EX-99.1 5 seic-63014xex991.htm PRESS RELEASE
Exhibit 99.1
Investor Contact: Media Contact:
Nicole Vattimo Dana Grosser
SEI SEI
+1 610-676-4385 +1 610-676-2459
nvattimo@seic.com dgrosser@seic.com
Pages: 8
FOR IMMEDIATE RELEASE
SEI REPORTS SECOND-QUARTER 2014 FINANCIAL RESULTS
Revenues Increase 16 Percent, Strong Growth in Income From Operations
OAKS, Pa., July 23, 2014 -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the second-quarter 2014. Diluted earnings per share were $.48 in second-quarter 2014 compared to $.47 in second-quarter 2013. Diluted earnings per share in the second-quarter 2013 reflect pre-tax gains of $.16 per share from a litigation settlement payment related to a structured investment vehicle (SIV) security. Net of this item, diluted earnings per share were $.31 in second-quarter 2013 and diluted earnings per share growth was 55 percent.

Consolidated Overview |  | For the Three Months Ended June 30, |  |  |  | For the Six Months Ended June 30, |  |
(In thousands, except earnings per share) |  |  |  |  |  |
|  | 2014 |  | 2013 |  | % |  | 2014 |  | 2013 |  | %
Revenues |  |  | $318,815 |  |  |  | $274,574 |  |  | 16 | % |  | $ | 621,201 |  |  | $ | 546,453 |  |  | 14 | %
Net income attributable to SEI |  | 82,813 |  |  | 83,494 |  |  | (1 | )% |  | 157,633 |  |  | 155,414 |  |  | 1 | %
Diluted earnings per share |  |  | $0.48 |  |  |  | $0.47 |  |  | 2 | % |  |  | $0.91 |  |  |  | $0.88 |  |  | 3 | %

"Our strong second-quarter results reflect progress across all of our business segments," said Alfred P. West, Jr., SEI Chairman and CEO. "The results are evidence that what we are building and delivering into our markets is being accepted and that our commitment to long-term, sustainable growth and increased shareholder value is paying off.
"These results affirm our strategic business model of a diversified portfolio of offerings that provide leveraged and scalable solutions to our markets."

Summary of Second-Quarter Results by Business Segment

(In thousands) |  | For the Three Months Ended June 30, |  |  |  | For the Six Months Ended June 30, |  |
|  | 2014 |  | 2013 |  | % |  | 2014 |  | 2013 |  | %
Private Banks: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | $114,182 |  |  |  | $95,142 |  |  | 20 | % |  |  | $219,361 |  |  |  | $193,888 |  |  | 13 | %
Expenses |  | 98,957 |  |  | 97,755 |  |  | 1 | % |  | 199,147 |  |  | 194,053 |  |  | 3 | %
Operating Profit |  | 15,225 |  |  | (2,613 | ) |  | NM |  | 20,214 |  |  | (165 | ) |  | NM
Gain on sale of subsidiary |  | — |  |  | — |  |  | — | % |  | 5,582 |  |  | 22,112 |  |  | (75 | )%
Total Profit |  | 15,225 |  |  | (2,613 | ) |  | NM |  |  | $25,796 |  |  |  | $21,947 |  |  | 18 | %
Operating Margin (A) |  | 13 | % |  | (3 | )% |  |  |  | 9 | % |  | — | % |  |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 70,046 |  |  | 59,284 |  |  | 18 | % |  | 136,470 |  |  | 114,475 |  |  | 19 | %
Expenses |  | 35,679 |  |  | 32,898 |  |  | 8 | % |  | 70,256 |  |  | 64,523 |  |  | 9 | %
Operating Profit |  | 34,367 |  |  | 26,386 |  |  | 30 | % |  | 66,214 |  |  | 49,952 |  |  | 33 | %
Operating Margin |  | 49 | % |  | 45 | % |  |  |  | 49 | % |  | 44 | % |  |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 70,994 |  |  | 63,684 |  |  | 11 | % |  | 139,651 |  |  | 126,846 |  |  | 10 | %
Expenses |  | 35,025 |  |  | 33,028 |  |  | 6 | % |  | 69,120 |  |  | 64,537 |  |  | 7 | %
Operating Profit |  | 35,969 |  |  | 30,656 |  |  | 17 | % |  | 70,531 |  |  | 62,309 |  |  | 13 | %
Operating Margin |  | 51 | % |  | 48 | % |  |  |  | 51 | % |  | 49 | % |  |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 62,451 |  |  | 55,456 |  |  | 13 | % |  | 123,459 |  |  | 109,276 |  |  | 13 | %
Expenses |  | 39,449 |  |  | 36,507 |  |  | 8 | % |  | 78,633 |  |  | 71,669 |  |  | 10 | %
Operating Profit |  | 23,002 |  |  | 18,949 |  |  | 21 | % |  | 44,826 |  |  | 37,607 |  |  | 19 | %
Operating Margin |  | 37 | % |  | 34 | % |  |  |  | 36 | % |  | 34 | % |  |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 1,142 |  |  | 1,008 |  |  | 13 | % |  | 2,260 |  |  | 1,968 |  |  | 15 | %
Expenses |  | 4,451 |  |  | 3,890 |  |  | 14 | % |  | 8,700 |  |  | 7,628 |  |  | 14 | %
Operating Loss |  | (3,309 | ) |  | (2,882 | ) |  | NM |  | (6,440 | ) |  | (5,660 | ) |  | NM
Totals: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | $318,815 |  |  |  | $274,574 |  |  | 16 | % |  |  | $621,201 |  |  |  | $546,453 |  |  | 14 | %
Expenses |  | 213,561 |  |  | 204,078 |  |  | 5 | % |  | 425,856 |  |  | 402,410 |  |  | 6 | %
Corporate overhead expenses |  | 11,624 |  |  | 12,523 |  |  | (7 | )% |  | 23,323 |  |  | 26,317 |  |  | (11 | )%
NCI reflected in segments |  | — |  |  | — |  |  | — | % |  | — |  |  | (289 | ) |  | NM
Income from operations |  |  | $93,630 |  |  |  | $57,973 |  |  | 62 | % |  |  | $172,022 |  |  |  | $118,015 |  |  | 46 | %

