SEI Investments (SEIC) 31 Jan 182017 Q4 Earnings call transcript

Company Profile

Participants

Al West	Chairman and CEO
Dennis McGonigle	CFO
Kathy Heilig	Controller
Steve Meyer	EVP and Head, Investment Manager Services
Joe Ujobai	EVP and Head, Private Banking
Wayne Withrow	EVP and Head, Advisor Network
Paul Klauder	EVP and Head, Institutional Group
Chris Shutler	William Blair
Robert Lee	KBW
Chris Donat	Sandler O’Neill
Glenn Greene	Oppenheimer
Tom McCrohan	Mizuho

Call transcript

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Operator

Ladies and gentlemen, good afternoon. Thank you for standing by and welcome to the SEI Fourth Quarter 2017 Earnings Conference Call. At this time, all lines are in a listen-only mode. Later, there will be opportunities for your questions and instructions will be given at that time. [Operator Instructions] And as a reminder, today’s conference is being recorded. to CEO, conference Mr. like host, to now and Chairman would turn over the our I Al West. ahead. go Please

Al West

Thank you. Welcome, everyone.

Kathy and Controller. All of fourth turn as CFO; it well the quarter call Heilig, our segment XXXX. Dennis leaders comment Dennis to Heilig segments. are the business of After and that, full over cover McGonigle, I’ll LSV each with recapping their you to and provide of start by the leaders will Investments on I’ll on will some in year as Kathy the And statistics. results finally, New Business segment. company-wide the SEI’s segment important then SEI’s

As usual, at the will questions end of field each report. we

XX% start quarter XX% Diluted the fourth ago. for me the XXXX. earnings XXXX. and per let quarter share Fourth the quarter from with the a a increased represents from fourth of $X.XX of for year year So, reported by $X.XX fourth increase full quarter earnings

Now, per XX% for is increase the year reported earnings. over of the for in a full share Diluted $X.XX XX% $X.XX by year XXXX over the XXXX. XXXX, earnings increased earnings

billion Also of We billion increase fourth balances to LSV the the a quarter and excuse $X.X and by assets from XX% $X.X -- X% in $X.X under XXXX, me, quarter assets $X.X during our year. increased billion. fourth non-cash the by quarter management XXXX full fourth increase also the grew SEI grew reported XXXX for revenue asset by billion.

at price $XX.XX repurchases grew translates fourth quarter XXXX, $XX.X the XXX,XXX of For That SEI shares approximately by to billion. the an quarter. of during million assets during we the $XX.X average year, stock share. over under stock And per management repurchased finally, of

just we repurchased $XXX at X.X over a For million representing share, an average the shares repurchases. of price of $XX.XX. entire million year, approximately

capitalized million approximately fourth we we of of in Now, we capitalized cash shareholders. during fourth $XXX $XX.X the during stock approximately IMS approximately quarter, Wealth and $X.X Also Platform returned capitalized between buybacks development and of in Also XXXX, dividends million development. amortized development. to previously the the $X.X SEI million our capital million quarter,

Now, annualized to of of losses, revenues million client approximately events, net expected generate and $X XXXX quarter are recurring fourth $XXX,XXX. totaled sales net approximately

our numbers sooner include they client their an federal the government investment these ends Now, processing XXXX loss loss later will in of XXXX. this will advised This contract only be than us year. who approximate commencing which the TRUST removing result no million $XX.X revenue annual not fourth-quarter

$XX.X we unique of $XX.X this sales the million annualized recurring our markets, events target generated have have of Excluding million loss in would revenues. which client, would been of

to excluding net events, ended of Now, approximately net expected revenues for $XX.X of the of the million year generate approximately and the government quarter are client recurring XXXX, annualized loss million. $XX.X contract, totaled losses, fourth sales

mainly in As and and are advisory has conference to our through same continues growing investor across complex are business in Important very important we Bank and that their November, SWP SWP have quarter. strides. success, profits The we fourth revenues true mentioned our operating our tailwinds them make business our fourth in stronger. our some since helping Regions converted time, ultimate is transformation. been to in the was And unit. in headwinds, quarter experienced because business press to our while the release

fourth to SWP been the migrated have since of transformation. tranche then their them through a advisors large we and During quarter, helping particular

markets. made services and enter of The and aimed that is to at of adjacent IMS These platform. services Technology acquisition family offices. building investments up new to in new us Two Now, institutions are are the make core continues helping the markets. provide and market new Archway integrating entering investments markets market these its family large office

certain segment, market Investors foundation efforts well defined sponsors, and Institutional plan on non-U.S. market, lines their market and endowment in as plus sponsor In in they success global the the each selves growing we’re business as the our contribution DB opportunities. tailwinds meet headwinds as in to corporate their capitalize transform on summary, in we’re their concentrating our one of we’re finding marketplaces. investing plan Now,

road it’s ahead concludes While the of also is remarks. a opportunities. [ph] pool large my This challenging, new

business ask segment. LSV on an in I’ll Dennis Business So, turn update the I’ll Dennis? now it New to the to other Investments you segments and later. over give

Dennis McGonigle

afternoon, New asset Thanks, LSV management. Investments cover for in I’ll the the Al. fourth quarter the segment, everyone. of Good Business results results discuss

in through our Investments operational XXXX, focus offering. group ultra-high-net-worth a the wealth and management to principally continued During of development on fourth testing the the advice and private New Business web-based segment segment quarter digital investor the

the year Business full XXXX loss in for versus quarter, during million has a been this in of $X.X year $XX compared segment the martial of no $X.X to New XXXX. million the loss the segment XXXX. During a the quarter for Losses were change $XX.X Investments incurred million full million There in third of segment. this

interest Regarding compared the quarter. XX% $XXX.X contribution our SEI million represent during Total XXXX. was This compares contribution quarter. LSV, to for to ownership earnings LSV income from contributed during $XXX.X fourth our in to $XX.X the of year the approximate quarter $XX.X XXXX. LSV third million million million in

by was related. flow for during negative cash million was quarter, the million quarter, performance Revenue growth. $XXX.X fee $X.X approximately approximate approximately which was offset of experienced which with X% slightly grew was market Assets the LSV LSV

