Open the filing on EDGARBrad Burke Alicia Rudd
SEI SEI
Pages: 9
SEI Reports Fourth-Quarter 2025 Financial Results
OAKS, Pa., Jan. 28, 2026 - SEI Investments Company (NASDAQ:SEIC) today announced financial results for the fourth quarter 2025. Relative to the fourth quarter 2024, EPS increased by 16%, and revenue and operating income grew by 9% and 11%, respectively, with operating margin increasing to 27%.
| Consolidated Overview | | | | | | |
| (In thousands, except earnings per share) | For the Three Months Ended December 31, | | For the Twelve Months Ended December 31, | |
| | 2025 | | 2024% | | | 2025 | | 2024% | |
| Revenues | $607,925 | | $557,190 | | 9% | $2,297,381 | | $2,125,151 | | 8% |
| Operating income | 161,618 | | 145,544 | | 11% | 627,311 | | 551,741 | | 14% |
| Operating margin | 27% | | 26% | | 4% | 27% | | 26% | | 4% |
| Net income attributable to SEI Investments | 172,501 | | 155,771 | | 11% | 715,305 | | 581,191 | | 23% |
| Diluted earnings per share | $1.38 | | $1.19 | | 16% | $5.63 | | $4.41 | | 28% |
“We closed 2025 with an exceptional fourth quarter, capping one of the strongest years in SEI’s history. Q4 results reflect solid revenue growth, margin expansion, and outstanding sales activity across the organization. What’s most encouraging is that these results were not reliant on any single business or one‑time event, but rather a result of disciplined execution against our strategy and the strength of our integrated enterprise model,” said CEO Ryan Hicke.
“Our strong performance is a testament to the deliberate choices we’ve made to align our capabilities with long-term industry tailwinds. We’re benefiting from increased demand for outsourcing, the convergence of public and private markets, and the continued need for high-quality advice. With clear priorities and the right team in place, we’re entering 2026 with confidence.”
Summary of Fourth-Quarter Results by Business Segment
| (In thousands) | For the Three Months Ended December 31, | | For the Twelve Months Ended December 31, | |
| | 2025 | | 2024% | | | 2025 | | 2024% | |
| Investment Managers: | | | | | | |
| Revenues | $220,840 | | $191,262 | | 15% | $815,005 | | $728,390 | | 12% |
| Expenses | 129,515 | | 118,130 | | 10% | 494,296 | | 453,085 | | 9% |
| Operating Profit | 91,325 | | 73,132 | | 25% | 320,709 | | 275,305 | | 16% |
| Operating Margin | 41% | | 38% | | | 39% | | 38% | | |
| Private Banks: | | | | | | |
| Revenues | 149,782 | | 140,142 | | 7% | 572,939 | | 541,414 | | 6% |
| Expenses | 120,699 | | 120,414 | | - % | 474,935 | | 460,375 | | 3% |
| Operating Profit | 29,083 | | 19,728 | | 47% | 98,004 | | 81,039 | | 21% |
| Operating Margin | 19% | | 14% | | | 17% | | 15% | | |
| Investment Advisors: | | | | | | |
| Revenues | 156,163 | | 139,267 | | 12% | 577,397 | | 509,408 | | 13% |
| Expenses | 84,278 | | 76,839 | | 10% | 311,662 | | 282,902 | | 10% |
| Operating Profit | 71,885 | | 62,428 | | 15% | 265,735 | | 226,506 | | 17% |
| Operating Margin | 46% | | 45% | | | 46% | | 44% | | |
| Institutional Investors: | | | | | | |
| Revenues | 72,823 | | 70,812 | | 3% | 282,498 | | 285,723 | | (1)% |
| Expenses | 38,337 | | 38,315 | | - % | 148,132 | | 154,701 | | (4)% |
| Operating Profit | 34,486 | | 32,497 | | 6% | 134,366 | | 131,022 | | 3% |
| Operating Margin | 47% | | 46% | | | 48% | | 46% | | |
| Investments in New Businesses: | | | | | | |
| Revenues | 8,317 | | 15,707 | | (47)% | 49,542 | | 60,216 | | (18)% |
| Expenses | 11,433 | | 19,296 | | (41)% | 60,222 | | 74,699 | | (19)% |
| Operating Loss | (3,116) | | (3,589) | | (13)% | (10,680) | | (14,483) | | (26)% |
| Totals: | | | | | | |
| Revenues | $607,925 | | $557,190 | | 9% | $2,297,381 | | $2,125,151 | | 8% |
| Expenses | 384,262 | | 372,994 | | 3% | 1,489,247 | | 1,425,762 | | 4% |
| Corporate Overhead Expenses | 62,100 | | 38,652 | | 61% | 180,878 | | 147,648 | | 23% |
| Segment reclassification (A) | 55 | | - | | NM* | 55 | | - | | NM |
| Income from Operations | $161,618 | | $145,544 | | 11% | $627,311 | | $551,741 | | 14% |
(A) Primarily includes non-controlling interest and earnings from equity method investments.
