Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - SEI INVESTMENTS CO | seic-20200930.htm |
| EX-32 - SECTION 906 CEO AND CFO CERTIFICATION - SEI INVESTMENTS CO | seic-930202010qex32.htm |
| EX-31.2 - SECTION 302 CFO CERTIFICATION - SEI INVESTMENTS CO | seic-930202010qex312.htm |
| EX-31.1 - SECTION 302 CEO CERTIFICATION - SEI INVESTMENTS CO | seic-930202010qex311.htm |
Exhibit 99.1
Investor Contact: Media Contact:
Lindsey Opsahl Leslie Wojcik
SEI SEI
+1 610-676-4052 +1 610-676-4191
lopsahl@seic.com lwojcik@seic.com
Pages: 8
FOR IMMEDIATE RELEASE
SEI Reports Third-Quarter 2020 Financial Results
OAKS, Pa., Oct. 21, 2020 – SEI Investments Company (NASDAQ:SEIC) today announced financial results for the third-quarter 2020. Diluted earnings per share were $0.75 in third-quarter 2020 compared to $0.86 in third-quarter 2019. On Tuesday, Oct. 20, 2020 the Board of Directors of SEI Investments Company approved an increase in its stock repurchase program by an additional $250 million, increasing the available authorization under the program to approximately $292 million.
| Consolidated Overview | ||||||||||||||||||||||||||||||||||||||
| (In thousands, except earnings per share) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | % | 2020 | 2019 | % | |||||||||||||||||||||||||||||||||
| Revenues | $424,927 | $416,254 | 2% | $1,240,335 | $1,226,660 | 1% | ||||||||||||||||||||||||||||||||
| Net income | 111,096 | 132,168 | (16)% | 321,404 | 372,689 | (14)% | ||||||||||||||||||||||||||||||||
| Diluted earnings per share | $0.75 | $0.86 | (13)% | $2.14 | $2.40 | (11)% | ||||||||||||||||||||||||||||||||
“The pandemic continues, as does our focus on clients and our employees’ health and safety. We are fortunate to have a strong global workforce that is resilient, engaged and dedicated to providing our clients best-in-class service, and committed to our company’s growth. Words can’t express our appreciation for their efforts, along with all of the healthcare and service providers who look after our health and well-being,” said Alfred P. West, Jr., SEI Chairman and CEO.
“Our business continued to rebound during the quarter, as our markets adjusted to the current environment. Our financial results reflect our strong sales activity, while we invest in our strategic priorities. Our diverse and talented global workforce drives our ability to serve our clients and make an impact on our communities. Looking to the future, we will capitalize on the opportunities in our markets to deliver long-term value to our shareholders, employees and clients.”
Summary of Third-Quarter Results by Business Segment
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | % | 2020 | 2019 | % | |||||||||||||||||||||||||||||||||
| Private Banks: | ||||||||||||||||||||||||||||||||||||||
| Revenues | $114,792 | $117,250 | (2)% | $335,739 | $351,601 | (5)% | ||||||||||||||||||||||||||||||||
| Expenses | 113,066 | 110,788 | 2% | 331,442 | 329,540 | 1% | ||||||||||||||||||||||||||||||||
| Operating Profit | 1,726 | 6,462 | (73)% | 4,297 | 22,061 | (81)% | ||||||||||||||||||||||||||||||||
| Operating Margin | 2 | % | 6 | % | 1 | % | 6 | % | ||||||||||||||||||||||||||||||
| Investment Advisors: | ||||||||||||||||||||||||||||||||||||||
| Revenues | 103,189 | 103,033 | —% | 299,218 | 297,916 | —% | ||||||||||||||||||||||||||||||||
| Expenses | 51,519 | 51,509 | —% | 154,100 | 154,569 | —% | ||||||||||||||||||||||||||||||||
| Operating Profit | 51,670 | 51,524 | —% | 145,118 | 143,347 | 1% | ||||||||||||||||||||||||||||||||
| Operating Margin | 50 | % | 50 | % | 48 | % | 48 | % | ||||||||||||||||||||||||||||||
| Institutional Investors: | ||||||||||||||||||||||||||||||||||||||
