In the second-quarter 2012, SEI purchased 2.25 million shares of its common stock for $42.2 million. |
Earnings Conference Call
A conference call to review earnings is scheduled for 2:00 PM ET on July 18, 2012. Investors may listen to the call at www.seic.com/investors or listen at www.earnings.com, a service of Thomson Streetevents. The call may also be accessed at numerous financial services web sites including AOL and Yahoo. Investors may also listen to replays at these web sites, or by telephone at (USA) 1-800-475-6701; (International) 320-365-3844, access code 254406.
About SEI
SEI (NASDAQ:SEIC) is a leading global provider of investment processing, fund processing, and investment management business outsourcing solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of June 30, 2012, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $424 billion in mutual fund and pooled or separately managed assets, including $182 billion in assets under management and $242 billion in client assets under administration. For more information, visit www.seic.com.
Many of the statements in this release may be considered “forward looking statements” and include discussions about future operations, strategies and financial results. Forward-looking statements are based upon estimates and assumptions that involve risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe our assumptions are reasonable, they could be inaccurate. Our actual future revenues and income could differ materially from our expected results. We have no obligation to publicly update or revise any forward-looking statements.
SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
| Three Months Ended June 30, | ||||||||
| 2012 | 2011 | |||||||
| Asset management, admin. and distribution fees |
$ | 176,613 | $ | 172,331 | ||||
| Information processing and software servicing fees |
57,254 | 56,035 | ||||||
| Transaction–based and trade execution fees |
7,370 | 9,394 | ||||||
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| Total revenues |
241,237 | 237,760 | ||||||
| Subadvisory, distribution and other asset mgmt costs |
25,884 | 26,304 | ||||||
| Software royalties and other information processing costs |
5,228 | 7,188 | ||||||
| Brokerage commissions |
5,634 | 6,599 | ||||||
| Compensation, benefits and other personnel |
80,531 | 72,613 | ||||||
| Stock-based compensation |
3,865 | 3,810 | ||||||
| Consulting, outsourcing and professional fees |
26,329 | 29,398 | ||||||
| Data processing and computer related |
11,659 | 11,610 | ||||||
| Facilities, supplies and other costs |
15,272 | 14,098 | ||||||
| Amortization |
7,407 | 6,792 | ||||||
| Depreciation |
5,630 | 5,391 | ||||||
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| Total expenses |
187,439 | 183,803 | ||||||
| Income from operations |
53,798 | 53,957 | ||||||
| Net gain (loss) on investments |
664 | (1,948 | ) | |||||
| Interest and dividend income |
1,440 | 1,436 | ||||||
| Interest expense |
(113 | ) | (155 | ) | ||||
| Equity in earnings of unconsolidated affiliate |
22,712 | 29,530 | ||||||
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| Net income before income taxes |
78,501 | 82,820 | ||||||
| Income taxes |
28,762 | 28,707 | ||||||
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| Net income |
49,739 | 54,113 | ||||||
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| Less: Net income attributable to the noncontrolling interest |
(184 | ) | (510 | ) | ||||
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| Net income attributable to SEI |
$ | 49,555 | $ | 53,603 | ||||
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| Diluted earnings per common share |
$ | 0.28 | $ | 0.29 | ||||
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| Shares used to calculate diluted earnings per common share |
175,913 | 187,020 | ||||||
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| Basic earnings per common share |
$ | 0.28 | $ | 0.29 | ||||
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| Shares used to calculate basic earnings per common share |
174,830 | 184,585 | ||||||
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SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
