Cover page
Cover page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 20, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-10200 | |
Entity Registrant Name | SEI INVESTMENTS COMPANY | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 23-1707341 | |
Entity Address, Address Line One | 1 Freedom Valley Drive | |
Entity Address, City or Town | Oaks | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19456 | |
City Area Code | 610 | |
Local Phone Number | 676-1000 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | SEIC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 134,828,481 | |
Entity Central Index Key | 0000350894 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 791,437 | $ 831,407 |
Restricted cash | 351 | 351 |
Receivables from investment products | 91,223 | 59,036 |
Receivables, net of allowance for doubtful accounts of $2,336 and $1,602 | 482,692 | 441,609 |
Securities owned | 31,586 | 28,267 |
Other current assets | 54,931 | 43,559 |
Total Current Assets | 1,452,220 | 1,404,229 |
Property and Equipment, net of accumulated depreciation of $431,473 and $409,248 | 182,522 | 178,869 |
Operating Lease Right-of-Use Assets | 24,187 | 33,614 |
Capitalized Software, net of accumulated amortization of $579,352 and $545,307 | 234,228 | 243,446 |
Available for Sale and Equity Securities | 109,375 | 129,541 |
Investments in Affiliated Funds, at fair value | 5,620 | 6,916 |
Investment in Unconsolidated Affiliate | 39,012 | 107,918 |
Goodwill | 117,509 | 117,232 |
Intangible Assets, net of accumulated amortization of $27,133 and $17,716 | 58,201 | 68,782 |
Deferred Contract Costs | 37,790 | 36,236 |
Deferred Income Taxes | 2,253 | 2,983 |
Other Assets, net | 32,514 | 24,936 |
Total Assets | 2,295,431 | 2,354,702 |
Current Liabilities: | ||
Accounts payable | 8,209 | 10,312 |
Accrued liabilities | 294,987 | 324,382 |
Current portion of long-term operating lease liabilities | 11,202 | 11,328 |
Deferred revenue | 13,025 | 9,721 |
Total Current Liabilities | 327,423 | 355,743 |
Borrowings Under Revolving Credit Facility | 0 | 40,000 |
Long-term Income Taxes Payable | 803 | 803 |
Deferred Income Taxes | 3,545 | 48,876 |
Long-term Operating Lease Liabilities | 18,361 | 27,639 |
Other Long-term Liabilities | 14,986 | 20,878 |
Total Liabilities | 365,118 | 493,939 |
Commitments and Contingencies | ||
Shareholders' Equity: | ||
Common stock, $0.01 par value, 750,000 shares authorized; 134,816 and 138,449 shares issued and outstanding | 1,348 | 1,384 |
Capital in excess of par value | 1,285,224 | 1,246,608 |
Retained earnings | 711,330 | 632,614 |
Accumulated other comprehensive loss, net | (67,589) | (19,843) |
Total Shareholders' Equity | 1,930,313 | 1,860,763 |
Total Liabilities and Shareholders' Equity | $ 2,295,431 | $ 2,354,702 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 2,336 | $ 1,602 |
Property and equipment, accumulated depreciation | 431,473 | 409,248 |
Capitalized Software, accumulated amortization | 579,352 | 545,307 |
Intangible Assets, accumulated amortization | $ 27,133 | $ 17,716 |
Shareholders' Equity: | ||
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (in shares) | 134,816,000 | 138,449,000 |
Common stock, shares outstanding (in shares) | 134,816,000 | 138,449,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues: | ||||
Revenues | $ 471,334 | $ 485,322 | $ 1,534,447 | $ 1,416,659 |
Expenses: | ||||
Subadvisory, distribution and other asset management costs | 47,334 | 55,619 | 150,485 | 161,610 |
Software royalties and other information processing costs | 6,909 | 7,348 | 21,863 | 20,561 |
Compensation, benefits and other personnel | 227,127 | 150,188 | 545,532 | 429,188 |
Stock-based compensation | 10,766 | 11,318 | 31,339 | 31,173 |
Consulting, outsourcing and professional fees | 58,558 | 55,868 | 184,320 | 165,657 |
Data processing and computer related | 30,950 | 26,650 | 93,020 | 79,746 |
Facilities, supplies and other costs | 19,704 | 14,124 | 57,464 | 49,851 |
Amortization | 10,382 | 14,674 | 43,777 | 43,749 |
Depreciation | 8,558 | 8,408 | 24,942 | 25,141 |
Total expenses | 420,288 | 344,197 | 1,152,742 | 1,006,676 |
Income from operations | 51,046 | 141,125 | 381,705 | 409,983 |
Net (loss) gain from investments | (1,406) | (575) | (4,515) | 134 |
Interest and dividend income | 3,962 | 892 | 6,663 | 2,715 |
Interest expense | (143) | (101) | (604) | (354) |
Equity in earnings of unconsolidated affiliate | 26,654 | 35,005 | 88,926 | 103,420 |
Income before income taxes | 80,113 | 176,346 | 472,175 | 515,898 |
Income taxes | 18,454 | 38,301 | 108,932 | 114,605 |
Net income | $ 61,659 | $ 138,045 | $ 363,243 | $ 401,293 |
Basic earnings per common share (in USD per share) | $ 0.46 | $ 0.98 | $ 2.66 | $ 2.83 |
Shares used to compute basic earnings per share (in shares) | 135,203 | 140,507 | 136,524 | 141,928 |
Diluted earnings per common share (in USD per share) | $ 0.45 | $ 0.97 | $ 2.63 | $ 2.79 |
Shares used to compute diluted earnings per share (in shares) | 136,345 | 142,426 | 137,958 | 143,981 |
Dividends declared per common share (in USD per share) | $ 0 | $ 0 | $ 0.40 | $ 0.37 |
Asset management, administration and distribution fees | ||||
Revenues: | ||||
Revenues | $ 372,133 | $ 393,296 | $ 1,148,824 | $ 1,143,451 |
Information processing and software servicing fees | ||||
Revenues: | ||||
Revenues | $ 99,201 | $ 92,026 | $ 385,623 | $ 273,208 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 61,659 | $ 138,045 | $ 363,243 | $ 401,293 |
Other comprehensive loss, net of tax: | ||||
Foreign currency translation adjustments | (17,909) | (5,546) | (37,090) | (2,867) |
Unrealized loss on investments: | ||||
Unrealized losses during the period, net of income taxes of $1,194, $208, $3,303 and $453 | (4,000) | (713) | (11,057) | (1,548) |
Reclassification adjustment for losses realized in net income, net of income taxes of $(24), $(67), $(120) and $(190) | 83 | 238 | 401 | 670 |
Total other comprehensive loss, net of tax | (21,826) | (6,021) | (47,746) | (3,745) |
Comprehensive income | $ 39,833 | $ 132,024 | $ 315,497 | $ 397,548 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gains during the period, taxes | $ 1,194 | $ 208 | $ 3,303 | $ 453 |
Reclassification adjustment for losses realized in net income, taxes | $ (24) | $ (67) | $ (120) | $ (190) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Capital In Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning balance, (in shares) at Dec. 31, 2020 | 143,396 | ||||
Beginning balance at Dec. 31, 2020 | $ 1,739,907 | $ 1,434 | $ 1,190,001 | $ 565,270 | $ (16,798) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 401,293 | 401,293 | |||
Other comprehensive loss | (3,745) | (3,745) | |||
Purchase and retirement of common stock, (in shares) | (5,218) | ||||
Purchase and retirement of common stock | (316,053) | $ (53) | (30,979) | (285,021) | |
Issuance of common stock under employee stock purchase plan, (in shares) | 64 | ||||
Issuance of common stock under employee stock purchase plan | 3,225 | $ 1 | 3,224 | ||
Issuance of common stock upon exercise of stock options, (in shares) | 1,063 | ||||
Issuance of common stock upon exercise of stock options | 34,677 | $ 11 | 34,666 | ||
Stock-based compensation | 31,173 | 31,173 | |||
Dividends declared | (52,389) | (52,389) | |||
Ending balance, (in shares) at Sep. 30, 2021 | 139,305 | ||||
Ending balance at Sep. 30, 2021 | 1,838,088 | $ 1,393 | 1,228,085 | 629,153 | (20,543) |
Beginning balance, (in shares) at Jun. 30, 2021 | 141,027 | ||||
Beginning balance at Jun. 30, 2021 | 1,805,606 | $ 1,410 | 1,219,487 | 599,231 | (14,522) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 138,045 | 138,045 | |||
Other comprehensive loss | (6,021) | (6,021) | |||
Purchase and retirement of common stock, (in shares) | (1,980) | ||||
Purchase and retirement of common stock | (119,895) | $ (21) | (11,751) | (108,123) | |
Issuance of common stock under employee stock purchase plan, (in shares) | 22 | ||||
Issuance of common stock under employee stock purchase plan | 1,120 | $ 1 | 1,119 | ||
Issuance of common stock upon exercise of stock options, (in shares) | 236 | ||||
Issuance of common stock upon exercise of stock options | 7,915 | $ 3 | 7,912 | ||
Stock-based compensation | 11,318 | 11,318 | |||
Ending balance, (in shares) at Sep. 30, 2021 | 139,305 | ||||
Ending balance at Sep. 30, 2021 | $ 1,838,088 | $ 1,393 | 1,228,085 | 629,153 | (20,543) |
Beginning balance, (in shares) at Dec. 31, 2021 | 138,449 | 138,449 | |||
Beginning balance at Dec. 31, 2021 | $ 1,860,763 | $ 1,384 | 1,246,608 | 632,614 | (19,843) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 363,243 | 363,243 | |||
Other comprehensive loss | (47,746) | (47,746) | |||
Purchase and retirement of common stock, (in shares) | (4,573) | ||||
Purchase and retirement of common stock | (258,817) | $ (46) | (28,622) | (230,149) | |
Issuance of common stock under employee stock purchase plan, (in shares) | 69 | ||||
Issuance of common stock under employee stock purchase plan | 3,381 | $ 1 | 3,380 | ||
Issuance of common stock upon exercise of stock options, (in shares) | 871 | ||||
Issuance of common stock upon exercise of stock options | 32,528 | $ 9 | 32,519 | ||
Stock-based compensation | 31,339 | 31,339 | |||
Dividends declared | $ (54,378) | (54,378) | |||
Ending balance, (in shares) at Sep. 30, 2022 | 134,816 | 134,816 | |||
Ending balance at Sep. 30, 2022 | $ 1,930,313 | $ 1,348 | 1,285,224 | 711,330 | (67,589) |
Beginning balance, (in shares) at Jun. 30, 2022 | 135,480 | ||||
Beginning balance at Jun. 30, 2022 | 1,922,088 | $ 1,355 | 1,272,971 | 693,525 | (45,763) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 61,659 | 61,659 | |||
Other comprehensive loss | (21,826) | (21,826) | |||
Purchase and retirement of common stock, (in shares) | (890) | ||||
Purchase and retirement of common stock | (49,434) | $ (9) | (5,571) | (43,854) | |
Issuance of common stock under employee stock purchase plan, (in shares) | 24 | ||||
Issuance of common stock under employee stock purchase plan | 1,123 | 1,123 | |||
Issuance of common stock upon exercise of stock options, (in shares) | 202 | ||||
Issuance of common stock upon exercise of stock options | 5,937 | $ 2 | 5,935 | ||
Stock-based compensation | $ 10,766 | 10,766 | |||
Ending balance, (in shares) at Sep. 30, 2022 | 134,816 | 134,816 | |||
Ending balance at Sep. 30, 2022 | $ 1,930,313 | $ 1,348 | $ 1,285,224 | $ 711,330 | $ (67,589) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Jun. 01, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||||
Dividends declared per common share (in USD per share) | $ 0.40 | $ 0 | $ 0 | $ 0.40 | $ 0.37 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 363,243 | $ 401,293 |
Adjustments to reconcile net income to net cash provided by operating activities (See Note 1) | 65,276 | 82,588 |
Net cash provided by operating activities | 428,519 | 483,881 |
Cash flows from investing activities: | ||
Additions to property and equipment | (32,319) | (22,520) |
Additions to capitalized software | (24,827) | (19,486) |
Purchases of marketable securities | (124,454) | (168,333) |
Prepayments and maturities of marketable securities | 124,040 | 133,895 |
Sales of marketable securities | 179 | 327 |
Other investing activities | (2,961) | (11,425) |
Net cash used in investing activities | (60,342) | (87,542) |
Cash flows from financing activities: | ||
Repayments under revolving credit facility | (40,000) | 0 |
Payment of contingent consideration | (868) | (3,965) |
Purchase and retirement of common stock | (266,549) | (315,811) |
Proceeds from issuance of common stock | 35,909 | 37,902 |
Payment of dividends | (109,830) | (105,516) |
Net cash used in financing activities | (381,338) | (387,390) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (26,809) | (2,442) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (39,970) | 6,507 |
Cash, cash equivalents and restricted cash, beginning of period | 831,758 | 787,727 |
Cash, cash equivalents and restricted cash, end of period | $ 791,788 | $ 794,234 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations SEI Investments Company (the Company), a Pennsylvania corporation, provides comprehensive platforms, services and infrastructure–encompassing technology, operational, and investment management services–to help wealth managers, financial advisors, investment managers, family offices, institutional and private investors create and manage wealth. Investment processing platforms provide technologies and business process outsourcing services for wealth managers and investment advisors. These solutions include investment advisory, client relationship, and other technology-enabled capabilities for the front office; administrative and investment services for the middle office; and accounting and processing services for the back office. Revenues from investment processing platforms are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations. Investment operations platforms provide business process outsourcing services for investment managers and asset owners. These platforms support a broad range of traditional and alternative investments and provide technology-enabled information analytics and investor capabilities for the front office; administrative and investment services for the middle office; and fund administration and accounting services for the back office. Revenues from investment operations platforms are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Investment management platforms provide comprehensive solutions for managing personal and institutional wealth. These platforms include goals-based investment strategies; SEI-sponsored investment products, including mutual funds, collective investment products, alternative investment portfolios and separately managed accounts (SMA); and other market-specific advice, technology and operational components. These platforms are offered to wealth managers as part of a complete goals-based investment program for their end-investors. For institutional investors, the Company provides Outsourced Chief Investment Officer (OCIO) solutions that include investment management programs, as well as advisory and administrative services. Revenues from investment management platforms are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Certain financial information and accompanying note disclosure normally included in the Company’s Annual Report on Form 10-K have been condensed or omitted. The interim financial information is unaudited but reflects all adjustments (consisting of only normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of financial position of the Company as of September 30, 2022, the results of operations for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine-months ended September 30, 2022 and 2021. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. There have been no significant changes in significant accounting policies during the nine months ended September 30, 2022 as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Variable Interest Entities The Company or its affiliates have created numerous investment products for its clients in various types of legal entity structures. The Company serves as the Manager, Administrator and Distributor for these investment products and may also serve as the Trustee for some of the investment products. The Company receives asset management, distribution, administration and custodial fees for these services. Clients are the equity investors and participate in proportion to their ownership percentage in the net income or loss and net capital gains or losses of the products, and, on liquidation, will participate in proportion to their ownership percentage in the remaining net assets of the products after satisfaction of outstanding liabilities. The Company has concluded that it is not the primary beneficiary of the entities and, therefore, is not required to consolidate any of the pooled investment vehicles for which it receives asset management, distribution, administration and custodial fees under the VIE model. The Company is a party to expense limitation agreements with certain SEI-sponsored money market funds subject to Rule 2a-7 of the Investment Company Act of 1940 which establish a maximum level of ordinary operating expenses incurred by the fund in any fiscal year including, but not limited to, fees of the administrator or its affiliates. Under the terms of these agreements, the Company waived $7,896 and $11,629 in fees during the three months ended September 30, 2022 and 2021, respectively. During the nine months ended September 30, 2022 and 2021, the Company waived $28,120 and $33,118, respectively, in fees. Revenue Recognition Revenue is recognized when the transfer of control of promised goods or services under the terms of a contract with customers are satisfied in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services. Certain portions of the Company’s revenues involve a third party in providing goods or services to its customers. In such circumstances, the Company must determine whether the nature of its promise to the customer is to provide the underlying goods or services (the Company is the principal in the transaction and reports the transaction gross) or to arrange for a third party to provide the underlying goods or services (the entity is the agent in the transaction and reports the transaction net). See Note 13 for related disclosures regarding revenue recognition. Cash and Cash Equivalents Cash and cash equivalents includes $305,877 and $290,256 at September 30, 2022 and December 31, 2021, respectively, primarily