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EX-32 - SECTION 906 CEO AND CFO CERTIFICATION - SEI INVESTMENTS COseic-9301710qex32.htm
EX-31.2 - SECTION 302 CFO CERTIFICATION - SEI INVESTMENTS COseic-9301710qex312.htm
EX-31.1 - SECTION 302 CEO CERTIFICATION - SEI INVESTMENTS COseic-9301710qex311.htm
10-Q - FORM 10-Q - SEI INVESTMENTS COseic-9301710q.htm

Exhibit 99.1

seiexhibit991logoa13.jpg

Investor Contact:                         Media Contact:
Lindsey Opsahl                        Dana Grosser
SEI            SEI
+1 610-676-4052                        +1 610-676-2459
lopsahl@seic.com                        dgrosser@seic.com
Pages:        8

FOR IMMEDIATE RELEASE

SEI Reports Third-Quarter 2017 Financial Results

Increases Stock Repurchase Program

OAKS, Pa., October 25, 2017 -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the third-quarter 2017. Diluted earnings per share were $0.63 in third-quarter 2017 compared to $0.53 in third-quarter 2016. In addition, on October 24, 2017, SEI's Board of Directors approved an increase in its stock repurchase program by an additional $200.0 million, increasing the available authorization under the program to approximately $230.5 million. Since the beginning of calendar year 2017, the Company repurchased approximately 3.5 million shares at a cost of approximately $188.3 million.
Consolidated Overview
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except earnings per share)
 
For the Three Months Ended September 30,
 
 
 
For the Nine Months Ended September 30,
 
 
 
 
2017
 
2016
 
%
 
2017
 
2016
 
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 

$386,018

 

$354,641

 
9%
 

$1,118,333

 

$1,032,735

 
8%
Net income
 
101,739

 
86,704

 
17%
 
282,245

 
245,206

 
15%
Diluted earnings per share
 

$0.63

 

$0.53

 
19%
 

$1.74

 

$1.49

 
17%
“Our third-quarter results reflect continued growth and strategic progress across all of our businesses; even as we continue to invest in and advance our solutions for all our markets," said Alfred P. West, Jr., SEI Chairman and CEO.
“The continued adoption of our broad-based platforms, including the very successful implementation of the SEI Wealth Platform by Regions Bank and a large migration of Investment Advisors segment clients to the Platform, positions us well for the future. As always, we remain committed to long-term sustainable growth and increasing shareholder value."




Summary of Third-Quarter Results by Business Segment
(In thousands)
 
For the Three Months Ended September 30,
 
 
 
For the Nine Months Ended September 30,
 
 
 
 
2017
 
2016
 
%
 
2017
 
2016
 
%
Private Banks:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 

$118,499

 

$115,952

 
2%
 

$347,317

 

$344,149

 
1%
Expenses
 
115,806

 
105,523

 
10%
 
336,709

 
312,126

 
8%
Operating Profit
 
2,693

 
10,429

 
(74)%
 
10,608

 
32,023

 
(67)%
Gain on sale of subsidiary
 

 

 
 

 
2,791

 
NM
Segment Profit
 
2,693

 
10,429

 
(74)%
 
10,608

 
34,814

 
NM
Operating Margin (A)
 
2
%
 
9
%
 
 
 
3
%
 
9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Advisors:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
94,318

 
85,258

 
11%
 
275,302

 
243,820

 
13%
Expenses
 
50,585

 
45,080

 
12%
 
147,504

 
134,575

 
10%
Operating Profit
 
43,733

 
40,178

 
9%
 
127,798

 
109,245

 
17%
Operating Margin
 
46
%
 
47
%
 
 
 
46
%
 
45
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Institutional Investors:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
80,411

 
76,222

 
5%
 
235,483

 
223,793

 
5%
Expenses
 
40,003

 
36,943

 
8%
 
117,499

 
108,875

 
8%
Operating Profit
 
40,408

 
39,279

 
3%
 
117,984

 
114,918

 
3%
Operating Margin
 
50
%
 
52
%
 
 
 