(A) Percentages determined exclusive of gain on sale of subsidiary.
2

Second-Quarter Business Highlights:

• | Revenues increased in second-quarter 2014 as compared to both second-quarter 2013 and first-quarter 2014. Revenue growth was primarily driven by higher Asset management, administration, and distribution fees from market appreciation and improved cash flows from new and existing clients.

• | Revenue growth was also driven by increased information processing fees in our Private Banks segment. The increase was primarily attributable to higher fees from the growth in assets processed on the SEI Wealth Platform SM and $6.0 million, or $.02 diluted earnings per share, in non-recurring professional services fees from a single project.

• | Sales events, net of client losses, during second-quarter 2014 totaled approximately $23.1 million and are expected to generate net annualized recurring revenues of approximately $17.0 million when contract values are fully realized.

• | Our average assets under management, excluding LSV, increased $23.5 billion, or 17 percent, to $164.3 billion in the second-quarter 2014, as compared to $140.9 billion during the second-quarter 2013, and increased $6.8 billion, or four percent, as compared to $157.6 billion during the first-quarter 2014.

• | Our average assets under administration increased $49.2 billion, or 16 percent, to $348.4 billion in the second-quarter 2014, as compared to $299.2 billion during the second-quarter 2013, and increased $12.4 billion, or four percent, as compared to $336.0 billion during the first-quarter 2014 (see attached Ending and Average Asset Balances schedules for further details).

• | All four core business segments realized revenue and profit margin growth as compared to second-quarter 2013 results. Operating margins in all four core business segments improved primarily from increased recurring revenues generated from the higher levels of assets under management and administration.

• | Income from LSV increased $6.7 million, or 24 percent, to $34.5 million in second-quarter 2014 as compared to $27.8 million in second-quarter 2013 due to an increase in assets under management from market appreciation and an increase in performance fees earned by LSV.

• | Stock-based compensation expense during the second-quarter 2014 decreased by $7.7 million due to the acceleration of expense recognition during the comparable period of 2013 for stock options that achieved performance vesting targets earlier than originally estimated.

• | Amortization expense related to capitalized software increased to $9.5 million during the second-quarter 2014 as compared to $8.4 million during the second-quarter 2013 due to continued releases of the SEI Wealth Platform SM.

• | Net income attributable to SEI in the second-quarter 2013 reflects income of $43.4 million, or approximately $.16 diluted earnings per share, from a settlement payment received pertaining to litigation related to the purchase of securities of Cheyne Finance LLC, a SIV security.

