Cover page
Cover page - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 17, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 | 19456-1100 | |
City Area Code | 610 | |
Local Phone Number | 676-1000 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | SEIC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 129,892,888 | |
Entity Central Index Key | 0000350894 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 768,291 | $ 834,697 |
Restricted cash | 301 | 301 |
Receivables from investment products | 47,963 | 55,886 |
Receivables, net of allowance for doubtful accounts of $1,545 and $663 | 589,708 | 501,434 |
Securities owned | 30,338 | 31,334 |
Other current assets | 61,472 | 54,464 |
Total Current Assets | 1,498,073 | 1,478,116 |
Property and Equipment, net of accumulated depreciation of $484,087 and $474,034 | 167,563 | 171,364 |
Operating Lease Right-of-Use Assets | 30,564 | 22,477 |
Capitalized Software, net of accumulated amortization of $626,864 and $612,971 | 238,559 | 239,783 |
Available for Sale and Equity Securities | 176,949 | 155,413 |
Investments in Affiliated Funds, at fair value | 7,737 | 7,316 |
Investment in Unconsolidated Affiliate | 53,223 | 110,781 |
Goodwill | 137,254 | 137,333 |
Intangible Assets, net of accumulated amortization of $49,289 and $42,520 | 75,409 | 82,443 |
Deferred Contract Costs | 39,975 | 40,221 |
Deferred Income Taxes | 52,847 | 37,709 |
Other Assets, net | 50,912 | 37,047 |
Total Assets | 2,529,065 | 2,520,003 |
Current Liabilities: | ||
Accounts payable | 9,199 | 10,618 |
Accrued liabilities | 208,122 | 318,945 |
Current portion of long-term operating lease liabilities | 7,613 | 8,118 |
Deferred revenue | 12,197 | 15,366 |
Total Current Liabilities | 237,131 | 353,047 |
Long-term Income Taxes Payable | 803 | 803 |
Long-term Operating Lease Liabilities | 25,469 | 17,235 |
Other Long-term Liabilities | 18,159 | 17,090 |
Total Liabilities | 281,562 | 388,175 |
Commitments and Contingencies | ||
Shareholders' Equity: | ||
Common stock, $0.01 par value, 750,000,000 shares authorized; 129,855,332 and 131,177,513 shares issued and outstanding | 1,299 | 1,312 |
Capital in excess of par value | 1,465,037 | 1,404,962 |
Retained earnings | 823,549 | 762,586 |
Accumulated other comprehensive loss, net | (42,382) | (37,032) |
Total Shareholders' Equity | 2,247,503 | 2,131,828 |
Total Liabilities and Shareholders' Equity | $ 2,529,065 | $ 2,520,003 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 1,545 | $ 663 |
Property and Equipment, accumulated depreciation | 484,087 | 474,034 |
Capitalized Software, accumulated amortization | 626,864 | 612,971 |
Intangible Assets, accumulated amortization | $ 49,289 | $ 42,520 |
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) | 129,855,332 | 131,177,513 |
Common stock, shares outstanding (in shares) | 129,855,332 | 131,177,513 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues: | ||||
Revenues | $ 518,986 | $ 489,057 | $ 1,030,565 | $ 958,176 |
Expenses: | ||||
Subadvisory, distribution and other asset management costs | 46,542 | 47,247 | 93,310 | 94,626 |
Software royalties and other information processing costs | 8,096 | 8,396 | 16,567 | 15,689 |
Compensation, benefits and other personnel | 185,878 | 175,706 | 378,794 | 349,121 |
Stock-based compensation | 12,469 | 7,405 | 23,528 | 15,479 |
Consulting, outsourcing and professional fees | 53,991 | 61,312 | 105,967 | 122,416 |
Data processing and computer related | 38,074 | 34,945 | 75,234 | 68,285 |
Facilities, supplies and other costs | 18,570 | 23,034 | 37,173 | 41,826 |
Amortization | 10,485 | 9,630 | 20,871 | 19,054 |
Depreciation | 8,367 | 8,781 | 16,756 | 17,312 |
Total expenses | 382,472 | 376,456 | 768,200 | 743,808 |
Income from operations | 136,514 | 112,601 | 262,365 | 214,368 |
Net gain from investments | 666 | 515 | 2,922 | 1,259 |
Interest and dividend income | 11,552 | 9,550 | 22,371 | 18,328 |
Interest expense | (139) | (139) | (278) | (280) |
Equity in earnings of unconsolidated affiliate | 34,219 | 32,711 | 65,862 | 61,590 |
Income before income taxes | 182,812 | 155,238 | 353,242 | 295,265 |
Income taxes | 43,692 | 36,387 | 82,722 | 69,399 |
Net income | $ 139,120 | $ 118,851 | $ 270,520 | $ 225,866 |
Basic earnings per common share (in USD per share) | $ 1.06 | $ 0.89 | $ 2.06 | $ 1.69 |
Shares used to compute basic earnings per share (in shares) | 130,815 | 132,854 | 131,116 | 133,437 |
Diluted earnings per common share (in USD per share) | $ 1.05 | $ 0.89 | $ 2.04 | $ 1.68 |
Shares used to compute diluted earnings per share (in shares) | 132,073 | 133,936 | 132,409 | 134,623 |
Dividends declared per common share (in USD per share) | $ 0.46 | $ 0.43 | $ 0.46 | $ 0.43 |
Asset management, administration and distribution fees | ||||
Revenues: | ||||
Revenues | $ 409,398 | $ 378,821 | $ 813,764 | $ 750,650 |
Information processing and software servicing fees | ||||
Revenues: | ||||
Revenues | $ 109,588 | $ 110,236 | $ 216,801 | $ 207,526 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 139,120 | $ 118,851 | $ 270,520 | $ 225,866 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustments | (419) | 5,684 | (3,342) | 8,751 |
Unrealized (loss) gain on investments: | ||||
Unrealized (losses) gains during the period, net of income taxes of $177, $342, $544 and $(43) | (596) | (1,143) | (1,827) | 144 |
Reclassification adjustment for (gains) losses realized in net income, net of income taxes of $24, $(18), $55 and $(29) | (76) | 58 | (181) | 93 |
Total other comprehensive (loss) income, net of tax | (1,091) | 4,599 | (5,350) | 8,988 |
Comprehensive income | $ 138,029 | $ 123,450 | $ 265,170 | $ 234,854 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized (losses) gains during period, tax benefit (expense) | $ 177 | $ 342 | $ 544 | $ (43) |
Reclassification adjustment for (gains) losses realized in net income, tax expense (benefit) | $ 24 | $ (18) | $ 55 | $ (29) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Capital In Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2022 | 134,162,000 | ||||
Beginning balance at Dec. 31, 2022 | $ 1,953,824 | $ 1,342 | $ 1,307,162 | $ 694,287 | $ (48,967) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 225,866 | 225,866 | |||
Other comprehensive (loss) income | 8,988 | 8,988 | |||
Purchase and retirement of common stock (in shares) | (2,651,000) | ||||
Purchase and retirement of common stock | (155,869) | $ (27) | (17,538) | (138,304) | |
Issuance of common stock under employee stock purchase plan (in shares) | 45,000 | ||||
Issuance of common stock under employee stock purchase plan | 2,244 | 2,244 | |||
Issuance of common stock under share-based award plans (in shares) | 674,000 | ||||
Issuance of common stock under share-based award plans | 30,198 | $ 7 | 30,191 | ||
Stock-based compensation | 15,479 | 15,479 | |||
Dividends declared | (57,177) | (57,177) | |||
Ending balance (in shares) at Jun. 30, 2023 | 132,230,000 | ||||
Ending balance at Jun. 30, 2023 | 2,023,553 | $ 1,322 | 1,337,538 | 724,672 | (39,979) |
Beginning balance (in shares) at Mar. 31, 2023 | 133,268,000 | ||||
Beginning balance at Mar. 31, 2023 | 2,014,334 | $ 1,333 | 1,327,591 | 729,988 | (44,578) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 118,851 | 118,851 | |||
Other comprehensive (loss) income | 4,599 | 4,599 | |||
Purchase and retirement of common stock (in shares) | (1,290,000) | ||||
Purchase and retirement of common stock | (75,537) | $ (13) | (8,534) | (66,990) | |
Issuance of common stock under employee stock purchase plan (in shares) | 21,000 | ||||
Issuance of common stock under employee stock purchase plan | 1,041 | 1,041 | |||
Issuance of common stock under share-based award plans (in shares) | 231,000 | ||||
Issuance of common stock under share-based award plans | 10,037 | $ 2 | 10,035 | ||
Stock-based compensation | 7,405 | 7,405 | |||
Dividends declared | (57,177) | (57,177) | |||
Ending balance (in shares) at Jun. 30, 2023 | 132,230,000 | ||||
Ending balance at Jun. 30, 2023 | $ 2,023,553 | $ 1,322 | 1,337,538 | 724,672 | (39,979) |
Beginning balance (in shares) at Dec. 31, 2023 | 131,177,513 | 131,178,000 | |||
Beginning balance at Dec. 31, 2023 | $ 2,131,828 | $ 1,312 | 1,404,962 | 762,586 | (37,032) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 270,520 | 270,520 | |||
Other comprehensive (loss) income | (5,350) | (5,350) | |||
Purchase and retirement of common stock (in shares) | (2,456,000) | ||||
Purchase and retirement of common stock | (167,163) | $ (24) | (17,867) | (149,272) | |
Issuance of common stock under employee stock purchase plan (in shares) | 42,000 | ||||
Issuance of common stock under employee stock purchase plan | 2,383 | 2,383 | |||
Issuance of common stock under share-based award plans (in shares) | 1,091,000 | ||||
Issuance of common stock under share-based award plans | 52,042 | $ 11 | 52,031 | ||
Stock-based compensation | 23,528 | 23,528 | |||
Dividends declared | $ (60,285) | (60,285) | |||
Ending balance (in shares) at Jun. 30, 2024 | 129,855,332 | 129,855,000 | |||
Ending balance at Jun. 30, 2024 | $ 2,247,503 | $ 1,299 | 1,465,037 | 823,549 | (42,382) |
Beginning balance (in shares) at Mar. 31, 2024 | 131,329,000 | ||||
Beginning balance at Mar. 31, 2024 | 2,259,054 | $ 1,313 | 1,455,162 | 843,870 | (41,291) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 139,120 | 139,120 | |||
Other comprehensive (loss) income | (1,091) | (1,091) | |||
Purchase and retirement of common stock (in shares) | (1,648,000) | ||||
Purchase and retirement of common stock | (111,162) | $ (16) | (11,990) | (99,156) | |
Issuance of common stock under employee stock purchase plan (in shares) | 20,000 | ||||
Issuance of common stock under employee stock purchase plan | 1,187 | 1,187 | |||
Issuance of common stock under share-based award plans (in shares) | 154,000 | ||||
Issuance of common stock under share-based award plans | 8,211 | $ 2 | 8,209 | ||
Stock-based compensation | 12,469 | 12,469 | |||
Dividends declared | $ (60,285) | (60,285) | |||
Ending balance (in shares) at Jun. 30, 2024 | 129,855,332 | 129,855,000 | |||
Ending balance at Jun. 30, 2024 | $ 2,247,503 | $ 1,299 | $ 1,465,037 | $ 823,549 | $ (42,382) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | |||
May 29, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | |||||
Dividends declared (in USD per share) | $ 0.46 | $ 0.46 | $ 0.43 | $ 0.46 | $ 0.43 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 270,520 | $ 225,866 |
Adjustments to reconcile net income to net cash provided by operating activities (See Note 1) | (43,490) | (43,412) |
Net cash provided by operating activities | 227,030 | 182,454 |
Cash flows from investing activities: | ||
Additions to property and equipment | (20,809) | (16,470) |
Additions to capitalized software | (12,670) | (18,036) |
Purchases of marketable securities | (102,895) | (48,046) |
Prepayments and maturities of marketable securities | 82,241 | 60,829 |
Sales of marketable securities | 0 | 893 |
Proceeds from fixed asset dispositions | 1,180 | 0 |
Other investing activities | (8,129) | (4,979) |
Net cash used in investing activities | (61,082) | (25,809) |
Cash flows from financing activities: | ||
Payment of contingent consideration | 0 | (904) |
Purchase and retirement of common stock | (163,774) | (156,174) |
Proceeds from issuance of common stock | 54,425 | 32,442 |
Payment of dividends | (120,338) | (114,829) |
Net cash used in financing activities | (229,687) | (239,465) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,667) | 6,812 |
Net decrease in cash, cash equivalents and restricted cash | (66,406) | (76,008) |
Cash, cash equivalents and restricted cash, beginning of period | 834,998 | 853,359 |
Cash, cash equivalents and restricted cash, end of period | $ 768,592 | $ 777,351 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