| Six Months Ended June 30, | ||||||||
| 2012 | 2011 | |||||||
| Asset management, admin. and distribution fees |
$ | 349,567 | $ | 339,835 | ||||
| Information processing and software servicing fees |
113,454 | 111,859 | ||||||
| Transaction–based and trade execution fees |
16,114 | 18,559 | ||||||
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| Total revenues |
479,135 | 470,253 | ||||||
| Subadvisory, distribution and other asset mgmt costs |
54,351 | 52,600 | ||||||
| Software royalties and other information processing costs |
11,705 | 14,205 | ||||||
| Brokerage commissions |
11,941 | 13,180 | ||||||
| Compensation, benefits and other personnel |
159,074 | 143,638 | ||||||
| Stock-based compensation |
7,898 | 7,542 | ||||||
| Consulting, outsourcing and professional fees |
53,284 | 55,396 | ||||||
| Data processing and computer related |
23,124 | 22,913 | ||||||
| Facilities, supplies and other costs |
29,780 | 28,200 | ||||||
| Amortization |
15,029 | 13,023 | ||||||
| Depreciation |
11,062 | 11,002 | ||||||
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| Total expenses |
377,248 | 361,699 | ||||||
| Income from operations |
101,887 | 108,554 | ||||||
| Net gain on investments |
3,869 | 5,330 | ||||||
| Interest and dividend income |
2,927 | 2,980 | ||||||
| Interest expense |
(274 | ) | (359 | ) | ||||
| Equity in earnings of unconsolidated affiliate |
50,042 | 58,479 | ||||||
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| Net income before income taxes |
158,451 | 174,984 | ||||||
| Income taxes |
58,477 | 62,831 | ||||||
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| Net income |
99,974 | 112,153 | ||||||
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| Less: Net income attributable to the noncontrolling interest |
(454 | ) | (822 | ) | ||||
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| Net income attributable to SEI |
$ | 99,520 | $ | 111,331 | ||||
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| Diluted earnings per common share |
$ | 0.56 | $ | 0.59 | ||||
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| Shares used to calculate diluted earnings per common share |
176,791 | 187,757 | ||||||
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| Basic earnings per common share |
$ | 0.57 | $ | 0.60 | ||||
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| Shares used to calculate basic earnings per common share |
175,589 | 185,186 | ||||||
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SEI INVESTMENTS COMPANY
CONDENSED BALANCE SHEETS
(In thousands)
(Unaudited)
| June 30, 2012 |
December 31, 2011 |
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| Assets |
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| Cash and short-term investments |
$ | 347,494 | $ | 420,986 | ||||
| Restricted cash |
6,000 | 6,000 | ||||||
| Receivables, net |
202,594 | 167,909 | ||||||
| Securities owned |
21,057 | 20,949 | ||||||
| Other current assets |
18,265 | 19,107 | ||||||
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| Total current assets |
595,410 | 634,951 | ||||||
| Property and equipment, net |
135,011 | 129,548 | ||||||
| Marketable securities |
134,491 | 139,333 | ||||||
| Capitalized software, net |
312,815 | 309,133 | ||||||
| Investment in unconsolidated affiliate |
63,553 | 60,954 | ||||||
| Other assets, net |
23,582 | 20,640 | ||||||
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| Total assets |
$ | 1,264,862 | $ | 1,294,559 | ||||
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| Liabilities |
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| Current liabilities |
$ | 105,383 | $ | 151,073 | ||||
| Deferred income taxes |
91,819 | 93,751 | ||||||
| Other Long-term liabilities |
10,632 | 8,276 | ||||||
| Total SEI Investments Company shareholders’ equity |
1,040,102 | 1,025,316 | ||||||
| Noncontrolling interest |
16,926 | 16,143 | ||||||
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| Total Equity |
1,057,028 | 1,041,459 | ||||||
| Total liabilities and equity |
$ | 1,264,862 | $ | 1,294,559 | ||||