• | The effective tax rates were 35.7 percent in second-quarter 2014, 35.5 percent in second-quarter 2013, and 35.9 percent in first-quarter 2014.

• | In second-quarter 2014, we repurchased 2.2 million shares of our common stock for $71.6 million.

3

Earnings Conference Call
A conference call to review earnings is scheduled for 2 p.m. Eastern time on July 23, 2014. Investors may listen to the call at www.seic.com/investors. The call may also be accessed at many financial services websites, including Google Finance and Yahoo Finance. Investors may also listen to replays at these websites, or by telephone at (USA) 800-475-6701; (International) 320-365-3844, access code 332277.
About SEI
SEI (NASDAQ:SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of June 30, 2014, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $602 billion in mutual fund and pooled or separately managed assets, including $249 billion in assets under management and $353 billion in client assets under administration. For more information, visit www.seic.com.
Many of the statements in this release may be considered “forward looking statements” and include discussions about future operations, strategies and financial results. Forward-looking statements are based upon estimates and assumptions that involve risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe our assumptions are reasonable, they could be inaccurate. Our actual future revenues and income could differ materially from our expected results. We have no obligation to publicly update or revise any forward-looking statements.
4

SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Asset management, admin. and distribution fees |  |  | $236,191 |  |  |  | $203,722 |  |  |  | $461,262 |  |  |  | $402,355 |
Information processing and software servicing fees |  | 75,828 |  |  | 62,468 |  |  | 145,006 |  |  | 127,000 |
Transaction–based and trade execution fees |  | 6,796 |  |  | 8,384 |  |  | 14,933 |  |  | 17,098 |
Total revenues |  | 318,815 |  |  | 274,574 |  |  | 621,201 |  |  | 546,453 |
Subadvisory, distribution and other asset mgmt costs |  | 37,244 |  |  | 29,652 |  |  | 71,256 |  |  | 57,586 |
Software royalties and other information processing costs |  | 8,417 |  |  | 7,884 |  |  | 16,970 |  |  | 15,371 |
Brokerage commissions |  | 5,119 |  |  | 6,260 |  |  | 11,098 |  |  | 12,772 |
Compensation, benefits and other personnel |  | 92,470 |  |  | 86,715 |  |  | 186,894 |  |  | 175,325 |
Stock-based compensation |  | 2,872 |  |  | 10,607 |  |  | 5,695 |  |  | 15,900 |
Consulting, outsourcing and professional fees |  | 33,404 |  |  | 33,451 |  |  | 68,337 |  |  | 65,300 |
Data processing and computer related |  | 13,378 |  |  | 12,316 |  |  | 25,998 |  |  | 24,374 |
Facilities, supplies and other costs |  | 17,366 |  |  | 15,559 |  |  | 33,218 |  |  | 33,707 |
Amortization |  | 9,584 |  |  | 8,427 |  |  | 18,798 |  |  | 16,669 |
Depreciation |  | 5,331 |  |  | 5,730 |  |  | 10,915 |  |  | 11,434 |
Total expenses |  | 225,185 |  |  | 216,601 |  |  | 449,179 |  |  | 428,438 |
Income from operations |  | 93,630 |  |  | 57,973 |  |  | 172,022 |  |  | 118,015 |
Net gain (loss) on investments |  | 391 |  |  | (177 | ) |  | 527 |  |  | 103 |
Interest and dividend income |  | 721 |  |  | 688 |  |  | 1,498 |  |  | 1,741 |
Interest expense |  | (114 | ) |  | (114 | ) |  | (227 | ) |  | (227 | )
Equity in earnings of unconsolidated affiliates |  | 34,226 |  |  | 27,588 |  |  | 66,117 |  |  | 55,176 |
Gain on sale of subsidiary |  | — |  |  | — |  |  | 5,582 |  |  | 22,112 |
Other income |  | — |  |  | 43,429 |  |  | — |  |  | 43,429 |
Income before income taxes |  | 128,854 |  |  | 129,387 |  |  | 245,519 |  |  | 240,349 |
Income taxes |  | 46,041 |  |  | 45,893 |  |  | 87,886 |  |  | 84,585 |
Net income |  | 82,813 |  |  | 83,494 |  |  | 157,633 |  |  | 155,764 |
Less: Net income attributable to the noncontrolling interest |  | — |  |  | — |  |  | — |  |  | (350 | )
Net income attributable to SEI |  |  | $82,813 |  |  |  | $83,494 |  |  |  | $157,633 |  |  |  | $155,414 |
Basic earnings per common share |  |  | $0.49 |  |  |  | $0.48 |  |  |  | $0.93 |  |  |  | $0.90 |
Shares used to calculate basic earnings per share |  | 168,606 |  |  | 172,223 |  |  | 168,956 |  |  | 172,411 |
Diluted earnings per common share |  |  | $0.48 |  |  |  | $0.47 |  |  |  | $0.91 |  |  |  | $0.88 |
Shares used to calculate diluted earnings per share |  | 172,304 |  |  | 176,058 |  |  | 173,066 |  |  | 176,032 |