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. 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 and Enhanced Chief Investment Officer (ECIO) 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 June 30, 2024, the results of operations for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 2024 and 2023. 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, 2023. There have been no significant changes in significant accounting policies during the six months ended June 30, 2024 as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. 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 $1,263 and $5,320 in fees during the three months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024 and 2023, the Company waived $5,562 and $10,881, 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 $358,735 and $397,838 at June 30, 2024 and December 31, 2023, respectively, invested in SEI-sponsored open-ended money market mutual funds. See Note 5 for information related to the Company's total investments in SEI-sponsored and non-SEI-sponsored money market mutual funds and commercial paper classified as cash equivalents. Restricted Cash Restricted cash includes $250 at June 30, 2024 and December 31, 2023 segregated for regulatory purposes related to trade-execution services conducted by SEI Investments (Europe) Limited. Restricted cash also includes $51 at June 30, 2024 and December 31, 2023 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 $12,670 and $18,036 of software development costs during the six months ended June 30, 2024 and 2023, respectively, to further develop the SEI Wealth Platform SM (SWP) and for the development of a new platform for the Investment Managers segment. The Company capitalized $7,723 and $9,394 of software development costs for significant enhancements to SWP during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the net book value of SWP was $212,558 . The net book value includes $2,614 of capitalized software development costs in-progress associated with future releases of SWP. SWP has a weighted average remaining life of 8.6 years. Amortization expense for SWP was $13,599 and $12,516 during the six months ended June 30, 2024 and 2023, respectively. The Company also capitalized $4,947 and $8,642 of software development costs during the six months ended June 30, 2024 and 2023, respectively, related to the development of a new platform for the Investment Managers segment. Capitalized software development costs in-progress associated with this platform were $25,115 and $20,083 as of June 30, 2024 and December 31, 2023, respectively. The platform is not yet ready for use. Earnings per Share The calculations of basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023 are: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 139,120 $ 118,851 $ 270,520 $ 225,866 Shares used to compute basic earnings per common share 130,815,000 132,854,000 131,116,000 133,437,000 Dilutive effect of stock awards 1,258,000 1,082,000 1,293,000 1,186,000 Shares used to compute diluted earnings per common share 132,073,000 133,936,000 132,409,000 134,623,000 Basic earnings per common share $ 1.06 $ 0.89 $ 2.06 $ 1.69 Diluted earnings per common share $ 1.05 $ 0.89 $ 2.04 $ 1.68 During the three months ended June 30, 2024 and 2023, employee stock options to purchase 10,722,000 and 11,006,000 shares of common stock with an average exercise price of $61.04 and $61.29, respectively, were outstanding but not included in the computation of diluted earnings per common share. During the six months ended June 30, 2024 and 2023, employee stock options to purchase 10,817,000 and 11,140,000 shares of common stock with an average exercise price of $61.05 and $61.29, respectively, were outstanding but not included in the computation of diluted earnings per common share. These options for the three and six 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. New Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07) which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in ASU 2023-07 apply retrospectively to all prior periods presented in the financial statements. The Company continues to assess the impact of ASU 2023-07. As part of its preliminary assessment, the Company has identified the chief operating decision maker (CODM) and is in the process of identifying the significant segment expenses and other information regularly provided to the CODM and included with the reported measure of segment profit/loss. The Company is on schedule to complete its assessment of ASU 2023-07 and the impact on its consolidated financial statements and related disclosures as of January 1, 2025. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures (ASU 2023-09) to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements and related disclosures. Reclassifications Certain prior year amounts have been reclassified to conform to current year presentation. 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 six months ended June 30: 2024 2023 Net income $ 270,520 $ 225,866 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 16,756 17,312 Amortization 20,871 19,054 Equity in earnings of unconsolidated affiliate (65,862) (61,590) Distributions received from unconsolidated affiliate 71,478 61,452 Stock-based compensation 23,528 15,479 Provision for losses on receivables 882 35 Deferred income tax expense (14,539) (12,600) Net gain from investments (2,922) (1,259) Change in other long-term liabilities 2,452 1,946 Change in other assets (5,960) (71) Contract costs capitalized, net of amortization 246 (633) Other (1,375) 2,443 Change in current assets and liabilities (Increase) decrease in Receivables from investment products 7,923 5,710 Receivables (89,070) (64,551) Other current assets (1,068) (6,907) Advances due from unconsolidated affiliate 51,942 50,493 (Decrease) increase in Accounts payable (1,415) (6,063) Accrued liabilities (54,188) (63,682) Deferred revenue (3,169) 20 Total adjustments (43,490) (43,412) Net cash provided by operating activities $ 227,030 $ 182,454 |
Investment In Unconsolidated Af
Investment In Unconsolidated Affiliate | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 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 June 30, 2024, the Company’s total investment in LSV was $53,223. The Company receives partnership distributions from LSV on a quarterly basis. The Company received partnership distributions from LSV of $71,478 and $61,452 in the six months ended June 30, 2024 and 2023, 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 $34,219 and $32,711 during the three months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024 and 2023, the Company’s proportionate share in the earnings of LSV was $65,862 and $61,590, respectively. These tables contain condensed financial information of LSV: Condensed Statement of Operations Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues $ 113,820 $ 108,836 $ 221,169 $ 207,028 Net income 88,689 84,779 170,701 159,553 Condensed Balance Sheets June 30, 2024 December 31, 2023 Current assets $ 130,209 $ 169,867 Non-current assets 5,894 6,568 Total assets $ 136,103 $ 176,435 Current liabilities $ 49,534 $ 74,853 Non-current liabilities 1,726 2,182 Partners’ capital 84,843 99,400 Total liabilities and partners’ capital $ 136,103 $ 176,435 |
Composition of Certain Financia
Composition of Certain Financial Statement Captions | 6 Months Ended |
Jun. 30, 2024 | |
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: June 30, 2024 December 31, 2023 Trade receivables $ 165,068 $ 115,356 Fees earned, not billed 409,752 372,291 Other receivables 16,433 14,450 591,253 502,097 Less: Allowance for doubtful accounts (1,545) (663) $ 589,708 $ 501,434 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: June 30, 2024 December 31, 2023 Buildings $ 217,678 $ 216,968 Equipment 193,801 193,096 Land 26,450 26,450 Purchased software 167,315 165,348 Furniture and fixtures 23,104 23,025 Leasehold improvements 22,278 19,827 Construction in progress 1,024 684 651,650 645,398 Less: Accumulated depreciation (484,087) (474,034) Property and Equipment, net $ 167,563 $ 171,364 The Company recognized $16,756 and $17,312 in depreciation expense related to property and equipment for the six months ended June 30, 2024 and 2023, respectively. Deferred Contract Costs Deferred contract costs, which primarily consist of deferred sales commissions, were $39,975 and $40,221 as of June 30, 2024 and December 31, 2023, respectively. The Company deferred expenses related to contract costs of $2,520 and $3,225 during the three months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024 and 2023, the Company deferred expenses related to contract costs of $4,911 and $4,969, respectively. Amortization expense related to deferred contract costs were $5,157 and $4,336 during the six months ended June 30, 2024 and 2023, respectively. 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 six months ended June 30, 2024. Accrued Liabilities Accrued liabilities on the accompanying Consolidated Balance Sheets consist of: June 30, 2024 December 31, 2023 Accrued employee compensation $ 67,059 $ 107,495 Accrued employee benefits and other personnel 2,773 9,797 Accrued voluntary separation program 9,388 21,058 Accrued consulting, outsourcing and professional fees 31,899 32,285 Accrued sub-advisory, distribution and other asset management fees 50,536 49,405 Accrued dividend payable 1,051 61,104 Accrued income taxes 11,017 4,965 Other accrued liabilities 34,399 32,836 Total accrued liabilities $ 208,122 $ 318,945 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements 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), and 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 2027 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 six months ended June 30, 2024 were consistent with those as described in the Company's Annual Report on Form 10-K at December 31, 2023. The Company had no Level 3 financial assets at June 30, 2024 or December 31, 2023 that were required to be measured at fair value on a recurring basis. The Company's Level 3 financial liabilities at June 30, 2024 and December 31, 2023 consist entirely of the estimated fair value of the contingent consideration resulting from an acquisition (See Note 12). There were no transfers of financial assets between levels within the fair value hierarchy during the six months ended June 30, 2024. 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 June 30, 2024 Quoted Prices in Significant Equity securities $ 38,906 $ 38,906 $ — Available-for-sale debt securities 138,043 — 138,043 Fixed-income securities owned 30,338 — 30,338 Investment funds sponsored by LSV (1) 7,737 $ 215,024 $ 38,906 $ 168,381 Fair Value Measurements at the End of the Reporting Period Using Assets December 31, 2023 Quoted Prices in Significant Equity securities $ 36,661 $ 36,661 $ — Available-for-sale debt securities 118,752 — 118,752 Fixed-income securities owned 31,334 — 31,334 Investment funds sponsored by LSV (1) 7,316 $ 194,063 $ 36,661 $ 150,086 |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2024 | |
Marketable Securities [Abstract] | |