50
%
 
51
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Managers:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
91,020

 
75,672

 
20%
 
255,123

 
216,528

 
18%
Expenses
 
59,831

 
48,588

 
23%
 
165,743

 
140,831

 
18%
Operating Profit
 
31,189

 
27,084

 
15%
 
89,380

 
75,697

 
18%
Operating Margin
 
34
%
 
36
%
 
 
 
35
%
 
35
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in New Businesses:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
1,770

 
1,537

 
15%
 
5,108

 
4,445

 
15%
Expenses
 
5,063

 
5,348

 
(5)%
 
15,067

 
15,935

 
(5)%
Operating Loss
 
(3,293
)
 
(3,811
)
 
NM
 
(9,959
)
 
(11,490
)
 
NM
 
 
 
 
 
 
 
 
 
 
 
 
 
Totals:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 

$386,018

 

$354,641

 
9%
 

$1,118,333

 

$1,032,735

 
8%
Expenses
 
271,288

 
241,482

 
12%
 
782,522

 
712,342

 
10%
Corporate overhead expenses
 
15,493

 
15,941

 
(3)%
 
45,830

 
42,840

 
7%
Income from operations
 

$99,237

 

$97,218

 
2%
 

$289,981

 

$277,553

 
4%

(A) Percentages determined exclusive of gain on sale of subsidiary.

2



Third-Quarter Business Highlights:

Revenue growth in the quarter was primarily driven by higher Asset management, administration, and distribution fees from market appreciation and positive cash flows from new and existing clients.
Sales events, net of client losses, during third-quarter 2017 totaled approximately $24.2 million and are expected to generate net annualized recurring revenues of approximately $17.1 million when contract values are fully realized.
Our average assets under management, excluding LSV, increased $23.7 billion, or 12 percent, to $218.9 billion, as compared to $195.2 billion during the third-quarter 2016. Our assets under management do not include advised assets (see attached Average Asset Balances schedules for further details).
Our average assets under administration increased $52.1 billion, or 11 percent, to $507.6 billion in the third-quarter 2017, as compared to $455.5 billion during the third-quarter 2016 (see attached Average Asset Balances schedules for further details).
Our earnings from LSV increased by $6.8 million, or 21 percent, to $39.3 million in third-quarter 2017 as compared to $32.6 million in third-quarter 2016. The increase in earnings was due to an increase in assets under management from market appreciation and increased performance fees; however, our earnings were negatively impacted by increased personnel expenses of LSV.
We capitalized $15.3 million and $13.6 million of software development costs in third-quarter 2017 and 2016, respectively, of which $12.6 million and $11.3 million are related to continued enhancements to the SEI Wealth PlatformSM. The remaining amounts of the Company's software development costs capitalized during the third quarter of 2017 and 2016 are related to an application for the Investment Managers segment. Our expenses related to maintenance and enhancements not eligible for capitalization have increased. A higher portion of these costs are recognized in personnel and consulting costs. These increased costs primarily impacted the Private Banks and Investment Advisors business segments.
Amortization expense related to the SEI Wealth Platform increased to $12.8 million during the third-quarter 2017 as compared to $11.3 million during the third-quarter 2016 due to continued enhancements. In addition, we are currently reassessing the remaining useful life of certain components and functionality of the Platform. Refer to our third-quarter 2017 Form 10-Q for additional information.
The direct costs associated with our investment management programs increased in our Private Banks, Investment Advisors and Institutional Investors segments. These costs primarily relate to fees charged by investment advisory firms for day-to-day portfolio management of SEI-sponsored investment products.
Our operating expenses, primarily personnel costs, in our Investment Advisors and Investment Managers segments increased. These expenses primarily consist of operational and marketing costs and are mainly related to servicing existing clients and acquiring and implementing new clients.
We acquired Archway Technology Partners, LLC (Archway), a provider of operating technologies and services to the family office industry, during the third-quarter 2017. The results of operations of Archway are included in our Investment Managers business segment. The segment's third quarter-2017 results were negatively impacted by approximately $476 thousand from the acquisition. Refer to our third-quarter 2017 Form 10-Q for additional information regarding the financial impact of the Archway acquisition.
We adopted Accounting Standards Update (ASU) 2016-09 in 2017 which will cause volatility in our quarterly effective tax rate. Our effective tax rates were 27.7 percent in third-quarter 2017 and 33.8 percent in third-quarter 2016. Refer to our third-quarter 2017 Form 10-Q for additional information regarding the impact of ASU 2016-09 on our effective tax rate.
Our tax rate in third-quarter 2017 was also favorably impacted by the expiration of the statute of limitations pertaining to various federal tax items.

