EX-99.1 5 seic-93015ex991.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 THIRD-QUARTER 2015 FINANCIAL RESULTS
Results Include $.02 Diluted Earnings per Share Charge for Asset Write Off
OAKS, Pa., October 21, 2015 -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the third-quarter 2015. Diluted earnings per share were $.47 in third-quarter 2015 compared to $.49 in third-quarter 2014. Third-quarter 2015 includes a charge against earnings of approximately $6.0 million, or $.02 diluted earnings per share, from the write off of certain assets related to the SEI Wealth Platform SM.

Consolidated Overview |  |  |  |  |  |  |  |  |  |  |  |
(In thousands, except earnings per share) |  | For the Three Months Ended September 30, |  |  |  | For the Nine Months Ended September 30, |  |
|  | 2015 |  | 2014 |  | % |  | 2015 |  | 2014 |  | %
Revenues |  |  | $335,622 |  |  |  | $322,047 |  |  | 4% |  |  | $998,811 |  |  |  | $943,248 |  |  | 6%
Net income |  | 79,425 |  |  | 83,983 |  |  | (5)% |  | 250,276 |  |  | 241,616 |  |  | 4%
Diluted earnings per share |  |  | $0.47 |  |  |  | $0.49 |  |  | (4)% |  |  | $1.47 |  |  |  | $1.39 |  |  | 6%

“Our third-quarter results reflect short-term challenges resulting from weakened capital markets, balanced by continued market acceptance of our broad solutions,” said Alfred P. West, Jr., SEI Chairman and CEO. “We are encouraged by the level of engagement of our target markets and feel the investments we are making in enhancing our technology platforms, operational capacity and investment products serve us well both for today and into the future.
“Despite the market headwinds we face, we are confident in our market positioning and in our ability to help our clients succeed by delivering outsourced enterprise platforms.”

Summary of Third-Quarter Results by Business Segment

(In thousands) |  | For the Three Months Ended September 30, |  |  |  | For the Nine Months Ended September 30, |  |
|  | 2015 |  | 2014 |  | % |  | 2015 |  | 2014 |  | %
Private Banks: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | $116,280 |  |  |  | $110,147 |  |  | 6% |  |  | $342,826 |  |  |  | $329,508 |  |  | 4%
Expenses |  | 104,217 |  |  | 100,498 |  |  | 4% |  | 308,200 |  |  | 299,645 |  |  | 3%
Operating Profit |  | 12,063 |  |  | 9,649 |  |  | 25% |  | 34,626 |  |  | 29,863 |  |  | 16%
Gain on sale of subsidiary |  | — |  |  | — |  |  | —% |  | 2,791 |  |  | 5,582 |  |  | NM
Segment Profit |  | 12,063 |  |  | 9,649 |  |  | NM |  | 37,417 |  |  | 35,445 |  |  | NM
Operating Margin (A) |  | 10 | % |  | 9 | % |  |  |  | 10 | % |  | 9 | % |  |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 76,238 |  |  | 74,469 |  |  | 2% |  | 228,006 |  |  | 210,939 |  |  | 8%
Expenses |  | 45,530 |  |  | 37,796 |  |  | 20% |  | 125,446 |  |  | 108,052 |  |  | 16%
Operating Profit |  | 30,708 |  |  | 36,673 |  |  | (16)% |  | 102,560 |  |  | 102,887 |  |  | —%
Operating Margin |  | 40 | % |  | 49 | % |  |  |  | 45 | % |  | 49 | % |  |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 74,515 |  |  | 72,560 |  |  | 3% |  | 224,043 |  |  | 212,211 |  |  | 6%
Expenses |  | 36,923 |  |  | 35,495 |  |  | 4% |  | 108,662 |  |  | 104,615 |  |  | 4%
Operating Profit |  | 37,592 |  |  | 37,065 |  |  | 1% |  | 115,381 |  |  | 107,596 |  |  | 7%
Operating Margin |  | 50 | % |  | 51 | % |  |  |  | 51 | % |  | 51 | % |  |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 67,162 |  |  | 63,640 |  |  | 6% |  | 199,809 |  |  | 187,099 |  |  | 7%
Expenses |  | 43,899 |  |  | 40,156 |  |  | 9% |  | 126,663 |  |  | 118,789 |  |  | 7%
Operating Profit |  | 23,263 |  |  | 23,484 |  |  | (1)% |  | 73,146 |  |  | 68,310 |  |  | 7%
Operating Margin |  | 35 | % |  | 37 | % |  |  |  | 37 | % |  | 37 | % |  |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 1,427 |  |  | 1,231 |  |  | 16% |  | 4,127 |  |  | 3,491 |  |  | 18%
Expenses |  | 5,179 |  |  | 4,614 |  |  | 12% |  | 14,848 |  |  | 13,314 |  |  | 12%
Operating Loss |  | (3,752 | ) |  | (3,383 | ) |  | NM |  | (10,721 | ) |  | (9,823 | ) |  | NM
Totals: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | $335,622 |  |  |  | $322,047 |  |  | 4% |  |  | $998,811 |  |  |  | $943,248 |  |  | 6%
Expenses |  | 235,748 |  |  | 218,559 |  |  | 8% |  | 683,819 |  |  | 644,415 |  |  | 6%
Corporate overhead expenses |  | 12,856 |  |  | 12,990 |  |  | (1)% |  | 38,986 |  |  | 36,313 |  |  | 7%
Income from operations |  |  | $87,018 |  |  |  | $90,498 |  |  | (4)% |  |  | $276,006 |  |  |  | $262,520 |  |  | 5%