Marketable Securities | Marketable Securities Marketable 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 SEI-sponsored and non-SEI-sponsored money market funds and commercial paper classified as cash equivalents had a fair value of $519,897 and $565,588 at June 30, 2024 and December 31, 2023, respectively. There were no material unrealized or realized gains or losses from these investments during the six months ended June 30, 2024 and 2023. 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 June 30, 2024 Cost Gross Gross Fair Available-for-sale debt securities $ 149,579 $ — $ (11,536) $ 138,043 SEI-sponsored mutual funds 31,665 1,533 (3) 33,195 Equities and other mutual funds 5,366 345 — 5,711 $ 186,610 $ 1,878 $ (11,539) $ 176,949 At December 31, 2023 Cost Gross Gross Fair Available-for-sale debt securities $ 127,681 $ — $ (8,929) $ 118,752 SEI-sponsored mutual funds 30,427 818 (19) 31,226 Equities and other mutual funds 5,301 134 — 5,435 $ 163,409 $ 952 $ (8,948) $ 155,413 Net unrealized losses at June 30, 2024 of available-for-sale debt securities were $8,883 (net of income tax benefit of $2,653). Net unrealized losses at December 31, 2023 of available-for-sale debt securities were $6,875 (net of income tax benefit of $2,054). 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 likely 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. The following tables provide the scheduled maturities of the Company's available-for-sale debt securities: At June 30, 2024 Cost Fair Value Within one year $ — $ — After one year through five years 5,176 4,708 After 5 years through 10 years 18,888 17,078 After 10 years 125,515 116,257 $ 149,579 $ 138,043 At December 31, 2023 Cost Fair Value Within one year $ — $ — After one year through five years 5,679 5,035 After 5 years through 10 years 31,162 28,084 After 10 years 90,840 85,633 $ 127,681 $ 118,752 There were no material realized gains or losses from available-for-sale debt securities during the six months ended June 30, 2024 and 2023, respectively. There were gross realized gains of $1,182 and gross realized losses of $133 from mutual funds and equities during the six months ended June 30, 2024. There were no material realized gains or losses from mutual funds and equities during the six months ended June 30, 2023. Gains and losses from mutual funds and equities are reflected in Net 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 gain from investments on the accompanying Consolidated Statements of Operations. The funds had a fair value of $7,737 and $7,316 at June 30, 2024 and December 31, 2023, respectively. The Company recognized unrealized losses of $412 and unrealized gains of $235 during the three months ended June 30, 2024 and 2023, respectively, from the change in fair value of the funds. The Company recognized unrealized gains of $421 and $406 during the six months ended June 30, 2024 and 2023, 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 $30,338 and $31,334 at June 30, 2024 and December 31, 2023, respectively. There were no material net gains or losses related to the securities during the three and six months ended June 30, 2024 and 2023. |
Line of Credit
Line of Credit | 6 Months Ended |
Jun. 30, 2024 | |
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 Adjusted Term Secured Overnight Financing Rate (SOFR) 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 Prime Rate, b) the Federal Funds Rate plus 0.50% and c) the Adjusted Term SOFR for a one-month tenor in effect on such day plus 1.00%. 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. The Company was in compliance with all covenants of the Credit Facility during the six months ended June 30, 2024. As of July 17, 2024, the Company had outstanding letters of credit of $4,866 under the Credit Facility. The amount of the Credit Facility that is available for general corporate purposes as of July 17, 2024 was $320,134. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Stock-Based Compensation On April 2, 2024, the Company’s Board of Directors approved the 2024 Omnibus Equity Compensation Plan (the 2024 Plan), which was later approved by the shareholders of the Company on May 29, 2024. The 2024 Plan became effective upon receipt of the shareholders' approval on May 29, 2024 and is the successor equity compensation plan to the 2014 Equity Compensation Plan (the 2014 Plan) which was merged with and into the 2024 Plan. The 2024 Plan provides for the grant of stock options, stock units, stock awards, stock appreciation rights and other stock-based awards. No further grants will be made under the 2014 Plan, and shares with respect to all grants outstanding under the 2014 Plan will be issued or transferred under the 2024 Plan. Permitted grantees under the 2024 Plan include employees, non-employee directors and consultants who perform services for the Company. The plan is administered by the Compensation Committee of the Board of Directors of the Company. There were no grants of stock options, stock units, stock awards, stock appreciation rights or other stock-based awards made under the 2024 Plan as of June 30, 2024. The Company has non-qualified stock options and restricted stock units (RSUs) outstanding under its equity compensation plans. The Company recognized stock-based compensation expense in its Consolidated Financial Statements in the three and six months ended June 30, 2024 and 2023, respectively, as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock-based compensation expense $ 12,469 $ 7,405 $ 23,528 $ 15,479 Less: Deferred tax benefit (2,372) (1,347) (4,584) (2,839) Stock-based compensation expense, net of tax $ 10,097 $ 6,058 $ 18,944 $ 12,640 The vesting of the Company's RSUs are time-based and are not based on the achievement of performance targets. The majority of the Company's RSUs will vest on the third anniversary of the issuance date. 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 The Company revised its estimate of when some vesting targets are expected to be achieved. This change in management's estimate resulted in an increase of $1,238 in stock-based compensation expense during the six months ended June 30, 2024. As of June 30, 2024, there was approximately $98,909 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 six months ended June 30, 2024 was $21,230. The total options exercisable as of June 30, 2024 had an intrinsic value of $52,518. The total intrinsic value for options exercisable is calculated as the difference between the market value of the Company’s common stock as of June 30, 2024 and the weighted average exercise price of the options. The market value of the Company’s common stock as of June 30, 2024 was $64.69 as reported by the Nasdaq Stock Market, LLC. The weighted average exercise price of the options exercisable as of June 30, 2024 was $55.79. Total options that were outstanding as of June 30, 2024 were 15,621,000 . Total options that were exercisable as of June 30, 2024 were 5,471,000 . 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 2,456,000 shares at a total cost of $167,163 during the six months ended June 30, 2024, which reduced the total shares outstanding of common stock. The cost of stock purchases during the period includes the cost of excise taxes applicable to stock repurchases and certain transactions that settled in the following quarter. As of June 30, 2024, the Company had approximately $114,914 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 May 29, 2024, the Board of Directors declared a cash dividend of $0.46 per share on the Company's common stock, which was paid on June 18, 2024, to shareholders of record on June 10, 2024. Cash dividends declared during the six months ended June 30, 2024 and 2023 were $60,285 and $57,177, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 $ (30,157) $ (6,875) $ (37,032) Other comprehensive loss before reclassifications (3,342) (1,827) (5,169) Amounts reclassified from accumulated other comprehensive loss — (181) (181) Net current-period other comprehensive loss (3,342) (2,008) (5,350) Balance, June 30, 2024 $ (33,499) $ (8,883) $ (42,382) |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
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 Outsourced Chief Investment Officer 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 Investments in New Businesses – Focuses on providing investment management solutions to ultra-high-net-worth families residing in the United States, hosted technology services to family offices and financial institutions; developing network and data protection services; 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 six months ended June 30, 2024 and 2023. 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, 2023. During the first quarter 2024 and made effective January 1, 2024, the Company made a determination to reorganize some of its business segments based on how its current Chief Operating Decision Maker (CODM) manages its businesses, including with respect to resource allocation and performance assessment. As a result, one of the Company's client relationships formerly reported in the Private Banks segment will be reported in the Investment Managers segment and the Company’s family office services business, formerly reported in the Investment Managers segment, will be reported in the Investments in New Businesses segment. The business segment financial presentation was reclassified in 2024 to conform to this reorganization. Prior year amounts have been reclassified to conform to current year presentation. The following tables highlight certain financial information about each of the business segments for the three months ended June 30, 2024 and 2023: Private Banks Investment Institutional Investment Investments Total For the Three Months Ended June 30, 2024 Revenues $ 132,401 $ 120,587 $ 71,507 $ 179,868 $ 14,623 $ 518,986 Expenses 111,890 68,953 38,426 111,287 18,580 349,136 Operating profit (loss) $ 20,511 $ 51,634 $ 33,081 $ 68,581 $ (3,957) $ 169,850 Private Investment Institutional Investment Investments Total For the Three Months Ended June 30, 2023 Revenues $ 132,414 $ 109,580 $ 75,145 $ 159,204 $ 12,714 $ 489,057 Expenses 114,165 64,178 45,516 103,213 17,015 344,087 Operating profit (loss) $ 18,249 $ 45,402 $ 29,629 $ 55,991 $ (4,301) $ 144,970 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 June 30, 2024 and 2023 is as follows: 2024 2023 Total operating profit from segments $ 169,850 $ 144,970 Corporate overhead expenses (33,336) (32,369) Income from operations $ 136,514 $ 112,601 The following tables provide additional information for the three months ended June 30, 2024 and 2023 pertaining to the business segments: Capital Expenditures (1) Depreciation 2024 2023 2024 2023 Private Banks $ 4,586 $ 8,001 $ 2,832 $ 5,450 Investment Advisors 1,987 3,615 2,190 549 Institutional Investors 730 457 598 303 Investment Managers 6,389 2,592 1,636 2,049 Investments in New Businesses 173 202 170 224 Total from business segments $ 13,865 $ 14,867 $ 7,426 $ 8,575 Corporate overhead 265 362 941 206 $ 14,130 $ 15,229 $ 8,367 $ 8,781 (1) Capital expenditures include additions to property and equipment and capitalized software. Amortization 2024 2023 Private Banks $ 5,089 $ 4,718 Investment Advisors 2,148 1,945 Institutional Investors 1,876 1,829 Investment Managers 81 181 Investments in New Businesses 1,183 892 Total from business segments $ 10,377 $ 9,565 Corporate overhead 108 65 $ 10,485 $ 9,630 The following tables highlight certain financial information about each of business segment for the six months ended June 30, 2024 and 2023: Private Investment Institutional Investment Investments Total For the Six Months Ended June 30, 2024 Revenues $ 262,538 $ 243,305 $ 143,285 $ 352,521 $ 28,916 $ 1,030,565 Expenses 224,864 135,911 78,535 220,837 36,963 697,110 Operating profit (loss) $ 37,674 $ 107,394 $ 64,750 $ 131,684 $ (8,047) $ 333,455 Private Investment Institutional Investment Investments Total For the Six Months Ended June 30, 2023 Revenues $ 253,316 $ 216,118 $ 149,435 $ 313,701 $ 25,606 $ 958,176 Expenses 226,627 127,724 86,384 204,898 34,654 680,287 Operating profit (loss) $ 26,689 $ 88,394 $ 63,051 $ 108,803 $ (9,048) $ 277,889 A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the six months ended June 30, 2024 and 2023: 2024 2023 Total operating profit from segments $ 333,455 $ 277,889 Corporate overhead expenses (71,090) (63,521) Income from operations $ 262,365 $ 214,368 The following tables provide additional information for the six months ended June 30, 2024 and 2023: Capital Expenditures (2) Depreciation 2024 2023 2024 2023 Private Banks $ 11,018 $ 17,072 $ 5,736 $ 10,804 Investment Advisors 5,152 7,954 4,371 1,017 Institutional Investors 1,849 1,105 1,202 585 Investment Managers 14,064 7,158 3,215 4,041 Investments in New Businesses 589 584 342 455 Total from business segments $ 32,672 $ 33,873 $ 14,866 $ 16,902 Corporate Overhead 807 977 1,890 410 $ 33,479 $ 34,850 $ 16,756 $ 17,312 (2) Capital expenditures include additions to property and equipment and capitalized software. Amortization 2024 2023 Private Banks $ 10,200 $ 9,364 Investment Advisors 4,270 3,763 Institutional Investors 3,768 3,653 Investment Managers 81 358 Investments in New Businesses 2,365 1,787 Total from business segments $ 20,684 $ 18,925 Corporate Overhead 187 129 $ 20,871 $ 19,054 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The gross liability for unrecognized tax benefits at June 30, 2024 and December 31, 2023 was $17,233 and $15,532, respectively, exclusive of interest and penalties, of which $16,869 and $14,878 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 June 30, 2024 and December 31, 2023, the combined amount of accrued interest and penalties related to tax positions taken on tax returns was $1,989 and $1,385, respectively. June 30, 2024 December 31, 2023 Gross liability for unrecognized tax benefits, exclusive of interest and penalties $ 17,233 $ 15,532 Interest and penalties on unrecognized benefits 1,989 1,385 Total gross uncertain tax positions $ 19,222 $ 16,917 Amount included in Current liabilities $ 3,685 $ 3,837 Amount included in Other long-term liabilities 15,537 13,080 $ 19,222 $ 16,917 The effective income tax rate for the three and six months ended June 30, 2024 and 2023 differs from the federal income tax statutory rate due to the following: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State taxes, net of federal tax benefit 2.9 2.8 2.9 2.8 Foreign tax expense and tax rate differential 0.1 (0.2) 0.1 (0.2) Tax benefit from stock option exercises (0.1) (0.1) (0.6) (0.2) Other, net — (0.1) — 0.1 23.9 % 23.4 % 23.4 % 23.5 % 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 2020 and is no longer subject to state, local or foreign income tax examinations by authorities for years before 2018. The Company estimates it will recognize $3,685 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. The Organization for Economic Co-operation and Development (OECD) has a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar Two). Certain aspects of Pillar Two are effective January 1, 2024 and other aspects are effective January 1, 2025. While it is uncertain whether the U.S. will enact legislation to adopt Pillar Two, certain countries in which we operate have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar Two. We do not expect Pillar Two to have a material impact on our effective tax rate or our consolidated results of operation, financial position, or cash flows. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