* Variances noted "NM" indicate the percent change is not meaningful.
Fourth-Quarter Business Highlights:
- SEI ended the year with strong quarterly performance, achieving diluted EPS of $1.38, up 16% from the prior year. Results were broad based, driven by revenue growth and margin expansion across each of SEI's business segments. Several items affected comparability and collectively reduced diluted EPS by approximately $0.08, including:
- $20.1 million of elevated Corporate Overhead attributable to severance expense and third party M&A fees related to Stratos.
- A $3.0 million tax benefit from purchased energy credits.
- A $3.3 million revenue accrual true-up benefit in our Investment Managers segment.
- Fourth quarter net sales events totaled $43.6 million, bringing full-year net sales events to a record $149.9 million.
- Private Banks led the quarter with $27.5 million of net sales events reflecting demand across SEI's full suite of capabilities, including SWP software-as-a-service, implementation services, and ongoing enterprise-wide professional services.
- Investment Managers generated $20.5 million of net sales events, with more than two-thirds coming from U.S.-based alternative asset managers.
- Advisors net sales events were nearly flat for the quarter, as strong inflows into SEI-managed ETFs offset continued outflows in traditional mutual fund products.
- Institutional Investors recorded negative $5.0 million of net sales events, driven by client losses in the United Kingdom.
- Consolidated revenues and operating income increased by 9% and 11%, respectively, from Q4 2024. SEI's consolidated operating margin of 26.6% improved over the prior year despite severance and M&A expenses. Across all business segments, both revenue and operating profit increased vs. Q4 2024 and Q3 2025.
- Private Banking revenue increased 4% vs. Q3 2025 reflecting recent professional services wins. Operating margins expanded to 19%, up from 16% in Q3, driven by cost leverage and higher-margin professional services wins.
- Investment Managers delivered strong revenue and operating profit growth, even excluding the $3.3 million revenue accrual true-up, supported by recent clients wins, modest market appreciation for traditional asset managers, and the timing of certain planned investments shifting into 2026.
- Investment Advisors posted 5% operating profit growth vs. Q3 2025, with market appreciation offsetting continued mutual fund outflows. SEI's integrated cash program contributed $20.7 million, consistent with Q3 2025 and Q4 2024.
- Institutional Investors generated modest revenue and operating profit growth as market appreciation largely offset client losses.
- Ending assets under administration increased by 3%, and ending assets under management increased by 2% from Q3 to Q4. AUA growth was driven primarily by strong client win momentum and, to a lesser extent, market appreciation. AUM growth was supported by market appreciation which offset modest outflows, primarily in Institutional.
- SEI completed the first and largest close of the Stratos acquisition for $440.8 million during the quarter, funded entirely with balance sheet cash. Acquiring Stratos advances SEI’s expansion into Advice, deepens insight into end‑client and advisor needs, broadens distribution across RIA and broker‑dealer channels, and creates new opportunities to integrate SEI’s technology and investment capabilities into a rapidly growing advisory platform.
- SEI repurchased 1.2 million shares of common stock for $101.0 million during the fourth quarter 2025 at an average price of $82.61 per share, bringing total shares repurchased to 7.5 million for the year.
Earnings Conference Call
A conference call and presentation to review earnings is scheduled for 5 p.m. Eastern time on Jan. 28, 2026. Analysts and investors are invited to join the call by completing the registration form. The public is invited to review the presentation and listen to the call and replay at ir.seic.com/events-presentations/events.