3



We repurchased 1.2 million shares of our common stock for $68.2 million during the third-quarter 2017.

Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern time on Oct. 25, 2017. Investors may listen to the call at seic.com, Investors section, Events and Webcasts. Investors may also listen to a replay by telephone at (USA) 800-475-6701; (International) 320-365-3844, access code 431994.

About SEI
SEI (NASDAQ:SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of September 30, 2017, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $845 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $325 billion in assets under management and $516 billion in client assets under administration. For more information, visit 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.




4



SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
 
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
 
Asset management, admin. and distribution fees
 

$299,890

 

$271,930

 

$866,945

 

$785,642

Information processing and software servicing fees
 
80,922

 
76,443

 
233,501

 
224,834

Transaction–based and trade execution fees
 
5,206

 
6,268

 
17,887

 
22,259

 
 
 
 
 
 
 
 
 
Total revenues
 
386,018

 
354,641

 
1,118,333

 
1,032,735

 
 
 
 
 
 
 
 
 
Subadvisory, distribution and other asset mgmt costs
 
45,578

 
42,586

 
131,368

 
122,651

Software royalties and other information processing costs
 
7,463

 
7,519

 
22,837

 
22,944

Brokerage commissions
 
3,978

 
4,864

 
13,163

 
17,065

Compensation, benefits and other personnel
 
118,421

 
103,137

 
336,919

 
307,350

Stock-based compensation
 
7,088

 
4,066

 
19,527

 
12,044

Consulting, outsourcing and professional fees
 
46,507

 
43,631

 
137,991

 
121,712

Data processing and computer related
 
18,449

 
16,581

 
53,104

 
48,081

Facilities, supplies and other costs
 
18,604

 
17,075

 
54,764

 
50,194

Amortization
 
13,745

 
11,388

 
38,332

 
33,684

Depreciation
 
6,948

 
6,576

 
20,347

 
19,457

 
 
 
 
 
 
 
 
 
Total expenses
 
286,781

 
257,423

 
828,352

 
755,182

 
 
 
 
 
 
 
 
 
Income from operations
 
99,237

 
97,218

 
289,981

 
277,553

 
 
 
 
 
 
 
 
 
Net gain on investments
 
645

 
196

 
1,036

 
320

Interest and dividend income
 
1,899

 
1,026

 
4,928

 
3,142

Interest expense
 
(345
)
 
(115
)
 
(571
)
 
(416
)
Equity in earnings of unconsolidated affiliate
 
39,333

 
32,565

 
109,213

 
92,042

Gain on sale of subsidiary
 

 

 

 
2,791

 
 
 
 
 
 
 
 
 
Income before income taxes
 
140,769

 
130,890

 
404,587

 
375,432

 
 
 
 
 
 
 
 
 
Income taxes
 
39,030

 
44,186

 
122,342

 
130,226

 
 
 
 
 
 
 
 
 
Net income
 

$101,739

 

$86,704

 

$282,245

 

$245,206

 
 
 
 
 
 
 
 
 
Basic earnings per common share
 

$0.64

 

$0.54

 

$1.78

 

$1.51

 
 