We a had segment’s investment quarter, our of solution. Institutional similar in do we Investors fourth our a performance item used do XXXX, the Generally, comprehensive signification During note. revenue we quarter product SEI-sponsored have on have not to products. fees

revenue Institutional we or and discuss million fee sub-advisory recorded get million corresponding of this This segment. quarter, when in a realized a performance related $X.X this expense all the Investors $X.X will to Paul During was segment. fees. to we the

item, of addition quarter. revenue a In the items also we to this during expense had few note

In useful is continually Wealth years. on early the we the Bank solution. five approximately platform as October, the Regions As successfully SEI installed asset. you’re Platform aware, reassess remaining a service life this of of We life

with a offering service that our addition, and will technical Bank. In validation as advanced we launch Wells successfully business the Fargo software of

reassessed Given remaining segment. the components quarter, Advisors of This certain life useful in segment an benefit amortization million Banks for resulting the by to approximately $X.X five adjustment has this, for useful a expense the of million in the reducing years. an the additional platform, and $XXX,XXX Private in the during Investment $X.X we

expense Regarding approximately Company impact deployed reflecting the change Services both expense first to by in amortization be the XXXX, to technology total segment. offset $XX.X we to assets expect of Managers amortization the related Investment beginning million, this quarter

fourth option expense. is related XXXX for stock note to of item quarter second the of The

As and Company in certain option we million; assessment our $X.X you in program $X.X to on EPS issued Advisors vest are overall equity changed when as the spread approximately results adjusted overhead in and million; quarter increase $X.X the for of million. $X.X options for in Investments quarter New know, fourth EPS Private are our an This as our Managers was $X.X for compared $X.X annual segment when option Investment third million; $XXX,XXX; Institutional Investment corporate Based across follows. Investors full Banking achieved. our million. vest. targets expense the that resulted segment expense segments the This expense, approximately corporate Business million; overhead of tranches our year, part for specific of option will adjusted compensation increase

our expense option year. current XXXX stock approximately This of expect for XXXX million We compares $XX total assumptions $XX.X for be million. under to to the expense

acquisition from on benefited Managers $X.X a total for third item to quarter Services Archway. of adjustment reflected unit the expenses which purchase to incurred was The the related in Investment the during the quarter. This contingent to related expenses million their price

signed the resulted as the expense certain the Cuts well assets the a undistributed $XX.X related Jobs Tax tax an Finally, repatriation foreign in December for law Act. to expense remeasurement withholding in effective XX.X%. rate and as On tax deferred into of quarter net jurisdictions. relating [ph] estimate our million tax of from to was This previously foreign of the benefit and tax and approximately XXnd, of the earnings liabilities President

limitations accounting change expense from with tax related benefited stock rate of our to expiration various items. In the the statute on addition, along of certain rule option federal

for XXXX my any XX.X% questions. remarks. to any concludes range. accounting take now tax be will expect That to I in rate XX% before the We impact from our options

Operator

William Our Instructions] first comes Please go [Operator representing question Blair. today ahead. line Shutler of from William the

Chris Shutler

Dennis. Hey,

Dennis McGonigle

Hey, William.

Chris Shutler

Thanks. Changed my name.

let’s flows, LSVs modest see, is So, negative had that right?

Dennis McGonigle

Yes.

Chris Shutler

there Okay. you’re And any hearing in that about the change pipeline? pipeline institutional the

Dennis McGonigle

existing positive from cash That clients, it they new clients is the offset a rebalanced. from during money got main really It’s and No. quarter. got new flow

Chris Shutler

Okay.

Dennis McGonigle

certainly are and still new adding So, new business. clients they

Chris Shutler

It And loss to is segment, the a model little bit. in operating of business $X.X that number fair a forward? million new up stepped going the

Dennis McGonigle

option expenses the a because little there. lower, had we Probably in

Chris Shutler

Okay.

Dennis McGonigle

So, it get quarter. back will to down, step third closer probably

Chris Shutler

for says in Private Got the your quantify and have to and Advisors? that expenses not Advisors. on it it. related And in eligible Investment expenses change increased maintenance the Banks that capitalization just and Could you then, had that quarter-over-quarter Private in Banks release, press enhancements

Dennis McGonigle

work maintained, clients, of the don’t also into don’t not more it. and code any more number me that’s we of are some client more a of be have it’s with really there capitalizing of I front that we maintenance, put doing; that really reflection maintenance front a [ph] development have But Yes. the also to quantify reflection to in I specific longer. it’s little but me, needs is code production, a more activity. the in are of

features product enhancements, than generally expense an we’re feature existing now certain that new -- to through new adding rather asset, So, capitalize it. of certain kind

let’s So, say of little of myriad things. it’s kind a

Operator

the with from ahead. Lee comes of question Please next Our go line Robert KBW.

Robert Lee

Hi, Thanks. Dennis. Good afternoon.

on amortization you for could -- sorry. when forward you can’t were expense to I go talk back change the -- going us in updating expense, Just,

mentioned for or as next things, year, are XX.X, other excluding you new you like to think saw but expensing that I was some the was was total? some it going XX.X

Dennis McGonigle

That total. a was

Robert Lee

total? a was Okay. That

Dennis McGonigle

things adding dissipate because that fourth rate Because of continue, Managers thought production in the event we we’re in want going the quarter, Investment a the some didn’t to Services bit little of more because are segment. will

Robert Lee

just is favor in I Steve, -- that owned And you I then, maybe the valuation the long. for But, am in kind haven’t a curious, it this your adjustment of mean, of contingent question quarter. kind IMS later. this

there to quarter, kind some just something specific going bouncing are kind is reasonable one amount is of drop liability that another something X or that million way contingent quarter? a made or X one see is of million, down we So, your in around

Steve Meyer

Rob, Steve. is this

I up really stretch acquisition So, goals [ph] them. acquisition, opportunity this I by around. and the to and July. bounce we not was, we remember, expect all that of made, the them in are that kind an thus termed significant as the goals earned gave some some part acquired not you What that would setting of if of of

additional of be potential price that of for an reduction quarterly But, a ongoing purchase really is expect not would to them. this this So, I number.