5

SEI INVESTMENTS COMPANY
BALANCE SHEETS
(In thousands)
(Unaudited)

|  | June 30, |  | December 31,
|  | 2014 |  | 2013
Assets |  |  |  |
Current Assets: |  |  |  |
Cash and cash equivalents |  |  | $532,167 |  |  |  | $578,273 |
Restricted cash |  | 5,500 |  |  | 5,500 |
Receivables from regulated investment companies |  | 44,044 |  |  | 39,364 |
Receivables, net |  | 207,682 |  |  | 186,664 |
Securities owned |  | 21,158 |  |  | 21,133 |
Other current assets |  | 21,558 |  |  | 16,166 |
Total Current Assets |  | 832,109 |  |  | 847,100 |
Property and Equipment, net |  | 126,685 |  |  | 118,995 |
Capitalized software, net |  | 312,193 |  |  | 312,615 |
Investments available for sale |  | 85,504 |  |  | 83,323 |
Trading securities |  | 5,270 |  |  | 4,849 |
Investment in unconsolidated affiliates |  | 60,017 |  |  | 61,370 |
Other assets, net |  | 13,328 |  |  | 10,917 |
Total Assets |  |  | $1,435,106 |  |  |  | $1,439,169 |
Liabilities and Equity |  |  |  |
Current Liabilities: |  |  |  |
Accounts payable |  |  | $8,470 |  |  |  | $16,235 |
Accrued liabilities |  | 138,022 |  |  | 188,123 |
Deferred income taxes, net |  | 1,847 |  |  | 1,653 |
Deferred revenue |  | 1,338 |  |  | 1,977 |
Total Current Liabilities |  | 149,677 |  |  | 207,988 |
Deferred income taxes |  | 72,367 |  |  | 66,572 |
Other long-term liabilities |  | 9,720 |  |  | 8,607 |
Total Liabilities |  | 231,764 |  |  | 283,167 |
Shareholders' Equity: |  |  |  |
Common stock |  | 1,677 |  |  | 1,692 |
Capital in excess of par value |  | 772,386 |  |  | 721,219 |
Retained earnings |  | 425,458 |  |  | 431,604 |
Accumulated other comprehensive income, net |  | 3,821 |  |  | 1,487 |
Total Shareholders' Equity |  | 1,203,342 |  |  | 1,156,002 |
Total Liabilities and Shareholders' Equity |  |  | $1,435,106 |  |  |  | $1,439,169 |

6

SEI INVESTMENTS COMPANY
ENDING ASSET BALANCES
(In millions)
(Unaudited)