| Revenues | 79,583 | 80,337 | (1)% | 235,309 | 241,559 | (3)% | ||||||||||||||||||||||||||||||||
| Expenses | 37,812 | 37,268 | 1% | 113,016 | 115,383 | (2)% | ||||||||||||||||||||||||||||||||
| Operating Profit | 41,771 | 43,069 | (3)% | 122,293 | 126,176 | (3)% | ||||||||||||||||||||||||||||||||
| Operating Margin | 52 | % | 54 | % | 52 | % | 52 | % | ||||||||||||||||||||||||||||||
| Investment Managers: | ||||||||||||||||||||||||||||||||||||||
| Revenues | 123,846 | 112,186 | 10% | 359,815 | 326,037 | 10% | ||||||||||||||||||||||||||||||||
| Expenses | 79,838 | 71,889 | 11% | 228,795 | 209,326 | 9% | ||||||||||||||||||||||||||||||||
| Operating Profit | 44,008 | 40,297 | 9% | 131,020 | 116,711 | 12% | ||||||||||||||||||||||||||||||||
| Operating Margin | 36 | % | 36 | % | 36 | % | 36 | % | ||||||||||||||||||||||||||||||
| Investments in New Businesses: | ||||||||||||||||||||||||||||||||||||||
| Revenues | 3,517 | 3,448 | 2% | 10,254 | 9,547 | 7% | ||||||||||||||||||||||||||||||||
| Expenses | 13,315 | 7,926 | 68% | 37,691 | 20,663 | 82% | ||||||||||||||||||||||||||||||||
| Operating Loss | (9,798) | (4,478) | NM | (27,437) | (11,116) | NM | ||||||||||||||||||||||||||||||||
| Totals: | ||||||||||||||||||||||||||||||||||||||
| Revenues | $424,927 | $416,254 | 2% | $1,240,335 | $1,226,660 | 1% | ||||||||||||||||||||||||||||||||
| Expenses | 295,550 | 279,380 | 6% | 865,044 | 829,481 | 4% | ||||||||||||||||||||||||||||||||
| Corporate Overhead Expenses | 18,040 | 16,237 | 11% | 53,414 | 52,845 | 1% | ||||||||||||||||||||||||||||||||
| Income from Operations | $111,337 | $120,637 | (8)% | $321,877 | $344,334 | (7)% | ||||||||||||||||||||||||||||||||
2
Third-Quarter Business Highlights:
•Revenues from Asset management, administration, and distribution fees increased primarily from higher assets under administration due to positive cash flows from new and existing clients in our Investment Managers segment.
•Our average assets under administration increased $84.8 billion, or 13%, to $738.8 billion in the third-quarter 2020, as compared to $654.0 billion during the third-quarter 2019 (see attached Average Asset Balances schedules for further details).
•Our average assets under management, excluding LSV, increased $13.1 billion, or 6%, to $246.1 billion in the third-quarter 2020, as compared to $233.0 billion during the third-quarter 2019 (see attached Average Asset Balances schedules for further details).
•Sales events, net of client losses, during third-quarter 2020 totaled approximately $27.9 million and are expected to generate net annualized recurring revenues of approximately $14.6 million when contract values are fully realized. For the nine months ended Sept. 30, 2020, sales events, net of client losses, totaled approximately $84.8 million and are expected to generate net annualized recurring revenues of approximately $63.5 million when contract values are fully realized.
•The increase in our operational expenses was primarily due to increased consulting costs related to our continued investments in new business opportunities, such as our One SEI strategy and IT Services offering, as well as increased personnel costs to service new clients in our Investment Managers segment. This increase was partially offset by a decline in travel and promotional-related expenses, as our sales and client relationship personnel adapted to COVID-19 restrictions.
•Our earnings from LSV decreased by $9.3 million, or 25%, to $28.3 million in third-quarter 2020, as compared to $37.6 million in third-quarter 2019. The decrease in earnings was due to lower assets under management from negative cash flows from existing clients, market depreciation and client losses.