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 recognized on the Consolidated Balance Sheet as of June 30, 2024 and December 31, 2023 related to these indemnifications. Legal Proceedings The Company is a party to various disputes, actions and claims 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, if any, associated with these matters can be estimated. While the Company does not believe that the amount of such losses will, when liquidated or estimable, be material to its financial position, the assumptions upon which these beliefs are based may be incorrect and, if so, any such loss could have a material adverse effect on the Company's results of operations or the manner in which the Company conducts its business in the period(s) during which the underlying matters are resolved. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 $ 61,884 $ 56,990 $ 18,459 $ 137,333 Measurement period adjustments 25 — — 25 Reclassification due to segment reorganization — (1,711) 1,711 — Foreign currency translation adjustments (103) (1) — (104) Balance, June 30, 2024 $ 61,806 $ 55,278 $ 20,170 $ 137,254 The reclassification of the Company's goodwill by segment during the six months ended June 30, 2024 reflects the relative fair value allocation of the goodwill related to the businesses that were reclassified into the new segment (See Note 9). In November 2023, the Company's wholly-owned operating subsidiary in the United Kingdom, SIEL, acquired all of the outstanding equity of XPS Pensions (Nexus) Limited, principal employer and scheme funder of the National Pensions Trust (NPT), from its parent company, XPS Pensions Group PLC (XPS). The total purchase price for XPS Pensions (Nexus) Limited included a contingent consideration payable to the sellers subject to the achievement of certain post-closing performance measurements determined during intervals occurring within two years immediately following the closing date. As of June 30, 2024, the current portion of the contingent consideration of $379 is included in Accrued liabilities on the accompanying Balance Sheet. The long-term portion of the contingent consideration of $2,623 is included in Other long-term liabilities on the accompanying Balance Sheet. The Company recognized $6,790 and $6,113 of amortization expense related to acquired intangible assets during the six months ended June 30, 2024 and 2023, respectively. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | Revenues from Contracts with Customers 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. 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 June 30, 2024 and 2023: Private Banks Investment Institutional Investment Investments Total Major Product Lines: For the Three Months Ended June 30, 2024 Investment management fees from pooled investment products $ 32,614 $ 58,322 $ 12,256 $ 380 $ 460 $ 104,032 Investment management fees from investment management agreements 1,165 45,920 53,541 — 4,627 105,253 Investment operations fees 541 10,082 — 170,327 962 181,912 Investment processing fees - PaaS 70,871 1,379 399 1,247 9 73,905 Investment processing fees - SaaS 21,311 — 2,243 — 5,125 28,679 Professional services fees 5,121 — — 1,101 704 6,926 Account fees and other 778 4,884 3,068 6,813 2,736 18,279 Total revenues $ 132,401 $ 120,587 $ 71,507 $ 179,868 $ 14,623 $ 518,986 Primary Geographic Markets: United States $ 86,562 $ 120,587 $ 58,887 $ 162,411 $ 14,623 $ 443,070 United Kingdom 31,354 — 9,649 — — 41,003 Canada 10,067 — 1,415 — — 11,482 Ireland 4,418 — 1,556 10,465 — 16,439 Luxembourg — — — 6,992 — 6,992 Total revenues $ 132,401 $ 120,587 $ 71,507 $ 179,868 $ 14,623 $ 518,986 Private Investment Institutional Investment Investments Total Major Product Lines: For the Three Months Ended June 30, 2023 Investment management fees from pooled investment products $ 32,092 $ 61,103 $ 12,728 $ 105 $ 352 $ 106,380 Investment management fees from investment management agreements 813 43,159 57,529 — 4,025 105,526 Investment operations fees 337 2 — 151,407 1,305 153,051 Investment processing fees - PaaS 61,877 1,261 304 1,044 9 64,495 Investment processing fees - SaaS 22,516 — 2,791 18 4,385 29,710 Professional services fees (1) 13,972 — — 959 185 15,116 Account fees and other 807 4,055 1,793 5,671 2,453 14,779 Total revenues $ 132,414 $ 109,580 $ 75,145 $ 159,204 $ 12,714 $ 489,057 Primary Geographic Markets: United States $ 89,644 $ 109,580 $ 63,144 $ 144,398 $ 12,714 $ 419,480 United Kingdom 27,946 — 8,696 — — 36,642 Canada 10,147 — 1,447 — — 11,594 Ireland 4,677 — 1,858 8,978 — 15,513 Luxembourg — — — 5,828 — 5,828 Total revenues $ 132,414 $ 109,580 $ 75,145 $ 159,204 $ 12,714 $ 489,057 (1) Professional services fees of the Private Banks segment includes a one-time early contractual buyout fee of $10,457 recorded during the three months ended June 30, 2023 from an investment processing client acquired by an existing client. 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 six months ended June 30, 2024 and 2023: Private Investment Institutional Investment Investments Total Major Product Lines: For the Six Months Ended June 30, 2024 Investment management fees from pooled investment products $ 65,014 $ 116,661 $ 24,331 $ 464 $ 815 $ 207,285 Investment management fees from investment management agreements 2,096 94,339 107,750 — 8,934 213,119 Investment operations fees 1,080 19,727 — 334,516 2,440 357,763 Investment processing fees - PaaS 138,718 2,660 821 2,505 19 144,723 Investment processing fees - SaaS 44,769 — 4,331 19 10,222 59,341 Professional services fees 9,236 — — 2,118 1,287 12,641 Account fees and other 1,625 9,918 6,052 12,899 5,199 35,693 Total revenues $ 262,538 $ 243,305 $ 143,285 $ 352,521 $ 28,916 $ 1,030,565 Primary Geographic Markets: United States $ 172,337 $ 243,305 $ 118,264 $ 318,370 $ 28,916 $ 881,192 United Kingdom 61,202 — 18,867 — — 80,069 Canada 19,866 — 2,886 — — 22,752 Ireland 9,133 — 3,268 20,371 — 32,772 Luxembourg — — — 13,780 — 13,780 Total revenues $ 262,538 $ 243,305 $ 143,285 $ 352,521 $ 28,916 $ 1,030,565 Private Investment Institutional Investment Investments Total Major Product Lines: For the Six Months Ended June 30, 2023 Investment management fees from pooled investment products $ 64,312 $ 121,708 $ 24,441 $ 231 $ 690 $ 211,382 Investment management fees from investment management agreements 1,311 83,825 115,557 — 8,242 208,935 Investment operations fees 683 2 — 297,046 2,860 300,591 Investment processing fees - PaaS 122,742 2,515 498 2,088 20 127,863 Investment processing fees - SaaS 44,731 — 5,442 36 8,592 58,801 Professional services fees (2) 17,764 — — 2,620 534 20,918 Account fees and other 1,773 8,068 3,497 11,680 4,668 29,686 Total revenues $ 253,316 $ 216,118 $ 149,435 $ 313,701 $ 25,606 $ 958,176 Primary Geographic Markets: United States $ 168,113 $ 216,118 $ 125,362 $ 284,481 $ 25,606 $ 819,680 United Kingdom 55,792 — 17,791 — — 73,583 Canada 20,237 — 2,816 — — 23,053 Ireland 9,174 — 3,466 18,003 — 30,643 Luxembourg — — — 11,217 — 11,217 Total revenues $ 253,316 $ 216,118 $ 149,435 $ 313,701 $ 25,606 $ 958,176 (2) Professional services fees of the Private Banks segment includes a one-time early contractual buyout fee of $10,457 recorded during the three months ended June 30, 2023 from an investment processing client acquired by an existing client. 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. Also includes income from client cash balances held in the FDIC-insured accounts through the SEI Integrated Cash program. 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. Revenues associated with clients of the mutual fund trading solution are fees recognized for shareholder services and related services through the use of the Company's proprietary platform or through third-party vendor agreements. Contractual fees are stated as a percentage of the value of total assets or positions processed on the Company's platform or subject to third-party vendor agreements each month. Fees are billed and collected on a monthly and quarterly basis. These revenues were previously classified under Account fees and other in 2023 and have been reclassified to conform to the current year presentation. Investment processing fees - Software as a Service - Revenues associated with clients of the Private Banks segment for application software services. Clients 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 clients of the Investments in New Businesses segment processed on the Archway Platform SM are fees for hosted technology services to family offices and financial institutions. The Archway Platform is an integrated technology platform used for investment, operations, accounting and client reporting by these institutions. The contractual fee is based on a monthly subscription fee to access the Archway Platform along with additional fees on a per transaction basis. Revenues associated with clients of the Institutional Investors segment processed on the SEI Novus SM portfolio intelligence tool are fees for data management, performance measurement, reporting, and risk analytics. The contractual fee is based on a fixed fee to access SEI Novus and includes fees for integration of historical fund data and custom reporting. All revenues from investment processing fees 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. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On July 8, 2024, the Company sold a condominium located in New York, New York. The Company expects to recognize a net pre-tax gain of approximately $8,132 after associated costs and expenses during the third quarter 2024 as a result of the sale. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net income | $ 139,120 | $ 118,851 | $ 270,520 | $ 225,866 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 June 30, 2024, the results of operations for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 2024 and 2023. 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, 2023. |
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. 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 |
Revenue Recognition | Revenue Recognition 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents 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 Cash |
