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Business Segment Information
 9 Months Ended
Sep. 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 nine months ended September 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 September 30, 2014 and 2013.
 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Three Months Ended September 30, 2014
Revenues
$
110,147

 
$
74,469

 
$
72,560

 
$
63,640

 
$
1,231

 
$
322,047

Expenses
100,498

 
37,796

 
35,495

 
40,156

 
4,614

 
218,559

Operating profit (loss)
$
9,649

 
$
36,673

 
$
37,065

 
$
23,484

 
$
(3,383
)
 
$
103,488


 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Three Months Ended September 30, 2013
Revenues
$
97,370

 
$
61,393

 
$
63,539

 
$
57,266

 
$
1,087

 
$
280,655

Expenses
95,579

 
33,768

 
33,058

 
37,763

 
4,146

 
204,314

Operating profit (loss)
$
1,791

 
$
27,625

 
$
30,481

 
$
19,503

 
$
(3,059
)
 
$
76,341


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 September 30, 2014 and 2013 is as follows: 
 
2014
 
2013
Total operating profit from segments above
$
103,488

 
$
76,341

Corporate overhead expenses
(12,990
)
 
(14,402
)
Income from operations
$
90,498

 
$
61,939



The following tables provide additional information for the three months ended September 30, 2014 and 2013 pertaining to our business segments: 
 
Capital Expenditures
 
Depreciation
 
2014
 
2013
 
2014
 
2013
Private Banks
$
7,797

 
$
9,376

 
$
2,922

 
$
3,799

Investment Advisors
3,731

 
3,513

 
759

 
521

Institutional Investors
239

 
777

 
295

 
222

Investment Managers
3,115

 
1,596

 
907

 
525

Investments in New Businesses
498

 
186

 
511

 
442

Total from business segments
$
15,380

 
$
15,448

 
$
5,394

 
$
5,509

Corporate overhead
341

 
259

 
185

 
107

 
$
15,721

 
$
15,707

 
$
5,579

 
$
5,616


 
Amortization
 
2014
 
2013
Private Banks
$
6,342

 
$
5,704

Investment Advisors
2,341

 
2,105

Institutional Investors
363

 
326

Investment Managers
242

 
218

Investments in New Businesses
468

 
419

Total from business segments
$
9,756

 
$
8,772

Corporate overhead
57

 
57

 
$
9,813

 
$
8,829


The following tables highlight certain unaudited financial information about each of the Company’s business segments for the nine months ended September 30, 2014 and 2013.
 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Nine Months Ended September 30, 2014
Revenues
$
329,508

 
$
210,939

 
$
212,211

 
$
187,099

 
$
3,491

 
$
943,248

Expenses
299,645

 
108,052

 
104,615

 
118,789

 
13,314

 
644,415

Operating profit (loss)
$
29,863

 
$
102,887

 
$
107,596

 
$
68,310

 
$
(9,823
)
 
$
298,833

Gain on sale of subsidiary
5,582

 
—

 
—

 
—

 
—

 
5,582

Total profit (loss)
$
35,445

 
$
102,887

 
$
107,596

 
$
68,310

 
$
(9,823
)
 
$
304,415

 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Nine Months Ended September 30, 2013
Revenues
$
291,258

 
$
175,868

 
$
190,385

 
$
166,542

 
$
3,055

 
$
827,108

Expenses
289,632

 
98,291

 
97,595

 
109,432

 
11,774

 
606,724

Operating profit (loss)
$
1,626

 
$
77,577

 
$
92,790

 
$
57,110

 
$
(8,719
)
 
$
220,384

Gain on sale of subsidiary
22,112

 
—

 
—

 
—

 
—

 
22,112

Total profit (loss)
$
23,738

 
$
77,577

 
$
92,790

 
$
57,110

 
$
(8,719
)
 
$
242,496


A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the nine months ended September 30, 2014 and 2013 is as follows: 
 
2014
 
2013
Total operating profit from segments above
$
298,833

 
$
220,384

Corporate overhead expenses
(36,313
)
 
(40,719
)
Noncontrolling interest reflected in segments
—

 
289

Income from operations
$
262,520

 
$
179,954



The following tables provide additional information for the nine months ended September 30, 2014 and 2013 pertaining to our business segments: 
 
Capital Expenditures
 
Depreciation
 
2014
 
2013
 
2014
 
2013
Private Banks
$
26,105

 
$
26,079

 
$
10,211

 
$
11,679

Investment Advisors
11,381

 
9,480

 
1,762

 
1,547

Institutional Investors
3,169

 
1,921

 
714

 
674

Investment Managers
8,337

 
3,071

 
1,931

 
1,461

Investments in New Businesses
1,694

 
461

 
1,461

 
1,350

Total from business segments
$
50,686

 
$
41,012

 
$
16,079

 
$
16,711

Corporate Overhead
1,929

 
445

 
415

 
339

 
$
52,615

 
$
41,457

 
$
16,494

 
$
17,050

 
Amortization
 
2014
 
2013
Private Banks
$
18,485

 
$
16,497

Investment Advisors
6,825

 
6,063

Institutional Investors
1,058

 
937

Investment Managers
706

 
626

Investments in New Businesses
1,366

 
1,204

Total from business segments
$
28,440

 
$
25,327

Corporate Overhead
171

 
171

 
$
28,611

 
$
25,498