Operator

comes question next Chris ahead. of Our Please with from Donat Sandler the O’Neill. line go

Chris Donat

ask at Hey, point at amortization? mostly elevated Is and I and the I like expenses Dennis. to that of expenses have in picture stock-based think expenses, of I And been some adding in on that, and looking to that related we’re think if XXXX onboarding clients. starting because billion. $X.X question, that could, things just right on to about recognizing and XXXX years large a wanted some puts there and past big now in couple process growth expenses the through there sort some takes about in then overall comps inflation

Dennis McGonigle

there. down fourth and quarter you Archway would necessarily the I a third from quarter to were year started has I really amortization lock there. how a think back option much billion. able get back you little or on projected a adjusted Yes. think But, had I back we when here to on But, and maybe like that stock billion, little start hesitant impact for expenses. another fourth for fourth came I’m know close I’m or me kind $X.X based -- down option. exact with fourth be, items to adjusted, start as almost out to wouldn’t with as But, and in that $X.XXX quarter it’s the with I this -- don’t pin pretty getting I of that -- going mean, I but pretty I that option bit number. When to were consistent we out complaints X.X what last add couple we expense, the it’s equalizing guys of quarter, like

Chris Donat

Okay. quarter we’re But, here? whether sort a normal territory fourth in about it, of thinking -- XXXX

Dennis McGonigle

We horizon anything don’t on here. have unusual

Operator

[Operator Instructions] with go the Greene’s And we Glenn line Oppenheimer. will

Glenn Greene

business, the about not think lower contracts just are on the lost help revenue us potential? It’s Couple of but [indiscernible] questions. big profit margin. One, could number the you directionally, government margin government clear, a

on that. little a it’s unclear So,

Dennis McGonigle

Yes. I’ll his to him script. comment that. in Joe let He has I’ll address let speak that.

Glenn Greene

Okay. for effective investments bottom to going the that And consistent to the going lot heard and out but discussion a there to then or fairly with benefits, we just through we’ve are from call the some XXXX, of tax were that rate tax reform largely offset line? the of is to thinking to what be is incremental companies it flow

Dennis McGonigle

I’ve gotten question since December. asked times, this few a

to we’re a -- health been -- our of that I thinking think, long-term our hold it. idea advance good we to know some or success going if had tax to strategically, is, it’s always our change or think -- in, we Company back on idea that’s answer we good based some I general to bill the weren’t regulatory investment going do a for a our

say were holding change. shelf on in of, I tax had this kind So, anything anticipation case we wouldn’t the back in we of rate

Glenn Greene

thing. have been just sort -- know, of in adjust all tax quarter? one effective I normalized and allowances items related reform, the sort accounting then, the what And the don’t housekeeping for rate tax would we If to tax not, what of the

Dennis McGonigle

can’t you that. tell I

really think deferred asset, just would been I adjustment. That deferred around liability have it by offset out repatriation XX%. the XX%, the backing

Operator

time. queued The at up this is question

Al West

Thanks, I Private to to over Ujobai Dennis. Banking segment. going turn it to Joe our discuss am Joe?

Joe Ujobai

of segment. conversion million Al. was SWP you, full Bank. largely revenue the quarter for revenue on X% update the Banking to with Private I’ll quarter XXXX Thank fourth successful Regions and million, growth or $XXX Fourth up $X.X review start the Hey. the including due year financial of

SWP clients across growth net XX% management growth. administration base. and under client revenue For to the to the approximately million, and revenues year, $XXX five revenue worldwide X.X%, of due grew SWP asset included the up growth largely of assets SWP conversion

was was operating increased for the to Profit $X.X quarter, SWP investment. of full $X down from million profit the For almost year million quarter. third up the due

discussed November, and previous by triggered we firms. has the in conversions the on been As and calls meeting at investment increased to larger sales

SWP During UK, the by research, including model like very We substantial apps client to solution web clients both made front We our our product new management clients and launched prospects. flexibility year, MiFID I’d service II. business end a and and processing and delivered Fargo support to integrated five open portfolio users. significant for delivered for SWP as service a generation, as a large extending office progress software proposal user as areas. our launched requirements we a anchored mobile experience enabling in highlight tools significant our tool experience. In capabilities, We account known end Wells we to from model other to regulatory and and new

performance, we In addition infrastructure efforts, security. continue development data to and in to substantial as the system such invest assurance, quality

expand market operations. processing of scalability large home SWP’s enhance investments very All of these target the prospects our and of

fourth in TRUST sales. revenue. business new and TRUST annualized contracting six million XXXX quarter, client securing re-contracting. XXXX re-contracted clients, to $XX.X on we Now, In the

secured For recurring XX over the an $XX revenues in representing XXXX X.X we full relationships, term TRUST average year, years. at of million

which income accountholders. federal The only a ends of process advised client, TRUST XXXX is renewing fourth with to our in set not to XXXX protect quarter, TRUST Unfortunately, by Department relationships realized uses would current clients later the ready goal to quarter, maintain government the re-contracting functionality we our were convert of these their the through revenue Our that and year. losses. accounting Interior the some strong to are be until during individual trust TRUST they beneficial SWP. Late narrow we contract XXXX this

$XX.X approximately year. [ph] annual this expect the DoI converted in million be later to revenue represents We which

strategic by factors disappointing, also additional were Wealth losses market negative fourth of clients. in the this included XXXX SEI Although of SWP three and loss they this was variety Platform client $X Client did TRUST revenue for approximately not does and represent lost driven of loss client represents situations. million This a sales market momentum. impact quarter target that. a the The not

were of Excluding $X.X Interior, services. was is and negative for million events recurring professional the losses net $X.X Department TRUST million which positive quarter of to due the XXXX $X.X sales the million in

events $XX.X recurring $XX.X million is and For the of million were services. sales is which net million year, $XX.X professional

well events are were business name SWP new conversations we quarter, as books at balance no clients, Although including there progressing clients, of new XXXX SWP sales the additional during TRUST and prospect names. contracting of sales a current types, good several as with current

signing pipeline the strong, elongated. contract and While remains and remains complex approvals the prospect internal and negotiation process

$XX.X clients recurring nine million, total the SWP bringing worldwide. sales of we with For year, events clients sold XX SWP to total

but million seven recurring revenue backlog for Our in installed claims. encompassing net uninstalled $XX signed not approximately SWP total is new

We year to remaining to expect and later. install the this million approximately install $XX

we this showed key capitalizing of the fourth progressing net of are management sales $XXX focused profit year. we $X.X told to Asia, to on conclusion, us segment to of any the improving strong process; be in prospects positive asset questions profitability Banking and our distributors billion flows in grow Our at margins. of representative events I’d to historical by the approximately and growth backlog installing rest million following, distribution new contracting The the assets, you happy through and the point. were to In in the in for the and backlog Europe that November, return answer the the business quarter, with on momentum unit as U.S. of cash bringing new the flows

Operator

with we’ll Please McCrohan’s ahead. Tom line to go instructions] go [Operator And Mizuho.