New Accounting Pronouncements | New Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07) which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in ASU 2023-07 apply retrospectively to all prior periods presented in the financial statements. The Company continues to assess the impact of ASU 2023-07. As part of its preliminary assessment, the Company has identified the chief operating decision maker (CODM) and is in the process of identifying the significant segment expenses and other information regularly provided to the CODM and included with the reported measure of segment profit/loss. The Company is on schedule to complete its assessment of ASU 2023-07 and the impact on its consolidated financial statements and related disclosures as of January 1, 2025. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures (ASU 2023-09) to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements and related disclosures. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to current year presentation. |
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), and 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 2027 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 Owned |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 six months ended June 30, 2024 and 2023 are: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 139,120 $ 118,851 $ 270,520 $ 225,866 Shares used to compute basic earnings per common share 130,815,000 132,854,000 131,116,000 133,437,000 Dilutive effect of stock awards 1,258,000 1,082,000 1,293,000 1,186,000 Shares used to compute diluted earnings per common share 132,073,000 133,936,000 132,409,000 134,623,000 Basic earnings per common share $ 1.06 $ 0.89 $ 2.06 $ 1.69 Diluted earnings per common share $ 1.05 $ 0.89 $ 2.04 $ 1.68 |
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 six months ended June 30: 2024 2023 Net income $ 270,520 $ 225,866 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 16,756 17,312 Amortization 20,871 19,054 Equity in earnings of unconsolidated affiliate (65,862) (61,590) Distributions received from unconsolidated affiliate 71,478 61,452 Stock-based compensation 23,528 15,479 Provision for losses on receivables 882 35 Deferred income tax expense (14,539) (12,600) Net gain from investments (2,922) (1,259) Change in other long-term liabilities 2,452 1,946 Change in other assets (5,960) (71) Contract costs capitalized, net of amortization 246 (633) Other (1,375) 2,443 Change in current assets and liabilities (Increase) decrease in Receivables from investment products 7,923 5,710 Receivables (89,070) (64,551) Other current assets (1,068) (6,907) Advances due from unconsolidated affiliate 51,942 50,493 (Decrease) increase in Accounts payable (1,415) (6,063) Accrued liabilities (54,188) (63,682) Deferred revenue (3,169) 20 Total adjustments (43,490) (43,412) Net cash provided by operating activities $ 227,030 $ 182,454 |
Investment In Unconsolidated _2
Investment In Unconsolidated Affiliate (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues $ 113,820 $ 108,836 $ 221,169 $ 207,028 Net income 88,689 84,779 170,701 159,553 Condensed Balance Sheets June 30, 2024 December 31, 2023 Current assets $ 130,209 $ 169,867 Non-current assets 5,894 6,568 Total assets $ 136,103 $ 176,435 Current liabilities $ 49,534 $ 74,853 Non-current liabilities 1,726 2,182 Partners’ capital 84,843 99,400 Total liabilities and partners’ capital $ 136,103 $ 176,435 |
Composition of Certain Financ_2
Composition of Certain Financial Statement Captions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Items Included in Consolidated Statement of Financial Condition [Abstract] | |
Schedule of Receivables | Receivables on the accompanying Consolidated Balance Sheets consist of: June 30, 2024 December 31, 2023 Trade receivables $ 165,068 $ 115,356 Fees earned, not billed 409,752 372,291 Other receivables 16,433 14,450 591,253 502,097 Less: Allowance for doubtful accounts (1,545) (663) $ 589,708 $ 501,434 |
Schedule of Property And Equipment | Property and Equipment on the accompanying Consolidated Balance Sheets consists of: June 30, 2024 December 31, 2023 Buildings $ 217,678 $ 216,968 Equipment 193,801 193,096 Land 26,450 26,450 Purchased software 167,315 165,348 Furniture and fixtures 23,104 23,025 Leasehold improvements 22,278 19,827 Construction in progress 1,024 684 651,650 645,398 Less: Accumulated depreciation (484,087) (474,034) Property and Equipment, net $ 167,563 $ 171,364 |
Schedule of Accrued Liabilities | Accrued liabilities on the accompanying Consolidated Balance Sheets consist of: June 30, 2024 December 31, 2023 Accrued employee compensation $ 67,059 $ 107,495 Accrued employee benefits and other personnel 2,773 9,797 Accrued voluntary separation program 9,388 21,058 Accrued consulting, outsourcing and professional fees 31,899 32,285 Accrued sub-advisory, distribution and other asset management fees 50,536 49,405 Accrued dividend payable 1,051 61,104 Accrued income taxes 11,017 4,965 Other accrued liabilities 34,399 32,836 Total accrued liabilities $ 208,122 $ 318,945 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 Quoted Prices in Significant Equity securities $ 38,906 $ 38,906 $ — Available-for-sale debt securities 138,043 — 138,043 Fixed-income securities owned 30,338 — 30,338 Investment funds sponsored by LSV (1) 7,737 $ 215,024 $ 38,906 $ 168,381 Fair Value Measurements at the End of the Reporting Period Using Assets December 31, 2023 Quoted Prices in Significant Equity securities $ 36,661 $ 36,661 $ — Available-for-sale debt securities 118,752 — 118,752 Fixed-income securities owned 31,334 — 31,334 Investment funds sponsored by LSV (1) 7,316 $ 194,063 $ 36,661 $ 150,086 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 Cost Gross Gross Fair Available-for-sale debt securities $ 149,579 $ — $ (11,536) $ 138,043 SEI-sponsored mutual funds 31,665 1,533 (3) 33,195 Equities and other mutual funds 5,366 345 — 5,711 $ 186,610 $ 1,878 $ (11,539) $ 176,949 At December 31, 2023 Cost Gross Gross Fair Available-for-sale debt securities $ 127,681 $ — $ (8,929) $ 118,752 SEI-sponsored mutual funds 30,427 818 (19) 31,226 Equities and other mutual funds 5,301 134 — 5,435 $ 163,409 $ 952 $ (8,948) $ 155,413 |
Schedule of Available-for-Sale Debt Securities by Maturity | The following tables provide the scheduled maturities of the Company's available-for-sale debt securities: At June 30, 2024 Cost Fair Value Within one year $ — $ — After one year through five years 5,176 4,708 After 5 years through 10 years 18,888 17,078 After 10 years 125,515 116,257 $ 149,579 $ 138,043 At December 31, 2023 Cost Fair Value Within one year $ — $ — After one year through five years 5,679 5,035 After 5 years through 10 years 31,162 28,084 After 10 years 90,840 85,633 $ 127,681 $ 118,752 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 six months ended June 30, 2024 and 2023, respectively, as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock-based compensation expense $ 12,469 $ 7,405 $ 23,528 $ 15,479 Less: Deferred tax benefit (2,372) (1,347) (4,584) (2,839) Stock-based compensation expense, net of tax $ 10,097 $ 6,058 $ 18,944 $ 12,640 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 $ (30,157) $ (6,875) $ (37,032) Other comprehensive loss before reclassifications (3,342) (1,827) (5,169) Amounts reclassified from accumulated other comprehensive loss — (181) (181) Net current-period other comprehensive loss (3,342) (2,008) (5,350) Balance, June 30, 2024 $ (33,499) $ (8,883) $ (42,382) |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 and 2023: Private Banks Investment Institutional Investment Investments Total For the Three Months Ended June 30, 2024 Revenues $ 132,401 $ 120,587 $ 71,507 $ 179,868 $ 14,623 $ 518,986 Expenses 111,890 68,953 38,426 111,287 18,580 349,136 Operating profit (loss) $ 20,511 $ 51,634 $ 33,081 $ 68,581 $ (3,957) $ 169,850 Private Investment Institutional Investment Investments Total For the Three Months Ended June 30, 2023 Revenues $ 132,414 $ 109,580 $ 75,145 $ 159,204 $ 12,714 $ 489,057 Expenses 114,165 64,178 45,516 103,213 17,015 344,087 Operating profit (loss) $ 18,249 $ 45,402 $ 29,629 $ 55,991 $ (4,301) $ 144,970 The following tables highlight certain financial information about each of business segment for the six months ended June 30, 2024 and 2023: Private Investment Institutional Investment Investments Total For the Six Months Ended June 30, 2024 Revenues $ 262,538 $ 243,305 $ 143,285 $ 352,521 $ 28,916 $ 1,030,565 Expenses 224,864 135,911 78,535 220,837 36,963 697,110 Operating profit (loss) $ 37,674 $ 107,394 $ 64,750 $ 131,684 $ (8,047) $ 333,455 Private Investment Institutional Investment Investments Total For the Six Months Ended June 30, 2023 Revenues $ 253,316 $ 216,118 $ 149,435 $ 313,701 $ 25,606 $ 958,176 Expenses 226,627 127,724 86,384 204,898 34,654 680,287 Operating profit (loss) $ 26,689 $ 88,394 $ 63,051 $ 108,803 $ (9,048) $ 277,889 |
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 June 30, 2024 and 2023 is as follows: 2024 2023 Total operating profit from segments $ 169,850 $ 144,970 Corporate overhead expenses (33,336) (32,369) Income from operations $ 136,514 $ 112,601 A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the six months ended June 30, 2024 and 2023: 2024 2023 Total operating profit from segments $ 333,455 $ 277,889 Corporate overhead expenses (71,090) (63,521) Income from operations $ 262,365 $ 214,368 |
Schedule of Additional Information Pertaining to Business Segments | The following tables provide additional information for the three months ended June 30, 2024 and 2023 pertaining to the business segments: Capital Expenditures (1) Depreciation 2024 2023 2024 2023 Private Banks $ 4,586 $ 8,001 $ 2,832 $ 5,450 Investment Advisors 1,987 3,615 2,190 549 Institutional Investors 730 457 598 303 Investment Managers 6,389 2,592 1,636 2,049 Investments in New Businesses 173 202 170 224 Total from business segments $ 13,865 $ 14,867 $ 7,426 $ 8,575 Corporate overhead 265 362 941 206 $ 14,130 $ 15,229 $ 8,367 $ 8,781 (1) Capital expenditures include additions to property and equipment and capitalized software. Amortization 2024 2023 Private Banks $ 5,089 $ 4,718 Investment Advisors 2,148 1,945 Institutional Investors 1,876 1,829 Investment Managers 81 181 Investments in New Businesses 1,183 892 Total from business segments $ 10,377 $ 9,565 Corporate overhead 108 65 $ 10,485 $ 9,630 The following tables provide additional information for the six months ended June 30, 2024 and 2023: Capital Expenditures (2) Depreciation 2024 2023 2024 2023 Private Banks $ 11,018 $ 17,072 $ 5,736 $ 10,804 Investment Advisors 5,152 7,954 4,371 1,017 Institutional Investors 1,849 1,105 1,202 585 Investment Managers 14,064 7,158 3,215 4,041 Investments in New Businesses 589 584 342 455 Total from business segments $ 32,672 $ 33,873 $ 14,866 $ 16,902 Corporate Overhead 807 977 1,890 410 $ 33,479 $ 34,850 $ 16,756 $ 17,312 (2) Capital expenditures include additions to property and equipment and capitalized software. Amortization 2024 2023 Private Banks $ 10,200 $ 9,364 Investment Advisors 4,270 3,763 Institutional Investors 3,768 3,653 Investment Managers 81 358 Investments in New Businesses 2,365 1,787 Total from business segments $ 20,684 $ 18,925 Corporate Overhead 187 129 $ 20,871 $ 19,054 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Interest And Penalties | June 30, 2024 December 31, 2023 Gross liability for unrecognized tax benefits, exclusive of interest and penalties $ 17,233 $ 15,532 Interest and penalties on unrecognized benefits 1,989 1,385 Total gross uncertain tax positions $ 19,222 $ 16,917 Amount included in Current liabilities $ 3,685 $ 3,837 Amount included in Other long-term liabilities 15,537 13,080 $ 19,222 $ 16,917 |