invested in SEI-sponsored open-ended money market mutual funds. Restricted Cash Restricted cash includes $250 at September 30, 2022 and December 31, 2021 segregated for regulatory purposes related to trade-execution services conducted by SEI Investments (Europe) Limited. Restricted cash also includes $101 at September 30, 2022 and December 31, 2021 segregated in special reserve accounts for the benefit of customers of the Company’s broker-dealer subsidiary, SEI Investments Distribution Co. (SIDCO), in accordance with certain rules established by the Securities and Exchange Commission (SEC) for broker-dealers. Capitalized Software The Company capitalized $24,827 and $19,486 of software development costs during the nine months ended September 30, 2022 and 2021, respectively. The Company's software development costs primarily relate to significant enhancements to the SEI Wealth Platform SM (SWP). As of September 30, 2022, the net book value of SWP was $225,725 . The net book value includes $8,660 of capitalized software development costs in-progress associated with future releases of SWP. Capitalized software development costs in-progress associated with future releases of SWP were $29,253 as of December 31, 2021. SWP has a weighted average remaining life of 10.0 years. Amortization expense for SWP was $29,696 and $35,834 during the nine months ended September 30, 2022 and 2021, respectively. The Company capitalized $5,284 of software development costs during the nine months ended September 30, 2022 related to a new platform for the Investment Managers segment. The platform is not yet ready for use. Earnings per Share The calculations of basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021 are: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income $ 61,659 $ 138,045 $ 363,243 $ 401,293 Shares used to compute basic earnings per common share 135,203,000 140,507,000 136,524,000 141,928,000 Dilutive effect of stock options 1,142,000 1,919,000 1,434,000 2,053,000 Shares used to compute diluted earnings per common share 136,345,000 142,426,000 137,958,000 143,981,000 Basic earnings per common share $ 0.46 $ 0.98 $ 2.66 $ 2.83 Diluted earnings per common share $ 0.45 $ 0.97 $ 2.63 $ 2.79 During the three months ended September 30, 2022 and 2021, employee stock options to purchase 11,862,000 and 11,347,000 shares of common stock with an average exercise price of $60.26 and $57.80, respectively, were outstanding but not included in the computation of diluted earnings per common share. During the nine months ended September 30, 2022 and 2021, employee stock options to purchase 12,048,000 and 11,531,000 shares of common stock with an average exercise price of $60.27 and $57.78, respectively, were outstanding but not included in the computation of diluted earnings per common share. These options for the three and nine month periods were not included in the computation of diluted earnings per common share because either the performance conditions have not been satisfied or would not have been satisfied if the reporting date was the end of the contingency period or the options' exercise price was greater than the average market price of the Company’s common stock and the effect on diluted earnings per common share would have been anti-dilutive. Statements of Cash Flows For purposes of the Consolidated Statements of Cash Flows, the Company considers investment instruments purchased with an original maturity of three months or less to be cash equivalents. The following table provides the details of the adjustments to reconcile net income to net cash provided by operating activities for the nine months ended September 30: 2022 2021 Net income $ 363,243 $ 401,293 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 24,942 25,141 Amortization 43,777 43,749 Equity in earnings of unconsolidated affiliate (88,926) (103,420) Distributions received from unconsolidated affiliate 103,504 110,559 Stock-based compensation 31,339 31,173 Provision for losses on receivables 734 1,569 Deferred income tax expense (41,419) (6,639) Net loss (gain) from investments 4,515 (134) Change in other long-term liabilities 3,014 2,103 Change in other assets (4,820) 314 Contract costs capitalized, net of amortization (1,554) (482) Other (6,934) 921 Change in current assets and liabilities (Increase) decrease in Receivables from investment products (32,187) (4,537) Receivables (41,697) (58,537) Other current assets (11,422) (3,919) Advances due from unconsolidated affiliate 54,328 51,422 (Decrease) increase in Accounts payable (2,103) 3,006 Accrued liabilities 27,092 (9,851) Deferred revenue 3,093 150 Total adjustments 65,276 82,588 Net cash provided by operating activities $ 428,519 $ 483,881 |
Investment In Unconsolidated Af
Investment In Unconsolidated Affiliate | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment In Unconsolidated Affiliate | Investment in Unconsolidated Affiliate LSV Asset Management The Company has an investment in LSV Asset Management (LSV), a registered investment advisor that provides investment advisory services primarily to institutions, including pension plans and investment companies. LSV is currently an investment sub-advisor for a limited number of SEI-sponsored investment products. The Company's partnership interest in LSV as of September 30, 2022 was 38.6%. The Company accounts for its interest in LSV using the equity method because of its less than 50% ownership. The Company’s interest in the net assets of LSV is reflected in Investment in unconsolidated affiliate on the accompanying Consolidated Balance Sheets and its interest in the earnings of LSV is reflected in Equity in earnings of unconsolidated affiliate on the accompanying Consolidated Statements of Operations. At September 30, 2022, the Company’s total investment in LSV was $39,012. The Company receives partnership distributions from LSV on a quarterly basis. The Company received partnership distributions from LSV of $103,504 and $110,559 in the nine months ended September 30, 2022 and 2021, respectively. As such, the Company considers these distribution payments as returns on investment rather than returns of the Company's original investment in LSV and has therefore classified the associated cash inflows as an operating activity on the Consolidated Statements of Cash Flows. The Company’s proportionate share in the earnings of LSV was $26,654 and $35,005 during the three months ended September 30, 2022 and 2021, respectively. During the nine months ended September 30, 2022 and 2021, the Company's proportionate share in the earnings of LSV was $88,926 and $103,420, respectively. These tables contain condensed financial information of LSV: Condensed Statement of Operations Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenues $ 91,588 $ 115,728 $ 299,852 $ 342,957 Net income 69,013 90,365 229,997 266,805 Condensed Balance Sheets September 30, 2022 December 31, 2021 Current assets $ 110,421 $ 171,058 Non-current assets 5,113 4,792 Total assets $ 115,534 $ 175,850 Current liabilities $ 64,263 $ 82,858 Non-current liabilities 3,260 3,863 Partners’ capital 48,011 89,129 Total liabilities and partners’ capital $ 115,534 $ 175,850 |
Composition of Certain Financia
Composition of Certain Financial Statement Captions | 9 Months Ended |
Sep. 30, 2022 | |
Items Included in Consolidated Statement of Financial Condition [Abstract] | |
Composition of Certain Financial Statement Captions | Composition of Certain Financial Statement Captions Receivables Receivables on the accompanying Consolidated Balance Sheets consist of: September 30, 2022 December 31, 2021 Trade receivables $ 121,181 $ 111,209 Fees earned, not billed 332,457 315,255 Other receivables 31,390 16,747 485,028 443,211 Less: Allowance for doubtful accounts (2,336) (1,602) $ 482,692 $ 441,609 Fees earned, not billed represents receivables from contracts with customers earned but unbilled and results from timing differences between services provided and contractual billing schedules. These billing schedules generally provide for fees to be billed on a quarterly basis. In addition, certain fees earned from investment operations services are calculated based on assets under administration that have an extended valuation process. Billings to these clients occur once the asset valuation processes are completed. Receivables from investment products on the accompanying Consolidated Balance Sheets primarily represent fees receivable for distribution, investment advisory, and administration services to various regulated investment companies and other investment products sponsored by SEI. Property and Equipment Property and Equipment on the accompanying Consolidated Balance Sheets consists of: September 30, 2022 December 31, 2021 Buildings $ 210,108 $ 209,766 Equipment 175,059 153,158 Land 26,439 24,651 Purchased software 160,437 156,387 Furniture and fixtures 21,402 21,254 Leasehold improvements 19,590 21,946 Construction in progress 960 955 613,995 588,117 Less: Accumulated depreciation (431,473) (409,248) Property and Equipment, net $ 182,522 $ 178,869 The Company recognized $24,942 and $25,141 in depreciation expense related to property and equipment for the nine months ended September 30, 2022 and 2021, respectively. Deferred Contract Costs Deferred contract costs, which primarily consist of deferred sales commissions, were $37,790 and $36,236 as of September 30, 2022 and December 31, 2021, respectively. The Company deferred expenses related to contract costs of $4,648 and $2,932 during the three months ended September 30, 2022 and 2021, respectively. During the nine months ended September 30, 2022 and 2021, the Company deferred expenses related to contract costs of $9,710 and $6,978, respectively. Amortization expense related to deferred contract costs were $8,156 and $6,496 during the nine months ended September 30, 2022 and 2021, respectively. Amortization expense during the nine months ended September 30, 2022 includes $1,784 in expense accelerated as a result of the termination of a contractual agreement with a significant client (See Note 13). Amortization expense related to deferred contract costs is included in Compensation, benefits and other personnel on the accompanying Consolidated Statements of Operations. There were no material impairment losses in relation to deferred contract costs during the nine months ended September 30, 2022. Accrued Liabilities Accrued liabilities on the accompanying Consolidated Balance Sheets consist of: September 30, 2022 December 31, 2021 Accrued employee compensation $ 82,946 $ 107,933 Accrued employee benefits and other personnel 7,142 13,951 Accrued voluntary separation program 58,424 — Accrued consulting, outsourcing and professional fees 41,919 36,411 Accrued sub-advisory, distribution and other asset management fees 57,988 58,661 Accrued dividend payable — 55,452 Other accrued liabilities 46,568 51,974 Total accrued liabilities $ 294,987 $ 324,382 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value MeasurementsThe fair value of the Company’s financial assets and liabilities, except for the Company's investment funds sponsored by LSV, is determined in accordance with the fair value hierarchy. The fair value of the Company’s Level 1 financial assets consist mainly of investments in open-ended mutual funds that are quoted daily. Level 2 financial assets consist of GNMA mortgage-backed securities held by the Company's wholly-owned limited purpose federal thrift subsidiary, SEI Private Trust Company (SPTC), Federal Home Loan Bank (FHLB) and other U.S. government agency short-term notes held by SIDCO. The financial assets held by SIDCO were purchased as part of a cash management program requiring only short term, top-tier investment grade government and corporate securities. The financial assets held by SPTC are debt securities issued by GNMA and are backed by the full faith and credit of the U.S. government. These securities were purchased for the sole purpose of satisfying applicable regulatory requirements and have maturity dates which range from 2023 to 2041. The fair value of the Company's investment funds sponsored by LSV is measured using the net asset value per share (NAV) as a practical expedient. The NAVs of the funds are calculated by the funds' independent custodian and are derived from the fair values of the underlying investments as of the reporting date. The funds allow for investor redemptions at the end of each calendar month. This investment has not been classified in the fair value hierarchy but is presented in the tables below to permit reconciliation to the amounts presented on the accompanying Consolidated Balance Sheets. The valuation of the Company's Level 2 financial assets held by SIDCO and SPTC are based upon securities pricing policies and procedures utilized by third-party pricing vendors. The pricing policies and procedures applied for our Level 1 and Level 2 financial assets during the nine months ended September 30, 2022 were consistent with those as described in the Company's Annual Report on Form 10-K at December 31, 2021. The Company had no Level 3 financial assets at September 30, 2022 or December 31, 2021 that were required to be measured at fair value on a recurring basis. Level 3 financial liabilities at September 30, 2022 and December 31, 2021 consist entirely of the estimated contingent consideration resulting from an acquisition (See Note 12). The fair value of the contingent consideration was determined using a Monte-Carlo simulation model. Key assumptions for the Monte-Carlo simulation model include expected revenues, expected volatility, risk-free rate and other factors. There were no transfers of financial assets between levels within the fair value hierarchy during the nine months ended September 30, 2022. The fair value of certain financial assets of the Company was determined using the following inputs: Fair Value Measurements at the End of the Reporting Period Using Assets September 30, 2022 Quoted Prices in Significant Equity securities $ 10,139 $ 10,139 $ — Available-for-sale debt securities 99,236 — 99,236 Fixed-income securities owned 31,586 — 31,586 Investment funds sponsored by LSV (1) 5,620 $ 146,581 $ 10,139 $ 130,822 Fair Value Measurements at the End of the Reporting Period Using Assets December 31, 2021 Quoted Prices in Significant Equity securities $ 12,406 $ 12,406 $ — Available-for-sale debt securities 117,135 — 117,135 Fixed-income securities owned 28,267 — 28,267 Investment funds sponsored by LSV (1) 6,916 $ 164,724 $ 12,406 $ 145,402 |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2022 | |
Marketable Securities [Abstract] | |
Marketable Securities | Marketable SecuritiesMarketable securities include investments in money market funds and commercial paper classified as cash equivalents, available-for-sale debt securities, investments in SEI-sponsored and non-SEI-sponsored mutual funds, equities, investments in funds sponsored by LSV and securities owned by SIDCO. Cash Equivalents Investments in money market funds and commercial paper classified as cash equivalents had a fair value of $474,736 and $422,838 at September 30, 2022 and December 31, 2021, respectively. There were no material unrealized or realized gains or losses from these investments during the nine months ended September 30, 2022 and 2021. Investments in money market funds and commercial paper are Level 1 assets. Available for Sale and Equity Securities Available For Sale and Equity Securities on the accompanying Consolidated Balance Sheets consist of: At September 30, 2022 Cost Gross Gross Fair Available-for-sale debt securities $ 113,155 $ — $ (13,919) $ 99,236 SEI-sponsored mutual funds 6,197 — (745) 5,452 Equities and other mutual funds 5,030 — (343) 4,687 $ 124,382 $ — $ (15,007) $ 109,375 At December 31, 2021 Cost Gross Gross Fair Available-for-sale debt securities $ 117,215 $ — $ (80) $ 117,135 SEI-sponsored mutual funds 6,748 463 — 7,211 Equities and other mutual funds 4,935 260 — 5,195 $ 128,898 $ 723 $ (80) $ 129,541 Net unrealized losses at September 30, 2022 of available-for-sale debt securities were $10,718 (net of income tax benefit of $3,201). Net unrealized losses at December 31, 2021 of available-for-sale debt securities were $62 (net of income tax benefit of $18). These unrealized losses are associated with the Company’s investments in mortgage-backed securities issued by GNMA and were caused by interest rate increases (See Note 4). The contractual cash flows of these securities are guaranteed by an agency of the U.S. government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost bases of the Company's investments. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. These net unrealized losses are reported as a separate component of Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets. There were gross realized losses of $521 and $861 from available-for-sale debt securities during the nine months ended September 30, 2022 and 2021, respectively. There were no gross realized gains from available-for-sale debt securities during the nine months ended September 30, 2022 and 2021. Realized losses from available-for-sale debt securities, including amounts reclassified from accumulated comprehensive loss, are reflected in Net (loss) gain from investments on the accompanying Consolidated Statements of Operations. There were gross realized gains of $226 and gross realized losses of $714 from mutual funds and equities during the nine months ended September 30, 2022. There were gross realized gains of $714 and gross realized losses of $65 from mutual funds and equities during the nine months ended September 30, 2021. Gains and losses from mutual funds and equities are reflected in Net (loss) gain from investments on the accompanying Consolidated Statements of Operations. Investments in Affiliated Funds The Company has an investment in funds sponsored by LSV. The Company records this investment on the accompanying Consolidated Balance Sheets at fair value. Unrealized gains and losses from the change in fair value of these funds are recognized in Net (loss) gain from investments on the accompanying Consolidated Statements of Operations. The funds had a fair value of $5,620 and $6,916 at September 30, 2022 and December 31, 2021, respectively. The Company recognized unrealized losses of $380 and $39 during the three months ended September 30, 2022 and 2021, respectively, from the change in fair value of the funds. The Company recognized unrealized losses of $1,296 and unrealized gains of $727 during the nine months ended September 30, 2022 and 2021, respectively, from the change in fair value of the funds. Securities Owned The Company’s broker-dealer subsidiary, SIDCO, has investments in U.S. government agency securities with maturity dates less than one year. These investments are reflected as Securities owned on the accompanying Consolidated Balance Sheets. Due to specialized accounting practices applicable to investments by broker-dealers, the securities are reported at fair value and changes in fair value are recorded in current period earnings. The securities had a fair value of $31,586 and $28,267 at September 30, 2022 and December 31, 2021, respectively. There were no material net gains or losses related to the securities during the three and nine months ended September 30, 2022 and 2021. |