Tom McCrohan

improved has any Have somewhat? given operating tone you prospects, banks from for environment your change the bank in noticed that

Joe Ujobai

and last are very raising most talking with publicly about and about that weeks, on of are -- the enthusiastic cut very help them they the like cut the come are of banks teller, salaries, all capital things been all expenditures. banks the will that I’ve obviously tax of tax some believe they couple and and road the

But would see inside invest how standpoint, some the that I some of their that So, by opportunities is We��ll we say certainly of from certainly frustrated of are, as in working process are slower and things progresses certainly technology. some would there. signed money diligently we and coming from with like. but see spending a future, converted. optimism many would And regulatory our opportunity that to to as them these are and in in prospects But timing general, get banks than are the we around we there more the the year. be standpoint,

Tom McCrohan

kind of to comment ties sales us what’s that get Can So, insight about going kind of being your the some regulatory side, you hurdle into into signed? deals on, on the cycles last that more these is give complex.

Joe Ujobai

the opportunity and is is think, but sales big. complex I the process long

their business. So, calls we’re as on other that talked and process makers people. talking are single many management There wealth we that of across Those in about big not counting on inside businesses include just in that a certainly firms multiple decision we businesses to of may opportunities certainly by consolidating compliance built SWP to November, but directors, boards of a about with infrastructure regulators, firm. often are or books be and but approval previously decisions infrastructure,

more elongated than So, complex is that process ever. and certainly

We’re to working those build with closely cases. business firms

adding -- we’ve services to around evolved or our market disaster think by the our changing services more I security. recovery, more environment, we’ve recognize data evolved agreement

to solution a we’ve changing great of we’re to and meet how these got a strong takes proud it looking evolved needs still but I but we’ve the conversations think, year. market forward long-time, of So, I’m

Tom McCrohan

I’ll last off. jump One question,

other and and to Regions with similar of banks to had went anything you happening banks. you Fargo change process those Wells regulatory when through and some for between today? But, the what’s did So, process approval the with go

Joe Ujobai

news two clients, with comes tougher. references been in good we’re these actually people get and clients us firms, complex. working and changes big the I getting mean, are it news, have the those in opportunities It’s have a their to to long we’ve big our client terrific the these when process. and The are got the good prospects a we’ve segments of base lead good got closely terrific and But is these and is we done. around with solution, big deals inside the install process important

Operator

Please go go to with We O’Neill. line ahead. Chris will Donat’s Sandler

Chris Donat

Good go Since expenses there with any Interior goes of as afternoon, revenue expect that this just away Department Joe. the to are we expenses, later year? $XX.X fixated on the I’m should away of million contract,

Joe Ujobai

Sure.

margins. I be close think that might to question around Glenn’s

of all, next to through first third have that at So, expect the of year. quarter least we client

infrastructure. longer. TRUST clients TRUST a But is expense the for time. only around have client we’re natural stick So, takedown move sure is conversion of really Wealth TRUST around but actually, goal not XXXX That of attrition, really we and our Platform. of we time. Again, XXXX have strategy from SEI take the the XXXX some part a exact ultimate loss takedown see to date; our this of a wouldn’t all conversions some an some may Not bigger the we to longer on

So, TRUST we down expenses. important to have time project very take over XXXX a

We that the will into some timing this changes client stuff. probably it around process; factor

that this out So, back around incremental it’s focus those goal exact segment. with predict us expenses that as we not expense segment, but to on to getting factor with much we to takedown take margin possible, improvement so as can is into look the profit historical which will we the continue with real easy and our process of to margin

Operator

with Blair. line [Operator Shutler’s go Instructions] William to We’ll William

Chris Shutler

the presumably that on like give sounds bit, is competitor. more conversations? fair? be maybe this the you of on Interior And may leaving, they going you the surprised anything us with So, are Department a can It a

Joe Ujobai

process. government federal first procurement -- this a government is of Well so, -- all,

where whole -- much I the client handful changed We XX service. post years, bid. rebid the we new We are we there the that We on hadn’t excellent on were where formal some that They been been had received. out I We’ve a client Over very change have And have there I I year. heard if XX client for occurred with I rebid change a it, ours. And that times to inside have. staff ours that that a a organization. administration. the change trust closely information that about is knew We very made natural it TRUST almost was XXXX. occurring native the as We the went I for say, pride ago had don’t XX share. involved with you were with would we We’ve know, of ourselves win worked natural been We position. whole would federal sort there of share of the that those organizational established. in we using a We have them notification of was can history the years relationship years. at There certainly them that announcement isn’t got that good I them. about some government been of potentially government required by there was in a had law to of a yes, solid has build They have think was custom against trust, believed the them. a of with surprise. this the federal federal change that of lawsuit But There We, back. So, we occurred, proposal. organization worked this with good Americans the didn’t and contracts. some with We lot a a you. a solution the found about around

than happened things quickly would expected. more we I have think

our there us. were some new that that it that course, So, We were with any will We incredibly weren’t submitted there bid, of we tight which pushed support into formal we we Clearly, a in We as well-known support process response we occurring very our it of did may for organization them we we we was successful. very person has disappointed. Again, We -- be don’t and as in as surprise we informed December. a to very natural there. deconversion, given in to. questions. do one went a to we’re act think will think that a competitors. to will would professionally, them deconversion meet need long But we

to as our stand help hopefully may great we a And long services what possible. disappointed. provider can. are But term will longer been bid. understand we for We by we��ll the support them of deficiency We them long in have as and we’ve been as as

Chris Shutler

XXXX is just you And other remainder sounds as of But don’t to help TRUST about or of about through amount reasons, at the versus think variety Okay. been some way needs still of it to like you us loss, of there quantify kind to re-contracted that a risk? the then, business have I kind be one. on of XXXX, think go each for what’s the secured what’s

Joe Ujobai

situations. worrisome There natural been of. side the the acquisitions that is some been as always different And There’s in there of don’t So, on attrition. said again, we trends wrong lots are have that for I have me. I my comments, see any

more on firms acquisitions on couple talked don’t hoping acquisition been have because the have a very calls coming trust XXXX, generally in am solution, unlike pretty our where to acquisition those In side, side. I plan going forward one up on on that have historically the the I’ve that strategic smaller or recontract. a some times book other there of we’ve smaller else had which management So, we to decided this wealth everybody that earlier talking firm point had quirky to with. to gone midsized point for are the low an been way. good integrated a year a we really versus been luck go where changes really But providers. was We have has cost

that SWP. about is of revenue of our though about about we news third a clients We have always talking our or natural is January with of the attrition, And there to big even but good the attrition, already recontracted lot a importantly in to month more But, book. contracts again, are some continues grow.