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate for the three and six months ended June 30, 2024 and 2023 differs from the federal income tax statutory rate due to the following: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State taxes, net of federal tax benefit 2.9 2.8 2.9 2.8 Foreign tax expense and tax rate differential 0.1 (0.2) 0.1 (0.2) Tax benefit from stock option exercises (0.1) (0.1) (0.6) (0.2) Other, net — (0.1) — 0.1 23.9 % 23.4 % 23.4 % 23.5 % |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 $ 61,884 $ 56,990 $ 18,459 $ 137,333 Measurement period adjustments 25 — — 25 Reclassification due to segment reorganization — (1,711) 1,711 — Foreign currency translation adjustments (103) (1) — (104) Balance, June 30, 2024 $ 61,806 $ 55,278 $ 20,170 $ 137,254 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 and 2023: Private Banks Investment Institutional Investment Investments Total Major Product Lines: For the Three Months Ended June 30, 2024 Investment management fees from pooled investment products $ 32,614 $ 58,322 $ 12,256 $ 380 $ 460 $ 104,032 Investment management fees from investment management agreements 1,165 45,920 53,541 — 4,627 105,253 Investment operations fees 541 10,082 — 170,327 962 181,912 Investment processing fees - PaaS 70,871 1,379 399 1,247 9 73,905 Investment processing fees - SaaS 21,311 — 2,243 — 5,125 28,679 Professional services fees 5,121 — — 1,101 704 6,926 Account fees and other 778 4,884 3,068 6,813 2,736 18,279 Total revenues $ 132,401 $ 120,587 $ 71,507 $ 179,868 $ 14,623 $ 518,986 Primary Geographic Markets: United States $ 86,562 $ 120,587 $ 58,887 $ 162,411 $ 14,623 $ 443,070 United Kingdom 31,354 — 9,649 — — 41,003 Canada 10,067 — 1,415 — — 11,482 Ireland 4,418 — 1,556 10,465 — 16,439 Luxembourg — — — 6,992 — 6,992 Total revenues $ 132,401 $ 120,587 $ 71,507 $ 179,868 $ 14,623 $ 518,986 Private Investment Institutional Investment Investments Total Major Product Lines: For the Three Months Ended June 30, 2023 Investment management fees from pooled investment products $ 32,092 $ 61,103 $ 12,728 $ 105 $ 352 $ 106,380 Investment management fees from investment management agreements 813 43,159 57,529 — 4,025 105,526 Investment operations fees 337 2 — 151,407 1,305 153,051 Investment processing fees - PaaS 61,877 1,261 304 1,044 9 64,495 Investment processing fees - SaaS 22,516 — 2,791 18 4,385 29,710 Professional services fees (1) 13,972 — — 959 185 15,116 Account fees and other 807 4,055 1,793 5,671 2,453 14,779 Total revenues $ 132,414 $ 109,580 $ 75,145 $ 159,204 $ 12,714 $ 489,057 Primary Geographic Markets: United States $ 89,644 $ 109,580 $ 63,144 $ 144,398 $ 12,714 $ 419,480 United Kingdom 27,946 — 8,696 — — 36,642 Canada 10,147 — 1,447 — — 11,594 Ireland 4,677 — 1,858 8,978 — 15,513 Luxembourg — — — 5,828 — 5,828 Total revenues $ 132,414 $ 109,580 $ 75,145 $ 159,204 $ 12,714 $ 489,057 (1) Professional services fees of the Private Banks segment includes a one-time early contractual buyout fee of $10,457 recorded during the three months ended June 30, 2023 from an investment processing client acquired by an existing client. 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 six months ended June 30, 2024 and 2023: Private Investment Institutional Investment Investments Total Major Product Lines: For the Six Months Ended June 30, 2024 Investment management fees from pooled investment products $ 65,014 $ 116,661 $ 24,331 $ 464 $ 815 $ 207,285 Investment management fees from investment management agreements 2,096 94,339 107,750 — 8,934 213,119 Investment operations fees 1,080 19,727 — 334,516 2,440 357,763 Investment processing fees - PaaS 138,718 2,660 821 2,505 19 144,723 Investment processing fees - SaaS 44,769 — 4,331 19 10,222 59,341 Professional services fees 9,236 — — 2,118 1,287 12,641 Account fees and other 1,625 9,918 6,052 12,899 5,199 35,693 Total revenues $ 262,538 $ 243,305 $ 143,285 $ 352,521 $ 28,916 $ 1,030,565 Primary Geographic Markets: United States $ 172,337 $ 243,305 $ 118,264 $ 318,370 $ 28,916 $ 881,192 United Kingdom 61,202 — 18,867 — — 80,069 Canada 19,866 — 2,886 — — 22,752 Ireland 9,133 — 3,268 20,371 — 32,772 Luxembourg — — — 13,780 — 13,780 Total revenues $ 262,538 $ 243,305 $ 143,285 $ 352,521 $ 28,916 $ 1,030,565 Private Investment Institutional Investment Investments Total Major Product Lines: For the Six Months Ended June 30, 2023 Investment management fees from pooled investment products $ 64,312 $ 121,708 $ 24,441 $ 231 $ 690 $ 211,382 Investment management fees from investment management agreements 1,311 83,825 115,557 — 8,242 208,935 Investment operations fees 683 2 — 297,046 2,860 300,591 Investment processing fees - PaaS 122,742 2,515 498 2,088 20 127,863 Investment processing fees - SaaS 44,731 — 5,442 36 8,592 58,801 Professional services fees (2) 17,764 — — 2,620 534 20,918 Account fees and other 1,773 8,068 3,497 11,680 4,668 29,686 Total revenues $ 253,316 $ 216,118 $ 149,435 $ 313,701 $ 25,606 $ 958,176 Primary Geographic Markets: United States $ 168,113 $ 216,118 $ 125,362 $ 284,481 $ 25,606 $ 819,680 United Kingdom 55,792 — 17,791 — — 73,583 Canada 20,237 — 2,816 — — 23,053 Ireland 9,174 — 3,466 18,003 — 30,643 Luxembourg — — — 11,217 — 11,217 Total revenues $ 253,316 $ 216,118 $ 149,435 $ 313,701 $ 25,606 $ 958,176 (2) Professional services fees of the Private Banks segment includes a one-time early contractual buyout fee of $10,457 recorded during the three months ended June 30, 2023 from an investment processing client acquired by an existing client. Investment management fees from pooled investment products - Revenues associated with clients' assets invested in Company-sponsored pooled investment products. Contractual fees are stated as a percentage of the market value of assets under management and collected on a monthly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Line Items] | |||||
Cash and cash equivalents invested in SEI-sponsored money market funds | $ 768,291 | $ 768,291 | $ 834,697 | ||
Restricted cash | 301 | 301 | 301 | ||
Capitalized software development costs | 12,670 | $ 18,036 | |||
Net book value of capitalized software | $ 238,559 | $ 238,559 | 239,783 | ||
Anti-dilutive employee stock options (in shares) | 10,722 | 11,006 | 10,817 | 11,140 | |
Anti-dilutive employee stock options (in USD per share) | $ 61.04 | $ 61.29 | $ 61.05 | $ 61.29 | |
Investment Managers | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Capitalized software development costs | $ 4,947 | $ 8,642 | |||
Capitalized software in progress | $ 25,115 | 25,115 | 20,083 | ||
SEI Wealth Platform | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Capitalized software development costs | 7,723 | 9,394 | |||
Net book value of capitalized software | 212,558 | 212,558 | |||
Capitalized software in progress | $ 2,614 | 2,614 | |||
Amortization expense related to the SEI Wealth Platform | $ 13,599 | 12,516 | |||
SEI Wealth Platform | Weighted Average | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of the SEI Wealth Platform | 8 years 7 months 6 days | 8 years 7 months 6 days | |||
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 | $ 358,735 | $ 358,735 | 397,838 | ||
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 | 51 | 51 | $ 51 | ||
SEI-Sponsored Open-Ended Money Market Mutual Funds | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Fees waived | $ 1,263 | $ 5,320 | $ 5,562 | $ 10,881 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accounting Policies [Abstract] | ||||
Net income | $ 139,120 | $ 118,851 | $ 270,520 | $ 225,866 |
Shares used to compute basic earnings per common share (in shares) | 130,815 | 132,854 | 131,116 | 133,437 |
Dilutive effect of stock awards (in shares) | 1,258 | 1,082 | 1,293 | 1,186 |
Shares used to compute diluted earnings per common share (in shares) | 132,073 | 133,936 | 132,409 | 134,623 |
Basic earnings per common share (in USD per share) | $ 1.06 | $ 0.89 | $ 2.06 | $ 1.69 |
Diluted earnings per common share (in USD per share) | $ 1.05 | $ 0.89 | $ 2.04 | $ 1.68 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Net Cash Provided by Operating Activities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accounting Policies [Abstract] | ||||
Net income | $ 139,120 | $ 118,851 | $ 270,520 | $ 225,866 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation | 8,367 | 8,781 | 16,756 | 17,312 |
Amortization | 10,485 | 9,630 | 20,871 | 19,054 |
Equity in earnings of unconsolidated affiliate | (34,219) | (32,711) | (65,862) | (61,590) |
Distributions received from unconsolidated affiliate | 71,478 | 61,452 | ||
Stock-based compensation | 12,469 | 7,405 | 23,528 | 15,479 |
Provision for losses on receivables | 882 | 35 | ||
Deferred income tax expense | (14,539) | (12,600) | ||
Net gain from investments | $ (666) | $ (515) | (2,922) | (1,259) |
Change in other long-term liabilities | 2,452 | 1,946 | ||
Change in other assets | (5,960) | (71) | ||
Contract costs capitalized, net of amortization | 246 | (633) | ||
Other | (1,375) | 2,443 | ||
Change in current assets and liabilities (Increase) decrease in | ||||
Receivables from investment products | 7,923 | 5,710 | ||
Receivables | (89,070) | (64,551) | ||
Other current assets | (1,068) | (6,907) | ||
Advances due from unconsolidated affiliate | 51,942 | 50,493 | ||
(Decrease) increase in | ||||
Accounts payable | (1,415) | (6,063) | ||
Accrued liabilities | (54,188) | (63,682) | ||
Deferred revenue | (3,169) | 20 | ||
Total adjustments | (43,490) | (43,412) | ||
Net cash provided by operating activities | $ 227,030 | $ 182,454 |
Investment In Unconsolidated _3
Investment In Unconsolidated Affiliate (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||||
Total investment in LSV | $ 53,223 | $ 53,223 | ||
Distributions received from LSV | 71,478 | $ 61,452 | ||
Company's share in the earnings of LSV | $ 34,219 | $ 32,711 | $ 65,862 | $ 61,590 |
L S V Asset Management | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest in LSV | 38.60% | 38.60% |
Investment In Unconsolidated _4
Investment In Unconsolidated Affiliate (Condensed Statements of Operations of LSV) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | $ 518,986 | $ 489,057 | $ 1,030,565 | $ 958,176 |
Equity Method Investment, Nonconsolidated Investee | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 113,820 | 108,836 | 221,169 | 207,028 |
Net income | $ 88,689 | $ 84,779 | $ 170,701 | $ 159,553 |
Investment in Unconsolidated _5
Investment in Unconsolidated Affiliate (Condensed Balance Sheets of LSV) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $ 1,498,073 | $ 1,478,116 |
Total Assets | 2,529,065 | 2,520,003 |
Current liabilities | 237,131 | 353,047 |
Total Liabilities and Shareholders' Equity | 2,529,065 | 2,520,003 |
Equity Method Investment, Nonconsolidated Investee | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | 130,209 | 169,867 |
Non-current assets | 5,894 | 6,568 |
Total Assets | 136,103 | 176,435 |
Current liabilities | 49,534 | 74,853 |
Non-current liabilities | 1,726 | 2,182 |
Partners’ capital | 84,843 | 99,400 |
Total Liabilities and Shareholders' Equity | $ 136,103 | $ 176,435 |
Composition of Certain Financ_3
Composition of Certain Financial Statement Captions (Receivables) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Items Included in Consolidated Statement of Financial Condition [Abstract] | ||
Trade receivables | $ 165,068 | $ 115,356 |
Fees earned, not billed | 409,752 | 372,291 |
Other receivables | 16,433 | 14,450 |
Gross receivables | 591,253 | 502,097 |
Less: Allowance for doubtful accounts | (1,545) | (663) |
Receivables, net | $ 589,708 | $ 501,434 |
Composition of Certain Financ_4
Composition of Certain Financial Statement Captions (Property And Equipment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Property and Equipment [Line Items] | |||||
Property and equipment, gross | $ 651,650 | $ 651,650 | $ 645,398 | ||
Less: Accumulated depreciation | (484,087) | (484,087) | (474,034) | ||
Property and Equipment, net | 167,563 | 167,563 | 171,364 | ||
Depreciation expense | 8,367 | $ 8,781 | 16,756 | $ 17,312 | |
Buildings | |||||
Property and Equipment [Line Items] | |||||
Property and equipment, gross | 217,678 | 217,678 | 216,968 | ||
Equipment | |||||
Property and Equipment [Line Items] | |||||
Property and equipment, gross | 193,801 | 193,801 | 193,096 | ||
Land | |||||
Property and Equipment [Line Items] | |||||
Property and equipment, gross | 26,450 | 26,450 | 26,450 | ||
Purchased software | |||||
Property and Equipment [Line Items] | |||||
Property and equipment, gross | 167,315 | 167,315 | 165,348 | ||
Furniture and fixtures | |||||
Property and Equipment [Line Items] | |||||
Property and equipment, gross | 23,104 | 23,104 | 23,025 | ||
Leasehold improvements | |||||
Property and Equipment [Line Items] | |||||
Property and equipment, gross | 22,278 | 22,278 | 19,827 | ||
Construction in progress | |||||
Property and Equipment [Line Items] | |||||
Property and equipment, gross | $ 1,024 | $ 1,024 | $ 684 |
Composition of Certain Financ_5