Link for registration form: https://register-conf.media-server.com/register/BI84c3de188f3941efaae118a827e96664
About SEI®
SEI (NASDAQ:SEIC) is a leading global provider of financial technology, operations, and asset management services within the financial services industry. SEI tailors its solutions and services to help clients more effectively deploy their capital - whether that’s money, time, or talent - so they can better serve their clients and achieve their growth objectives. As of Dec. 31, 2025, SEI manages, advises, or administers approximately $1.9 trillion in assets. 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," "can," "expect," "believe," "remain," and "continue" or "appear." Our forward-looking statements include our current expectations as to:
- the benefits, if any, we will receive from increased demand for outsourcing, and the convergence of public and private markets;
- the market demand for investment advice and our ability to benefit from this demand;
- our opportunities;
- the demand for our full suite of capabilities;
- the pace of outflows in our traditional mutual fund products; and
- when and if we will generate net annualized recurring revenues from sales events that occurred during the quarter, as well as the amount of any such revenue.
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. We undertake no obligation to update our forward-looking statements. 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, 2024, filed with the Securities and Exchange Commission.
SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data) (Unaudited)
| For the Three Months Ended December 31, | For the Twelve Months Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| Asset management, admin. and distribution fees | $485,429 | | $439,520 | | $1,817,079 | | $1,677,143 | |
| Information processing and software servicing fees | 122,496 | | 117,670 | | 480,302 | | 448,008 | |
| Total revenues | 607,925 | | 557,190 | | 2,297,381 | | 2,125,151 | |
| Subadvisory, distribution and other asset mgmt. costs | 56,905 | | 50,427 | | 209,218 | | 191,706 | |
| Software royalties and other information processing costs | 10,017 | | 8,726 | | 37,723 | | 34,229 | |
| Compensation, benefits and other personnel | 227,353 | | 200,347 | | 821,450 | | 770,881 | |
| Stock-based compensation | 11,570 | | 21,402 | | 53,555 | | 58,626 | |
| Consulting, outsourcing and professional fees | 50,978 | | 52,548 | | 218,322 | | 211,806 | |
| Data processing and computer related | 42,841 | | 38,863 | | 165,530 | | 151,653 | |
| Facilities, supplies and other costs | 25,716 | | 20,487 | | 87,197 | | 79,282 | |
| Amortization | 13,570 | | 10,585 | | 46,641 | | 41,869 | |
| Depreciation | 7,357 | | 8,261 | | 30,434 | | 33,358 | |
| Total expenses | 446,307 | | 411,646 | | 1,670,070 | | 1,573,410 | |
| Income from operations | 161,618 | | 145,544 | | 627,311 | | 551,741 | |
| Net gain (loss) from investments | 1,560 | | (559) | | 5,804 | | 2,790 | |
| Interest and dividend income | 10,210 | | 12,947 | | 39,921 | | 48,897 | |
| Interest expense | (223) | | (144) | | (609) | | (563) | |
| Gain on sale of business | - | | - | | 94,412 | | - | |
| Other income | 262 | | - | | 9,684 | | 8,151 | |
| Equity in earnings of unconsolidated affiliate | 38,395 | | 33,366 | | 132,685 | | 135,741 | |
| Net gain from consolidated variable interest entities | 5,280 | | - | | 7,125 | | - | |
| Income before income taxes | 217,102 | | 191,154 | | 916,333 | | 746,757 | |
| Income taxes | 42,738 | | 35,383 | | 198,783 | | 165,566 | |
| Net income | $174,364 | | $155,771 | | $717,550 | | $581,191 | |
| Less: Net income attributable to non-controlling interests | 1,863 | | - | | 2,245 | | - | |