SWP. So, of as we do clients ultimate through goal and And to have that will is to continue to to been the these many we attrition get sell that. able important

Chris Shutler

just prior the commentary number I quarter, more think -- or next that a we to decline jumping meaningful in Joe more one point? think And we years. is about the late dollars off think Wells in absolute start business? as in modeling around see couple once less should software the one-timers the Ex QX about year -- complete more Okay. of Wells for will then, you expenses the And the development decent your expenses, of the is the on that this a total work

Joe Ujobai

slightly we to talk is all shy sell As desire about my of on a managing just these expenses lot. calls,

when that I really think standpoint; peak bid about to a bit adjustment a a although we development build, it us wouldn’t XXXX, helps it’s did expense capitalize. of Dennis finishing bit a us do an probably less that little amortization more so, because to really little up in XXXX. helps continue from probably we as capitalize bit And the things talked in

will I things start we development to and expense are So, up see efficiency to want certainly will come year next There that that there as bucket. to is down around. That we finish build, an more want we as Wells. year this things certainly certainly track

up profit to and pop again, goal in probably conversions, our other up back margins. of hopefully this will incremental pop like comps to to see expense improvement get expense. show continue will sales, We is some historical But unit and the buckets

but eye on tightly have as keep you top the to to we line our while possible expense my that obviously line. manage it commitment grow So, as

Chris Shutler

Great, thank you.

Joe Ujobai

Thanks.

Operator

Robert ahead, we’ll Please go And with KBW. sir. Lee line of next, to go

Robert Lee

afternoon, Good Joe. Thanks.

that it, in professional all maybe services through in of do X happened these past, of as pipeline of with has hiring legwork? you curious, too the of reading Just in kind plus end come to front And the did quarter? of much kind clients some without the into million some

Joe Ujobai

million to in about rest are in it realized was in for X there the them So, pipeline, of But, for a realized already the work. we’re that quarter, in charge it associated with will our some quarters. clients in that is backlog. of of XX% bit the clients the most able is work revenue as be the of and statements doing that And subsequent we’re

And to believe we for getting work. pipeline. profits and work contracts as finalized, fairly that are professional clients probably able progressed value we’re the it’s doing has fees again, So, in and we’re a services charge part that the of that

Robert Lee

little books bit have about Okay, And business being SWP, is about And of with clients bigger a the bringing you on of opportunity. new entirely opportunity. books, now clients in you’ve you -- talked SWP maybe for move UK -- XXish kind think of a a mean, follow-up, as exist should while. existing process been clients incremental existing about new a be obviously, talk particularly assuming how to getting over But Can there them that clients or guys someone just process. they and shorter on I be wouldn’t do some as you additional or kind case the doesn’t bringing over? of on what��s talked of But, that to much the to pushback the proven move reason have of more great. that if new that generally do kind I’m has

Joe Ujobai

So, it’s different a UK. U.S. little to

lot a made So, clients of acquisitions. in have UK, our

we’re So, did they that focused acquisitions.

want to not conversion. done they incorporate those have a and acquisitions quickly system they may Sometimes

single UK, those the to those a you of put into your firms all So, [indiscernible] said back clients some acquisition, help those be SWP. would gone now, that we’ve rub infrastructure, off which in book

non-principal there big books those there UK management are that of U.S. brokerage clients not sort story. platform And opportunities really really true people accounts. they’ve generally In brokerage carrying client to where directed or still in some so self-directed, non-trust but opportunities be but managed of are income us. cases may business it’s the In is really there team on extent that’s be identifying some there and so, big U.S., the -- got sales for the the relationship are and some

we’re the installed front into built really that earlier I that and end is this modern that managed going those so, now firms And And program. platform teaching about of the robust, we’ve talked Bank. certainly some that year with and we account really stuff Regions

banks. be will in very top the some the attractive we as We’re [indiscernible] base. larger growing And traction non-trust that midsized, getting of quickly feel some that of the is --

Trust infrastructure we’re but definitely in mean it changing reception sold some of some these there the under, us. or that. opportunities single infrastructure. are is trust traction, growth for we In And these on regulatory XXXX in really there a important the [indiscernible] SWP. cases, but to our big, But And that SWP. system I that’s management oversight about So, big is there underlying are some accounts that getting talking competitive think and they’ve firms, does the of at

Operator

well, queue. queued And There are questions next, we they of up other this time. to at themselves actually, will -- out no took go

Al West

Wayne Withrow is segment Advisors Investment cover segment. and will Wayne? next this Our

Wayne Withrow

our to with profits making net migration to driven the in In increase. Expenses increase flow significant the revenue development the continued in also When over fourth expense the option were platform than year. of of revenues quarter of associated our personnel and This Al. we market discussed asset expense, due to direct personnel net the caused increased offset stock you, increase fourth our was major to versus simultaneously our last better strides These to costs quarter by the million Fourth the Wealth revenues expenses big costs positive in our appreciation SWP in fourth $XX.X and fee were of of last were migration $XX and business growth, year’s impact contributors an by behind third Dennis, supported cash migration and reductions were Increased quarter expense, wealth stock by expense products. by and by Platform. option factors compared part Thank capitalization. the development investment in expense quarter, increase. expenses one the XXXX, grow SEI totaled million. in quarter some and the up increase while

two fourth by growth from factors. primary our Our last was X.X% This year’s profits but quarter grew rate. caused revenue lagged

and presented in strong distinction use our the platform. growth First, our and the increase to opportunity option revenue SEI large second, development the by the migration our stock a to Platform Wealth in expense; to investment increase

an and Assets both billion driven by The positive cash net XX, under increase increase December flow December billion from were $X.X $XX.X XXst, XXXX. is of at management market appreciation.