 
 
 
 
 
 
 
Shares used to calculate basic earnings per share
 
157,902

 
160,916

 
158,439

 
161,908

 
 
 
 
 
 
 
 
 
Diluted earnings per common share
 

$0.63

 

$0.53

 

$1.74

 

$1.49

 
 
 
 
 
 
 
 
 
Shares used to calculate diluted earnings per share
 
161,148

 
163,925

 
161,866

 
165,053

 
 
 
 
 
 
 
 
 
Dividends declared per common share
 

$—

 

$—

 

$0.28

 

$0.26





5



SEI INVESTMENTS COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

 
 
September 30,
 
December 31,
 
 
2017
 
2016
Assets
 
 
 
 
Current Assets:
 
 
 
 
Cash and cash equivalents
 

$684,971

 

$695,701

Restricted cash
 
3,503

 
3,500

Receivables from investment products
 
50,961

 
61,761

Receivables, net of allowance for doubtful accounts of $699 and $523
 
273,535

 
227,957

Securities owned
 
21,469

 
21,339

Other current assets
 
30,537

 
27,575

Total Current Assets
 
1,064,976

 
1,037,833

 
 
 
 
 
Property and Equipment, net of accumulated depreciation of $302,901 and $285,322
 
148,106

 
146,190

Capitalized Software, net of accumulated amortization of $340,864 and $303,540
 
307,116

 
295,867

Investments Available for Sale
 
82,252

 
84,033

Investments in Affiliated Funds, at fair value
 
5,738

 
4,858

Investment in Unconsolidated Affiliate
 
42,225

 
50,459

Intangible Assets, net
 
82,263

 

Deferred Income Taxes
 
1,676

 
2,127

Other Assets, net
 
17,045

 
15,456

Total Assets
 

$1,751,397

 

$1,636,823

 
 
 
 
 
Liabilities and Equity
 
 
 
 
Current Liabilities:
 
 
 
 
Accounts payable
 

$4,429

 

$5,966

Accrued liabilities
 
185,368

 
240,525

Deferred revenue
 
3,134

 
2,880

Total Current Liabilities
 
192,931

 
249,371

 
 
 
 
 
Borrowings Under Revolving Credit Facility
 
40,000

 

Deferred Income Taxes
 
69,704

 
69,693

Other Long-term Liabilities
 
16,221

 
14,645

Total Liabilities
 
318,856

 
333,709

 
 
 
 
 
Shareholders' Equity:
 
 
 
 
Common stock, $.01 par value, 750,000 shares authorized; 157,405 and 159,031 shares issued and outstanding
 
1,574

 
1,590

Capital in excess of par value
 
1,002,909

 
955,461

Retained earnings
 
448,356

 
384,018

Accumulated other comprehensive loss, net
 
(20,298
)
 
(37,955
)
Total Shareholders' Equity
 
1,432,541

 
1,303,114

Total Liabilities and Shareholders' Equity
 

$1,751,397

 

$1,636,823




6



ENDING ASSET BALANCES
(In millions) (Unaudited)
 
 
 
Sept. 30,
 
Dec 31,
 
Mar. 31,
 
Jun. 30,
 
Sept. 30,
 
 
 
2016
 
2016
 
2017
 
2017
 
2017
Private Banks:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$18,668

 

$17,926

 

$19,034

 

$20,185

 

$21,196

Collective trust fund programs
 
 
3

 
3

 
5

 
4

 
4

Liquidity funds
 
 
4,034

 
4,230

 
3,903

 
3,589

 
3,345

Total assets under management
 
 

$22,705

 

$22,159

 

$22,942

 

$23,778

 

$24,545

Client assets under administration
 
 
19,269

 
19,255

 
20,760

 
20,951

 
22,107

Total assets
 
 

$41,974

 

$41,414

 

$43,702

 

$44,729

 

$46,652

 
 
 
 
 
 
 
 
 
 
 
 
Investment Advisors:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$52,594

 