| Net income attributable to SEI Investments Company | $172,501 | | $155,771 | | $715,305 | | $581,191 | |
| Basic earnings per common share | $1.41 | | $1.21 | | $5.76 | | $4.47 | |
| Shares used to calculate basic earnings per share | 122,199 | | 128,642 | | 124,082 | | 130,073 | |
| Diluted earnings per common share | $1.38 | | $1.19 | | $5.63 | | $4.41 | |
| Shares used to calculate diluted earnings per share | 125,251 | | 131,421 | | 127,076 | | 131,727 | |
| Dividends declared per common share | $0.52 | | $0.49 | | $1.01 | | $0.95 | |
SEI INVESTMENTS COMPANY
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands) (Unaudited)
| December 31, | December 31, |
|---|
| 2025 | 2024 |
|---|
| Assets | | |
| Current Assets: | | |
| Cash, cash equivalents and restricted cash | $399,804 | | $840,193 | |
| Receivables from investment products | 63,317 | | 54,118 | |
| Receivables, net | 709,748 | | 567,634 | |
| Securities owned | 33,777 | | 29,583 | |
| Other current assets | 66,691 | | 60,282 | |
| Total Current Assets | 1,273,337 | | 1,551,810 | |
| Property and Equipment, net | 384,706 | | | 395,666 |
| Operating Lease Right-of-Use Assets | 26,447 | | 28,905 | |
| Investments | 428,004 | | 315,567 | |
| Assets of Consolidated Variable Interest Entities | 183,994 | | - | |
| Goodwill and intangible assets, net | 723,261 | | 247,657 | |
| Other Assets, net | 240,095 | | 145,001 | |
| Total Assets | $3,259,844 | | $2,684,606 | |
| Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity | | |
| Current Liabilities: | | |
| Accounts payable | $5,404 | | $13,081 | |
| Accrued liabilities | 359,823 | | 347,513 | |
| Current portion of long-term operating lease liabilities | 8,677 | | 7,900 | |
| Deferred revenue | 13,307 | | 12,019 | |
| Total Current Liabilities | 387,211 | | 380,513 | |
| Liabilities of Consolidated Variable Interest Entities | 108,504 | | - | |
| Other Long-term Liabilities | 60,353 | | 51,981 | |
| Total Liabilities | 556,068 | | 432,494 | |
| Redeemable Non-controlling Interests | 243,959 | | - | |
| Shareholders' Equity: | | |
| Common stock, $0.01 par value, 750,000 shares authorized; 122,232 and 126,840 shares issued and outstanding | 1,222 | | 1,268 | |
| Capital in excess of par value | 1,678,787 | | 1,539,816 | |
| Retained earnings | 792,280 | | 758,003 | |
| Accumulated other comprehensive loss, net | (24,505) | | (46,975) | |
| Total SEI Shareholders' Equity | 2,447,784 | | 2,252,112 | |
| Non-controlling interests | 12,033 | | - | |
| Total Shareholders' Equity | $2,459,817 | | $2,252,112 | |
| Total Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity | $3,259,844 | | $2,684,606 | |
ENDING ASSET BALANCES
(In millions) (Unaudited)
| Dec. 31 | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 |
|---|
| 2024 | 2025 | 2025 | 2025 | 2025 |
|---|
| Investment Managers: | | | | | |
| Collective trust fund programs (A) | $202,384 | | $209,491 | | $225,690 | | $237,964 | | $243,244 | |
| Liquidity funds | 188 | | 244 | | 307 | | 418 | | 579 | |
| Total assets under management | $202,572 | | $209,735 | | $225,997 | | $238,382 | | $243,823 | |
| Client assets under administration | 1,032,812 | | 1,061,067 | | 1,128,325 | | 1,204,843 | | 1,239,606 | |
| Total assets | $1,235,384 | | $1,270,802 | | $1,354,322 | | $1,443,225 | | $1,483,429 | |
| Private Banks: | | | | | |
| Equity and fixed-income programs | $25,523 | | $25,590 | | $27,839 | | $28,408 | | $29,832 | |
| Collective trust fund programs | 4 | | 4 | | 3 | | 3 | | 3 | |
| Liquidity funds | 2,688 | | 3,670 | | 2,796 | | 2,802 | | 2,099 | |
| Total assets under management | $28,215 | | $29,264 | | $30,638 | | $31,213 | | $31,934 | |
| Client assets under administration | 8,340 | | 8,365 | | 8,431 | | 8,902 | | 9,115 | |