•We capitalized $5.4 million of software development costs in third-quarter 2020 for continued enhancements to the SEI Wealth PlatformSM (SWP). Amortization expense related to SWP was $10.9 million in third-quarter 2020.
•Our effective tax rates were 21.4% in third-quarter 2020 and 18.9% in third-quarter 2019. The increase in our effective tax rate was due to decreased tax benefits associated with a lower volume of stock option exercises and a higher effective state tax rate.
•We repurchased 2.1 million shares of our common stock for $108.7 million during the third-quarter 2020.
3
Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern time on Oct. 21, 2020. Investors may listen to the call at seic.com/ir-events. Investors may also listen to a replay by telephone at (USA) 866-207-1041; (International) 402-970-0847; Access Code: 4259639.
About SEI
After 50 years in business, SEI (NASDAQ:SEIC) remains a leading global provider of investment processing, investment management, and investment operations solutions designed to help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of Sept. 30, 2020, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers approximately $1 trillion in hedge, private equity, mutual fund and pooled or separately managed assets, including approximately $330 billion in assets under management and $755 billion in client assets under administration. For more information, visit seic.com.
This release contains forward-looking statements within the meaning or the rules and regulations of the Securities and Exchange Commission. In some cases you can identify forward-looking statements by terminology, such as ‘'may,’' '‘will,’' ‘'expect,’' ‘'believe’' and ‘'continue’' or ‘‘appear.’’ Our forward-looking statements include our current expectations as to:
• revenue that we believe will be generated by sales events that occurred during the quarter,
• the rebound of our business,
• whether and the degree to which we will invest in our strategic priorities, and
• whether capitalizing on the opportunities in our markets will deliver long-term value for any of our shareholders, employees or clients.
You should not place undue reliance on our forward-looking statements, as they are based on the current beliefs and expectations of our management and subject to significant risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe the assumptions upon which we base our forward-looking statements are reasonable, they could be inaccurate. Some of the risks and important factors that could cause actual results to differ from those described in our forward-looking statements can be found in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended Dec. 31, 2019, filed with the Securities and Exchange Commission.
# # #
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, | |||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
| Asset management, admin. and distribution fees | $339,609 | $330,943 | $992,039 | $969,812 | ||||||||||||||||||||||
| Information processing and software servicing fees | 85,318 | 85,311 | 248,296 | 256,848 | ||||||||||||||||||||||
| Total revenues | 424,927 | 416,254 | 1,240,335 | 1,226,660 | ||||||||||||||||||||||
| Subadvisory, distribution and other asset mgmt. costs | 45,126 | 44,978 | 134,645 | 134,960 | ||||||||||||||||||||||
| Software royalties and other information processing costs | 6,992 | 7,198 | 21,828 | 22,719 | ||||||||||||||||||||||
| Compensation, benefits and other personnel | 134,795 | 130,579 | 391,607 | 386,913 | ||||||||||||||||||||||