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

Third-Quarter Business Highlights:

• | Revenue growth was primarily driven by higher Asset management, administration, and distribution fees from improved cash flows from new and existing clients and the favorable market conditions which prevailed during the first six months of 2015. The recent market volatility during third-quarter 2015 negatively impacted our asset-based fee revenues and partially offset our revenue growth.

• | Sales events, net of client losses, during third-quarter 2015 totaled approximately $20.8 million and are expected to generate net annualized recurring revenues of approximately $19.5 million when contract values are fully realized.

• | Despite the unfavorable market conditions during third-quarter 2015, our average assets under management, excluding LSV, increased $4.4 billion, or three percent, to $172.8 billion, as compared to $168.5 billion during the third-quarter 2014 (see attached Average Asset Balances schedules for further details).

• | Our average assets under administration increased $37.4 billion, or ten percent, to $397.8 billion in the third-quarter 2015, as compared to $360.4 billion during the third-quarter 2014 (see attached Average Asset Balances schedules for further details).

• | Our earnings from LSV decreased by $4.6 million, or 12 percent, to $33.6 million in third-quarter 2015 as compared to $38.2 million in third-quarter 2014. The reduction in earnings was due to lower assets under management from market volatility in third-quarter 2015 as well as reduced performance fees earned by LSV.

• | We wrote off approximately $6.0 million, or $0.02 diluted earnings per share, in previously capitalized software development costs and purchased software related to the SEI Wealth Platform in the third-quarter 2015. The expense associated with this write off impacted the Private Banks segment by $3.6 million and the Investment Advisors segment by $2.4 million, and is reflected in Facilities, supplies and other costs on the Consolidated Statement of Operations.

• | Amortization expense related to the SEI Wealth Platform was $10.8 million during the third-quarter 2015 as compared to $9.8 million during the third-quarter 2014 due to continued enhancements.

• | Our operating expenses related to personnel costs in our Investment Advisors and Investment Managers segments increased. These increased operational costs are mainly related to servicing new and existing clients.

• | Our effective tax rates were 34.1 percent in third-quarter 2015 and 34.7 percent in third-quarter 2014.

• | We repurchased 1.7 million shares of our common stock for $85.8 million during the third-quarter 2015.