| Total assets | $36,555 | | $37,629 | | $39,069 | | $40,115 | | $41,049 | |
| Investment Advisors: | | | | | |
| Equity and fixed-income programs | $76,283 | | $75,689 | | $80,618 | | $85,245 | | $86,879 | |
| Liquidity funds | 3,105 | | 3,153 | | 3,457 | | 3,391 | | 3,561 | |
| Total Platform assets under management | $79,388 | | $78,842 | | $84,075 | | $88,636 | | $90,440 | |
| Platform-only assets | 25,244 | | 25,591 | | 29,848 | | 32,152 | | 33,582 | |
| Platform-only assets-deposit program | 2,398 | | 2,216 | | 2,155 | | 2,165 | | 2,461 | |
| Total Platform assets | $107,030 | | $106,649 | | $116,078 | | $122,953 | | $126,483 | |
| Institutional Investors: | | | | | |
| Equity and fixed-income programs | $75,482 | | $76,492 | | $80,112 | | $82,676 | | $84,254 | |
| Liquidity funds | 1,511 | | 1,580 | | 1,768 | | 1,580 | | 1,604 | |
| Total assets under management | $76,993 | | $78,072 | | $81,880 | | $84,256 | | $85,858 | |
| Client assets under advisement | 5,955 | | 5,573 | | 6,090 | | 6,564 | | 3,598 | |
| Total assets | $82,948 | | $83,645 | | $87,970 | | $90,820 | | $89,456 | |
| Investments in New Businesses: | | | | | |
| Equity and fixed-income programs | $2,747 | | $2,661 | | $2,867 | | $2,999 | | $3,044 | |
| Liquidity funds | 297 | | 288 | | 244 | | 244 | | 316 | |
| Total assets under management | $3,044 | | $2,949 | | $3,111 | | $3,243 | | $3,360 | |
| Client assets under administration (E) | 14,791 | | 14,846 | | - | | - | | - | |
| Client assets under advisement | 2,185 | | 2,219 | | 2,593 | | 2,452 | | 2,389 | |
| Total assets | $20,020 | | $20,014 | | $5,704 | | $5,695 | | $5,749 | |
| LSV Asset Management: | | | | | |
| Equity and fixed-income programs (B) | $86,501 | | $87,114 | | $91,795 | | $95,801 | | $99,196 | |
| Stratos Wealth Holdings (F) | $ - | | $ - | | $ - | | $ - | | $38,377 | |
| Total: | | | | | |
| Equity and fixed-income programs (C) | $266,536 | | $267,546 | | $283,231 | | $295,129 | | $303,205 | |
| Collective trust fund programs | 202,388 | | 209,495 | | 225,693 | | 237,967 | | 243,247 | |
| Liquidity funds | 7,789 | | 8,935 | | 8,572 | | 8,435 | | 8,159 | |
| Total assets under management | $476,713 | | $485,976 | | $517,496 | | $541,531 | | $554,611 | |
| Client assets under advisement | 8,140 | | 7,792 | | 8,683 | | 9,016 | | 5,987 | |
| Client assets under administration (D) | 1,055,943 | | 1,084,278 | | 1,136,756 | | 1,213,745 | | 1,248,721 | |
| Platform-only assets | 27,642 | | 27,807 | | 32,003 | | 34,317 | | 36,043 | |
| Stratos Wealth Holdings | - | | - | | - | | - | | 38,377 | |
| Total assets | $1,568,438 | | $1,605,853 | | $1,694,938 | | $1,798,609 | | $1,883,739 | |
(A)Collective trust fund program assets in the Investment Managers segment are included in assets under management since SEI is the trustee. Fees earned on this product are less than fees earned on customized asset management programs.
(B)Equity and fixed-income programs include $1.5 billion of assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee (as of December 31, 2025).
(C)Equity and fixed-income programs include $8.1 billion of assets in various asset allocation funds (as of December 31, 2025).
(D) In addition to the assets presented, SEI also administers an additional $13.0 billion in Funds of Funds assets on which SEI does not earn an administration fee (as of December 31, 2025).
(E) Client assets under administration related to the Family Office Services business divested on June 30, 2025.
(F) Stratos Wealth Holdings is a family of companies that provide financial services to $38.4 billion in client assets across business models and affiliation structures (as of November 30, 2025).