Line of Credit
Line of Credit | 9 Months Ended |
Sep. 30, 2022 | |
Line of Credit Facility [Abstract] | |
Line of Credit | Line of Credit The Company has a five-year $325,000 Credit Agreement (the Credit Facility) with Wells Fargo Bank, N.A., and a syndicate of other lenders. The Credit Facility is scheduled to expire in April 2026, at which time any aggregate principal amount of loans outstanding becomes payable in full. Any borrowings made under the Credit Facility will accrue interest at rates that, at the Company's option, are based on a base rate (the Base Rate) plus a premium that can range from 0.25% to 1.00% or the London InterBank Offered Rate (LIBOR) plus a premium that can range from 1.25% to 2.00% depending on the Company’s Leverage Ratio (a ratio of consolidated indebtedness to consolidated EBITDA for the four preceding fiscal quarters, all as defined in the related agreement). The Base Rate is defined as the highest of a) the Federal Funds Rate, as published by the Federal Reserve Bank of New York, plus 0.50%, b) the prime commercial lending rate of Wells Fargo, c) the applicable LIBOR plus 1.00%, or d) 0%. The Credit Facility includes fallback language clearly defining an alternative reference rate which provides for specified replacement rates upon a LIBOR cessation event. At the time of a LIBOR cessation event, the replacement rate, the Secured Overnight Financing Rate (SOFR), self-executes without the need for negotiations or a formal amendment process. The Company also pays quarterly commitment fees based on the unused portion of the Credit Facility. The quarterly fees for the Credit Facility can range from 0.15% of the amount of the unused portion to 0.30%, depending on the Company’s Leverage Ratio. Certain wholly-owned subsidiaries of the Company have guaranteed the obligations of the Company under the agreement. The aggregate amount of the Credit Facility may be increased by an additional $100,000 under certain conditions set forth in the agreement. The Company may issue up to $15,000 in letters of credit under the terms of the Credit Facility. The Company pays a periodic commission fee of 1.25% plus an issuance fee of 0.20% of the aggregate face amount of the outstanding letters of credit issued under the Credit Facility. The Credit Facility contains covenants with restrictions on the ability of the Company to do transactions with affiliates other than wholly-owned subsidiaries or to incur liens or certain types of indebtedness as defined in the agreement. In the event of a default under the Credit Facility, the Company would also be restricted from paying dividends on, or repurchasing, its common stock without the approval of the lenders. Upon the occurrence of certain financial or economic events, significant corporate events, or certain other events of default constituting an event of default under the Credit Facility, all loans outstanding may be declared immediately due and payable and all commitments under the agreement may be terminated. In November 2021, the Company borrowed $40,000 under the Credit Facility for the funding of an acquisition (See Note 12). During the nine months ended September 30, 2022, the Company made principal payments of $40,000 to fully repay the outstanding balance of the Credit Facility. As of October 20, 2022, the Company had outstanding letters of credit of $6,003 under the Credit Facility. These letters of credit were issued primarily for the expansion of the Company's headquarters and are scheduled to expire during 2022. The amount of the Credit Facility that is available for general corporate purposes as of October 20, 2022 was $318,997. The Company was in compliance with all covenants of the Credit Facility during the nine months ended September 30, 2022. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Stock-Based Compensation The Company has only non-qualified stock options and restricted stock units outstanding under its equity compensation plans. All outstanding stock options have performance-based vesting provisions specific to each option grant that tie the vesting of the applicable stock options to the Company’s financial performance. The Company’s stock options vest at a rate of 50% when a specified financial vesting target is achieved, and the remaining 50% when a second, higher specified financial vesting target is achieved. Options vest as a result of achievement of the financial vesting targets. Options granted in December 2017 and thereafter include a service condition which requires a minimum two annually on December 31. The amount of stock-based compensation expense recognized in the period is based upon management’s estimate of when the financial vesting targets may be achieved. Any change in management’s estimate could result in the remaining amount of stock-based compensation expense to be accelerated, spread out over a longer period, or reversed. This may cause volatility in the recognition of stock-based compensation expense in future periods and could materially affect the Company’s earnings. The Company's restricted stock units outstanding vest ratably over four years from the date the award is granted. The Company recognized stock-based compensation expense in its Consolidated Financial Statements in the three and nine months ended September 30, 2022 and 2021, respectively, as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock-based compensation expense $ 10,766 $ 11,318 $ 31,339 $ 31,173 Less: Deferred tax benefit (1,917) (1,857) (5,851) (5,615) Stock-based compensation expense, net of tax $ 8,849 $ 9,461 $ 25,488 $ 25,558 The Company revised its estimate of when some vesting targets are expected to be achieved. This change in management's estimate resulted in a decrease of $2,779 in stock-based compensation expense during the nine months ended September 30, 2022. As of September 30, 2022, there was approximately $72,913 of unrecognized compensation cost remaining related to unvested employee stock options and restricted stock units that management expects will vest and is being amortized. The Company issues new common shares associated with the exercise of stock options. The total intrinsic value of options exercised during the nine months ended September 30, 2022 was $18,147. The total options exercisable as of September 30, 2022 had an intrinsic value of $33,688. The total intrinsic value for options exercisable is calculated as the difference between the market value of the Company’s common stock as of September 30, 2022 and the weighted average exercise price of the options. The market value of the Company’s common stock as of September 30, 2022 was $49.05 as reported by the Nasdaq Stock Market, LLC. The weighted average exercise price of the options exercisable as of September 30, 2022 was $49.90. Total options that were outstanding as of September 30, 2022 were 17,645,000 . Total options that were exercisable as of September 30, 2022 were 7,705,000 . The Company initiated a voluntary separation program to long-tenured employees which was finalized in July 2022. Certain allowances provided to the participating employees in the program resulted in modifications to the Company's equity compensation plans related to the vesting of stock options during the remainder of 2022 and the period in which the employee may exercise vested stock options after the termination of employment (See Note 14). The Company incurred additional stock-based compensation expense of $2,307 as a result of these modifications. The Company accounts for stock option forfeitures as they occur. During the three months ended September 30, 2022, the Company reversed previously recognized stock-option expense of $784 as a result of the cancellation of certain stock option awards to employees participating in the voluntary separation program. Common Stock Buyback The Company’s Board of Directors, under multiple authorizations, has authorized the repurchase of common stock on the open market or through private transactions. The Company purchased 4,573,000 shares at a total cost of $258,817 during the nine months ended September 30, 2022, which reduced the total shares outstanding of common stock. The cost of stock purchases during the period includes the cost of certain transactions that settled in the following quarter. On June 1, 2022, the Company's Board of Directors approved an increase in the stock repurchase program by an additional $200,000. As of September 30, 2022, the Company had approximately $172,477 of authorization remaining for the purchase of common stock under the program. The Company immediately retires its common stock when purchased. Upon retirement, the Company reduces Capital in excess of par value for the average capital per share outstanding and the remainder is charged against Retained earnings. If the Company reduces its Retained earnings to zero, any subsequent purchases of common stock will be charged entirely to Capital in excess of par value. Cash Dividend On June 1, 2022, the Board of Directors declared a cash dividend of $0.40 per share on the Company's common stock, which was paid on June 22, 2022, to shareholders of record on June 13, 2022. Cash dividends declared during the nine months ended September 30, 2022 and 2021 were $54,378 and $52,389, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of Accumulated other comprehensive loss, net of tax, are as follows: Foreign Currency Translation Adjustments Unrealized Accumulated Other Comprehensive Loss Balance, January 1, 2022 $ (19,781) $ (62) $ (19,843) Other comprehensive loss before reclassifications (37,090) (11,057) (48,147) Amounts reclassified from accumulated other comprehensive loss — 401 401 Net current-period other comprehensive loss (37,090) (10,656) (47,746) Balance, September 30, 2022 $ (56,871) $ (10,718) $ (67,589) |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information The Company’s reportable business segments are: Private Banks – Provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers and financial advisors worldwide; Investment Advisors – Provides investment management and investment processing platforms to affluent investors through a network of independent registered investment advisors, financial planners and other investment professionals in the United States; Institutional Investors – Provides OCIO solutions, including investment management and administrative outsourcing platforms to retirement plan sponsors, healthcare systems, higher education and other not-for-profit organizations worldwide; Investment Managers – Provides investment operations outsourcing platforms to fund companies, banking institutions, traditional and non-traditional investment managers worldwide and family offices in the United States; and Investments in New Businesses – Focuses on providing investment management solutions to ultra-high-net-worth families residing in the United States; developing network and data protection services; modularizing larger technology platforms into stand-alone components; entering new markets; and conducting other research and development activities. The information in the following tables is derived from internal financial reporting used for corporate management purposes. There are no inter-segment revenues for the three and nine months ended September 30, 2022 and 2021. Assets are not allocated to segments for internal reporting purposes. The accounting policies of the reportable business segments are the same as those described in Note 1 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The following tables highlight certain financial information about each of the business segments for the three months ended September 30, 2022 and 2021: Private Banks Investment Institutional Investment Investments Total For the Three Months Ended September 30, 2022 Revenues $ 122,660 $ 109,565 $ 78,260 $ 156,015 $ 4,834 $ 471,334 Expenses 116,661 61,150 42,149 100,876 9,915 330,751 Operating profit (loss) $ 5,999 $ 48,415 $ 36,111 $ 55,139 $ (5,081) $ 140,583 Private Investment Institutional Investment Investments Total For the Three Months Ended September 30, 2021 Revenues $ 123,018 $ 124,768 $ 85,759 $ 147,412 $ 4,365 $ 485,322 Expenses 116,679 62,107 41,643 89,594 12,820 322,843 Operating profit (loss) $ 6,339 $ 62,661 $ 44,116 $ 57,818 $ (8,455) $ 162,479 A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the three months ended September 30, 2022 and 2021 is as follows: 2022 2021 Total operating profit from segments $ 140,583 $ 162,479 Corporate overhead expenses (1) (89,537) (21,354) Income from operations $ 51,046 $ 141,125 (1) Corporate overhead expenses include the total costs for the Voluntary Separation Program (See Note 14). The following tables provide additional information for the three months ended September 30, 2022 and 2021 pertaining to the business segments: Capital Expenditures (2) Depreciation 2022 2021 2022 2021 Private Banks $ 8,404 $ 6,173 $ 5,050 $ 4,980 Investment Advisors 3,476 2,896 513 499 Institutional Investors 1,080 720 283 271 Investment Managers 9,843 3,722 2,498 2,428 Investments in New Businesses 227 336 36 60 Total from business segments $ 23,030 $ 13,847 $ 8,380 $ 8,238 Corporate overhead 486 419 178 170 $ 23,516 $ 14,266 $ 8,558 $ 8,408 (2) Capital expenditures include additions to property and equipment and capitalized software. Amortization 2022 2021 Private Banks $ 4,515 $ 8,526 Investment Advisors 1,736 3,014 Institutional Investors 1,808 427 Investment Managers 2,121 2,451 Investments in New Businesses 145 185 Total from business segments $ 10,325 $ 14,603 Corporate overhead 57 71 $ 10,382 $ 14,674 The following tables highlight certain financial information about each of business segment for the nine months ended September 30, 2022 and 2021: Private Investment Institutional Investment Investments Total For the Nine Months Ended September 30, 2022 Revenues $ 460,392 $ 341,989 $ 248,582 $ 468,842 $ 14,642 $ 1,534,447 Expenses 359,676 189,045 131,432 300,520 34,709 1,015,382 Operating profit (loss) $ 100,716 $ 152,944 $ 117,150 $ 168,322 $ (20,067) $ 519,065 Private Investment Institutional Investment Investments Total For the Nine Months Ended September 30, 2021 Revenues $ 364,302 $ 357,458 $ 255,957 $ 426,639 $ 12,303 $ 1,416,659 Expenses 345,057 176,267 122,696 257,609 39,855 941,484 Operating profit (loss) $ 19,245 $ 181,191 $ 133,261 $ 169,030 $ (27,552) $ 475,175 A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the nine months ended September 30, 2022 and 2021: 2022 2021 Total operating profit from segments $ 519,065 $ 475,175 Corporate overhead expenses (1) (137,360) (65,192) Income from operations $ 381,705 $ 409,983 (1) Corporate overhead expenses include the total costs for the Voluntary Separation Program (See Note 14). The following tables provide additional information for the nine months ended September 30, 2022 and 2021: Capital Expenditures (2) Depreciation 2022 2021 2022 2021 Private Banks $ 24,167 $ 20,596 $ 15,710 $ 13,290 Investment Advisors 9,926 8,784 1,438 3,205 Institutional Investors 3,057 2,115 857 982 Investment Managers 17,980 8,726 6,273 6,508 Investments in New Businesses 640 788 124 306 Total from business segments $ 55,770 $ 41,009 $ 24,402 $ 24,291 Corporate Overhead 1,376 997 540 850 $ 57,146 $ 42,006 $ 24,942 $ 25,141 (2) Capital expenditures include additions to property and equipment and capitalized software. Amortization 2022 2021 Private Banks $ 21,315 $ 25,735 Investment Advisors 8,127 8,550 Institutional Investors 6,348 1,280 Investment Managers 7,274 7,375 Investments in New Businesses 515 555 Total from business segments $ 43,579 $ 43,495 Corporate Overhead 198 254 $ 43,777 $ 43,749 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The gross liability for unrecognized tax benefits at September 30, 2022 and December 31, 2021 was $17,718 and $14,887, respectively, exclusive of interest