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Business Segment Information
 3 Months Ended
Mar. 31, 2014
Segment Reporting [Abstract]  
Business Segment Information
Business Segment Information
The Company’s reportable business segments are:
Private Banks – provides investment processing and investment management programs to banks and trust institutions, independent wealth advisers and financial advisors worldwide;
Investment Advisors – provides investment management programs to affluent investors through a network of independent registered investment advisors, financial planners and other investment professionals in the United States;
Institutional Investors – provides investment management programs and administrative outsourcing solutions to retirement plan sponsors, hospitals and not-for-profit organizations worldwide;
Investment Managers – provides investment operations outsourcing solutions to fund companies, banking institutions and both traditional and non-traditional investment managers worldwide; and
Investments in New Businesses – focuses on providing investment management programs to ultra-high-net-worth families residing in the United States; developing internet-based investment services and advice solutions; entering new markets; and conducting other research and development activities.
The information in the following tables is derived from the Company’s internal financial reporting used for corporate management purposes. There are no inter-segment revenues for the three months ended March 31, 2014 and 2013. Management evaluates Company assets on a consolidated basis during interim periods. 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, 2013.
The following tables highlight certain unaudited financial information about each of the Company’s business segments for the three months ended March 31, 2014 and 2013.
 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Three Months Ended March 31, 2014
Revenues
$
105,179

 
$
66,424

 
$
68,657

 
$
61,008

 
$
1,118

 
$
302,386

Expenses
100,190

 
34,577

 
34,095

 
39,184

 
4,249

 
212,295

Operating profit (loss)
$
4,989

 
$
31,847

 
$
34,562

 
$
21,824

 
$
(3,131
)
 
$
90,091

Gain on sale of subsidiary
5,582

 
—

 
—

 
—

 
—

 
5,582

Total profit (loss)
$
10,571

 
$
31,847

 
$
34,562

 
$
21,824

 
$
(3,131
)
 
$
95,673


 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Three Months Ended March 31, 2013
Revenues
$
98,746

 
$
55,191

 
$
63,162

 
$
53,820

 
$
960

 
$
271,879

Expenses
96,298

 
31,625

 
31,509

 
35,162

 
3,738

 
198,332

Operating profit (loss)
$
2,448

 
$
23,566

 
$
31,653

 
$
18,658

 
$
(2,778
)
 
$
73,547

Gain on sale of subsidiary
22,112

 
—

 
—

 
—

 
—

 
22,112

Total profit (loss)
$
24,560

 
$
23,566

 
$
31,653

 
$
18,658

 
$
(2,778
)
 
$
95,659


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 March 31, 2014 and 2013 is as follows: 
 
2014
 
2013
Total operating profit from segments above
$
90,091

 
$
73,547

Corporate overhead expenses
(11,699
)
 
(13,794
)
Noncontrolling interest reflected in segments
—

 
289

Income from operations
$
78,392

 
$
60,042



The following tables provide additional information for the three months ended March 31, 2014 and 2013 pertaining to our business segments: 
 
Capital Expenditures
 
Depreciation
 
2014
 
2013
 
2014
 
2013
Private Banks
$
8,798

 
$
4,851

 
$
3,732

 
$
3,933

Investment Advisors
3,589

 
1,775

 
491

 
509

Institutional Investors
1,288

 
363

 
209

 
230

Investment Managers
2,135

 
623

 
512

 
462

Investments in New Businesses
580

 
88

 
530

 
454

Total from business segments
$
16,390

 
$
7,700

 
$
5,474

 
$
5,588

Corporate overhead
645

 
92

 
110

 
116

 
$
17,035

 
$
7,792

 
$
5,584

 
$
5,704


 
Amortization
 
2014
 
2013
Private Banks
$
5,952

 
$
5,336

Investment Advisors
2,197

 
1,957

Institutional Investors
341

 
302

Investment Managers
227

 
202

Investments in New Businesses
440

 
388

Total from business segments
$
9,157

 
$
8,185

Corporate overhead
57

 
57

 
$
9,214

 
$
8,242