AVERAGE ASSET BALANCES
(In millions) (Unaudited)
| 4th Qtr. | 1st Qtr. | 2nd Qtr. | 3rd Qtr. | 4th Qtr. |
|---|
| 2024 | 2025 | 2025 | 2025 | 2025 |
|---|
| Investment Managers: | | | | | |
| Collective trust fund programs (A) | $204,954 | | $208,720 | | $215,085 | | $231,088 | | $240,285 | |
| Liquidity funds | 223 | | 256 | | 288 | | 385 | | 492 | |
| Total assets under management | $205,177 | | $208,976 | | $215,373 | | $231,473 | | $240,777 | |
| Client assets under administration | 1,034,500 | | 1,061,282 | | 1,098,925 | | 1,174,961 | | 1,225,392 | |
| Total assets | $1,239,677 | | $1,270,258 | | $1,314,298 | | $1,406,434 | | $1,466,169 | |
| Private Banks: | | | | | |
| Equity and fixed-income programs | $26,067 | | $25,894 | | $26,533 | | $28,051 | | $29,087 | |
| Collective trust fund programs | 4 | | 4 | | 3 | | 3 | | 3 | |
| Liquidity funds | 2,814 | | 2,961 | | 2,771 | | 2,834 | | 2,371 | |
| Total assets under management | $28,885 | | $28,859 | | $29,307 | | $30,888 | | $31,461 | |
| Client assets under administration | 8,395 | | 8,488 | | 8,266 | | 8,665 | | 8,977 | |
| Total assets | $37,280 | | $37,347 | | $37,573 | | $39,553 | | $40,438 | |
| Investment Advisors: | | | | | |
| Equity and fixed-income programs | $77,866 | | $77,287 | | $76,629 | | $82,735 | | $85,896 | |
| Liquidity funds | 3,031 | | 3,119 | | 3,464 | | 3,378 | | 3,418 | |
| Total Platform assets under management | $80,897 | | $80,406 | | $80,093 | | $86,113 | | $89,314 | |
| Platform-only assets | 25,109 | | 25,939 | | 27,288 | | 30,874 | | 33,022 | |
| Platform-only assets-deposit program | 2,186 | | 2,187 | | 2,152 | | 2,136 | | 2,135 | |
| Total Platform assets | $108,192 | | $108,532 | | $109,533 | | $119,123 | | $124,471 | |
| Institutional Investors: | | | | | |
| Equity and fixed-income programs | $77,400 | | $76,493 | | $77,843 | | $80,802 | | $83,739 | |
| Liquidity funds | 2,154 | | 1,655 | | 1,853 | | 1,810 | | 1,947 | |
| Total assets under management | $79,554 | | $78,148 | | $79,696 | | $82,612 | | $85,686 | |
| Client assets under advisement | 6,991 | | 5,741 | | 5,841 | | 6,274 | | 5,413 | |
| Total assets | $86,545 | | $83,889 | | $85,537 | | $88,886 | | $91,099 | |
| Investments in New Businesses: | | | | | |
| Equity and fixed-income programs | $2,819 | | $2,801 | | $2,732 | | $2,934 | | $3,021 | |
| Liquidity funds | 269 | | 274 | | 244 | | 255 | | 288 | |
| Total assets under management | $3,088 | | $3,075 | | $2,976 | | $3,189 | | $3,309 | |
| Client assets under administration (E) | 14,961 | | 14,630 | | 14,917 | | - | | - | |
| Client assets under advisement | 2,110 | | 2,205 | | 2,329 | | 2,428 | | 2,408 | |
| Total assets | $20,159 | | $19,910 | | $20,222 | | $5,617 | | $5,717 | |
| LSV Asset Management: | | | | | |
| Equity and fixed-income programs (B) | $88,880 | | $87,790 | | $89,422 | | $92,969 | | $97,304 | |
| Stratos Wealth Holdings (F) | $ - | | $ - | | $ - | | $ - | | $38,085 | |
| Total: | | | | | |
| Equity and fixed-income programs (C) | $273,032 | | $270,265 | | $273,159 | | $287,491 | | $299,047 | |
| Collective trust fund programs | 204,958 | | 208,724 | | 215,088 | | 231,091 | | 240,288 | |
| Liquidity funds | 8,491 | | 8,265 | | 8,620 | | 8,662 | | 8,516 | |
| Total assets under management | $486,481 | | $487,254 | | $496,867 | | $527,244 | | $547,851 | |
| Client assets under advisement | 9,101 | | 7,946 | | 8,170 | | 8,702 | | 7,821 | |
| Client assets under administration (D) | 1,057,856 | | 1,084,400 | | 1,122,108 | | 1,183,626 | | 1,234,369 | |
| Platform-only assets | 27,295 | | 28,126 | | 29,440 | | 33,010 | | 35,157 | |
| Stratos Wealth Holdings | - | | - | | - | | - | | 38,085 | |
| Total assets | $1,580,733 | | $1,607,726 | | $1,656,585 | | $1,752,582 | | $1,863,283 | |
(A) Collective trust fund program average assets in the Investment Managers segment are included in assets under management since SEI is the trustee. Fees earned on this product are less than fees earned on customized asset management programs.
(B) Equity and fixed-income programs during fourth-quarter 2025 include $1.5 billion of average assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee.
(C) Equity and fixed-income programs include $7.5 billion of average assets in various asset allocation funds during fourth-quarter 2025.