| Stock-based compensation | 6,467 | 5,453 | 20,458 | 15,555 | ||||||||||||||||||||||
| Consulting, outsourcing and professional fees | 57,949 | 48,789 | 168,350 | 144,325 | ||||||||||||||||||||||
| Data processing and computer related | 24,437 | 22,338 | 71,647 | 65,514 | ||||||||||||||||||||||
| Facilities, supplies and other costs | 16,679 | 15,926 | 47,448 | 51,771 | ||||||||||||||||||||||
| Amortization | 13,200 | 12,947 | 39,417 | 38,407 | ||||||||||||||||||||||
| Depreciation | 7,945 | 7,409 | 23,058 | 22,162 | ||||||||||||||||||||||
| Total expenses | 313,590 | 295,617 | 918,458 | 882,326 | ||||||||||||||||||||||
| Income from operations | 111,337 | 120,637 | 321,877 | 344,334 | ||||||||||||||||||||||
| Net gain (loss) on investments | 776 | 611 | (1,310) | 2,121 | ||||||||||||||||||||||
| Interest and dividend income | 1,009 | 4,167 | 5,582 | 12,737 | ||||||||||||||||||||||
| Interest expense | (153) | (154) | (456) | (477) | ||||||||||||||||||||||
| Equity in earnings of unconsolidated affiliate | 28,305 | 37,609 | 86,488 | 112,758 | ||||||||||||||||||||||
| Income before income taxes | 141,274 | 162,870 | 412,181 | 471,473 | ||||||||||||||||||||||
| Income taxes | 30,178 | 30,702 | 90,777 | 98,784 | ||||||||||||||||||||||
| Net income | $111,096 | $132,168 | $321,404 | $372,689 | ||||||||||||||||||||||
| Basic earnings per common share | $0.76 | $0.88 | $2.18 | $2.45 | ||||||||||||||||||||||
| Shares used to calculate basic earnings per share | 145,812 | 150,855 | 147,586 | 152,009 | ||||||||||||||||||||||
| Diluted earnings per common share | $0.75 | $0.86 | $2.14 | $2.40 | ||||||||||||||||||||||
| Shares used to calculate diluted earnings per share | 147,907 | 154,227 | 149,958 | 155,311 | ||||||||||||||||||||||
| Dividends declared per common share | $— | $— | $0.35 | $0.33 | ||||||||||||||||||||||
5
SEI INVESTMENTS COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
| September 30, | December 31, | |||||||||||||
| 2020 | 2019 | |||||||||||||
| Assets | ||||||||||||||
| Current Assets: | ||||||||||||||
| Cash and cash equivalents | $767,698 | $841,446 | ||||||||||||
| Restricted cash | 3,101 | 3,101 | ||||||||||||
| Receivables from investment products | 51,644 | 54,165 | ||||||||||||
| Receivables, net of allowance for doubtful accounts of $1,310 and $1,201 | 378,170 | 340,358 | ||||||||||||
| Securities owned | 35,820 | 33,486 | ||||||||||||
| Other current assets | 38,475 | 32,289 | ||||||||||||
| Total Current Assets | 1,274,908 | 1,304,845 | ||||||||||||
| Property and Equipment, net of accumulated depreciation of $370,072 and $353,453 | 180,531 | 160,859 | ||||||||||||
| Operating Lease Right-of-Use Assets | 38,945 | 42,789 | ||||||||||||
| Capitalized Software, net of accumulated amortization of $479,159 and $442,677 | 278,226 | 296,068 | ||||||||||||
| Available for Sale and Equity Securities | 116,564 | 116,917 | ||||||||||||
| Investments in Affiliated Funds, at fair value | 5,207 | 5,988 | ||||||||||||
| Investment in Unconsolidated Affiliate | 33,117 | 67,413 | ||||||||||||
| Goodwill | 64,489 | 64,489 | ||||||||||||
| Intangible Assets, net of accumulated amortization of $11,536 and $8,773 | 25,225 | 27,987 | ||||||||||||
| Deferred Contract Costs | 33,833 | 30,991 | ||||||||||||
| Deferred Income Taxes | 2,065 | 2,822 | ||||||||||||
| Other Assets, net | 32,507 | 30,202 | ||||||||||||
| Total Assets | $2,085,617 | $2,151,370 | ||||||||||||
| Liabilities and Equity | ||||||||||||||
| Current Liabilities: | ||||||||||||||
| Accounts payable | $13,038 | $4,423 | ||||||||||||