and penalties, of which $16,973 and $14,382 would affect the effective tax rate if the Company were to recognize the tax benefit. The Company classifies interest and penalties on unrecognized tax benefits as income tax expense. As of September 30, 2022 and December 31, 2021, the combined amount of accrued interest and penalties related to tax positions taken on tax returns was $1,458 and $1,338, respectively. September 30, 2022 December 31, 2021 Gross liability for unrecognized tax benefits, exclusive of interest and penalties $ 17,718 $ 14,887 Interest and penalties on unrecognized benefits 1,458 1,338 Total gross uncertain tax positions $ 19,176 $ 16,225 Amount included in Current liabilities $ 4,190 $ 4,253 Amount included in Other long-term liabilities 14,986 11,972 $ 19,176 $ 16,225 The effective income tax rate for the three and nine months ended September 30, 2022 and 2021 differs from the federal income tax statutory rate due to the following: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State taxes, net of federal tax benefit 3.4 2.5 2.9 3.0 Foreign tax expense and tax rate differential (0.2) (0.1) (0.1) (0.1) Tax benefit from stock option exercises (1.1) (0.6) (0.5) (1.0) State settlements — (0.3) — (0.2) Provision-to-return adjustment — (0.5) — (0.2) Other, net (0.1) (0.3) (0.2) (0.3) 23.0 % 21.7 % 23.1 % 22.2 % The increase in the Company's effective tax rate for the three months ended September 30, 2022 was primarily due to an increase in the state effective tax rate and one-time state settlements which reduced the effective rate in 2021. Provision-to-return adjustments and statutory limitations which lowered the 2021 effective rate are expected to be realized in the fourth quarter of 2022. The increase was partially offset by increased tax benefits related to the stock option exercises as a percentage of net income in the third quarter of 2022 compared to the third quarter of 2021. The increase in the Company's effective tax rate for the nine months ended September 30, 2022 was primarily due to decreased tax benefits related to the lower volume of stock option exercises in 2022 compared to the prior year period as well as the timing of one-time state settlements which reduced the effective rate in 2021. Provision-to-return adjustments and statutory limitations which lowered the 2021 effective rate for the nine month period are expected to be realized in the fourth quarter of 2022. The Company files income tax returns in the United States on a consolidated basis and in many U.S. state and foreign jurisdictions. The Company is subject to examination of income tax returns by the Internal Revenue Service (IRS) and other domestic and foreign tax authorities. The Company is no longer subject to U.S. federal income tax examination for years before 2018 and is no longer subject to state, local or foreign income tax examinations by authorities for years before 2015. The Company estimates it will recognize $4,190 of gross unrecognized tax benefits. This amount is expected to be paid within one year or to be removed at the expiration of the statute of limitations and resolution of income tax audits and is netted against the current payable account. These unrecognized tax benefits are related to tax positions taken on certain federal, state, and foreign tax returns. However, the timing of the resolution of income tax examinations is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each year. While it is reasonably possible that some issues under examination could be resolved in the next twelve months, based upon the current facts and circumstances, the Company cannot reasonably estimate the timing of such resolution or the total range of potential changes as it relates to the current unrecognized tax benefits that are recorded as part of the Company’s financial statements. On July 8, 2022, House Bill 1342 was signed into law in the Commonwealth of Pennsylvania, making significant changes to the corporate income tax rate. The bill reduces the corporate income tax rate from 9.99% to 4.99% with reductions occurring in phases beginning each tax year from January 1, 2023 through January 1, 2031. U.S. GAAP requires companies to recognize the effect of tax law changes in the period of enactment. The Company is currently evaluating the enactment of this law but does not expect the impact on its consolidated financial statements and related disclosures to be material. On August 16, 2022, President Biden signed into law H.R. 5376, commonly referred to as the Inflation Reduction Act of 2022 (IRA). IRA introduces a new 15% corporate alternative minimum tax as well as a 1% excise tax on repurchases of stock by certain publicly traded corporations. Both of these provisions begin for tax years beginning after December 31, 2022. The Company is currently evaluating the enactment of IRA but does not expect the impact on its consolidated financial statements and related disclosures to be material. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the ordinary course of business, the Company from time to time enters into contracts containing indemnification obligations of the Company. These obligations may require the Company to make payments to another party upon the occurrence of certain events including the failure by the Company to meet its performance obligations under the contract. These contractual indemnification provisions are often standard contractual terms of the nature customarily found in the type of contracts entered into by the Company. In many cases, there are no stated or notional amounts included in the indemnification provisions. There are no amounts reflected on the Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 related to these indemnifications. Stanford Trust Company Litigation There has been no material change to the status of the litigations related to the Stanford Trust Company matters or the Company’s expectations with respect to such matters as previously reported in the Company’s quarterly report on Form 10-Q as filed with the Commission on April 25, 2022. SS&C Advent Matter On February 28, 2020, SEI Global Services, Inc. (SGSI), a wholly-owned subsidiary of the Company, filed a complaint under seal in the United States District Court for the Eastern District of Pennsylvania against SS&C Advent (Advent) and SS&C Technologies Holdings, Inc. (SS&C) alleging that SS&C and Advent breached the terms of the contract between the parties and asking the Court to hold SS&C and Advent to their bargained-for obligations (the Advent Matter). In addition to Breach of Contract, the complaint also included counts for Declaratory Judgment, Tortious Interference with Existing and Prospective Contractual Relations, Violation of the New York General Business Law Section 349, Violations of Section 2 of the Sherman Antitrust Act, Promissory Estoppel and Breach of the Covenant of Good Faith and Fair Dealing. SGSI sought various forms of relief, including declaratory judgment, specific performance under the contract, and monetary damages, including punitive damages, treble damages and attorney’s fees. On October 23, 2020, the federal court dismissed SEI’s federal antitrust claims but declined to rule on the state law claims. SGSI appealed the dismissal of the federal anti-trust claims to the Third Circuit Court of Appeals. On June 30, 2022, the Third Circuit Court of Appeals issued an order denying SGSI’s appeal of the District Court’s ruling. Beginning in October 23, 2020, Advent and SGSI litigated the remaining breach of contract, breach of the implied duty of good faith and fair dealing, and tortious interference with contract claims in New York State Court. New York State Court rulings during the litigation of the Advent Matter affirmed the validity and enforceability of SGSI’s perpetual license to Advent’s Geneva software. On September 26, 2022, the parties entered into a confidential settlement agreement of the outstanding issues being litigated in the Advent Matter. On October 3, 2022, Judge Borrok of the New York State Court issued an Order dismissing the Advent Matter in connection with the settlement agreement. Other Matters The Company and certain of its subsidiaries are party to various other examinations, investigations, actions and claims arising in the normal course of business that the Company does not believe are material. The Company believes that the ultimate resolution of these matters will not have a material adverse effect on the Company's financial position or the manner in which the Company conducts its business. Currently, the Company does not believe the amount of losses associated with these matters can be estimated. While the Company does not believe that the amount of such losses will, |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of the Company's goodwill by segment are as follows: Institutional Investors Investment Managers Investments in New Businesses Total Balance, December 31, 2021 $ 48,911 $ 56,822 $ 11,499 $ 117,232 Measurement period adjustments 103 216 — 319 Foreign currency translation adjustments — (42) — (42) Balance, September 30, 2022 $ 49,014 $ 56,996 $ 11,499 $ 117,509 In October 2021, the Company acquired all ownership interests of Finomial Corporation (Finomial). The excess purchase price over the estimated value of the net tangible and identifiable intangible assets was allocated to goodwill. The total amount of goodwill from this transaction amounted to $4,036 and is included in the accompanying Consolidated Balance Sheets. In November 2021, the Company acquired all ownership interests of Novus Partners (Novus). The excess purchase price over the estimated value of the net tangible and identifiable intangible assets was allocated to goodwill. The total amount of goodwill from this transaction amounted to $48,911 and is included in the accompanying Consolidated Balance Sheets. In addition to the intangible assets acquired through the acquisitions of Finomial and Novus, during 2021, the Company also acquired intangible assets through the purchase of a technology platform providing digital collaboration tools for financial advisors and the purchase of the Atlas Master Trust, a defined contribution master trust in the United Kingdom. In April 2018, the Company acquired all ownership interests of Huntington Steele, LLC (Huntington Steele). The total purchase price was allocated to Huntington Steele’s net tangible and intangible assets based upon their estimated fair values at the date of purchase. The excess purchase price over the value of the identifiable intangible assets was recorded as goodwill. The total amount of goodwill from this transaction amounted to $11,499 and is included on the accompanying Consolidated Balance Sheets. The total purchase price for Huntington Steele included a contingent purchase price payable to the sellers upon the attainment of specified financial measures determined at various intervals occurring between 2019 and 2023. The Company made payments of $868 and $3,965 during the nine months ended September 30, 2022 and 2021, respectively, to the sellers. As of September 30, 2022, the remaining amount of the contingent consideration of $9,271 is included in Accrued liabilities on the accompanying Balance Sheet. The Company recognized $9,534 and $3,312 of amortization expense related to the intangible assets acquired during the nine months ended September 30, 2022 and 2021, respectively. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | Revenues from Contracts with CustomersThe Company’s principal sources of revenues are: (1) asset management, administration and distribution fees primarily earned based upon a contractual percentage of net assets under management or administration; and (2) information processing and software servicing fees that are either recurring and primarily earned based upon the number of trust accounts being serviced or a percentage of the market value of the clients' assets processed on the Company's platforms, or non-recurring and based upon project-oriented contractual agreements related to client implementations. Disaggregation of Revenue The following tables provide additional information pertaining to our revenues disaggregated by major product line and primary geographic market based on the location of the use of the products or services for each of the business segments for the three months ended September 30, 2022 and 2021: Private Banks Investment Institutional Investment Investments Total Major Product Lines: For the Three Months Ended September 30, 2022 Investment management fees from pooled investment products $ 30,002 $ 63,688 $ 12,928 $ 81 $ 367 $ 107,066 Investment management fees from investment management agreements 633 39,915 60,887 — 3,992 105,427 Investment operations fees 336 — — 144,181 — 144,517 Investment processing fees - PaaS 57,818 — — — — 57,818 Investment processing fees - SaaS 29,855 — 2,650 3,963 — 36,468 Professional services fees 3,195 — — 798 — 3,993 Account fees and other 821 5,962 1,795 6,992 475 16,045 Total revenues $ 122,660 $ 109,565 $ 78,260 $ 156,015 $ 4,834 $ 471,334 Primary Geographic Markets: United States $ 81,628 $ 109,565 $ 65,571 $ 141,928 $ 4,834 $ 403,526 United Kingdom 27,186 — 9,729 — — 36,915 Canada 10,495 — 1,357 — — 11,852 Ireland 3,351 — 1,570 9,580 — 14,501 Luxembourg — — — 4,507 — 4,507 Other — — 33 — — 33 Total revenues $ 122,660 $ 109,565 $ 78,260 $ 156,015 $ 4,834 $ 471,334 Private Investment Institutional Investment Investments Total Major Product Lines: For the Three Months Ended September 30, 2021 Investment management fees from pooled investment products $ 34,212 $ 77,123 $ 13,639 $ 32 $ 338 $ 125,344 Investment management fees from investment management agreements 605 41,688 71,964 — 3,864 118,121 Investment operations fees 363 — — 136,978 — 137,341 Investment processing fees - PaaS 54,191 — — — — 54,191 Investment processing fees - SaaS 28,579 — — 3,848 — 32,427 Professional services fees 4,174 — — 871 — 5,045 Account fees and other 894 5,957 156 5,683 163 12,853 Total revenues $ 123,018 $ 124,768 $ 85,759 $ 147,412 $ 4,365 $ 485,322 Primary Geographic Markets: United States $ 77,260 $ 124,768 $ 68,810 $ 136,934 $ 4,365 $ 412,137 United Kingdom 28,767 — 13,327 — — 42,094 Canada 12,343 — 926 — — 13,269 Ireland 4,648 — 2,570 10,478 — 17,696 Other — — 126 — — 126 Total revenues $ 123,018 $ 124,768 $ 85,759 $ 147,412 $ 4,365 $ 485,322 The following tables provide additional information pertaining to our revenues disaggregated by major product line and primary geographic market based on the location of the use of the products or services for each of the Company’s business segments for the nine months ended September 30, 2022 and 2021: Private Investment Institutional Investment Investments Total Major Product Lines: For the Nine Months Ended September 30, 2022 Investment management fees from pooled investment products $ 95,113 $ 203,171 $ 42,494 $ 288 $ 1,136 $ 342,202 Investment management fees from investment management agreements 1,504 122,321 192,559 — 12,191 328,575 Investment operations fees 1,040 — — 434,302 — 435,342 Investment processing fees - PaaS 170,651 — — — — 170,651 Investment processing fees - SaaS 89,259 — 8,781 11,532 — 109,572 Professional services fees (1) 100,020 — — 1,822 — 101,842 Account fees and other 2,805 16,497 4,748 20,898 1,315 46,263 Total revenues $ 460,392 $ 341,989 $ 248,582 $ 468,842 $ 14,642 $ 1,534,447 Primary Geographic Markets: United States $ 244,472 $ 341,989 $ 204,836 $ 428,303 $ 14,642 $ 1,234,242 United Kingdom 171,042 — 33,761 — — 204,803 Canada 33,318 — 4,023 — — 37,341 Ireland 11,560 — 5,700 28,818 — 46,078 Luxembourg — — — 11,721 — 11,721 Other — — 262 — — 262 Total revenues $ 460,392 $ 341,989 $ 248,582 $ 468,842 $ 14,642 $ 1,534,447 (1) Professional services fees of the Private Banks segment includes one-time early termination fees of $88,000 related to a contractual agreement with a significant client of the Company. In accordance with Accounting Standards Codification 606, the entire amount of the fees received were recorded during the three months ended March 31, 2022 as there were no future performance obligations of the Company related to the agreement upon termination. Private Investment Institutional Investment Investments Total Major Product Lines: For the Nine Months Ended September 30, 2021 Investment management fees from pooled investment products $ 100,484 $ 224,816 $ 41,365 $ 105 $ 993 $ 367,763 Investment management fees from investment management agreements 1,681 114,747 213,249 — 10,811 340,488 Investment operations fees 1,134 — — 394,401 — 395,535 Investment processing fees - PaaS 160,813 — — — — 160,813 Investment processing fees - SaaS 84,831 — — 11,409 — 96,240 Professional services fees 12,509 — — 2,885 — 15,394 Account fees and other 2,850 17,895 1,343 17,839 499 40,426 Total revenues $ 364,302 $ 357,458 $ 255,957 $ 426,639 $ 12,303 $ 1,416,659 Primary Geographic Markets: United States $ 231,203 $ 357,458 $ 203,322 $ 396,598 $ 12,303 $ 1,200,884 United Kingdom 83,514 — 41,091 — — 124,605 Canada 35,977 — 3,426 — — 39,403 Ireland 13,608 — 7,735 30,041 — 51,384 Other — — 383 — — 383 Total revenues $ 364,302 $ 357,458 $ 255,957 $ 426,639 $ 12,303 $ 1,416,659 Investment management fees from pooled investment products - Revenues associated with clients' assets invested in Company-sponsored pooled investment products. Contractual fees are stated as a percentage of the market value of assets under management and collected on a monthly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Investment management fees from investment management agreements - Revenues based on assets of clients of the Institutional Investors segment primarily invested in Company-sponsored products. Each client is charged an investment management fee that is stated as a percentage of the market value of all assets under management. The client is billed directly on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Revenues associated with the separately managed account program offered through registered investment advisors located throughout the United States. The contractual fee is stated as a percentage of the market value of all assets invested in the separately managed account and collected on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Investment operations fees - Revenues earned from accounting and administrative services, distribution support services and regulatory and compliance services to investment management firms and family offices. The Company contracts directly with the investment management firm or family office. The contractual fees are stated as a percentage of net assets under administration and billed when asset valuations are finalized. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Investment processing fees - Platform as a Service - Revenues associated with clients that outsource their entire investment operation and back-office processing functions. Through the use of the Company's proprietary platforms, the Company assumes all back-office investment processing services including investment processing, custody and safekeeping of assets, income collections, securities settlement and other related trust activities. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. Contractual fees can also be stated as a percentage of the value of assets processed on the Company's platforms each month as long as the fee is in excess of a monthly contractual minimum. The client is billed directly on a monthly basis. Revenues are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations. Investment processing fees - Software as a Service - Revenues associated with clients of the Private Banks segment that outsource investment processing technology software and computer processing by accessing the Company's proprietary software and data center remotely but retain responsibility for all investment operations, client administration and other back-office trust operations. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. The client is billed directly on a monthly basis. Revenues associated with portfolio intelligence and workflow solutions offered to clients of the Institutional Investors segment and revenues associated with technology and outsourced services that support the accounting, investment management, and reporting functions for family offices and their service providers offered to clients of the Investment Managers segment. The contractual fee is primarily based on an annual fixed fee for software licenses and data management services. The client is billed in advance with various billing terms. Revenue recorded in advance of the performance of services is deferred and recognized when earned. Revenues are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations. Professional services fees - Revenues associated with the business services migration for investment processing clients of the Private Banks segment and investment operations clients of the Investment Managers segment. In addition, Professional services include other services such as business transformation consulting. Typically, fees are stated as a contractual fixed fee. The client is billed directly and fees are collected according to the terms of the agreement. Account fees and other - Revenues associated with custody account servicing, account terminations, reimbursements received for out-of-pocket expenses, and other fees for the provision of ancillary services. |
Voluntary Separation Program
Voluntary Separation Program | 9 Months Ended |
Sep. 30, 2022 | |
Voluntary Separation Program [Abstract] | |
Voluntary Separation Program | Voluntary Separation Program The Company initiated a Voluntary Separation Program (VSP) to long-tenured employees which was finalized in July 2022. The VSP was offered to long-tenured employees as part of its commitment to professional development and expanded responsibilities for current and new employees by increasing advancement opportunities. The VSP was made available to employees in the United States who met the long-term tenure requirements and includes a severance package and the continuation of certain benefits based upon years of service. The severance package also includes allowances related to the vesting of certain stock option awards during the remainder of 2022 and the period in which the employee may exercise vested stock options after the termination of employment. These allowances are considered modifications to the Company's equity compensation plans. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America. |
Variable Interest Entities | Variable Interest Entities The Company or its affiliates have created numerous investment products for its clients in various types of legal entity structures. The Company serves as the Manager, Administrator and Distributor for these investment products and may also serve as the Trustee for some of the investment products. The Company receives asset management, distribution, administration and custodial fees for these services. Clients are the equity investors and participate in proportion to their ownership percentage in the net income or loss and net capital gains or losses of the products, and, on liquidation, will participate in proportion to their ownership percentage in the remaining net assets of the products after satisfaction of outstanding liabilities. The Company has concluded that it is not the primary beneficiary of the entities and, therefore, is not required to consolidate any of the pooled investment vehicles for which it receives asset management, distribution, administration and custodial fees under the VIE model. |
Revenue Recognition | Revenue RecognitionRevenue is recognized when the transfer of control of promised goods or services under the terms of a contract with customers are satisfied in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services. Certain portions of the Company’s revenues involve a third party in providing goods or services to its customers. In such circumstances, the Company must determine whether the nature of its promise to the customer is to provide the underlying goods or services (the Company is the principal in the transaction and reports the transaction gross) or to arrange for a third party to provide the underlying goods or services (the entity is the agent in the transaction and reports the transaction net).The Company’s principal sources of revenues are: (1) asset management, administration and distribution fees primarily earned based upon a contractual percentage of net assets under management or administration; and (2) information processing and software servicing fees that are either recurring and primarily earned based upon the number of trust accounts being serviced or a percentage of the market value of the clients' assets processed on the Company's platforms, or non-recurring and based upon project-oriented contractual agreements related to client implementations. Investment management fees from pooled investment products - Revenues associated with clients' assets invested in Company-sponsored pooled investment products. Contractual fees are stated as a percentage of the market value of assets under management and collected on a monthly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Investment management fees from investment management agreements - Revenues based on assets of clients of the Institutional Investors segment primarily invested in Company-sponsored products. Each client is charged an investment management fee that is stated as a percentage of the market value of all assets under management. The client is billed directly on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Revenues associated with the separately managed account program offered through registered investment advisors located throughout the United States. The contractual fee is stated as a percentage of the market value of all assets invested in the separately managed account and collected on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Investment operations fees - Revenues earned from accounting and administrative services, distribution support services and regulatory and compliance services to investment management firms and family offices. The Company contracts directly with the investment management firm or family office. The contractual fees are stated as a percentage of net assets under administration and billed when asset valuations are finalized. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Investment processing fees - Platform as a Service - Revenues associated with clients that outsource their entire investment operation and back-office processing functions. Through the use of the Company's proprietary platforms, the Company assumes all back-office investment processing services including investment processing, custody and safekeeping of assets, income collections, securities settlement and other related trust activities. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. Contractual fees can also be stated as a percentage of the value of assets processed on the Company's platforms each month as long as the fee is in excess of a monthly contractual minimum. The client is billed directly on a monthly basis. Revenues are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations. Investment processing fees - Software as a Service - Revenues associated with clients of the Private Banks segment that outsource investment processing technology software and computer processing by accessing the Company's proprietary software and data center remotely but retain responsibility for all investment operations, client administration and other back-office trust operations. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. The client is billed directly on a monthly basis. Revenues associated with portfolio intelligence and workflow solutions offered to clients of the Institutional Investors segment and revenues associated with technology and outsourced services that support the accounting, investment management, and reporting functions for family offices and their service providers offered to clients of the Investment Managers segment. The contractual fee is primarily based on an annual fixed fee for software licenses and data management services. The client is billed in advance with various billing terms. Revenue recorded in advance of the performance of services is deferred and recognized when earned. Revenues are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations. Professional services fees - Revenues associated with the business services migration for investment processing clients of the Private Banks segment and investment operations clients of the Investment Managers segment. In addition, Professional services include other services such as business transformation consulting. Typically, fees are stated as a contractual fixed fee. The client is billed directly and fees are collected according to the terms of the agreement. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents includes $305,877 and $290,256 at September 30, 2022 and December 31, 2021, respectively, primarily invested in SEI-sponsored open-ended money market mutual funds. Statements of Cash Flows For purposes of the Consolidated Statements of Cash Flows, the Company considers investment instruments purchased with an original maturity of three months or less to be cash equivalents. |
Restricted Cash | Restricted CashRestricted cash includes $250 at September 30, 2022 and December 31, 2021 segregated for regulatory purposes related to trade-execution services conducted by SEI Investments (Europe) Limited. Restricted cash also includes $101 at September 30, 2022 and December 31, 2021 segregated in special reserve accounts for the benefit of customers of the Company’s broker-dealer subsidiary, SEI Investments Distribution Co. (SIDCO), in accordance with certain rules established by the Securities and Exchange Commission (SEC) for broker-dealers. |
Equity Method Investments | The Company accounts for its interest in LSV using the equity method because of its less than 50% ownership. The Company’s interest in the net assets of LSV is reflected in Investment in unconsolidated affiliate on the accompanying Consolidated Balance Sheets and its interest in the earnings of LSV is reflected in Equity in earnings of unconsolidated affiliate on the accompanying Consolidated Statements of Operations. |
Fair Value of Financial Instruments | The fair value of the Company’s financial assets and liabilities, except for the Company's investment funds sponsored by LSV, is determined in accordance with the fair value hierarchy. The fair value of the Company’s Level 1 financial assets consist mainly of investments in open-ended mutual funds that are quoted daily. Level 2 financial assets consist of GNMA mortgage-backed securities held by the Company's wholly-owned limited purpose federal thrift subsidiary, SEI Private Trust Company (SPTC), Federal Home Loan Bank (FHLB) and other U.S. government agency short-term notes held by SIDCO. The financial assets held by SIDCO were purchased as part of a cash management program requiring only short term, top-tier investment grade government and corporate securities. The financial assets held by SPTC are debt securities issued by GNMA and are backed by the full faith and credit of the U.S. government. These securities were purchased for the sole purpose of satisfying applicable regulatory requirements and have maturity dates which range from 2023 to 2041. The fair value of the Company's investment funds sponsored by LSV is measured using the net asset value per share (NAV) as a practical expedient. The NAVs of the funds are calculated by the funds' independent custodian and are derived from the fair values of the underlying investments as of the reporting date. The funds allow for investor redemptions at the end of each calendar month. This investment has not been classified in the fair value hierarchy but is presented in the tables below to permit reconciliation to the amounts presented on the accompanying Consolidated Balance Sheets. The valuation of the Company's Level 2 financial assets held by SIDCO and SPTC are based upon securities pricing policies and procedures utilized by third-party pricing vendors. |
Investments in Affiliated Funds | The fair value of the Company's investment funds sponsored by LSV is measured using the net asset value per share (NAV) as a practical expedient. The NAVs of the funds are calculated by the funds' independent custodian and are derived from the fair values of the underlying investments as of the reporting date. The funds allow for investor redemptions at the end of each calendar month. This investment has not been classified in the fair value hierarchy but is presented in the tables below to permit reconciliation to the amounts presented on the accompanying Consolidated Balance Sheets. |
Available-for-sale Securities | These net unrealized losses are reported as a separate component of Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets. |
Securities Owned | Securities OwnedThe Company’s broker-dealer subsidiary, SIDCO, has investments in U.S. government agency securities with maturity dates less than one year. These investments are reflected as Securities owned on the accompanying Consolidated Balance Sheets. Due to specialized accounting practices applicable to investments by broker-dealers, the securities are reported at fair value and changes in fair value are recorded in current period earnings. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Calculation of Basic and Diluted Earnings Per Share | The calculations of basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021 are: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income $ 61,659 $ 138,045 $ 363,243 $ 401,293 Shares used to compute basic earnings per common share 135,203,000 140,507,000 136,524,000 141,928,000 Dilutive effect of stock options 1,142,000 1,919,000 1,434,000 2,053,000 Shares used to compute diluted earnings per common share 136,345,000 142,426,000 137,958,000 143,981,000 Basic earnings per common share $ 0.46 $ 0.98 $ 2.66 $ 2.83 Diluted earnings per common share $ 0.45 $ 0.97 $ 2.63 $ 2.79 |
Schedule of Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities | The following table provides the details of the adjustments to reconcile net income to net cash provided by operating activities for the nine months ended September 30: 2022 2021 Net income $ 363,243 $ 401,293 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 24,942 25,141 Amortization 43,777 43,749 Equity in earnings of unconsolidated affiliate (88,926) (103,420) Distributions received from unconsolidated affiliate 103,504 110,559 Stock-based compensation 31,339 31,173 Provision for losses on receivables 734 1,569 Deferred income tax expense (41,419) (6,639) Net loss (gain) from investments 4,515 (134) Change in other long-term liabilities 3,014 2,103 Change in other assets (4,820) 314 Contract costs capitalized, net of amortization (1,554) (482) Other (6,934) 921 Change in current assets and liabilities (Increase) decrease in Receivables from investment products (32,187) (4,537) Receivables (41,697) (58,537) Other current assets (11,422) (3,919) Advances due from unconsolidated affiliate 54,328 51,422 (Decrease) increase in Accounts payable (2,103) 3,006 Accrued liabilities 27,092 (9,851) Deferred revenue 3,093 150 Total adjustments 65,276 82,588 Net cash provided by operating activities $ 428,519 $ 483,881 |