Composition of Certain Financial Statement Captions (Deferred Contract Costs) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Items Included in Consolidated Statement of Financial Condition [Abstract] | |||||
Deferred contract costs | $ 39,975,000 | $ 39,975,000 | $ 40,221,000 | ||
Capitalized contract cost, amount capitalized during period | $ 2,520,000 | $ 3,225,000 | 4,911,000 | $ 4,969,000 | |
Amortization of deferred contract costs | 5,157,000 | $ 4,336,000 | |||
Capitalized contract cost impairment | $ 0 |
Composition of Certain Financ_6
Composition of Certain Financial Statement Captions (Accrued Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Items Included in Consolidated Statement of Financial Condition [Abstract] | ||
Accrued employee compensation | $ 67,059 | $ 107,495 |
Accrued employee benefits and other personnel | 2,773 | 9,797 |
Accrued voluntary separation program | 9,388 | 21,058 |
Accrued consulting, outsourcing and professional fees | 31,899 | 32,285 |
Accrued sub-advisory, distribution and other asset management fees | 50,536 | 49,405 |
Accrued dividend payable | 1,051 | 61,104 |
Accrued income taxes | 11,017 | 4,965 |
Other accrued liabilities | 34,399 | 32,836 |
Total accrued liabilities | $ 208,122 | $ 318,945 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | $ 138,043 | $ 118,752 |
Fixed-income securities owned | 30,338 | 31,334 |
Assets, fair value | 215,024 | 194,063 |
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 | 38,906 | 36,661 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed-income securities owned | 30,338 | 31,334 |
Assets, fair value | 168,381 | 150,086 |
Equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 38,906 | 36,661 |
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 | 38,906 | 36,661 |
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 | 138,043 | 118,752 |
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 | 138,043 | 118,752 |
Investment Funds sponsored by LSV | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds sponsored by LSV | $ 7,737 | $ 7,316 |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Schedule of Investments [Line Items] | |||||
Cash equivalents at fair value | $ 519,897 | $ 519,897 | $ 565,588 | ||
Net unrealized gains (loss) | (8,883) | (8,883) | (6,875) | ||
Net unrealized gains (losses) income tax expense (benefit) | (2,653) | (2,653) | (2,054) | ||
Mutual funds and equities, gross realized gains | 1,182 | ||||
Mutual funds and equities, gross realized loss | 133 | ||||
Other long-term investments | 53,223 | 53,223 | 110,781 | ||
Securities owned | 30,338 | 30,338 | 31,334 | ||
Investment Funds Sponsored by LSV | |||||
Schedule of Investments [Line Items] | |||||
Other long-term investments | 7,737 | 7,737 | $ 7,316 | ||
Unrealized gains (losses) on investments | $ (412) | $ 235 | $ 421 | $ 406 |
Marketable Securities (Availabl
Marketable Securities (Available for Sale and Equity Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale debt securities, cost | $ 149,579 | $ 127,681 |
Available for sale debt securities, fair value | 138,043 | 118,752 |
Available for sale and equity securities, cost | 186,610 | 163,409 |
Available for sale and equity securities, gross unrealized gains | 1,878 | 952 |
Available for sale and equity securities, gross unrealized (losses) | (11,539) | (8,948) |
Available for sale and equity securities, fair value | 176,949 | 155,413 |
Available-for-sale debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale debt securities, cost | 149,579 | 127,681 |
Available for sale debt securities, gross unrealized gains | 0 | 0 |
Available for sale debt securities, gross unrealized (losses) | (11,536) | (8,929) |
Available for sale debt securities, fair value | 138,043 | 118,752 |
SEI-sponsored mutual funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities, FV-NI, cost | 31,665 | 30,427 |
Equity securities, FV-NI, gross unrealized gains | 1,533 | 818 |
Equity securities, FV-NI, gross unrealized (losses) | (3) | (19) |
Equity securities, FV-NI, fair value | 33,195 | 31,226 |
Equities and other mutual funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities, FV-NI, cost | 5,366 | 5,301 |
Equity securities, FV-NI, gross unrealized gains | 345 | 134 |
Equity securities, FV-NI, gross unrealized (losses) | 0 | 0 |
Equity securities, FV-NI, fair value | $ 5,711 | $ 5,435 |
Marketable Securities (Schedule
Marketable Securities (Schedule of Available-for-Sale Debt Securities by Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Cost | ||
Within one year | $ 0 | $ 0 |
After one year through five years | 5,176 | 5,679 |
After 5 years through 10 years | 18,888 | 31,162 |
After 10 years | 125,515 | 90,840 |
Available for sale debt securities, cost | 149,579 | 127,681 |
Fair Value | ||
Within one year | 0 | 0 |
After one year through five years | 4,708 | 5,035 |
After 5 years through 10 years | 17,078 | 28,084 |
After 10 years | 116,257 | 85,633 |
Available for sale debt securities, fair value | $ 138,043 | $ 118,752 |
Line of Credit (Details)
Line of Credit (Details) - 2021 Credit Facility | 6 Months Ended | |
Jun. 30, 2024 USD ($) fiscalQuarter | Jul. 17, 2024 USD ($) | |
Line of Credit Facility [Line Items] | ||
Debt interest rate accrual term, number of preceding fiscal quarters | fiscalQuarter | 4 | |
Subsequent Event | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding amount | $ 4,866,000 | |
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 accordion feature, increase limit | $ 100,000,000 | |
Line of Credit | Subsequent Event | ||
Line of Credit Facility [Line Items] | ||
Credit facility remaining borrowing capacity | $ 320,134,000 | |
Line of Credit | Secured Overnight Financing Rate (SOFR) | ||
Line of Credit Facility [Line Items] | ||
Credit facility variable interest rate basis spread | 1% | |
Line of Credit | Federal Funds Rate | ||
Line of Credit Facility [Line Items] | ||
Credit facility variable interest rate basis spread | 0.50% | |
Line of Credit | Minimum | ||
Line of Credit Facility [Line Items] | ||
Credit facility commitment fee per annum on daily unused portion | 0.15% | |
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% | |
Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR) | ||
Line of Credit Facility [Line Items] | ||
Credit facility variable interest rate basis spread | 1.25% | |
Line of Credit | Maximum | ||
Line of Credit Facility [Line Items] | ||
Credit facility commitment fee per annum on daily unused portion | 0.30% | |
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% | |
Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR) | ||
Line of Credit Facility [Line Items] | ||
Credit facility variable interest rate basis spread | 2% | |
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 (Stock-Bas
Shareholders' Equity (Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | ||||
Stock-based compensation expense | $ 12,469 | $ 7,405 | $ 23,528 | $ 15,479 |
Less: Deferred tax benefit | (2,372) | (1,347) | (4,584) | (2,839) |
Stock-based compensation expense, net of tax | $ 10,097 | $ 6,058 | $ 18,944 | $ 12,640 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
May 29, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Increase (decrease) in stock-based compensation from change in management's estimate | $ 1,238 | ||||
Unrecognized compensation cost | $ 98,909 | 98,909 | |||
Total intrinsic value of options exercised | 21,230 | ||||
Aggregate intrinsic value of options exercisable | $ 52,518 | $ 52,518 | |||
Market value of Company's common stock (in USD per share) | $ 64.69 | $ 64.69 | |||
Weighted average exercise price per share (in USD per share) | $ 55.79 | $ 55.79 | |||
Total options outstanding (in shares) | 15,621 | 15,621 | |||
Total options exercisable (in shares) | 5,471 | 5,471 | |||
Dividends declared per common share (in USD per share) | $ 0.46 | $ 0.46 | $ 0.43 | $ 0.46 | $ 0.43 |
Cash dividends declared | $ 60,285 | $ 57,177 | $ 60,285 | $ 57,177 | |
Common Stock Buyback | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares purchased and retired (in shares) | 2,456 | ||||
Company purchased, cost | $ 167,163 | ||||
Remaining stock repurchase authorization amount | $ 114,914 | $ 114,914 | |||
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 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $ 2,259,054 | $ 2,014,334 | $ 2,131,828 | $ 1,953,824 |
Total other comprehensive (loss) income, net of tax | (1,091) | 4,599 | (5,350) | 8,988 |
Ending balance | 2,247,503 | 2,023,553 | 2,247,503 | 2,023,553 |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (41,291) | (44,578) | (37,032) | (48,967) |
Other comprehensive loss before reclassifications | (5,169) | |||
Amounts reclassified from accumulated other comprehensive loss | (181) | |||
Total other comprehensive (loss) income, net of tax | (1,091) | 4,599 | (5,350) | 8,988 |
Ending balance | (42,382) | $ (39,979) | (42,382) | $ (39,979) |
Foreign Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (30,157) | |||
Other comprehensive loss before reclassifications | (3,342) | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Total other comprehensive (loss) income, net of tax | (3,342) | |||
Ending balance | (33,499) | (33,499) | ||
Unrealized Gains (Losses) on Investments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (6,875) | |||
Other comprehensive loss before reclassifications | (1,827) | |||
Amounts reclassified from accumulated other comprehensive loss | (181) | |||
Total other comprehensive (loss) income, net of tax | (2,008) | |||
Ending balance | $ (8,883) | $ (8,883) |
Business Segment Information (N
Business Segment Information (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 518,986,000 | $ 489,057,000 | $ 1,030,565,000 | $ 958,176,000 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 518,986 | $ 489,057 | $ 1,030,565 | $ 958,176 |
Expenses | 349,136 | 344,087 | 697,110 | 680,287 |
Operating profit (loss) | 169,850 | 144,970 | 333,455 | 277,889 |
Private Banks | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 132,401 | 132,414 | 262,538 | 253,316 |
Expenses | 111,890 | 114,165 | 224,864 | 226,627 |
Operating profit (loss) | 20,511 | 18,249 | 37,674 | 26,689 |
Investment Advisors | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 120,587 | 109,580 | 243,305 | 216,118 |
Expenses | 68,953 | 64,178 | 135,911 | 127,724 |
Operating profit (loss) | 51,634 | 45,402 | 107,394 | 88,394 |
Institutional Investors | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 71,507 | 75,145 | 143,285 | 149,435 |
Expenses | 38,426 | 45,516 | 78,535 | 86,384 |
Operating profit (loss) | 33,081 | 29,629 | 64,750 | 63,051 |
Investment Managers | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 179,868 | 159,204 | 352,521 | 313,701 |
Expenses | 111,287 | 103,213 | 220,837 | 204,898 |
Operating profit (loss) | 68,581 | 55,991 | 131,684 | 108,803 |
Investments In New Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 14,623 | 12,714 | 28,916 | 25,606 |
Expenses | 18,580 | 17,015 | 36,963 | 34,654 |
Operating profit (loss) | $ (3,957) | $ (4,301) | $ (8,047) | $ (9,048) |
Business Segment Information (R
Business Segment Information (Reconciliation of Total Operating Profit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting [Abstract] | ||||
Total operating profit from segments | $ 169,850 | $ 144,970 | $ 333,455 | $ 277,889 |
Corporate overhead expenses | (33,336) | (32,369) | (71,090) | (63,521) |
Income from operations | $ 136,514 | $ 112,601 | $ 262,365 | $ 214,368 |
Business Segment Information _2
Business Segment Information (Schedule Of Additional Information Pertaining To Business Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Capital expenditure | $ 14,130 | $ 15,229 | $ 33,479 | $ 34,850 |
Depreciation | 8,367 | 8,781 | 16,756 | 17,312 |
Amortization | 10,485 | 9,630 | 20,871 | 19,054 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditure | 13,865 | 14,867 | 32,672 | 33,873 |
Depreciation | 7,426 | 8,575 | 14,866 | 16,902 |
Amortization | 10,377 | 9,565 | 20,684 | 18,925 |
Operating Segments | Private Banks | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditure | 4,586 | 8,001 | 11,018 | 17,072 |
Depreciation | 2,832 | 5,450 | 5,736 | 10,804 |
Amortization | 5,089 | 4,718 | 10,200 | 9,364 |