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SEI INVESTMENTS COMPANY
ENDING ASSET BALANCES
(In millions)
(Unaudited)
| Jun. 30, 2011 |
Sept. 30, 2011 |
Dec. 31, 2011 |
Mar. 31, 2012 |
Jun. 30, 2012 |
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| Private Banks: |
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| Equity/Fixed Income prgms. |
$ | 16,720 | $ | 15,442 | $ | 16,435 | $ | 17,180 | $ | 16,848 | ||||||||||
| Collective Trust Fund prgms. |
504 | 476 | 450 | 435 | 335 | |||||||||||||||
| Liquidity funds |
4,918 | 5,529 | 5,553 | 5,549 | 5,063 | |||||||||||||||
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| Total assets under mgmt. |
$ | 22,142 | $ | 21,447 | $ | 22,438 | $ | 23,164 | $ | 22,246 | ||||||||||
| Client assets under admin. |
10,994 | 9,845 | 10,355 | 10,916 | 10,719 | |||||||||||||||
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| Total assets |
$ | 33,136 | $ | 31,292 | $ | 32,793 | $ | 34,080 | $ | 32,965 | ||||||||||
| Investment Advisors: |
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| Equity/Fixed Income prgms. |
$ | 28,410 | $ | 24,757 | $ | 26,639 | $ | 29,722 | $ | 29,153 | ||||||||||
| Collective Trust Fund prgms. |
1,499 | 1,392 | 1,298 | 1,199 | 705 | |||||||||||||||
| Liquidity funds |
1,651 | 2,653 | 2,505 | 1,643 | 1,880 | |||||||||||||||
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| Total assets under mgmt. |
$ | 31,560 | $ | 28,802 | $ | 30,442 | $ | 32,564 | $ | 31,738 | ||||||||||
| Institutional Investors: |
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| Equity/Fixed Income prgms. |
$ | 51,180 | $ | 46,259 | $ | 49,051 | $ | 54,537 | $ | 55,548 | ||||||||||
| Collective Trust Fund prgms. |
482 | 510 | 492 | 424 | 415 | |||||||||||||||
| Liquidity funds |
3,146 | 3,356 | 3,888 | 3,725 | 2,958 | |||||||||||||||
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| Total assets under mgmt. |
$ | 54,808 | $ | 50,125 | $ | 53,431 | $ | 58,686 | $ | 58,921 | ||||||||||
| Investment Managers: |
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| Equity/Fixed Income prgms. |
$ | 50 | $ | 64 | $ | 57 | $ | 62 | $ | 61 | ||||||||||
| Collective Trust Fund prgms. |
10,372 | 10,896 | 11,255 | 12,781 | 13,004 | |||||||||||||||
| Liquidity funds |
179 | 195 | 152 | 147 | 226 | |||||||||||||||
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| Total assets under mgmt. |
$ | 10,601 | $ | 11,155 | $ | 11,464 | $ | 12,990 | $ | 13,291 | ||||||||||
| Client assets under admin. (A) |
238,432 | 223,620 | 221,198 | 228,327 | 231,549 | |||||||||||||||
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| Total assets |
$ | 249,033 | $ | 234,775 | $ | 232,662 | $ | 241,317 | $ | 244,840 | ||||||||||
| Investments in New Businesses: |
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| Equity/Fixed Income prgms. |
$ | 558 | $ | 490 | $ | 515 | $ | 568 | $ | 551 | ||||||||||
| Liquidity funds |
41 | 41 | 37 | 34 | 30 | |||||||||||||||
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| Total assets under mgmt. |
$ | 599 | $ | 531 | $ | 552 | $ | 602 | $ | 581 | ||||||||||
| LSV Asset Management |
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| Equity/Fixed Income prgms. |
$ | 60,626 | $ | 49,444 | $ | 53,712 | $ | 60,607 | $ | 54,922 | ||||||||||
| Consolidated: |
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| Equity/Fixed Income prgms (B) |
$ | 157,544 | $ | 136,456 | $ | 146,409 | $ | 162,676 | $ | 157,083 | ||||||||||
| Collective Trust Fund prgms. |
12,857 | 13,274 | 13,495 | 14,839 | 14,459 | |||||||||||||||
| Liquidity funds |
9,935 | 11,774 | 12,135 | 11,098 | 10,157 | |||||||||||||||
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| Total assets under mgmt. |
$ | 180,336 | $ | 161,504 | $ | 172,039 | $ | 188,613 | $ | 181,699 | ||||||||||
| Client assets under admin. (C) |
249,426 | 233,465 | 231,553 | 239,243 | 242,268 | |||||||||||||||
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| Total assets |
$ | 429,762 | $ | 394,969 | $ | 403,592 | $ | 427,856 | $ | 423,967 | ||||||||||