|  |  | Jun. 30, |  | Sept. 30, |  | Dec 31, |  | Mar. 31, |  | Jun. 30,
|  |  | 2013 |  | 2013 |  | 2013 |  | 2014 |  | 2014
Private Banks: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $12,876 |  |  |  | $14,305 |  |  |  | $15,472 |  |  |  | $16,918 |  |  |  | $18,679 |
Collective Trust Fund programs |  |  | 10 |  |  | 11 |  |  | 14 |  |  | 14 |  |  | 12 |
Liquidity funds |  |  | 5,048 |  |  | 5,167 |  |  | 5,685 |  |  | 5,670 |  |  | 5,274 |
Total assets under management |  |  |  | $17,934 |  |  |  | $19,483 |  |  |  | $21,171 |  |  |  | $22,602 |  |  |  | $23,965 |
Client assets under administration |  |  | 13,122 |  |  | 14,101 |  |  | 15,272 |  |  | 15,641 |  |  | 15,347 |
Total assets |  |  |  | $31,056 |  |  |  | $33,584 |  |  |  | $36,443 |  |  |  | $38,243 |  |  |  | $39,312 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $34,447 |  |  |  | $36,203 |  |  |  | $38,574 |  |  |  | $39,981 |  |  |  | $42,125 |
Collective Trust Fund programs |  |  | 14 |  |  | 14 |  |  | 11 |  |  | 13 |  |  | 13 |
Liquidity funds |  |  | 2,145 |  |  | 2,779 |  |  | 2,846 |  |  | 2,802 |  |  | 2,696 |
Total assets under management |  |  |  | $36,606 |  |  |  | $38,996 |  |  |  | $41,431 |  |  |  | $42,796 |  |  |  | $44,834 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $61,927 |  |  |  | $64,429 |  |  |  | $66,548 |  |  |  | $69,194 |  |  |  | $71,598 |
Collective Trust Fund programs |  |  | 106 |  |  | 107 |  |  | 109 |  |  | 102 |  |  | 100 |
Liquidity funds |  |  | 2,901 |  |  | 3,125 |  |  | 2,644 |  |  | 2,505 |  |  | 2,414 |
Total assets under management |  |  |  | $64,934 |  |  |  | $67,661 |  |  |  | $69,301 |  |  |  | $71,801 |  |  |  | $74,112 |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $75 |  |  |  | $75 |  |  |  | $69 |  |  |  | $68 |  |  |  | $64 |
Collective Trust Fund programs |  |  | 18,197 |  |  | 19,868 |  |  | 22,377 |  |  | 22,633 |  |  | 22,598 |
Liquidity funds |  |  | 542 |  |  | 678 |  |  | 718 |  |  | 782 |  |  | 802 |
Total assets under management |  |  |  | $18,814 |  |  |  | $20,621 |  |  |  | $23,164 |  |  |  | $23,483 |  |  |  | $23,464 |
Client assets under administration (A) |  |  | 289,807 |  |  | 295,959 |  |  | 311,992 |  |  | 326,735 |  |  | 337,492 |
Total assets |  |  |  | $308,621 |  |  |  | $316,580 |  |  |  | $335,156 |  |  |  | $350,218 |  |  |  | $360,956 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $572 |  |  |  | $594 |  |  |  | $619 |  |  |  | $632 |  |  |  | $659 |
Liquidity funds |  |  | 29 |  |  | 26 |  |  | 46 |  |  | 49 |  |  | 38 |
Total assets under management |  |  |  | $601 |  |  |  | $620 |  |  |  | $665 |  |  |  | $681 |  |  |  | $697 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $65,417 |  |  |  | $71,149 |  |  |  | $76,189 |  |  |  | $77,973 |  |  |  | $82,026 |
Total: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs (B) |  |  |  | $175,314 |  |  |  | $186,755 |  |  |  | $197,471 |  |  |  | $204,766 |  |  |  | $215,151 |
Collective Trust Fund programs |  |  | 18,327 |  |  | 20,000 |  |  | 22,511 |  |  | 22,762 |  |  | 22,723 |
Liquidity funds |  |  | 10,665 |  |  | 11,775 |  |  | 11,939 |  |  | 11,808 |  |  | 11,224 |
Total assets under management |  |  |  | $204,306 |  |  |  | $218,530 |  |  |  | $231,921 |  |  |  | $239,336 |  |  |  | $249,098 |
Client assets under administration (C) |  |  | 302,929 |  |  | 310,060 |  |  | 327,264 |  |  | 342,376 |  |  | 352,839 |
Total assets |  |  |  | $507,235 |  |  |  | $528,590 |  |  |  | $559,185 |  |  |  | $581,712 |  |  |  | $601,937 |

(A) | Client assets under administration in the Investment Managers segment include $50.7 billion of assets balances that require limited services and therefore are at fee levels below our normal full service assets (as of June 30, 2014).

(B) | Equity/Fixed Income programs include $5.0 billion of assets invested in various asset allocation funds at June 30, 2014.