Investment In Unconsolidated _2
Investment In Unconsolidated Affiliate (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | These tables contain condensed financial information of LSV: Condensed Statement of Operations Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenues $ 91,588 $ 115,728 $ 299,852 $ 342,957 Net income 69,013 90,365 229,997 266,805 Condensed Balance Sheets September 30, 2022 December 31, 2021 Current assets $ 110,421 $ 171,058 Non-current assets 5,113 4,792 Total assets $ 115,534 $ 175,850 Current liabilities $ 64,263 $ 82,858 Non-current liabilities 3,260 3,863 Partners’ capital 48,011 89,129 Total liabilities and partners’ capital $ 115,534 $ 175,850 |
Composition of Certain Financ_2
Composition of Certain Financial Statement Captions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Items Included in Consolidated Statement of Financial Condition [Abstract] | |
Schedule of Receivables | Receivables on the accompanying Consolidated Balance Sheets consist of: September 30, 2022 December 31, 2021 Trade receivables $ 121,181 $ 111,209 Fees earned, not billed 332,457 315,255 Other receivables 31,390 16,747 485,028 443,211 Less: Allowance for doubtful accounts (2,336) (1,602) $ 482,692 $ 441,609 |
Schedule of Property And Equipment | Property and Equipment on the accompanying Consolidated Balance Sheets consists of: September 30, 2022 December 31, 2021 Buildings $ 210,108 $ 209,766 Equipment 175,059 153,158 Land 26,439 24,651 Purchased software 160,437 156,387 Furniture and fixtures 21,402 21,254 Leasehold improvements 19,590 21,946 Construction in progress 960 955 613,995 588,117 Less: Accumulated depreciation (431,473) (409,248) Property and Equipment, net $ 182,522 $ 178,869 |
Schedule of Accrued Liabilities | Accrued liabilities on the accompanying Consolidated Balance Sheets consist of: September 30, 2022 December 31, 2021 Accrued employee compensation $ 82,946 $ 107,933 Accrued employee benefits and other personnel 7,142 13,951 Accrued voluntary separation program 58,424 — Accrued consulting, outsourcing and professional fees 41,919 36,411 Accrued sub-advisory, distribution and other asset management fees 57,988 58,661 Accrued dividend payable — 55,452 Other accrued liabilities 46,568 51,974 Total accrued liabilities $ 294,987 $ 324,382 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Of Certain Financial Assets And Liabilities | The fair value of certain financial assets of the Company was determined using the following inputs: Fair Value Measurements at the End of the Reporting Period Using Assets September 30, 2022 Quoted Prices in Significant Equity securities $ 10,139 $ 10,139 $ — Available-for-sale debt securities 99,236 — 99,236 Fixed-income securities owned 31,586 — 31,586 Investment funds sponsored by LSV (1) 5,620 $ 146,581 $ 10,139 $ 130,822 Fair Value Measurements at the End of the Reporting Period Using Assets December 31, 2021 Quoted Prices in Significant Equity securities $ 12,406 $ 12,406 $ — Available-for-sale debt securities 117,135 — 117,135 Fixed-income securities owned 28,267 — 28,267 Investment funds sponsored by LSV (1) 6,916 $ 164,724 $ 12,406 $ 145,402 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Marketable Securities [Abstract] | |
Schedule of Available For Sale and Equity Securities | Available For Sale and Equity Securities on the accompanying Consolidated Balance Sheets consist of: At September 30, 2022 Cost Gross Gross Fair Available-for-sale debt securities $ 113,155 $ — $ (13,919) $ 99,236 SEI-sponsored mutual funds 6,197 — (745) 5,452 Equities and other mutual funds 5,030 — (343) 4,687 $ 124,382 $ — $ (15,007) $ 109,375 At December 31, 2021 Cost Gross Gross Fair Available-for-sale debt securities $ 117,215 $ — $ (80) $ 117,135 SEI-sponsored mutual funds 6,748 463 — 7,211 Equities and other mutual funds 4,935 260 — 5,195 $ 128,898 $ 723 $ (80) $ 129,541 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The Company recognized stock-based compensation expense in its Consolidated Financial Statements in the three and nine months ended September 30, 2022 and 2021, respectively, as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock-based compensation expense $ 10,766 $ 11,318 $ 31,339 $ 31,173 Less: Deferred tax benefit (1,917) (1,857) (5,851) (5,615) Stock-based compensation expense, net of tax $ 8,849 $ 9,461 $ 25,488 $ 25,558 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income (Loss), Net Of Tax | The components of Accumulated other comprehensive loss, net of tax, are as follows: Foreign Currency Translation Adjustments Unrealized Accumulated Other Comprehensive Loss Balance, January 1, 2022 $ (19,781) $ (62) $ (19,843) Other comprehensive loss before reclassifications (37,090) (11,057) (48,147) Amounts reclassified from accumulated other comprehensive loss — 401 401 Net current-period other comprehensive loss (37,090) (10,656) (47,746) Balance, September 30, 2022 $ (56,871) $ (10,718) $ (67,589) |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule Of Financial Information About Business Segments | The following tables highlight certain financial information about each of the business segments for the three months ended September 30, 2022 and 2021: Private Banks Investment Institutional Investment Investments Total For the Three Months Ended September 30, 2022 Revenues $ 122,660 $ 109,565 $ 78,260 $ 156,015 $ 4,834 $ 471,334 Expenses 116,661 61,150 42,149 100,876 9,915 330,751 Operating profit (loss) $ 5,999 $ 48,415 $ 36,111 $ 55,139 $ (5,081) $ 140,583 Private Investment Institutional Investment Investments Total For the Three Months Ended September 30, 2021 Revenues $ 123,018 $ 124,768 $ 85,759 $ 147,412 $ 4,365 $ 485,322 Expenses 116,679 62,107 41,643 89,594 12,820 322,843 Operating profit (loss) $ 6,339 $ 62,661 $ 44,116 $ 57,818 $ (8,455) $ 162,479 The following tables highlight certain financial information about each of business segment for the nine months ended September 30, 2022 and 2021: Private Investment Institutional Investment Investments Total For the Nine Months Ended September 30, 2022 Revenues $ 460,392 $ 341,989 $ 248,582 $ 468,842 $ 14,642 $ 1,534,447 Expenses 359,676 189,045 131,432 300,520 34,709 1,015,382 Operating profit (loss) $ 100,716 $ 152,944 $ 117,150 $ 168,322 $ (20,067) $ 519,065 Private Investment Institutional Investment Investments Total For the Nine Months Ended September 30, 2021 Revenues $ 364,302 $ 357,458 $ 255,957 $ 426,639 $ 12,303 $ 1,416,659 Expenses 345,057 176,267 122,696 257,609 39,855 941,484 Operating profit (loss) $ 19,245 $ 181,191 $ 133,261 $ 169,030 $ (27,552) $ 475,175 |
Schedule of Reconciliation of Total Operating Profit Reported for Business Segments to Income from Operations in Consolidated Statements of Operations | A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the three months ended September 30, 2022 and 2021 is as follows: 2022 2021 Total operating profit from segments $ 140,583 $ 162,479 Corporate overhead expenses (1) (89,537) (21,354) Income from operations $ 51,046 $ 141,125 (1) Corporate overhead expenses include the total costs for the Voluntary Separation Program (See Note 14). A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the nine months ended September 30, 2022 and 2021: 2022 2021 Total operating profit from segments $ 519,065 $ 475,175 Corporate overhead expenses (1) (137,360) (65,192) Income from operations $ 381,705 $ 409,983 |
Schedule of Additional Information Pertaining to Business Segments | The following tables provide additional information for the three months ended September 30, 2022 and 2021 pertaining to the business segments: Capital Expenditures (2) Depreciation 2022 2021 2022 2021 Private Banks $ 8,404 $ 6,173 $ 5,050 $ 4,980 Investment Advisors 3,476 2,896 513 499 Institutional Investors 1,080 720 283 271 Investment Managers 9,843 3,722 2,498 2,428 Investments in New Businesses 227 336 36 60 Total from business segments $ 23,030 $ 13,847 $ 8,380 $ 8,238 Corporate overhead 486 419 178 170 $ 23,516 $ 14,266 $ 8,558 $ 8,408 (2) Capital expenditures include additions to property and equipment and capitalized software. Amortization 2022 2021 Private Banks $ 4,515 $ 8,526 Investment Advisors 1,736 3,014 Institutional Investors 1,808 427 Investment Managers 2,121 2,451 Investments in New Businesses 145 185 Total from business segments $ 10,325 $ 14,603 Corporate overhead 57 71 $ 10,382 $ 14,674 The following tables provide additional information for the nine months ended September 30, 2022 and 2021: Capital Expenditures (2) Depreciation 2022 2021 2022 2021 Private Banks $ 24,167 $ 20,596 $ 15,710 $ 13,290 Investment Advisors 9,926 8,784 1,438 3,205 Institutional Investors 3,057 2,115 857 982 Investment Managers 17,980 8,726 6,273 6,508 Investments in New Businesses 640 788 124 306 Total from business segments $ 55,770 $ 41,009 $ 24,402 $ 24,291 Corporate Overhead 1,376 997 540 850 $ 57,146 $ 42,006 $ 24,942 $ 25,141 (2) Capital expenditures include additions to property and equipment and capitalized software. Amortization 2022 2021 Private Banks $ 21,315 $ 25,735 Investment Advisors 8,127 8,550 Institutional Investors 6,348 1,280 Investment Managers 7,274 7,375 Investments in New Businesses 515 555 Total from business segments $ 43,579 $ 43,495 Corporate Overhead 198 254 $ 43,777 $ 43,749 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Interest And Penalties | September 30, 2022 December 31, 2021 Gross liability for unrecognized tax benefits, exclusive of interest and penalties $ 17,718 $ 14,887 Interest and penalties on unrecognized benefits 1,458 1,338 Total gross uncertain tax positions $ 19,176 $ 16,225 Amount included in Current liabilities $ 4,190 $ 4,253 Amount included in Other long-term liabilities 14,986 11,972 $ 19,176 $ 16,225 |
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate for the three and nine months ended September 30, 2022 and 2021 differs from the federal income tax statutory rate due to the following: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State taxes, net of federal tax benefit 3.4 2.5 2.9 3.0 Foreign tax expense and tax rate differential (0.2) (0.1) (0.1) (0.1) Tax benefit from stock option exercises (1.1) (0.6) (0.5) (1.0) State settlements — (0.3) — (0.2) Provision-to-return adjustment — (0.5) — (0.2) Other, net (0.1) (0.3) (0.2) (0.3) 23.0 % 21.7 % 23.1 % 22.2 % |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of the Company's goodwill by segment are as follows: Institutional Investors Investment Managers Investments in New Businesses Total Balance, December 31, 2021 $ 48,911 $ 56,822 $ 11,499 $ 117,232 Measurement period adjustments 103 216 — 319 Foreign currency translation adjustments — (42) — (42) Balance, September 30, 2022 $ 49,014 $ 56,996 $ 11,499 $ 117,509 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables provide additional information pertaining to our revenues disaggregated by major product line and primary geographic market based on the location of the use of the products or services for each of the business segments for the three months ended September 30, 2022 and 2021: Private Banks Investment Institutional Investment Investments Total Major Product Lines: For the Three Months Ended September 30, 2022 Investment management fees from pooled investment products $ 30,002 $ 63,688 $ 12,928 $ 81 $ 367 $ 107,066 Investment management fees from investment management agreements 633 39,915 60,887 — 3,992 105,427 Investment operations fees 336 — — 144,181 — 144,517 Investment processing fees - PaaS 57,818 — — — — 57,818 Investment processing fees - SaaS 29,855 — 2,650 3,963 — 36,468 Professional services fees 3,195 — — 798 — 3,993 Account fees and other 821 5,962 1,795 6,992 475 16,045 Total revenues $ 122,660 $ 109,565 $ 78,260 $ 156,015 $ 4,834 $ 471,334 Primary Geographic Markets: United States $ 81,628 $ 109,565 $ 65,571 $ 141,928 $ 4,834 $ 403,526 United Kingdom 27,186 — 9,729 — — 36,915 Canada 10,495 — 1,357 — — 11,852 Ireland 3,351 — 1,570 9,580 — 14,501 Luxembourg — — — 4,507 — 4,507 Other — — 33 — — 33 Total revenues $ 122,660 $ 109,565 $ 78,260 $ 156,015 $ 4,834 $ 471,334 Private Investment Institutional Investment Investments Total Major Product Lines: For the Three Months Ended September 30, 2021 Investment management fees from pooled investment products $ 34,212 $ 77,123 $ 13,639 $ 32 $ 338 $ 125,344 Investment management fees from investment management agreements 605 41,688 71,964 — 3,864 118,121 Investment operations fees 363 — — 136,978 — 137,341 Investment processing fees - PaaS 54,191 — — — — 54,191 Investment processing fees - SaaS 28,579 — — 3,848 — 32,427 Professional services fees 4,174 — — 871 — 5,045 Account fees and other 894 5,957 156 5,683 163 12,853 Total revenues $ 123,018 $ 124,768 $ 85,759 $ 147,412 $ 4,365 $ 485,322 Primary Geographic Markets: United States $ 77,260 $ 124,768 $ 68,810 $ 136,934 $ 4,365 $ 412,137 United Kingdom 28,767 — 13,327 — — 42,094 Canada 12,343 — 926 — — 13,269 Ireland 4,648 — 2,570 10,478 — 17,696 Other — — 126 — — 126 Total revenues $ 123,018 $ 124,768 $ 85,759 $ 147,412 $ 4,365 $ 485,322 The following tables provide additional information pertaining to our revenues disaggregated by major product line and primary geographic market based on the location of the use of the products or services for each of the Company’s business segments for the nine months ended September 30, 2022 and 2021: Private Investment Institutional Investment Investments Total Major Product Lines: For the Nine Months Ended September 30, 2022 Investment management fees from pooled investment products $ 95,113 $ 203,171 $ 42,494 $ 288 $ 1,136 $ 342,202 Investment management fees from investment management agreements 1,504 122,321 192,559 — 12,191 328,575 Investment operations fees 1,040 — — 434,302 — 435,342 Investment processing fees - PaaS 170,651 — — — — 170,651 Investment processing fees - SaaS 89,259 — 8,781 11,532 — 109,572 Professional services fees (1) 100,020 — — 1,822 — 101,842 Account fees and other 2,805 16,497 4,748 20,898 1,315 46,263 Total revenues $ 460,392 $ 341,989 $ 248,582 $ 468,842 $ 14,642 $ 1,534,447 Primary Geographic Markets: United States $ 244,472 $ 341,989 $ 204,836 $ 428,303 $ 14,642 $ 1,234,242 United Kingdom 171,042 — 33,761 — — 204,803 Canada 33,318 — 4,023 — — 37,341 Ireland 11,560 — 5,700 28,818 — 46,078 Luxembourg — — — 11,721 — 11,721 Other — — 262 — — 262 Total revenues $ 460,392 $ 341,989 $ 248,582 $ 468,842 $ 14,642 $ 1,534,447 (1) Professional services fees of the Private Banks segment includes one-time early termination fees of $88,000 related to a contractual agreement with a significant client of the Company. In accordance with Accounting Standards Codification 606, the entire amount of the fees received were recorded during the three months ended March 31, 2022 as there were no future performance obligations of the Company related to the agreement upon termination. Private Investment Institutional Investment Investments Total Major Product Lines: For the Nine Months Ended September 30, 2021 Investment management fees from pooled investment products $ 100,484 $ 224,816 $ 41,365 $ 105 $ 993 $ 367,763 Investment management fees from investment management agreements 1,681 114,747 213,249 — 10,811 340,488 Investment operations fees 1,134 — — 394,401 — 395,535 Investment processing fees - PaaS 160,813 — — — — 160,813 Investment processing fees - SaaS 84,831 — — 11,409 — 96,240 Professional services fees 12,509 — — 2,885 — 15,394 Account fees and other 2,850 17,895 1,343 17,839 499 40,426 Total revenues $ 364,302 $ 357,458 $ 255,957 $ 426,639 $ 12,303 $ 1,416,659 Primary Geographic Markets: United States $ 231,203 $ 357,458 $ 203,322 $ 396,598 $ 12,303 $ 1,200,884 United Kingdom 83,514 — 41,091 — — 124,605 Canada 35,977 — 3,426 — — 39,403 Ireland 13,608 — 7,735 30,041 — 51,384 Other — — 383 — — 383 Total revenues $ 364,302 $ 357,458 $ 255,957 $ 426,639 $ 12,303 $ 1,416,659 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Line Items] | |||||
Cash and cash equivalents invested in SEI-sponsored money market funds | $ 791,437 | $ 791,437 | $ 831,407 | ||
Restricted cash | 351 | 351 | 351 | ||
Capitalized software development costs | 24,827 | $ 19,486 | |||
Net book value of capitalized software | $ 234,228 | $ 234,228 | 243,446 | ||
Anti-dilutive employee stock options (in shares) | 11,862 | 11,347 | 12,048 | 11,531 | |
Anti-dilutive employee stock options (in USD per share) | $ 60.26 | $ 57.80 | $ 60.27 | $ 57.78 | |
Investment Managers | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Capitalized software development costs | $ 5,284 | ||||
SEI Wealth Platform | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Net book value of capitalized software | $ 225,725 | 225,725 | |||
Capitalized software in progress | 8,660 | 8,660 | 29,253 | ||
Amortization expense related to the SEI Wealth Platform | $ 29,696 | $ 35,834 | |||
SEI Wealth Platform | Weighted Average | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of the SEI Wealth Platform | 10 years | ||||
SEI-Sponsored Open-Ended Money Market Mutual Funds | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Cash and cash equivalents invested in SEI-sponsored money market funds | 305,877 | $ 305,877 | 290,256 | ||
SEI Investments (Europe) Limited | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Restricted cash | 250 | 250 | 250 | ||