| (A) | Client assets under administration in the Investment Managers segment include $38.4 billion of assets balances that require limited services and therefore are at fee levels below our normal full service assets (as of June 30, 2012). |
| (B) | Equity/Fixed Income programs include $2.6 billion of assets invested in various asset allocation funds at June 30, 2012. |
| (C) | In addition to the numbers presented, SEI also administers an additional $4.6 billion in Funds of Funds assets (as of June 30, 2012) on which SEI does not earn an administration fee. |
SEI INVESTMENTS COMPANY
AVERAGE ASSET BALANCES
(In millions)
(Unaudited)
| 2nd Qtr. 2011 |
3rd Qtr. 2011 |
4th Qtr. 2011 |
1st Qtr. 2012 |
2nd Qtr. 2012 |
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| Private Banks: |
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| Equity/Fixed Income prgms. |
$ | 16,176 | $ | 16,592 | $ | 16,624 | $ | 17,116 | $ | 16,794 | ||||||||||
| Collective Trust Fund prgms. |
543 | 505 | 464 | 436 | 396 | |||||||||||||||
| Liquidity funds |
4,909 | 5,210 | 5,401 | 5,581 | 5,115 | |||||||||||||||
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| Total assets under mgmt. |
$ | 21,628 | $ | 22,307 | $ | 22,489 | $ | 23,133 | $ | 22,305 | ||||||||||
| Client assets under admin. |
11,114 | 10,364 | 10,290 | 10,211 | 10,631 | |||||||||||||||
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| Total assets |
$ | 32,742 | $ | 32,671 | $ | 32,779 | $ | 33,344 | $ | 32,936 | ||||||||||
| Investment Advisors: |
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| Equity/Fixed Income prgms. |
$ | 28,502 | $ | 26,658 | $ | 26,094 | $ | 28,426 | $ | 29,103 | ||||||||||
| Collective Trust Fund prgms. |
1,544 | 1,442 | 1,314 | 1,238 | 984 | |||||||||||||||
| Liquidity funds |
1,576 | 2,224 | 2,499 | 2,015 | 1,806 | |||||||||||||||
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| Total assets under mgmt. |
$ | 31,622 | $ | 30,324 | $ | 29,907 | $ | 31,679 | $ | 31,893 | ||||||||||
| Institutional Investors: |
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| Equity/Fixed Income prgms. |
$ | 51,567 | $ | 49,115 | $ | 48,504 | $ | 52,270 | $ | 54,998 | ||||||||||
| Collective Trust Fund prgms. |
554 | 505 | 500 | 427 | 418 | |||||||||||||||
| Liquidity funds |
3,515 | 3,416 | 3,461 | 3,765 | 3,147 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets under mgmt. |
$ | 55,636 | $ | 53,036 | $ | 52,465 | $ | 56,462 | $ | 58,563 | ||||||||||
| Investment Managers: |
||||||||||||||||||||
| Equity/Fixed Income prgms. |
$ | 38 | $ | 52 | $ | 65 | $ | 58 | $ | 63 | ||||||||||
| Collective Trust Fund prgms. |
9,560 | 11,292 | 10,773 | 11,983 | 12,991 | |||||||||||||||
| Liquidity funds |
165 | 200 | 219 | 190 | 235 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets under mgmt. |
$ | 9,763 | $ | 11,544 | $ | 11,057 | $ | 12,231 | $ | 13,289 | ||||||||||
| Client assets under admin. |
241,423 | 236,953 | 224,633 | 224,547 | 229,873 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets |
$ | 251,186 | $ | 248,497 | $ | 235,690 | $ | 236,778 | $ | 243,162 | ||||||||||
| Investments in New Businesses: |
||||||||||||||||||||
| Equity/Fixed Income prgms. |
$ | 561 | $ | 525 | $ | 515 | $ | 549 | $ | 550 | ||||||||||
| Liquidity funds |
42 | 42 | 42 | 39 | 33 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets under mgmt. |
$ | 603 | $ | 567 | $ | 557 | $ | 588 | $ | 583 | ||||||||||
| LSV Asset Management |
||||||||||||||||||||
| Equity/Fixed Income prgms. |
$ | 63,000 | $ | 54,679 | $ | 54,021 | $ | 59,200 | $ | 55,994 | ||||||||||
| Consolidated: |
||||||||||||||||||||
| Equity/Fixed Income prgms |
$ | 159,844 | $ | 147,621 | $ | 145,823 | $ | 157,619 | $ | 157,502 | ||||||||||
| Collective Trust Fund prgms. |
12,201 | 13,744 | 13,051 | 14,084 | 14,789 | |||||||||||||||
| Liquidity funds |
10,207 | 11,092 | 11,622 | 11,590 | 10,336 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets under mgmt. |
$ | 182,252 | $ | 172,457 | $ | 170,496 | $ | 183,293 | $ | 182,627 | ||||||||||
| Client assets under admin. |
252,537 | 247,317 | 234,923 | 234,758 | 240,504 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets |
$ | 434,789 | $ | 419,774 | $ | 405,419 | $ | 418,051 | $ | 423,131 | ||||||||||
###