During net cash positive the fourth quarter, we had $XXX in flow. million

we for XXX advisors, bringing During the our to the quarter, recruited total year XXX. new

advisors new of pipeline strong. remains Our

For XXXX, areas. three main will we on concentrate

XXXX, clients on the migrate of the and One end and the assets. we all are clients have year. half the the now In We $XX by final of converted at the this platform rollout Wealth of end First, over migration over X,XXX should SEI we have focused onto on in platform March our our Platform. of billion AUM largest XXXX should migration. complete of

We are goals. these for track on

functionality SEI will two the the its Platform, straight we migration, on to Wealth as Second, in capabilities. advisors especially having focus step increasing our processing adopt new be the through

Third, to our trends. we will investment industry continue evolve to response offering in

SMA As mutual an of year, our the throughout our program. in Strategies example, funds, we lower ETF program some our and fees have

have passive a an just cap example, our we incorporated as fund in models. As large [ph] further option a

Wealth in Xth reflected Now, management United in most progress Morningstar which classes us activity U.S. SEI continuing started prefer the growth passive largest us, and advisors for States. Strategies in program solid This ETF the of our ETF large has This as of response could asset XXXX. cap active ongoing part our migration want portfolios of financial the who summary, recently ranked is introduction program. our XXXX very still for successful select our strategist popularity SEI to but with passive Platform. the in growing In investments an and been

in of may us. of any opportunity I you welcome front We accelerate Our items. these goal is have. XXXX remain confident both in long-term to in the questions

Operator

to line KBW. ahead Please sir. Robert [Operator go instructions] And Lee’s with we go

Robert Lee

portfolios are talk competitive of there I there Could shifting kind I of versus obviously but a like organizations about like how on of maybe solutions sense Jemstep I -- or who of someone firms landscape. you near other may a competitors out located there, I have how us where mean, of -- the sits not give where some or some landscape not. a model of for solutions? you kind on SWP offering I competitors, I those have be kind and view AdvisorEngine is maybe competitors know lot guess, and what guess you kind see some you, and kind competitive the question as that having advisors and of

Wayne Withrow

Yes.

we us, one I sort integrated mentioned, front of for the built major difference think that completely back solution you are firms SWP. around to have

you about But and about providers, own So, it, custody our also technology as can builds talk platforms. certainly you we have for think us. the SWP

built we integrated. So, or for on have they the example Fidelity but Schwab a are

management. internal have own our investor built management We program investment on our

makes most different we at point us from I accountability single competitors. end-to-end So, of and and are other what solution that’s think

Operator

Oppenheimer. We’ll Greene with [Operator instruction] go Glenn to

is open, Your sir. line

Glenn Greene

Yes.

earlier update little talk you a of prepared a last Has comments, your contrasted bit an year of in pressure, little highlighted or on couple give you about the the for and environment? could the yield about pressure talked Just bit has how the just in it changed quarters? pricing all, that that maybe at you

Wayne Withrow

the and same. I our in think and manage the We reassess a of response of the about environment profitability pricing the of disciplined sort of maintaining fee to products constantly reductions manner. is unit market in we sort

I greater, So, say, is not either. but it less would not

Glenn Greene

then… And Okay.

Wayne Withrow

real XXXX. are point in throughout most product periodically financial price the And think results. the I certain though But, they here is, reflected lines we’ve reduced from

it’s wrong… I and there that say is would like So, some XXXX not at look

Glenn Greene

flows for flows, And to on nice was just or or you the of? then, the bit, sort XXX other any you dynamics advisors Could existing it level. Okay. much see maybe advisors may parse the just how a little reaccelerated aware from that flows, of on versus so the be new which

Wayne Withrow

in a investing quarter, advisors flows that I little by saw prior about from better; than XX% the driven were increase the an were think, of And improvement we quarters. a higher they the third over was -- think the I quarter. definitely fourth the lot

Operator

questions other no queued up. are There

Al West

it segment, Investors to segment this is report and to Institutional I next the on turn will over Paul segment. Klauder Our

Paul Klauder

$X.X is negative client QX million, $X.X XXXX operating million to profits gross was predominantly million, asset versus end or fundings XXXX of due that year fourth got afternoon, billion revenues organization. the fundings included specialty year to $XXX.X million $X.X to X% million everyone. have I’m larger than the but quarter balances The $X.X were XXXX profit revenues, products. $X clients client to the losses performance discuss based XXXX XXXX. number operating positively $XX.X XXXX were the large $XXX advised and $XXX quarter Full profits increase revenues were asset quarter one-time our million; operating XXXX. fee fourth $XX strong XXXX. managed billion million positive $X.X XXXX The quarter base of reduction Quarter XXXX. X% decrease for performance impacted in item, $XX in results and at well XX%. Fourth XXXX lower a million, versus as X% XXXX corporate due X% for an quarter loss this billion going year for Good reflect were full fourth totaled of Al. due depreciation Market for billion profits increased the quarter fourth This relationship acquired were net date lower appreciation, externally fourth by to Net financial year. in $XX Thanks, North were fee of funding the to investment without the revenue. one full client operating as the for quarter fundings QX the of than in entire assets billion. American margins market Operating year increased would base profits. reduced by compared

included New large $X.X Fiduciary for were new UK Union Management, was signings plan. client benefit defined clients penetration or markets U.S. endowments say, contribution, quarter of corporate at XXXX for U.S. strong our new defined U.S. These and and billion. the growth unfunded $X.X client backlog were $XXX billion clients the foundations, across signings quarter-end at Total million.

and in And entering much. DB fiduciary new Thank non-U.S. to that contribution, any question out into markets. foundations, you very growth I care, might new unions health have. XXXX focus U.S. endowments defined continue and benefit welcome Our you and business and defined government and management, will global diversify will be of

Operator

is up Nobody at time. queuing Instructions] [Operator this

Al West

Our Managers. today segment Investment final is

Steve? to Steve this Meyer Now, I’m discuss over turn segment. going to it to

Steve Meyer

Good everyone. Thanks, afternoon, Al.

the segment million of from quarter which was fourth which and primarily fourth as XX.X% this of appreciation XXXX. in of $X.X market represented addition revenue well the For the to compared during for million period, client revenues increase funding $XX.X our the was in our number. due $XX.X, quarter XXXX as the the or Archway, as million revenue This totaled higher new revenue of time to of above acquisition

For our XXXX. which was than $XX.X $XXX.X the year was full million or the XXXX, year higher revenue million full XX.X%

million segment the $X million of for XX.X% the profit higher quarter of was quarter than XXXX. $XX.X fourth fourth or Our