Operating Segments | Investment Advisors | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditure | 1,987 | 3,615 | 5,152 | 7,954 |
Depreciation | 2,190 | 549 | 4,371 | 1,017 |
Amortization | 2,148 | 1,945 | 4,270 | 3,763 |
Operating Segments | Institutional Investors | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditure | 730 | 457 | 1,849 | 1,105 |
Depreciation | 598 | 303 | 1,202 | 585 |
Amortization | 1,876 | 1,829 | 3,768 | 3,653 |
Operating Segments | Investment Managers | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditure | 6,389 | 2,592 | 14,064 | 7,158 |
Depreciation | 1,636 | 2,049 | 3,215 | 4,041 |
Amortization | 81 | 181 | 81 | 358 |
Operating Segments | Investments In New Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditure | 173 | 202 | 589 | 584 |
Depreciation | 170 | 224 | 342 | 455 |
Amortization | 1,183 | 892 | 2,365 | 1,787 |
Corporate overhead | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditure | 265 | 362 | 807 | 977 |
Depreciation | 941 | 206 | 1,890 | 410 |
Amortization | $ 108 | $ 65 | $ 187 | $ 129 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Income Tax Contingency [Line Items] | ||
Gross liability for unrecognized tax benefits, exclusive of interest and penalties | $ 17,233 | $ 15,532 |
Unrecognized tax benefits that would affect effective tax rate | 16,869 | 14,878 |
Interest and penalties on unrecognized benefits | 1,989 | $ 1,385 |
Settlement and Lapse of Statute | ||
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits within the next twelve months | $ 3,685 |
Income Taxes (Interest And Pena
Income Taxes (Interest And Penalties) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Income Tax Disclosure [Abstract] | ||
Gross liability for unrecognized tax benefits, exclusive of interest and penalties | $ 17,233 | $ 15,532 |
Interest and penalties on unrecognized benefits | 1,989 | 1,385 |
Total gross uncertain tax positions | 19,222 | 16,917 |
Amount included in Current liabilities | 3,685 | 3,837 |
Amount included in Other long-term liabilities | 15,537 | 13,080 |
Total gross uncertain tax positions | $ 19,222 | $ 16,917 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Statutory rate | 21% | 21% | 21% | 21% |
State taxes, net of federal tax benefit | 2.90% | 2.80% | 2.90% | 2.80% |
Foreign tax expense and tax rate differential | 0.10% | (0.20%) | 0.10% | (0.20%) |
Tax benefit from stock option exercises | (0.10%) | (0.10%) | (0.60%) | (0.20%) |
Other, net | 0% | (0.10%) | 0% | 0.10% |
Effective income tax rate | 23.90% | 23.40% | 23.40% | 23.50% |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Schedule of Goodwill) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 137,333 |
Measurement period adjustments | 25 |
Reclassification due to segment reorganization | 0 |
Foreign currency translation adjustments | (104) |
Goodwill, ending balance | 137,254 |
Institutional Investors | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 61,884 |
Measurement period adjustments | 25 |
Reclassification due to segment reorganization | 0 |
Foreign currency translation adjustments | (103) |
Goodwill, ending balance | 61,806 |
Investment Managers | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 56,990 |
Measurement period adjustments | 0 |
Reclassification due to segment reorganization | (1,711) |
Foreign currency translation adjustments | (1) |
Goodwill, ending balance | 55,278 |
Investments In New Businesses | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 18,459 |
Measurement period adjustments | 0 |
Reclassification due to segment reorganization | 1,711 |
Foreign currency translation adjustments | 0 |
Goodwill, ending balance | $ 20,170 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Nov. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Business Acquisition [Line Items] | |||
Amortization expense | $ 6,790 | $ 6,113 | |
XPS Pensions (Nexus) Limited | |||
Business Acquisition [Line Items] | |||
Contingent consideration, earning period | 2 years | ||
Contingent consideration, current | 379 | ||
Contingent consideration, long-term | $ 2,623 |
Revenues from Contracts with _3
Revenues from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 518,986 | $ 489,057 | $ 1,030,565 | $ 958,176 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 443,070 | 419,480 | 881,192 | 819,680 |
United Kingdom | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 41,003 | 36,642 | 80,069 | 73,583 |
Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 11,482 | 11,594 | 22,752 | 23,053 |
Ireland | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 16,439 | 15,513 | 32,772 | 30,643 |
Luxembourg | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,992 | 5,828 | 13,780 | 11,217 |
Investment management fees from pooled investment products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 104,032 | 106,380 | 207,285 | 211,382 |
Investment management fees from investment management agreements | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 105,253 | 105,526 | 213,119 | 208,935 |
Investment operations fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 181,912 | 153,051 | 357,763 | 300,591 |
Investment processing fees - PaaS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 73,905 | 64,495 | 144,723 | 127,863 |
Investment processing fees - SaaS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 28,679 | 29,710 | 59,341 | 58,801 |
Professional services fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,926 | 15,116 | 12,641 | 20,918 |
Account fees and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 18,279 | 14,779 | 35,693 | 29,686 |
Private Banks | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 132,401 | 132,414 | 262,538 | 253,316 |
Private Banks | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 86,562 | 89,644 | 172,337 | 168,113 |
Private Banks | United Kingdom | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 31,354 | 27,946 | 61,202 | 55,792 |
Private Banks | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 10,067 | 10,147 | 19,866 | 20,237 |
Private Banks | Ireland | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4,418 | 4,677 | 9,133 | 9,174 |
Private Banks | Luxembourg | ||||
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 | 32,614 | 32,092 | 65,014 | 64,312 |
Private Banks | Investment management fees from investment management agreements | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,165 | 813 | 2,096 | 1,311 |
Private Banks | Investment operations fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 541 | 337 | 1,080 | 683 |
Private Banks | Investment processing fees - PaaS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 70,871 | 61,877 | 138,718 | 122,742 |
Private Banks | Investment processing fees - SaaS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 21,311 | 22,516 | 44,769 | 44,731 |
Private Banks | Professional services fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5,121 | 13,972 | 9,236 | 17,764 |
Private Banks | Account fees and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 778 | 807 | 1,625 | 1,773 |
Private Banks | Professional services fees, one-time early termination fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 10,457 | 10,457 | ||
Investment Advisors | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 120,587 | 109,580 | 243,305 | 216,118 |
Investment Advisors | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 120,587 | 109,580 | 243,305 | 216,118 |
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 | 0 | 0 |
Investment Advisors | Investment management fees from pooled investment products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 58,322 | 61,103 | 116,661 | 121,708 |
Investment Advisors | Investment management fees from investment management agreements | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 45,920 | 43,159 | 94,339 | 83,825 |
Investment Advisors | Investment operations fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 10,082 | 2 | 19,727 | 2 |
Investment Advisors | Investment processing fees - PaaS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,379 | 1,261 | 2,660 | 2,515 |
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 | 4,884 | 4,055 | 9,918 | 8,068 |
Institutional Investors | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 71,507 | 75,145 | 143,285 | 149,435 |
Institutional Investors | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 58,887 | 63,144 | 118,264 | 125,362 |
Institutional Investors | United Kingdom | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 9,649 | 8,696 | 18,867 | 17,791 |
Institutional Investors | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,415 | 1,447 | 2,886 | 2,816 |
Institutional Investors | Ireland | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,556 | 1,858 | 3,268 | 3,466 |
Institutional Investors | Luxembourg | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Institutional Investors | Investment management fees from pooled investment products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 12,256 | 12,728 | 24,331 | 24,441 |
Institutional Investors | Investment management fees from investment management agreements | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 53,541 | 57,529 | 107,750 | 115,557 |
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 | 399 | 304 | 821 | 498 |
Institutional Investors | Investment processing fees - SaaS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2,243 | 2,791 | 4,331 | 5,442 |
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 | 3,068 | 1,793 | 6,052 | 3,497 |
Investment Managers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 179,868 | 159,204 | 352,521 | 313,701 |
Investment Managers | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 162,411 | 144,398 | 318,370 | 284,481 |
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 | 10,465 | 8,978 | 20,371 | 18,003 |
Investment Managers | Luxembourg | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,992 | 5,828 | 13,780 | 11,217 |
Investment Managers | Investment management fees from pooled investment products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 380 | 105 | 464 | 231 |
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 | 170,327 | 151,407 | 334,516 | 297,046 |
Investment Managers | Investment processing fees - PaaS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,247 | 1,044 | 2,505 | 2,088 |
Investment Managers | Investment processing fees - SaaS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 18 | 19 | 36 |
Investment Managers | Professional services fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,101 | 959 | 2,118 | 2,620 |
Investment Managers | Account fees and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,813 | 5,671 | 12,899 | 11,680 |
Investments In New Businesses | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 14,623 | 12,714 | 28,916 | 25,606 |
Investments In New Businesses | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 14,623 | 12,714 | 28,916 | 25,606 |
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 | 0 | 0 |
Investments In New Businesses | Investment management fees from pooled investment products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 460 | 352 | 815 | 690 |
Investments In New Businesses | Investment management fees from investment management agreements | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4,627 | 4,025 | 8,934 | 8,242 |
Investments In New Businesses | Investment operations fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 962 | 1,305 | 2,440 | 2,860 |
Investments In New Businesses | Investment processing fees - PaaS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 9 | 9 | 19 | 20 |
Investments In New Businesses | Investment processing fees - SaaS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5,125 | 4,385 | 10,222 | 8,592 |
Investments In New Businesses | Professional services fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 704 | 185 | 1,287 | 534 |
Investments In New Businesses | Account fees and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 2,736 | $ 2,453 | $ 5,199 | $ 4,668 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2024 USD ($) | |
Forecast | |
Subsequent Event [Line Items] | |
Gain on sale of condominium | $ 8,132 |