| Accrued liabilities | 223,217 | 272,801 | ||||||||||||
| Current portion of long-term operating lease liabilities | 8,445 | 9,156 | ||||||||||||
| Deferred revenue | 5,815 | 7,185 | ||||||||||||
| Total Current Liabilities | 250,515 | 293,565 | ||||||||||||
| Long-term Income Taxes Payable | 803 | 803 | ||||||||||||
| Deferred Income Taxes | 47,578 | 55,722 | ||||||||||||
| Long-term Operating Lease Liabilities | 34,768 | 38,450 | ||||||||||||
| Other Long-term Liabilities | 22,520 | 24,052 | ||||||||||||
| Total Liabilities | 356,184 | 412,592 | ||||||||||||
| Shareholders' Equity: | ||||||||||||||
| Common stock, $0.01 par value, 750,000 shares authorized; 144,491 and 149,745 shares issued and outstanding | 1,445 | 1,497 | ||||||||||||
| Capital in excess of par value | 1,174,142 | 1,158,900 | ||||||||||||
| Retained earnings | 581,244 | 601,885 | ||||||||||||
| Accumulated other comprehensive loss, net | (27,398) | (23,504) | ||||||||||||
| Total Shareholders' Equity | 1,729,433 | 1,738,778 | ||||||||||||
| Total Liabilities and Shareholders' Equity | $2,085,617 | $2,151,370 | ||||||||||||
6
ENDING ASSET BALANCES
(In millions) (Unaudited)
| Sept. 30, | Dec. 31, | Mar. 31, | Jun. 30, | Sept. 30, | ||||||||||||||||||||||||||||
| 2019 | 2019 | 2020 | 2020 | 2020 | ||||||||||||||||||||||||||||
| Private Banks: | ||||||||||||||||||||||||||||||||
Equity and fixed-income programs | $22,580 | $23,851 | $21,160 | $22,974 | $23,499 | |||||||||||||||||||||||||||
Collective trust fund programs | 4 | 4 | 5 | 5 | 6 | |||||||||||||||||||||||||||
Liquidity funds | 3,695 | 3,405 | 4,143 | 4,291 | 3,718 | |||||||||||||||||||||||||||
Total assets under management | $26,279 | $27,260 | $25,308 | $27,270 | $27,223 | |||||||||||||||||||||||||||
Client assets under administration | 23,985 | 25,801 | 21,497 | 23,903 | 24,174 | |||||||||||||||||||||||||||
Total assets | $50,264 | $53,061 | $46,805 | $51,173 | $51,397 | |||||||||||||||||||||||||||
| Investment Advisors: | ||||||||||||||||||||||||||||||||
Equity and fixed-income programs | $65,059 | $67,895 | $54,856 | $59,958 | $65,581 | |||||||||||||||||||||||||||
Collective trust fund programs | 4 | 4 | 2 | 3 | 3 | |||||||||||||||||||||||||||
Liquidity funds | 2,673 | 2,887 | 5,969 | 6,648 | 3,866 | |||||||||||||||||||||||||||
Total assets under management | $67,736 | $70,786 | $60,827 | $66,609 | $69,450 | |||||||||||||||||||||||||||
| Institutional Investors: | ||||||||||||||||||||||||||||||||
Equity and fixed-income programs | $82,659 | $84,291 | $72,399 | $80,257 | $83,846 | |||||||||||||||||||||||||||
Collective trust fund programs | 81 | 83 | 94 | 103 | 101 | |||||||||||||||||||||||||||
Liquidity funds | 2,290 | 1,746 | 3,672 | 1,924 | 2,096 | |||||||||||||||||||||||||||
Total assets under management | $85,030 | $86,120 | $76,165 | $82,284 | $86,043 | |||||||||||||||||||||||||||
Client assets under advisement | 4,467 | 3,948 | 3,406 | 3,326 | 3,618 | |||||||||||||||||||||||||||
Total assets | $89,497 | $90,068 | $79,571 | $85,610 | $89,661 | |||||||||||||||||||||||||||
| Investment Managers: | ||||||||||||||||||||||||||||||||
Collective trust fund programs | 53,169 | 58,070 | 48,226 | 58,178 | 63,277 | |||||||||||||||||||||||||||
Liquidity funds | 477 | 479 | 392 | 664 | 389 | |||||||||||||||||||||||||||
Total assets under management | $53,646 | $58,549 | $48,618 | $58,842 | $63,666 | |||||||||||||||||||||||||||
Client assets under administration (A) | 637,986 | 657,541 | 610,794 | 668,611 | 730,369 | |||||||||||||||||||||||||||