(D) In addition to the assets presented, SEI also administers an additional $12.3 billion of average assets in Funds of Funds assets during fourth-quarter 2025 on which SEI does not earn an administration fee.
(E) Client assets under administration related to the Family Office Services business divested on June 30, 2025.
(F) Stratos Wealth Holdings is a family of companies that provide financial services to $38.1 billion in client assets across business models and affiliation structures during fourth-quarter 2025 through November 30, 2025.
SALES EVENTS
(In thousands) (Unaudited)
| 4th Qtr. | 1st Qtr. | 2nd Qtr. | 3rd Qtr. | 4th Qtr. |
|---|
| 2024 | 2025 | 2025 | 2025 | 2025 |
|---|
| Net Recurring Sales Events |
| Investment Processing-related Businesses: | | | | | |
| Investment Managers | $18,027 | | $25,296 | | $21,928 | | $27,460 | | $19,150 | |
| Private Banks | 9,245 | | 7,059 | | 254 | | (6,713) | | 5,670 | |
| Total Investment Processing-related Businesses | $27,272 | | $32,355 | | $22,182 | | $20,747 | | $24,820 | |
| Asset Management-related Businesses: | | | | | |
| Private Banks-AMD | $495 | | ($58) | | ($174) | | ($1,674) | | ($1,567) | |
| Investment Advisors | 1,339 | | 888 | | (1,654) | | 1,230 | | (728) | |
| Institutional Investors | (2,673) | | 41 | | 2,544 | | (594) | | (5,025) | |
| Total Asset Management-related Businesses | ($839) | | $871 | | $716 | | ($1,038) | | ($7,320) | |
| Newer Initiatives: | | | | | |
| Investments in New Businesses | $1,778 | | $3,614 | | $1,245 | | $1,208 | | $1,248 | |
| Total Net Recurring Sales Events | $28,211 | | $36,840 | | $24,143 | | $20,917 | | $18,748 | |
| Non-Recurring Sales Events |
| 4th Qtr. | 1st Qtr. | 2nd Qtr. | 3rd Qtr. | 4th Qtr. |
| | 2024 | | 2025 | | 2025 | | 2025 | | 2025 |
| Investment Processing-related Businesses: | | | | | |
| Investment Managers | $2,465 | | $835 | | $1,102 | | $2,465 | | $1,347 | |
| Private Banks | 6,622 | | 7,060 | | 2,373 | | 7,087 | | 23,409 | |
| Total Investment Processing-related Businesses | $9,087 | | $7,895 | | $3,475 | | $9,552 | | $24,756 | |
| Newer Initiatives: | | | | | |
| Investments in New Businesses | $921 | | $1,834 | | $1,552 | | $71 | | $95 | |
| Total Non-Recurring Sales Events | $10,008 | | $9,729 | | $5,027 | | $9,623 | | $24,851 | |
| Total Sales Events |
| 4th Qtr. | 1st Qtr. | 2nd Qtr. | 3rd Qtr. | 4th Qtr. |
| | 2024 | | 2025 | | 2025 | | 2025 | | 2025 |
| Investment Processing-related Businesses: | | | | | |
| Investment Managers | $20,492 | | $26,131 | | $23,030 | | $29,925 | | $20,497 | |
| Private Banks | 15,867 | | 14,119 | | 2,627 | | 374 | | 29,079 | |
| Total Investment Processing-related Businesses | $36,359 | | $40,250 | | $25,657 | | $30,299 | | $49,576 | |
| Asset Management-related Businesses: | | | | | |
| Private Banks-AMD | $495 | | ($58) | | ($174) | | ($1,674) | | ($1,567) | |
| Investment Advisors | 1,339 | | 888 | | (1,654) | | 1,230 | | (728) | |
| Institutional Investors | (2,673) | | 41 | | 2,544 | | (594) | | (5,025) | |
| Total Asset Management-related Businesses | ($839) | | $871 | | $716 | | ($1,038) | | ($7,320) | |
| Newer Initiatives: | | | | | |
| Investments in New Businesses | $2,699 | | $5,448 | | $2,797 | | $1,279 | | $1,343 | |
| Total Sales Events | $38,219 | | $46,569 | | $29,170 | | $30,540 | | $43,599 | |
Contacts
+1 610-676-5350 +1 610-676-3887 bburke2@seic.com arudd@seic.com