3

Earnings Conference Call
A conference call to review earnings is scheduled for 2 p.m. Eastern time on October 21, 2015. Investors may listen to the call at 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 371051.
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 September 30, 2015, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $638 billion in mutual fund and pooled or separately managed assets, including $245 billion in assets under management and $393 billion in client assets under administration. For more information, visit 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 September 30, |  | For the Nine Months Ended September 30,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Asset management, admin. and distribution fees |  |  | $252,585 |  |  |  | $244,704 |  |  |  | $756,101 |  |  |  | $705,966 |
Information processing and software servicing fees |  | 74,413 |  |  | 70,020 |  |  | 218,765 |  |  | 215,026 |
Transaction–based and trade execution fees |  | 8,624 |  |  | 7,323 |  |  | 23,945 |  |  | 22,256 |
Total revenues |  | 335,622 |  |  | 322,047 |  |  | 998,811 |  |  | 943,248 |
Subadvisory, distribution and other asset mgmt costs |  | 40,230 |  |  | 39,737 |  |  | 119,619 |  |  | 110,993 |
Software royalties and other information processing costs |  | 8,028 |  |  | 8,562 |  |  | 23,594 |  |  | 25,532 |
Brokerage commissions |  | 6,460 |  |  | 5,119 |  |  | 17,863 |  |  | 16,217 |
Compensation, benefits and other personnel |  | 99,461 |  |  | 94,316 |  |  | 292,646 |  |  | 281,210 |
Stock-based compensation |  | 3,867 |  |  | 3,786 |  |  | 11,476 |  |  | 9,481 |
Consulting, outsourcing and professional fees |  | 35,963 |  |  | 34,946 |  |  | 108,560 |  |  | 103,283 |
Data processing and computer related |  | 15,173 |  |  | 13,555 |  |  | 43,100 |  |  | 39,553 |
Facilities, supplies and other costs |  | 22,477 |  |  | 16,136 |  |  | 56,195 |  |  | 49,354 |
Amortization |  | 10,837 |  |  | 9,813 |  |  | 31,806 |  |  | 28,611 |
Depreciation |  | 6,108 |  |  | 5,579 |  |  | 17,946 |  |  | 16,494 |
Total expenses |  | 248,604 |  |  | 231,549 |  |  | 722,805 |  |  | 680,728 |
Income from operations |  | 87,018 |  |  | 90,498 |  |  | 276,006 |  |  | 262,520 |
Net (loss) gain on investments |  | (756 | ) |  | (478 | ) |  | (544 | ) |  | 49 |
Interest and dividend income |  | 846 |  |  | 750 |  |  | 2,570 |  |  | 2,248 |
Interest expense |  | (115 | ) |  | (115 | ) |  | (342 | ) |  | (342 | )
Equity in earnings of unconsolidated affiliates |  | 33,595 |  |  | 37,963 |  |  | 104,917 |  |  | 104,080 |
Gain on sale of subsidiary |  | — |  |  | — |  |  | 2,791 |  |  | 5,582 |
Income before income taxes |  | 120,588 |  |  | 128,618 |  |  | 385,398 |  |  | 374,137 |
Income taxes |  | 41,163 |  |  | 44,635 |  |  | 135,122 |  |  | 132,521 |
Net income |  | 79,425 |  |  | 83,983 |  |  | 250,276 |  |  | 241,616 |
Basic earnings per common share |  |  | $0.48 |  |  |  | $0.50 |  |  |  | $1.51 |  |  |  | $1.43 |
Shares used to calculate basic earnings per share |  | 165,579 |  |  | 167,925 |  |  | 166,142 |  |  | 168,612 |
Diluted earnings per common share |  |  | $0.47 |  |  |  | $0.49 |  |  |  | $1.47 |  |  |  | $1.39 |
Shares used to calculate diluted earnings per share |  | 169,255 |  |  | 172,905 |  |  | 169,977 |  |  | 173,700 |