Total assets | $691,632 | $716,090 | $659,412 | $727,453 | $794,035 | |||||||||||||||||||||||||||
| Investments in New Businesses: | ||||||||||||||||||||||||||||||||
Equity and fixed-income programs | $1,621 | $1,688 | $1,484 | $1,498 | $1,572 | |||||||||||||||||||||||||||
Liquidity funds | 132 | 158 | 152 | 194 | 169 | |||||||||||||||||||||||||||
Total assets under management | $1,753 | $1,846 | $1,636 | $1,692 | $1,741 | |||||||||||||||||||||||||||
Client assets under advisement | 825 | 1,343 | 1,056 | 1,193 | 1,179 | |||||||||||||||||||||||||||
Total assets | $2,578 | $3,189 | $2,692 | $2,885 | $2,920 | |||||||||||||||||||||||||||
| LSV Asset Management: | ||||||||||||||||||||||||||||||||
Equity and fixed-income programs (B) | $100,295 | $107,476 | $70,851 | $81,134 | $82,051 | |||||||||||||||||||||||||||
| Total: | ||||||||||||||||||||||||||||||||
Equity and fixed-income programs (C) | $272,214 | $285,201 | $220,750 | $245,821 | $256,549 | |||||||||||||||||||||||||||
Collective trust fund programs | 53,258 | 58,161 | 48,327 | 58,289 | 63,387 | |||||||||||||||||||||||||||
Liquidity funds | 9,267 | 8,675 | 14,328 | 13,721 | 10,238 | |||||||||||||||||||||||||||
Total assets under management | $334,739 | $352,037 | $283,405 | $317,831 | $330,174 | |||||||||||||||||||||||||||
Client assets under advisement | 5,292 | 5,291 | 4,462 | 4,519 | 4,797 | |||||||||||||||||||||||||||
Client assets under administration (D) | 661,971 | 683,342 | 632,291 | 692,514 | 754,543 | |||||||||||||||||||||||||||
Total assets | $1,002,002 | $1,040,670 | $920,158 | $1,014,864 | $1,089,514 | |||||||||||||||||||||||||||
(A)Client assets under administration in the Investment Managers segment include $51.1 billion of assets that are at fee levels below our normal full-service assets (as of September 30, 2020).
(B)Equity and fixed-income programs include $1.6 billion of assets managed by LSV in which fees are based on performance only (as of September 30, 2020).
(C)Equity and fixed-income programs include $7.5 billion of assets invested in various asset allocation funds at September 30, 2020.
(D)In addition to the numbers presented, SEI also administers an additional $11.5 billion in Funds of Funds assets (as of
September 30, 2020) on which SEI does not earn an administration fee.
7
AVERAGE ASSET BALANCES
(In millions) (Unaudited)
| 3rd Qtr. | 4th Qtr. | 1st Qtr. | 2nd Qtr. | 3rd Qtr. | ||||||||||||||||||||||||||||
| 2019 | 2019 | 2020 | 2020 | 2020 | ||||||||||||||||||||||||||||
| Private Banks: | ||||||||||||||||||||||||||||||||
Equity and fixed-income programs | $22,432 | $23,106 | $24,657 | $22,229 | $23,740 | |||||||||||||||||||||||||||
Collective trust fund programs | 4 | 4 | 4 | 5 | 7 | |||||||||||||||||||||||||||
Liquidity funds | 3,625 | 3,581 | 3,581 | 4,366 | 3,948 | |||||||||||||||||||||||||||
Total assets under management | $26,061 | $26,691 | $28,242 | $26,600 | $27,695 | |||||||||||||||||||||||||||
Client assets under administration | 23,717 | 24,930 | 24,840 | 23,819 | 25,295 | |||||||||||||||||||||||||||
Total assets | $49,778 | $51,621 | $53,082 | $50,419 | $52,990 | |||||||||||||||||||||||||||
| Investment Advisors: | ||||||||||||||||||||||||||||||||
Equity and fixed-income programs | $64,761 | $66,371 | $64,933 | $57,429 | $64,479 | |||||||||||||||||||||||||||
Collective trust fund programs | 5 | 4 | 3 | 3 | 3 | |||||||||||||||||||||||||||
Liquidity funds | 2,580 | 2,673 | 3,284 | 6,923 | 4,569 | |||||||||||||||||||||||||||
Total assets under management | $67,346 | $69,048 | $68,220 | $64,355 | $69,051 | |||||||||||||||||||||||||||