SEI Investments Distribution Co. (SIDCO) | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Restricted cash | 101 | 101 | $ 101 | ||
SEI-Sponsored Open-Ended Money Market Mutual Funds | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Fees waived | $ 7,896 | $ 11,629 | $ 28,120 | $ 33,118 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounting Policies [Abstract] | ||||
Net income | $ 61,659 | $ 138,045 | $ 363,243 | $ 401,293 |
Shares used to compute basic earnings per common share (in shares) | 135,203 | 140,507 | 136,524 | 141,928 |
Dilutive effect of stock options (in shares) | 1,142 | 1,919 | 1,434 | 2,053 |
Shares used to compute diluted earnings per common share (in shares) | 136,345 | 142,426 | 137,958 | 143,981 |
Basic earnings per common share (in USD per share) | $ 0.46 | $ 0.98 | $ 2.66 | $ 2.83 |
Diluted earnings per common share (in USD per share) | $ 0.45 | $ 0.97 | $ 2.63 | $ 2.79 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Net Cash Provided by Operating Activities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounting Policies [Abstract] | ||||
Net income | $ 61,659 | $ 138,045 | $ 363,243 | $ 401,293 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation | 8,558 | 8,408 | 24,942 | 25,141 |
Amortization | 10,382 | 14,674 | 43,777 | 43,749 |
Equity in earnings of unconsolidated affiliate | (26,654) | (35,005) | (88,926) | (103,420) |
Distributions received from unconsolidated affiliate | 103,504 | 110,559 | ||
Stock-based compensation | 10,766 | 11,318 | 31,339 | 31,173 |
Provision for losses on receivables | 734 | 1,569 | ||
Deferred income tax expense | (41,419) | (6,639) | ||
Net loss (gain) from investments | $ 1,406 | $ 575 | 4,515 | (134) |
Change in other long-term liabilities | 3,014 | 2,103 | ||
Change in other assets | (4,820) | 314 | ||
Contract costs capitalized, net of amortization | (1,554) | (482) | ||
Other | (6,934) | 921 | ||
Change in current assets and liabilities (Increase) decrease in | ||||
Receivables from investment products | (32,187) | (4,537) | ||
Receivables | (41,697) | (58,537) | ||
Other current assets | (11,422) | (3,919) | ||
Advances due from unconsolidated affiliate | 54,328 | 51,422 | ||
(Decrease) increase in | ||||
Accounts payable | (2,103) | 3,006 | ||
Accrued liabilities | 27,092 | (9,851) | ||
Deferred revenue | 3,093 | 150 | ||
Total adjustments | 65,276 | 82,588 | ||
Net cash provided by operating activities | $ 428,519 | $ 483,881 |
Investment In Unconsolidated _3
Investment In Unconsolidated Affiliate (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Apr. 01, 2022 | Mar. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Total investment in LSV | $ 39,012 | $ 39,012 | ||||
Distributions received from LSV | 103,504 | $ 110,559 | ||||
Company's share in the earnings of LSV | $ 26,654 | $ 35,005 | $ 88,926 | $ 103,420 | ||
L S V Asset Management | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest in LSV | 38.60% | 38.60% | 38.60% | 38.70% |
Investment In Unconsolidated _4
Investment In Unconsolidated Affiliate (Condensed Statements of Operations of LSV) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | $ 471,334 | $ 485,322 | $ 1,534,447 | $ 1,416,659 |
Equity Method Investment, Nonconsolidated Investee | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 91,588 | 115,728 | 299,852 | 342,957 |
Net income | $ 69,013 | $ 90,365 | $ 229,997 | $ 266,805 |
Investment in Unconsolidated _5
Investment in Unconsolidated Affiliate (Condensed Balance Sheets of LSV) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $ 1,452,220 | $ 1,404,229 |
Total Assets | 2,295,431 | 2,354,702 |
Current liabilities | 327,423 | 355,743 |
Total Liabilities and Shareholders' Equity | 2,295,431 | 2,354,702 |
Equity Method Investment, Nonconsolidated Investee | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | 110,421 | 171,058 |
Non-current assets | 5,113 | 4,792 |
Total Assets | 115,534 | 175,850 |
Current liabilities | 64,263 | 82,858 |
Non-current liabilities | 3,260 | 3,863 |
Partners’ capital | 48,011 | 89,129 |
Total Liabilities and Shareholders' Equity | $ 115,534 | $ 175,850 |
Composition of Certain Financ_3
Composition of Certain Financial Statement Captions (Receivables) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Items Included in Consolidated Statement of Financial Condition [Abstract] | ||
Trade receivables | $ 121,181 | $ 111,209 |
Fees earned, not billed | 332,457 | 315,255 |
Other receivables | 31,390 | 16,747 |
Gross receivables | 485,028 | 443,211 |
Less: Allowance for doubtful accounts | (2,336) | (1,602) |
Receivables, net | $ 482,692 | $ 441,609 |
Composition of Certain Financ_4
Composition of Certain Financial Statement Captions (Property And Equipment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Property and Equipment [Line Items] | |||||
Property and equipment, gross | $ 613,995 | $ 613,995 | $ 588,117 | ||
Less: Accumulated depreciation | (431,473) | (431,473) | (409,248) | ||
Property and Equipment, net | 182,522 | 182,522 | 178,869 | ||
Depreciation expense | 8,558 | $ 8,408 | 24,942 | $ 25,141 | |
Buildings | |||||
Property and Equipment [Line Items] | |||||
Property and equipment, gross | 210,108 | 210,108 | 209,766 | ||
Equipment | |||||
Property and Equipment [Line Items] | |||||
Property and equipment, gross | 175,059 | 175,059 | 153,158 | ||
Land | |||||
Property and Equipment [Line Items] | |||||
Property and equipment, gross | 26,439 | 26,439 | 24,651 | ||
Purchased software | |||||
Property and Equipment [Line Items] | |||||
Property and equipment, gross | 160,437 | 160,437 | 156,387 | ||
Furniture and fixtures | |||||
Property and Equipment [Line Items] | |||||
Property and equipment, gross | 21,402 | 21,402 | 21,254 | ||
Leasehold improvements | |||||
Property and Equipment [Line Items] | |||||
Property and equipment, gross | 19,590 | 19,590 | 21,946 | ||
Construction in progress | |||||
Property and Equipment [Line Items] | |||||
Property and equipment, gross | $ 960 | $ 960 | $ 955 |
Composition of Certain Financ_5
Composition of Certain Financial Statement Captions (Deferred Contract Costs) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Items Included in Consolidated Statement of Financial Condition [Abstract] | |||||
Deferred contract costs | $ 37,790,000 | $ 37,790,000 | $ 36,236,000 | ||
Capitalized contract cost, amount capitalized during period | $ 4,648,000 | $ 2,932,000 | 9,710,000 | $ 6,978,000 | |
Amortization of deferred contract costs | 8,156,000 | $ 6,496,000 | |||
Accelerated amortization of deferred contract costs | 1,784,000 | ||||
Capitalized contract cost impairment | $ 0 |
Composition of Certain Financ_6
Composition of Certain Financial Statement Captions (Accrued Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Items Included in Consolidated Statement of Financial Condition [Abstract] | ||
Accrued employee compensation | $ 82,946 | $ 107,933 |
Accrued employee benefits and other personnel | 7,142 | 13,951 |
Accrued voluntary separation program | 58,424 | 0 |
Accrued consulting, outsourcing and professional fees | 41,919 | 36,411 |
Accrued sub-advisory, distribution and other asset management fees | 57,988 | 58,661 |
Accrued dividend payable | 0 | 55,452 |
Other accrued liabilities | 46,568 | 51,974 |
Total accrued liabilities | $ 294,987 | $ 324,382 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed-income securities owned | $ 31,586 | $ 28,267 |
Assets, fair value | 146,581 | 164,724 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed-income securities owned | 0 | 0 |
Assets, fair value | 10,139 | 12,406 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed-income securities owned | 31,586 | 28,267 |
Assets, fair value | 130,822 | 145,402 |
Equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 10,139 | 12,406 |
Equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 10,139 | 12,406 |
Equity securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Available-for-sale debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 99,236 | 117,135 |
Available-for-sale debt securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Available-for-sale debt securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 99,236 | 117,135 |
Investment Funds sponsored by LSV | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds sponsored by LSV | $ 5,620 | $ 6,916 |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Schedule of Investments [Line Items] | |||||
Cash equivalents at fair value | $ 474,736,000 | $ 474,736,000 | $ 422,838,000 | ||
Net unrealized loss | 10,718,000 | 10,718,000 | 62,000 | ||
Net unrealized gains (losses) income tax expense (benefit) | (3,201,000) | (3,201,000) | (18,000) | ||
Available-for-sale securities, gross realized gains | 0 | $ 0 | |||
Mutual funds and equities, gross realized gains | 226,000 | 714,000 | |||
Mutual funds and equities, gross realized loss | 714,000 | 65,000 | |||
Other long-term investments | 39,012,000 | 39,012,000 | 107,918,000 | ||
Securities owned | 31,586,000 | 31,586,000 | 28,267,000 | ||
Available-for-sale debt securities | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities, gross realized losses | 521,000 | 861,000 | |||
Investment Funds Sponsored by LSV | |||||
Schedule of Investments [Line Items] | |||||
Other long-term investments | 5,620,000 | 5,620,000 | $ 6,916,000 | ||
Unrealized gains (losses) on investments | $ (380,000) | $ (39,000) | $ (1,296,000) | $ 727,000 |
Marketable Securities (Investme
Marketable Securities (Investments Available For Sale) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale and equity securities, cost | $ 124,382 | $ 128,898 |
Available for sale and equity securities, gross unrealized gains | 0 | 723 |
Available for sale and equity securities, gross unrealized (losses) | (15,007) | (80) |
Available for sale and equity securities, fair value | 109,375 | 129,541 |
Available-for-sale debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale debt securities, cost | 113,155 | 117,215 |
Available for sale debt securities, gross unrealized gains | 0 | 0 |
Available for sale debt securities, gross unrealized (losses) | (13,919) | (80) |
Available for sale debt securities, fair value | 99,236 | 117,135 |
SEI-sponsored mutual funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities, FV-NI, cost | 6,197 | 6,748 |
Equity securities, FV-NI, gross unrealized gains | 0 | 463 |
Equity securities, FV-NI, gross unrealized (losses) | (745) | 0 |
Equity securities, FV-NI, fair value | 5,452 | 7,211 |
Equities and other mutual funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities, FV-NI, cost | 5,030 | 4,935 |
Equity securities, FV-NI, gross unrealized gains | 0 | 260 |
Equity securities, FV-NI, gross unrealized (losses) | (343) | 0 |
Equity securities, FV-NI, fair value | $ 4,687 | $ 5,195 |
Line of Credit (Details)
Line of Credit (Details) | 1 Months Ended | 9 Months Ended | |||
Apr. 23, 2021 USD ($) fiscalQuarter | Nov. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Oct. 20, 2022 USD ($) | |
Line of Credit Facility [Line Items] | |||||
Repayments under revolving credit facility | $ 40,000,000 | $ 0 | |||
2021 Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Debt interest rate accrual term, number of preceding fiscal quarters | fiscalQuarter | 4 | ||||
2021 Credit Facility | Subsequent Event | |||||
Line of Credit Facility [Line Items] | |||||
Letters of credit outstanding amount | $ 6,003,000 | ||||
2021 Credit Facility | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility term of agreement | 5 years | ||||
Credit facility maximum borrowing capacity | $ 325,000,000 | ||||
Credit facility stated percentage | 0% | ||||
Credit facility accordion feature, increase limit | $ 100,000,000 | ||||
Credit facility borrowings | $ 40,000,000 | ||||
Repayments under revolving credit facility | $ 40,000,000 | ||||
2021 Credit Facility | Line of Credit | Subsequent Event | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility remaining borrowing capacity | $ 318,997,000 | ||||
2021 Credit Facility | Line of Credit | London Interbank Offered Rate (LIBOR) | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility variable interest rate basis spread | 1% | ||||
2021 Credit Facility | Line of Credit | Federal Funds Rate | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility variable interest rate basis spread | 0.50% | ||||
2021 Credit Facility | Line of Credit | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility commitment fee per annum on daily unused portion | 0.15% | ||||
2021 Credit Facility | Line of Credit | Minimum | Lender's Base Rate Plus Market Spread | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility variable interest rate basis spread | 0.25% | ||||
2021 Credit Facility | Line of Credit | Minimum | London Interbank Offered Rate (LIBOR) | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility variable interest rate basis spread | 1.25% | ||||
2021 Credit Facility | Line of Credit | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility commitment fee per annum on daily unused portion | 0.30% | ||||
2021 Credit Facility | Line of Credit | Maximum | Lender's Base Rate Plus Market Spread | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility variable interest rate basis spread | 1% | ||||
2021 Credit Facility | Line of Credit | Maximum | London Interbank Offered Rate (LIBOR) | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility variable interest rate basis spread | 2% | ||||
2021 Credit Facility | Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility maximum borrowing capacity | $ 15,000,000 | ||||
Credit facility, commitment fee percentage | 1.25% | ||||
Credit facility, fronting fee percentage | 0.20% |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jun. 01, 2022 | Mar. 31, 2022 | Jul. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Increase (decrease) in stock-based compensation from change in management's estimate | $ 2,779 | ||||||
Unrecognized compensation cost | $ 72,913 | 72,913 | |||||
Total intrinsic value of options exercised | 18,147 | ||||||
Aggregate intrinsic value of options exercisable | $ 33,688 | $ 33,688 | |||||
Market value of Company's common stock (in USD per share) | $ 49.05 | $ 49.05 | |||||
Weighted average exercise price per share (in USD per share) | $ 49.90 | $ 49.90 | |||||
Total options outstanding (in shares) | 17,645 | 17,645 | |||||
Total options exercisable (in shares) | 7,705 | 7,705 | |||||
Share-based payment arrangement, expense, after tax | $ 8,849 | $ 9,461 | $ 25,488 | $ 25,558 | |||
Dividends declared per common share (in USD per share) | $ 0.40 | $ 0 | $ 0 | $ 0.40 | $ 0.37 | ||
Cash dividends declared | $ 54,378 | $ 52,389 | |||||
One-time Termination Benefits | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based payment arrangement, expense, after tax | $ 2,307 | ||||||
Reversal Tto share-based compensation | $ 784 | ||||||
Restricted Stock Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 4 years | ||||||
Common Stock Buyback | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares purchased and retired (in shares) | 4,573 | ||||||
Company purchased, cost | $ 258,817 | ||||||
Additional authorized amount | $ 200,000 | ||||||
Remaining stock repurchase authorization amount | $ 172,477 | $ 172,477 | |||||
2014 Plan | Tranche One | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting rate | 50% | ||||||
2014 Plan | Tranche Two | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting rate | 50% | ||||||
Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award waiting period | 2 years | ||||||
Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award waiting period | 4 years |
Shareholders' Equity (Stock-Bas
Shareholders' Equity (Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | ||||
Stock-based compensation expense | $ 10,766 | $ 11,318 | $ 31,339 | $ 31,173 |
Less: Deferred tax benefit | (1,917) | (1,857) | (5,851) | (5,615) |
Stock-based compensation expense, net of tax | $ 8,849 | $ 9,461 | $ 25,488 | $ 25,558 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $ 1,922,088 | $ 1,805,606 | $ 1,860,763 | $ 1,739,907 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||
Other comprehensive loss before reclassifications | (48,147) | |||
Amounts reclassified from accumulated other comprehensive loss | 401 | |||
Total other comprehensive loss, net of tax | (21,826) | (6,021) | (47,746) | (3,745) |
Ending balance | 1,930,313 | 1,838,088 | 1,930,313 | 1,838,088 |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (45,763) | (14,522) | (19,843) | (16,798) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||
Total other comprehensive loss, net of tax | (21,826) | (6,021) | (47,746) | (3,745) |
Ending balance | (67,589) | $ (20,543) | (67,589) | $ (20,543) |
Foreign Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (19,781) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||
Other comprehensive loss before reclassifications | (37,090) | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Total other comprehensive loss, net of tax | (37,090) | |||
Ending balance | (56,871) | (56,871) | ||
Unrealized Gains (Losses) on Investments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (62) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||
Other comprehensive loss before reclassifications | (11,057) | |||
Amounts reclassified from accumulated other comprehensive loss | 401 | |||
Total other comprehensive loss, net of tax | (10,656) | |||
Ending balance | $ (10,718) | $ (10,718) |
Business Segment Information (N