(C) | In addition to the numbers presented, SEI also administers an additional $6.5 billion in Funds of Funds assets (as of

June 30, 2014) on which SEI does not earn an administration fee.
7

SEI INVESTMENTS COMPANY
AVERAGE ASSET BALANCES
(In millions)
(Unaudited)

|  |  | 2nd Qtr. |  | 3rd Qtr. |  | 4th Qtr. |  | 1st Qtr. |  | 2nd Qtr.
|  |  | 2013 |  | 2013 |  | 2013 |  | 2014 |  | 2014
Private Banks: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $12,959 |  |  |  | $13,696 |  |  |  | $14,901 |  |  |  | $16,114 |  |  |  | $17,829 |
Collective Trust Fund programs |  |  | 10 |  |  | 11 |  |  | 11 |  |  | 14 |  |  | 12 |
Liquidity funds |  |  | 5,093 |  |  | 5,142 |  |  | 5,218 |  |  | 5,757 |  |  | 5,429 |
Total assets under management |  |  |  | $18,062 |  |  |  | $18,849 |  |  |  | $20,130 |  |  |  | $21,885 |  |  |  | $23,270 |
Client assets under administration |  |  | 13,183 |  |  | 13,760 |  |  | 14,702 |  |  | 15,366 |  |  | 15,069 |
Total assets |  |  |  | $31,245 |  |  |  | $32,609 |  |  |  | $34,832 |  |  |  | $37,251 |  |  |  | $38,339 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $34,831 |  |  |  | $35,618 |  |  |  | $37,520 |  |  |  | $39,005 |  |  |  | $40,887 |
Collective Trust Fund programs |  |  | 14 |  |  | 14 |  |  | 13 |  |  | 13 |  |  | 13 |
Liquidity funds |  |  | 2,028 |  |  | 2,520 |  |  | 2,785 |  |  | 2,806 |  |  | 2,637 |
Total assets under management |  |  |  | $36,873 |  |  |  | $38,152 |  |  |  | $40,318 |  |  |  | $41,824 |  |  |  | $43,537 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $63,466 |  |  |  | $63,153 |  |  |  | $65,750 |  |  |  | $67,697 |  |  |  | $70,706 |
Collective Trust Fund programs |  |  | 105 |  |  | 107 |  |  | 110 |  |  | 103 |  |  | 134 |
Liquidity funds |  |  | 2,975 |  |  | 3,091 |  |  | 2,720 |  |  | 2,571 |  |  | 2,664 |
Total assets under management |  |  |  | $66,546 |  |  |  | $66,351 |  |  |  | $68,580 |  |  |  | $70,371 |  |  |  | $73,504 |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $75 |  |  |  | $76 |  |  |  | $75 |  |  |  | $68 |  |  |  | $68 |
Collective Trust Fund programs |  |  | 18,205 |  |  | 19,259 |  |  | 21,345 |  |  | 22,004 |  |  | 22,447 |
Liquidity funds |  |  | 500 |  |  | 613 |  |  | 592 |  |  | 738 |  |  | 824 |
Total assets under management |  |  |  | $18,780 |  |  |  | $19,948 |  |  |  | $22,012 |  |  |  | $22,810 |  |  |  | $23,339 |
Client assets under administration |  |  | 286,018 |  |  | 292,627 |  |  | 303,131 |  |  | 320,644 |  |  | 333,373 |
Total assets |  |  |  | $304,798 |  |  |  | $312,575 |  |  |  | $325,143 |  |  |  | $343,454 |  |  |  | $356,712 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $567 |  |  |  | $584 |  |  |  | $613 |  |  |  | $623 |  |  |  | $640 |
Liquidity funds |  |  | 34 |  |  | 27 |  |  | 33 |  |  | 46 |  |  | 43 |
Total assets under management |  |  |  | $601 |  |  |  | $611 |  |  |  | $646 |  |  |  | $669 |  |  |  | $683 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $66,781 |  |  |  | $69,463 |  |  |  | $75,240 |  |  |  | $76,306 |  |  |  | $79,866 |
Total: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $178,679 |  |  |  | $182,590 |  |  |  | $194,099 |  |  |  | $199,813 |  |  |  | $209,996 |
Collective Trust Fund programs |  |  | 18,334 |  |  | 19,391 |  |  | 21,479 |  |  | 22,134 |  |  | 22,606 |
Liquidity funds |  |  | 10,630 |  |  | 11,393 |  |  | 11,348 |  |  | 11,918 |  |  | 11,597 |
Total assets under management |  |  |  | $207,643 |  |  |  | $213,374 |  |  |  | $226,926 |  |  |  | $233,865 |  |  |  | $244,199 |
Client assets under administration |  |  | 299,201 |  |  | 306,387 |  |  | 317,833 |  |  | 336,010 |  |  | 348,442 |
Total assets |  |  |  | $506,844 |  |  |  | $519,761 |  |  |  | $544,759 |  |  |  | $569,875 |  |  |  | $592,641 |

8