| Institutional Investors: | ||||||||||||||||||||||||||||||||
Equity and fixed-income programs | $82,398 | $83,304 | $79,926 | $77,037 | $82,830 | |||||||||||||||||||||||||||
Collective trust fund programs | 80 | 82 | 86 | 100 | 102 | |||||||||||||||||||||||||||
Liquidity funds | 2,287 | 2,106 | 2,342 | 2,476 | 2,120 | |||||||||||||||||||||||||||
Total assets under management | $84,765 | $85,492 | $82,354 | $79,613 | $85,052 | |||||||||||||||||||||||||||
Client assets under advisement | 3,797 | 4,106 | 3,760 | 3,362 | 3,565 | |||||||||||||||||||||||||||
Total assets | $88,562 | $89,598 | $86,114 | $82,975 | $88,617 | |||||||||||||||||||||||||||
| Investment Managers: | ||||||||||||||||||||||||||||||||
Collective trust fund programs | 52,587 | 55,499 | 55,952 | 54,061 | 62,028 | |||||||||||||||||||||||||||
Liquidity funds | 460 | 642 | 617 | 482 | 565 | |||||||||||||||||||||||||||
Total assets under management | $53,047 | $56,141 | $56,569 | $54,543 | $62,593 | |||||||||||||||||||||||||||
Client assets under administration (A) | 630,328 | 646,592 | 654,386 | 649,012 | 713,528 | |||||||||||||||||||||||||||
Total assets | $683,375 | $702,733 | $710,955 | $703,555 | $776,121 | |||||||||||||||||||||||||||
| Investments in New Businesses: | ||||||||||||||||||||||||||||||||
Equity and fixed-income programs | $1,609 | $1,649 | $1,663 | $1,468 | $1,560 | |||||||||||||||||||||||||||
Liquidity funds | 142 | 145 | 168 | 182 | 180 | |||||||||||||||||||||||||||
Total assets under management | $1,751 | $1,794 | $1,831 | $1,650 | $1,740 | |||||||||||||||||||||||||||
Client assets under advisement | 842 | 1,044 | 1,222 | 1,148 | 1,206 | |||||||||||||||||||||||||||
Total assets | $2,593 | $2,838 | $3,053 | $2,798 | $2,946 | |||||||||||||||||||||||||||
| LSV Asset Management: | ||||||||||||||||||||||||||||||||
Equity and fixed-income programs (B) | $100,094 | $104,814 | $88,059 | $80,395 | $83,536 | |||||||||||||||||||||||||||
| Total: | ||||||||||||||||||||||||||||||||
Equity and fixed-income programs (C) | $271,294 | $279,244 | $259,238 | $238,558 | $256,145 | |||||||||||||||||||||||||||
Collective trust fund programs | 52,676 | 55,589 | 56,045 | 54,169 | 62,140 | |||||||||||||||||||||||||||
Liquidity funds | 9,094 | 9,147 | 9,992 | 14,429 | 11,382 | |||||||||||||||||||||||||||
Total assets under management | $333,064 | $343,980 | $325,275 | $307,156 | $329,667 | |||||||||||||||||||||||||||
Client assets under advisement | 4,639 | 5,150 | 4,982 | 4,510 | 4,771 | |||||||||||||||||||||||||||
Client assets under administration (D) | 654,045 | 671,522 | 679,226 | 672,831 | 738,823 | |||||||||||||||||||||||||||
Total assets | $991,748 | $1,020,652 | $1,009,483 | $984,497 | $1,073,261 | |||||||||||||||||||||||||||
(A) Average client assets under administration in the Investment Managers segment during third-quarter 2020 include $50.4 billion that are at fee levels below our normal full-service assets.
(B) Equity and fixed-income programs include $1.6 billion of average assets managed by LSV in which fees are based on performance only during third-quarter 2020.
(C) Equity and fixed-income programs include $7.5 billion of average assets invested in various asset allocation funds during third-quarter 2020.
(D) In addition to the numbers presented, SEI also administers an additional $11.4 billion of average assets in Funds of Funds assets during third-quarter 2020 on which SEI does not earn an administration fee.
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