Business Segment Information (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 471,334,000 | $ 485,322,000 | $ 1,534,447,000 | $ 1,416,659,000 |
Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Business Segment Information (S
Business Segment Information (Schedule of Financial Information About Business Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 471,334 | $ 485,322 | $ 1,534,447 | $ 1,416,659 |
Expenses | 330,751 | 322,843 | 1,015,382 | 941,484 |
Operating profit (loss) | 140,583 | 162,479 | 519,065 | 475,175 |
Private Banks | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 122,660 | 123,018 | 460,392 | 364,302 |
Expenses | 116,661 | 116,679 | 359,676 | 345,057 |
Operating profit (loss) | 5,999 | 6,339 | 100,716 | 19,245 |
Investment Advisors | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 109,565 | 124,768 | 341,989 | 357,458 |
Expenses | 61,150 | 62,107 | 189,045 | 176,267 |
Operating profit (loss) | 48,415 | 62,661 | 152,944 | 181,191 |
Institutional Investors | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 78,260 | 85,759 | 248,582 | 255,957 |
Expenses | 42,149 | 41,643 | 131,432 | 122,696 |
Operating profit (loss) | 36,111 | 44,116 | 117,150 | 133,261 |
Investment Managers | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 156,015 | 147,412 | 468,842 | 426,639 |
Expenses | 100,876 | 89,594 | 300,520 | 257,609 |
Operating profit (loss) | 55,139 | 57,818 | 168,322 | 169,030 |
Investments In New Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 4,834 | 4,365 | 14,642 | 12,303 |
Expenses | 9,915 | 12,820 | 34,709 | 39,855 |
Operating profit (loss) | $ (5,081) | $ (8,455) | $ (20,067) | $ (27,552) |
Business Segment Information (R
Business Segment Information (Reconciliation of Total Operating Profit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Total operating profit from segments | $ 140,583 | $ 162,479 | $ 519,065 | $ 475,175 |
Corporate overhead expenses | (89,537) | (21,354) | ||
Income from operations | $ 51,046 | $ 141,125 | 381,705 | 409,983 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total operating profit from segments | 519,065 | 475,175 | ||
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Corporate overhead expenses | $ (137,360) | $ (65,192) |
Business Segment Information _2
Business Segment Information (Schedule Of Additional Information Pertaining To Business Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Capital expenditure | $ 23,516 | $ 14,266 | $ 57,146 | $ 42,006 |
Depreciation | 8,558 | 8,408 | 24,942 | 25,141 |
Amortization | 10,382 | 14,674 | 43,777 | 43,749 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditure | 23,030 | 13,847 | 55,770 | 41,009 |
Depreciation | 8,380 | 8,238 | 24,402 | 24,291 |
Amortization | 10,325 | 14,603 | 43,579 | 43,495 |
Operating Segments | Private Banks | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditure | 8,404 | 6,173 | 24,167 | 20,596 |
Depreciation | 5,050 | 4,980 | 15,710 | 13,290 |
Amortization | 4,515 | 8,526 | 21,315 | 25,735 |
Operating Segments | Investment Advisors | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditure | 3,476 | 2,896 | 9,926 | 8,784 |
Depreciation | 513 | 499 | 1,438 | 3,205 |
Amortization | 1,736 | 3,014 | 8,127 | 8,550 |
Operating Segments | Institutional Investors | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditure | 1,080 | 720 | 3,057 | 2,115 |
Depreciation | 283 | 271 | 857 | 982 |
Amortization | 1,808 | 427 | 6,348 | 1,280 |
Operating Segments | Investment Managers | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditure | 9,843 | 3,722 | 17,980 | 8,726 |
Depreciation | 2,498 | 2,428 | 6,273 | 6,508 |
Amortization | 2,121 | 2,451 | 7,274 | 7,375 |
Operating Segments | Investments In New Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditure | 227 | 336 | 640 | 788 |
Depreciation | 36 | 60 | 124 | 306 |
Amortization | 145 | 185 | 515 | 555 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditure | 486 | 419 | 1,376 | 997 |
Depreciation | 178 | 170 | 540 | 850 |
Amortization | $ 57 | $ 71 | $ 198 | $ 254 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Income Tax Contingency [Line Items] | ||
Gross liability for unrecognized tax benefits, exclusive of interest and penalties | $ 17,718 | $ 14,887 |
Unrecognized tax benefits that would affect effective tax rate | 16,973 | 14,382 |
Interest and penalties on unrecognized benefits | 1,458 | $ 1,338 |
Settlement and Lapse of Statute | ||
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits within the next twelve months | $ 4,190 |
Income Taxes (Interest And Pena
Income Taxes (Interest And Penalties) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Gross liability for unrecognized tax benefits, exclusive of interest and penalties | $ 17,718 | $ 14,887 |
Interest and penalties on unrecognized benefits | 1,458 | 1,338 |
Total gross uncertain tax positions | 19,176 | 16,225 |
Amount included in Current liabilities | 4,190 | 4,253 |
Amount included in Other long-term liabilities | 14,986 | 11,972 |
Total gross uncertain tax positions | $ 19,176 | $ 16,225 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Statutory rate | 21% | 21% | 21% | 21% |
State taxes, net of federal tax benefit | 3.40% | 2.50% | 2.90% | 3% |
Foreign tax expense and tax rate differential | (0.20%) | (0.10%) | (0.10%) | (0.10%) |
Tax benefit from stock option exercises | (1.10%) | (0.60%) | (0.50%) | (1.00%) |
State settlements | 0% | (0.30%) | 0% | (0.20%) |
Provision-to-return adjustment | 0% | (0.50%) | 0% | (0.20%) |
Other, net | (0.10%) | (0.30%) | (0.20%) | (0.30%) |
Effective income tax rate | 23% | 21.70% | 23.10% | 22.20% |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Schedule of Goodwill) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 117,232 |
Measurement period adjustments | 319 |
Foreign currency translation adjustments | (42) |
Goodwill, ending balance | 117,509 |
Institutional Investors | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 48,911 |
Measurement period adjustments | 103 |
Foreign currency translation adjustments | 0 |
Goodwill, ending balance | 49,014 |
Investment Managers | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 56,822 |
Measurement period adjustments | 216 |
Foreign currency translation adjustments | (42) |
Goodwill, ending balance | 56,996 |
Investments In New Businesses | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 11,499 |
Measurement period adjustments | 0 |
Foreign currency translation adjustments | 0 |
Goodwill, ending balance | $ 11,499 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Additional Information) (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||||
Nov. 30, 2021 | Oct. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Apr. 30, 2018 | |
Goodwill [Line Items] | ||||||
Goodwill | $ 117,509 | $ 117,232 | ||||
Payment of contingent consideration | 868 | $ 3,965 | ||||
Amortization expense | 9,534 | 3,312 | ||||
Finomial | ||||||
Goodwill [Line Items] | ||||||
Goodwill acquired | $ 4,036 | |||||
Novus Partners | ||||||
Goodwill [Line Items] | ||||||
Goodwill acquired | $ 48,911 | |||||
Huntington Steele, LLC | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 11,499 | |||||
Payment of contingent consideration | 868 | $ 3,965 | ||||
Contingent consideration, long-term | $ 9,271 |
Revenues from Contracts with _3
Revenues from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 471,334 | $ 485,322 | $ 1,534,447 | $ 1,416,659 | |
United States | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 403,526 | 412,137 | 1,234,242 | 1,200,884 | |
United Kingdom | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 36,915 | 42,094 | 204,803 | 124,605 | |
Canada | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 11,852 | 13,269 | 37,341 | 39,403 | |
Ireland | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 14,501 | 17,696 | 46,078 | 51,384 | |
Luxembourg | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 4,507 | 11,721 | |||
Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 33 | 126 | 262 | 383 | |
Investment management fees from pooled investment products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 107,066 | 125,344 | 342,202 | 367,763 | |
Investment management fees from investment management agreements | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 105,427 | 118,121 | 328,575 | 340,488 | |
Investment operations fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 144,517 | 137,341 | 435,342 | 395,535 | |
Investment processing fees - PaaS | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 57,818 | 54,191 | 170,651 | 160,813 | |
Investment processing fees - SaaS | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 36,468 | 32,427 | 109,572 | 96,240 | |
Professional services fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 3,993 | 5,045 | 101,842 | 15,394 | |
Account fees and other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 16,045 | 12,853 | 46,263 | 40,426 | |
Private Banks | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 122,660 | 123,018 | 460,392 | 364,302 | |
Private Banks | United States | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 81,628 | 77,260 | 244,472 | 231,203 | |
Private Banks | United Kingdom | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 27,186 | 28,767 | 171,042 | 83,514 | |
Private Banks | Canada | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 10,495 | 12,343 | 33,318 | 35,977 | |
Private Banks | Ireland | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 3,351 | 4,648 | 11,560 | 13,608 | |
Private Banks | Luxembourg | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Private Banks | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Private Banks | Investment management fees from pooled investment products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 30,002 | 34,212 | 95,113 | 100,484 | |
Private Banks | Investment management fees from investment management agreements | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 633 | 605 | 1,504 | 1,681 | |
Private Banks | Investment operations fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 336 | 363 | 1,040 | 1,134 | |
Private Banks | Investment processing fees - PaaS | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 57,818 | 54,191 | 170,651 | 160,813 | |
Private Banks | Investment processing fees - SaaS | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 29,855 | 28,579 | 89,259 | 84,831 | |
Private Banks | Professional services fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 3,195 | 4,174 | 100,020 | 12,509 | |
Private Banks | Account fees and other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 821 | 894 | 2,805 | 2,850 | |
Private Banks | Professional services fees, one-time early termination fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 88,000 | ||||
Investment Advisors | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 109,565 | 124,768 | 341,989 | 357,458 | |
Investment Advisors | United States | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 109,565 | 124,768 | 341,989 | 357,458 | |
Investment Advisors | United Kingdom | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investment Advisors | Canada | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investment Advisors | Ireland | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investment Advisors | Luxembourg | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Investment Advisors | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investment Advisors | Investment management fees from pooled investment products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 63,688 | 77,123 | 203,171 | 224,816 | |
Investment Advisors | Investment management fees from investment management agreements | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 39,915 | 41,688 | 122,321 | 114,747 | |
Investment Advisors | Investment operations fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investment Advisors | Investment processing fees - PaaS | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investment Advisors | Investment processing fees - SaaS | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investment Advisors | Professional services fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investment Advisors | Account fees and other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 5,962 | 5,957 | 16,497 | 17,895 | |
Institutional Investors | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 78,260 | 85,759 | 248,582 | 255,957 | |
Institutional Investors | United States | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 65,571 | 68,810 | 204,836 | 203,322 | |
Institutional Investors | United Kingdom | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 9,729 | 13,327 | 33,761 | 41,091 | |
Institutional Investors | Canada | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 1,357 | 926 | 4,023 | 3,426 | |
Institutional Investors | Ireland | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 1,570 | 2,570 | 5,700 | 7,735 | |
Institutional Investors | Luxembourg | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Institutional Investors | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 33 | 126 | 262 | 383 | |
Institutional Investors | Investment management fees from pooled investment products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 12,928 | 13,639 | 42,494 | 41,365 | |
Institutional Investors | Investment management fees from investment management agreements | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 60,887 | 71,964 | 192,559 | 213,249 | |
Institutional Investors | Investment operations fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Institutional Investors | Investment processing fees - PaaS | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Institutional Investors | Investment processing fees - SaaS | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 2,650 | 0 | 8,781 | 0 | |
Institutional Investors | Professional services fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Institutional Investors | Account fees and other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 1,795 | 156 | 4,748 | 1,343 | |
Investment Managers | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 156,015 | 147,412 | 468,842 | 426,639 | |
Investment Managers | United States | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 141,928 | 136,934 | 428,303 | 396,598 | |
Investment Managers | United Kingdom | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investment Managers | Canada | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investment Managers | Ireland | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 9,580 | 10,478 | 28,818 | 30,041 | |
Investment Managers | Luxembourg | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 4,507 | 11,721 | |||
Investment Managers | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investment Managers | Investment management fees from pooled investment products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 81 | 32 | 288 | 105 | |
Investment Managers | Investment management fees from investment management agreements | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investment Managers | Investment operations fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 144,181 | 136,978 | 434,302 | 394,401 | |
Investment Managers | Investment processing fees - PaaS | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investment Managers | Investment processing fees - SaaS | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 3,963 | 3,848 | 11,532 | 11,409 | |
Investment Managers | Professional services fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 798 | 871 | 1,822 | 2,885 | |
Investment Managers | Account fees and other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 6,992 | 5,683 | 20,898 | 17,839 | |
Investments In New Businesses | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 4,834 | 4,365 | 14,642 | 12,303 | |
Investments In New Businesses | United States | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 4,834 | 4,365 | 14,642 | 12,303 | |
Investments In New Businesses | United Kingdom | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investments In New Businesses | Canada | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investments In New Businesses | Ireland | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investments In New Businesses | Luxembourg | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Investments In New Businesses | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investments In New Businesses | Investment management fees from pooled investment products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 367 | 338 | 1,136 | 993 | |
Investments In New Businesses | Investment management fees from investment management agreements | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 3,992 | 3,864 | 12,191 | 10,811 | |
Investments In New Businesses | Investment operations fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investments In New Businesses | Investment processing fees - PaaS | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investments In New Businesses | Investment processing fees - SaaS | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investments In New Businesses | Professional services fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Investments In New Businesses | Account fees and other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 475 | $ 163 | $ 1,315 | $ 499 |
Voluntary Separation Program (D
Voluntary Separation Program (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Voluntary Separation Program [Abstract] | |
Personnel costs | $ 56,996 |