$52,847

 

$55,311

 

$57,358

 

$59,455

Collective trust fund programs
 
 
5

 
5

 
5

 
5

 
5

Liquidity funds
 
 
2,539

 
2,741

 
2,645

 
2,451

 
2,327

Total assets under management
 
 

$55,138

 

$55,593

 

$57,961

 

$59,814

 

$61,787

 
 
 
 
 
 
 
 
 
 
 
 
Institutional Investors:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs (E)
 
 

$78,701

 

$76,465

 

$78,954

 

$81,723

 

$84,939

Collective trust fund programs
 
 
90

 
93

 
89

 
80

 
82

Liquidity funds
 
 
2,612

 
2,903

 
2,759

 
2,468

 
3,699

Total assets under management
 
 

$81,403

 

$79,461

 

$81,802

 

$84,271

 

$88,720

Advised assets

 
 

 

 
3,228

 
4,255

 
4,450

Total assets
 
 

$81,403

 

$79,461

 

$85,030

 

$88,526

 

$93,170

 
 
 
 
 
 
 
 
 
 
 
 
Investment Managers:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$79

 

$81

 

$84

 

$92

 

$93

Collective trust fund programs
 
 
35,962

 
36,991

 
40,646

 
42,662

 
46,087

Liquidity funds
 
 
812

 
667

 
911

 
999

 
799

Total assets under management
 
 

$36,853

 

$37,739

 

$41,641

 

$43,753

 

$46,979

Client assets under administration (A)
 
 
451,204

 
448,708

 
457,356

 
476,543

 
493,538

Total assets
 
 

$488,057

 

$486,447

 

$498,997

 

$520,296

 

$540,517

 
 
 
 
 
 
 
 
 
 
 
 
Investments in New Businesses:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$850

 

$884

 

$931

 

$997

 

$1,052

Liquidity funds
 
 
53

 
61

 
79

 
46

 
71

Total assets under management
 
 

$903

 

$945

 

$1,010

 

$1,043

 

$1,123

Advised assets
 
 

 

 
85

 
69

 
54

Total assets
 
 

$903

 

$945

 

$1,095

 

$1,112

 

$1,177

 
 
 
 
 
 
 
 
 
 
 
 
LSV Asset Management:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$83,863

 

$87,248

 

$90,611

 

$94,774

 

$101,893

 
 
 
 
 
 
 
 
 
 
 
 
Total:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs (B)
 
 

$234,755

 

$235,451

 

$244,925

 

$255,129

 

$268,628

Collective trust fund programs
 
 
36,060

 
37,092

 
40,745

 
42,751

 
46,178

Liquidity funds
 
 
10,050

 
10,602

 
10,297

 
9,553

 
10,241

Total assets under management
 
 

$280,865

 

$283,145

 

$295,967

 

$307,433

 

$325,047

Advised assets (C)
 
 

 

 
3,313

 
4,324

 
4,504

Client assets under administration (D)
 
 
470,473

 
467,963

 
478,116

 
497,494

 
515,645

Total assets
 
 

$751,338

 

$751,108

 

$777,396

 

$809,251

 

$845,196

(A)
Client assets under administration in the Investment Managers segment include $48.1 billion of assets that require limited services and therefore are at fee levels below our normal full service assets (as of September 30, 2017).
(B)
Equity and fixed-income programs include $5.5 billion of assets invested in various asset allocation funds at September 30, 2017.
(C)
Assets for which SEI acts as an advisor to the accounts. These assets were excluded in previous periods. 
(D)
In addition to the numbers presented, SEI also administers an additional $11.1 billion in Funds of Funds assets (as of
September 30, 2017) on which SEI does not earn an administration fee.
(E)
Ending asset balance for Institutional Investors as of Mar. 31, 2017 were revised from $80.1 billion to $79.0 billion.

7



AVERAGE ASSET BALANCES
(In millions) (Unaudited)
 
 
 
3rd Qtr.
 
