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Business Segment Information
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 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 June 30, 2014 and 2013.
 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Three Months Ended June 30, 2014
Revenues
$
114,182

 
$
70,046

 
$
70,994

 
$
62,451

 
$
1,142

 
$
318,815

Expenses
98,957

 
35,679

 
35,025

 
39,449

 
4,451

 
213,561

Operating profit (loss)
$
15,225

 
$
34,367

 
$
35,969

 
$
23,002

 
$
(3,309
)
 
$
105,254


 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Three Months Ended June 30, 2013
Revenues
$
95,142

 
$
59,284

 
$
63,684

 
$
55,456

 
$
1,008

 
$
274,574

Expenses
97,755

 
32,898

 
33,028

 
36,507

 
3,890

 
204,078

Operating profit (loss)
$
(2,613
)
 
$
26,386

 
$
30,656

 
$
18,949

 
$
(2,882
)
 
$
70,496


A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the three months ended June 30, 2014 and 2013 is as follows: 
 
2014
 
2013
Total operating profit from segments above
$
105,254

 
$
70,496

Corporate overhead expenses
(11,624
)
 
(12,523
)
Income from operations
$
93,630

 
$
57,973



The following tables provide additional information for the three months ended June 30, 2014 and 2013 pertaining to our business segments: 
 
Capital Expenditures
 
Depreciation
 
2014
 
2013
 
2014
 
2013
Private Banks
$
9,510

 
$
11,852

 
$
3,557

 
$
3,947

Investment Advisors
4,061

 
4,192

 
512

 
517

Institutional Investors
1,642

 
781

 
209

 
222

Investment Managers
3,087

 
852

 
512

 
474

Investments in New Businesses
616

 
187

 
420

 
454

Total from business segments
$
18,916

 
$
17,864

 
$
5,210

 
$
5,614

Corporate overhead
943

 
94

 
121

 
116

 
$
19,859

 
$
17,958

 
$
5,331

 
$
5,730


 
Amortization
 
2014
 
2013
Private Banks
$
6,192

 
$
5,457

Investment Advisors
2,286

 
2,001

Institutional Investors
355

 
309

Investment Managers
236

 
206

Investments in New Businesses
458

 
397

Total from business segments
$
9,527

 
$
8,370

Corporate overhead
57

 
57

 
$
9,584

 
$
8,427


The following tables highlight certain unaudited financial information about each of the Company’s business segments for the six months ended June 30, 2014 and 2013.
 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Six Months Ended June 30, 2014
Revenues
$
219,361

 
$
136,470

 
$
139,651

 
$
123,459

 
$
2,260

 
$
621,201

Expenses
199,147

 
70,256

 
69,120

 
78,633

 
8,700

 
425,856

Operating profit (loss)
$
20,214

 
$
66,214

 
$
70,531

 
$
44,826

 
$
(6,440
)
 
$
195,345

Gain on sale of subsidiary
5,582

 
—

 
—

 
—

 
—

 
5,582

Total profit (loss)
$
25,796

 
$
66,214

 
$
70,531

 
$
44,826

 
$
(6,440
)
 
$
200,927

 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Six Months Ended June 30, 2013
Revenues
$
193,888

 
$
114,475

 
$
126,846

 
$
109,276

 
$
1,968

 
$
546,453

Expenses
194,053

 
64,523

 
64,537

 
71,669

 
7,628

 
402,410

Operating profit (loss)
$
(165
)
 
$
49,952

 
$
62,309

 
$
37,607

 
$
(5,660
)
 
$
144,043

Gain on sale of subsidiary
22,112

 
—

 
—

 
—

 
—

 
22,112

Total profit (loss)
$
21,947

 
$
49,952

 
$
62,309

 
$
37,607

 
$
(5,660
)
 
$
166,155


A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the six months ended June 30, 2014 and 2013 is as follows: 
 
2014
 
2013
Total operating profit from segments above
$
195,345

 
$
144,043

Corporate overhead expenses
(23,323
)
 
(26,317
)
Noncontrolling interest reflected in segments
—

 
289

Income from operations
$
172,022

 
$
118,015



The following tables provide additional information for the six months ended June 30, 2014 and 2013 pertaining to our business segments: 
 
Capital Expenditures
 
Depreciation
 
2014
 
2013
 
2014
 
2013
Private Banks
$
18,308

 
$
16,703

 
$
7,289

 
$
7,880

Investment Advisors
7,650

 
5,967

 
1,003

 
1,026

Institutional Investors
2,930

 
1,144

 
419

 
452

Investment Managers
5,222

 
1,475

 
1,024

 
936

Investments in New Businesses
1,196

 
275

 
950

 
908

Total from business segments
$
35,306

 
$
25,564

 
$
10,685

 
$
11,202

Corporate Overhead
1,588

 
186

 
230

 
232

 
$
36,894

 
$
25,750

 
$
10,915

 
$
11,434

 
Amortization
 
2014
 
2013
Private Banks
$
12,143

 
$
10,793

Investment Advisors
4,484

 
3,958

Institutional Investors
695

 
611

Investment Managers
464

 
408

Investments in New Businesses
898

 
785

Total from business segments
$
18,684

 
$
16,555

Corporate Overhead
114

 
114

 
$
18,798

 
$
16,669