Archway. year million profit than XXXX from of the of partial XX% of XXXX profit $XX.X million and higher year of full included the segment million or Our for annual $X.X $XXX.X our profit was approximately that approximately

as asset to party or balances new billion were $XX.X approximately XXXX billion, fourth of of billion. Third assets XX.X% compared to at XXXX. market appreciation quarter with client of end net was primarily The the $XX.X fourth the increase activity. higher end combined asset $XX.X the of quarter balances $XXX.X at market the fundings due Returning to in billion of

of totaled XXXX, events clients of $XX.X competitive new as in addition quarter quarter. an new market several all private of private in and with as segments strong fourth expansion outsourcing our included business back annualized hedge our had well named a business revenue. million well the as with business, office as comprised agendas of and current existing sales sales and new named including segments in were middle wins equity of the Net our alternative During multiple clients. business sales office wins existing across These equity we

of offer business ETF And clients. expansion side, in competitive key signed Connecticut-based and And Archway. we several we on existing win had manager had investment including several in product launch clients of we trust relationships wins from significant We with also key two finally, a family collective our large office market. mandates the the class from every global and a traditional

of acceptance we XXXX new events and our our total strength approximately sales growth and a end key sales for offices, implementation strategy our of regulatory into front finally, new office similar discussed and our expansion the total with the million solutions XXXX, sales that you further second many our including Our XXXX, our primarily, validate market backlog to of in and in largest of was services. investment business perspective, equity office we to XXXX, and business execution segments goals and continues our of the million and our From solutions. family year the of $XX.X in and private global were of at of market momentum strategic middle and and opportunity, accomplished which very the year-to-date net $XX.X and events compliance,

platforms. drive focus forward and on As of will strategy into expansion our execution XXXX, we continued our of be our

we regulatory expansion two, be for centered analytics goals one, execution platform current three, key office clients year; of our acquired and focused and family and business momentum growth and investors; sales services and our our of continued our this platform that markets; will platform. in our on, our the front expansion office of global our within Our data continued of support four, in compliance expansion

We in solutions will sustainable our drive help and invest continue growth. platforms to to us

that remarks. may optimistic opportunity is prepared us. the available over And will questions are We to have. now my concludes any I That turn you it to

Operator

And Instructions] [Operator line Lee’s Robert Please go with will go to we KBW. ahead.

Robert Lee

not kind update Just what of businesses? of yet one curious, of of is on your kind us backlog but could kind converted of you kind

Steve Meyer

that did disappoint you Rob me not you if question. ask would

end So, implemented. million was deals, our the backlog $XX.X QX of of at sold not

Robert Lee

months of any so? kind the that, next And you have XX to or you on sense do just of would what with roll expect over

Steve Meyer

from have XX the talked XX anywhere backlog, it’d take past, have especially larger, we to Well, in fields when these we have months. gotten

that seeing think, are a little bit. I we shorten

fund XX.X looking the of I XX times is during think So, now. this various would be at months, think we to kind range right hope XX at the next we I backlog, over would to our year that are start

Robert Lee

are one. was Could Okay, up a kind that XXXX the up early XX to Dennis thinking highlighted comp pressures little And even thinking that new initiatives with a about you range. that’s question bit an you following all of and your And XXish broader -- business about you margin you but, wins particularly margins how good for and great. maybe are a here good and kind held progression a thing is you that firm or that about, for from of of the kind the talk well, areas on. of maybe bunch pretty have focused

you how market of opportunity position? tax using rate, maybe about of kind kind Just think as lower spend and to accelerate an some

Steve Meyer

my that hand and over let to standpoint thing to from love Dennis I’d but So, do is answer. Dennis, answer I’ll what I’ll whole

at I changed my look So, view really here it. on is have not this. I

to I of we any the and said market We continue or for invest at type tax to at anytime scared or that think the doing really invest it what not are are markets Dennis change.

We and will made in we continually our thing invest to business it’s the when sense do. right what see

our has have I investments building business of made, the needs been really and those things from our and have think we for in we front out have of growth the we emerging the investments some of had come clients.

not to to this, that. We do I the do but don’t guys know continue you look quarter-to-quarter. like I manage will margins

a think would mistake. I that be

the our is business think mid-XXs. business I strong still a in

would medium to the be in we see to think increase investment short-term and now, the spend, investment continue some areas that little term, relatively that. we back spend However, But, will if past might look we opportunity but we increase over that to right are you’ve do similar to the what it with investment seen might year drop quicker, you see years. this comfortable right I done to a I think things few get

Operator

get first you if want that. give Shutler, to I’ll Mr. correct me name, And your

Al West

Chris. It’s

Operator

the with I that to fix William just Chris list. Blair. Shutler on want

Steve Meyer

you doing? Hey are William, how

Chris Shutler

quarter? Steve. was the net X.X in say The you did Hey, client it funding,

Steve Meyer

I gave fundings Net fundings, I basically year-over-year think give, I the didn’t with assets.

for fundings over $XX.X QX QX. billion client So,

Chris Shutler

just it you was? what Can give us for quarter the

Steve Meyer

the have but can QX, get don’t you, I for I Chris. Yes. exact that

Chris Shutler

back then, it assets looked And go under and can up only it slightly I administration like Okay. was look. number, sequentially. the

in the backdrop, were the now, there happened given quarter? some just client market So, what losses

Steve Meyer

was and which growth growth a Obviously, some to a of some little some things. bit going clients; number was reflected be between account asset Well, mismatch there There businesses there was in in obviously revenue growth assets. we are of in growth. our the had of our kind of base our

did they decided our had redemption-wise in side, in the one the are really our in solution course and business. their was in several significant two business alternative clients had on reasons, that traditional internal normal change go couple run some a with during strategy they quarter the to they drops we we that business also clients, looking and And lost those our global and We fee, other but of the to they an lower one what but have clients side went and I would just business they in lower clients, at went a really traditional And with compete the probably way on. say, that did moved to cost the strategically two were prices outsource; we’re they competitor. but the were versus was lower profit and going were better and they our it

Chris Shutler

And Okay. one, the the then, last just on Steve, Archway.

like business? Just expected, that give how you versus in And feeling XX.Q, the it QX update were a up the had over that they laid I guess an trailing are financials about XXXX? us maybe guys and you little bit think how you I did in so initial have versus looked end summer. How it out, they what performed