4th Qtr.
 
1st Qtr.
 
2nd Qtr.
 
3rd Qtr.
 
 
 
2016
 
2016
 
2017
 
2017
 
2017
Private Banks:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$18,650

 

$17,945

 

$18,498

 

$19,610

 

$20,699

Collective trust fund programs
 
 
3

 
3

 
4

 
5

 
4

Liquidity funds
 
 
4,386

 
4,030

 
4,051

 
3,677

 
3,555

Total assets under management
 
 

$23,039

 

$21,978

 

$22,553

 

$23,292

 

$24,258

Client assets under administration
 
 
19,039

 
19,010

 
20,223

 
21,166

 
21,441

Total assets
 
 

$42,078

 

$40,988

 

$42,776

 

$44,458

 

$45,699

 
 
 
 
 
 
 
 
 
 
 
 
Investment Advisors:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$51,924

 

$52,267

 

$54,446

 

$56,319

 

$58,406

Collective trust fund programs
 
 
5

 
5

 
5

 
5

 
5

Liquidity funds
 
 
2,694

 
2,638

 
2,559

 
2,390

 
2,335

Total assets under management
 
 

$54,623

 

$54,910

 

$57,010

 

$58,714

 

$60,746

 
 
 
 
 
 
 
 
 
 
 
 
Institutional Investors:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$77,583

 

$77,040

 

$77,852

 

$80,561

 

$83,696

Collective trust fund programs
 
 
90

 
92

 
90

 
85

 
80

Liquidity funds
 
 
2,751

 
2,766

 
2,891

 
2,861

 
3,177

Total assets under management
 
 

$80,424

 

$79,898

 

$80,833

 

$83,507

 

$86,953

Advised assets
 
 

 

 
3,125

 
3,687

 
4,376

Total assets
 
 

$80,424

 

$79,898

 

$83,958

 

$87,194

 

$91,329

 
 
 
 
 
 
 
 
 
 
 
 
Investment Managers:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$73

 

$79

 

$75

 

$84

 

$92

Collective trust fund programs
 
 
35,257

 
36,170

 
39,081

 
41,615

 
44,824

Liquidity funds
 
 
874

 
813

 
860

 
937

 
952

Total assets under management
 
 

$36,204

 

$37,062

 

$40,016

 

$42,636

 

$45,868

Client assets under administration
 
 
436,459

 
446,666

 
453,766

 
470,701

 
486,158

Total assets
 
 

$472,663

 

$483,728

 

$493,782

 

$513,337

 

$532,026

 
 
 
 
 
 
 
 
 
 
 
 
Investments in New Businesses:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$845

 

$851

 

$909

 

$954

 

$1,016

Liquidity funds
 
 
44

 
60

 
63

 
64

 
55

Total assets under management
 
 

$889

 

$911

 

$972

 

$1,018

 

$1,071

Advised assets
 
 

 

 
82

 
73

 
73

Total assets
 
 

$889

 

$911

 

$1,054

 

$1,091

 

$1,144

 
 
 
 
 
 
 
 
 
 
 
 
LSV Asset Management:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$83,373

 

$84,676

 

$90,274

 

$93,094

 

$99,279

 
 
 
 
 
 
 
 
 
 
 
 
Total:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$232,448

 

$232,858

 

$242,054

 

$250,622

 

$263,188

Collective trust fund programs
 
 
35,355

 
36,270

 
39,180

 
41,710

 
44,913

Liquidity funds
 
 
10,749

 
10,307

 
10,424

 
9,929

 
10,074

Total assets under management
 
 

$278,552

 

$279,435

 

$291,658

 

$302,261

 

$318,175

Advised assets
 
 

 

 
3,207

 
3,760

 
4,449

Client assets under administration
 
 
455,498

 
465,676

 
473,989

 
491,867

 
507,599

Total assets
 
 

$734,050

 

$745,111

 

$768,854

 

$797,888

 

$830,223






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