Steve Meyer

expected. are we in I’d with directionally, think say, I So, what they line

think my goals there. I we some to out had previous obviously comment, stretch

but a XX%, acquisition over this margins little little They forward their top midyear grew year. reasons, obviously line I grew. think still headwinds think we’ll exceed going that a of bit they about And grew put for a that of number this by I they XX%. year,

to expectation. I there did that met where them think I would I think want happen why reasons were, be. is be we We this like them higher a think I inline love directionally and directionally and they’re but to bit where in our is good little than not see they said

Operator

time. at [Operator the queue Instructions] Nobody this else is in

Al West

would I a now statistics. few to Kathy Kathy? give you, Thank companywide Heilig you Steve. like

Kathy Heilig

$XXX.X Good million or everyone. $XXX.X cash regarding Fourth corporate December share. cash was $X.XX share. I operations flow Al. $X.XX operations afternoon, Thanks, from or million additional per this And flow information some from per quarter quarter. year-to-date had

$XXX.X whole -- and Our free flow our million quarter for flow $XXX.X the the entire was cash fourth the year cash million. free for was

total quarter, expenditures $X.X year or fourth software in were a capital the million. excluding capitalized million Our for $XX.X the of

some going year. facilitate next to We’re do expansion

Tax $XX we’re standard our is That in note Cut capitalized Act capital report the our million. So, as a We conversation year. tax it rate the fluctuate adoption about result, due next the accounting effective release year, standards which this software also into XXXX did the allows that Job earnings of and projecting calculation the of as And our exercises to spend. well tax due it’s in to but income to with likely us of continue tax again earlier excluding new expenditures and Dennis adopted in rate we stock will quarter-to-quarter. will our accounting tax to the benefit as option most be

results. is we call revenues this herein And unaudited. differ obligation correct Future many to information financial our you any a future Now, also our presented assumptions comments expected to are we or have that and would and on like of income as no based are release publicly statements developments. could in that from remind and that update result statements involve and upon risks forward-looking the of

affect free and now, And description have. to uncertainties a of that other SEC periodic questions refer please results. ask that our You filings could financial through our risks feel various you should to may any future

Operator

And [Operator go Shutler go William Blair. Please will Chris with we to Instructions] ahead.

Chris Shutler

Dennis, one just Hey, more.

for about there’s I just numbers. expenses not noise As give specific we a you’re in the XXXX, I But know the think a to lot know number. going of

we just expense single, sales that single, assume is reasonable? just or single here. and you normal a are think of ballpark and out trying low kind of if onetimeish upper of all amortization, what year-over-year more back digit So, we Are talking changing were other growth, things to the stock sense get comp sort to like mid consistent

Dennis McGonigle

it the the to gave fourth -- y equals adjust call little in for x So, you year first number compared we the bit the take year one-time one the normalize point, a x through and on, carry know the it’s you way if amortization XXXX you expenses for will times fourth a option is which what as the -- to for quarter. the year time, goes quarter probably I I’d the really z? quarter I’d want for and guess

those If year expense-wise. say I that of them is mid this would of There kind we’re take expect two net to that increases out, and kind single-digit happen you the unusual we in things year-over-year. percentage nothing

a want we do to need things business. to make will -- for attract We we’ve expect to that sure competitive continue environment the we to certainly are always done. We in and we talent. keep We talent grow our

you little as more competition in see, So, market, the as result can probably that. pressure of there’s a on

-- in particular would financial investment change and for number much. market, planning [indiscernible] talent technology, on market as as in that say XXXX, investment big really well talent there’s is no competitive that we’re project that. And have we We’re services that I’d

Chris Shutler

you. thank Okay,

Dennis McGonigle

I That’s would where be comfortable with.

Chris Shutler

Okay.

Dennis McGonigle

Now, changed of we if year, call will it the out. the during obviously anything course

Chris Shutler

you. Thank

Dennis McGonigle

for we’re I are going because Eagles waiting [indiscernible] all you Sunday the question. to on thought that win

Operator

We’ll Robert go Lee KBW. with to

Robert Lee

Great taking thanks for my follow-up. and

a normalize quick fun. question in the stock tax the kind outside tax kind curious kind related just a reform? Just rate changes was benefit, of to just is tax I’m what the to for trying least What the options real benefit quarter tax of was actual the am of way? I tax at in quarter, which of sure the related to

Dennis McGonigle

about on points the accounting rate helped tax change, X percentage change the expense the us in The quarter. by option

Robert Lee

guys. thanks Thanks so much. Great,

Dennis McGonigle

talked XX% you the range. gave rate That’s I about -- Kathy that’s why to XX.X%

any because much, could driven benefit go which it’s it’s is or that from option by included frankly other and therefore could the up rule exercises that unpredictable, rule go So, They way. accounting could change could -- down, not rate would because they accounting the change. go

your You could -- could you rate... add increase

Robert Lee

route over been of towards philosophy maybe as still migrating options more what And out of lot stock? To actually kind I options me, the restricted years. one prefer wise, why and a follow-up. -- more guys a stock you restricted use you the maybe not. there you of lot of firms obviously But, of this versus mean, have kind going kind stock,

Al West

This that. is I’ll answer Al.

And our calculated interest last right it, will lower be that earnings and think could lower. when we it we the this changes. I than are now, we we felt lot than make difference, much because grow XX%. looked As of that at a time Options that rates faster

run options entrepreneurial that’s can of upside number the people and better one. to we stock Rob? bunch put hands is question, that the and they way get. we It’s on expensive options second we that So, employees. certainty the have again. the the the are they And in more But, options and of feel of that your of answer less your the capital a appreciate Does than [indiscernible]

Operator

up, Mr. Lee. is line Your back

Robert Lee

answer I got it. Thank does you for my question, it taking it.

Al West

that ago. there of equity our us couple Rob, added doing from things. a other in Yes. that plan precludes years We is nothing

on to if think change questions? that do if that, we have philosophy were So, flexibility so. our we Any to -- the

Operator

Not at this sir. time,

Al West

Okay.

I ladies by the the So, And benefit business progress help each making they gentlemen, taking encouraged our from all industry. of believe is us direction changes are in line I and am and will we investments the making. the place are taking our

Eagles. you great And go for importantly, So, concludes evening. attending a Have And our thank that our call. presentation. most

Operator

and you for Executive Ladies and for your that participation today. Teleconference. Thank the gentlemen does conclude our AT&T conference using

You disconnect. now may

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