5

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

|  | September 30, |  | December 31,
|  | 2015 |  | 2014
Assets |  |  |  |
Current Assets: |  |  |  |
Cash and cash equivalents |  |  | $647,589 |  |  |  | $667,446 |
Restricted cash |  | 6,319 |  |  | 5,801 |
Receivables from regulated investment companies |  | 45,792 |  |  | 48,393 |
Receivables, net |  | 217,696 |  |  | 194,419 |
Securities owned |  | 21,225 |  |  | 21,175 |
Other current assets |  | 29,206 |  |  | 18,193 |
Total Current Assets |  | 967,827 |  |  | 955,427 |
Property and Equipment, net |  | 142,352 |  |  | 125,535 |
Capitalized software, net |  | 294,380 |  |  | 309,040 |
Investments available for sale |  | 75,650 |  |  | 77,609 |
Investments in affiliated funds, at fair value |  | 3,944 |  |  | 4,523 |
Investment in unconsolidated affiliates |  | 42,294 |  |  | 54,290 |
Other assets, net |  | 17,082 |  |  | 16,451 |
Total Assets |  |  | $1,543,529 |  |  |  | $1,542,875 |
Liabilities and Equity |  |  |  |
Current Liabilities: |  |  |  |
Accounts payable |  |  | $4,002 |  |  |  | $10,588 |
Accrued liabilities |  | 153,280 |  |  | 207,429 |
Deferred income taxes, net |  | 176 |  |  | 1,414 |
Deferred revenue |  | 4,457 |  |  | 1,749 |
Total Current Liabilities |  | 161,915 |  |  | 221,180 |
Deferred income taxes |  | 59,597 |  |  | 63,755 |
Other long-term liabilities |  | 12,253 |  |  | 10,327 |
Total Liabilities |  | 233,765 |  |  | 295,262 |
Shareholders' Equity: |  |  |  |
Common stock |  | 1,646 |  |  | 1,667 |
Capital in excess of par value |  | 892,549 |  |  | 834,615 |
Retained earnings |  | 435,915 |  |  | 420,226 |
Accumulated other comprehensive loss, net |  | (20,346 | ) |  | (8,895 | )
Total Shareholders' Equity |  | 1,309,764 |  |  | 1,247,613 |
Total Liabilities and Shareholders' Equity |  |  | $1,543,529 |  |  |  | $1,542,875 |

6

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

|  |  | Sept. 30, |  | Dec 31, |  | Mar. 31, |  | Jun. 30, |  | Sept. 30,
|  |  | 2014 |  | 2014 |  | 2015 |  | 2015 |  | 2015
Private Banks: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $18,634 |  |  |  | $18,666 |  |  |  | $19,296 |  |  |  | $19,686 |  |  |  | $18,243 |
Collective Trust Fund programs |  |  | 11 |  |  | 8 |  |  | 9 |  |  | 13 |  |  | 3 |
Liquidity funds |  |  | 5,331 |  |  | 5,889 |  |  | 5,551 |  |  | 5,280 |  |  | 5,469 |
Total assets under management |  |  |  | $23,976 |  |  |  | $24,563 |  |  |  | $24,856 |  |  |  | $24,979 |  |  |  | $23,715 |
Client assets under administration |  |  | 16,288 |  |  | 16,741 |  |  | 17,643 |  |  | 17,485 |  |  | 16,896 |
Total assets |  |  |  | $40,264 |  |  |  | $41,304 |  |  |  | $42,499 |  |  |  | $42,464 |  |  |  | $40,611 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $42,260 |  |  |  | $43,845 |  |  |  | $45,800 |  |  |  | $46,951 |  |  |  | $43,988 |
Collective Trust Fund programs |  |  | 9 |  |  | 9 |  |  | 8 |  |  | 8 |  |  | 9 |
Liquidity funds |  |  | 3,086 |  |  | 3,173 |  |  | 3,047 |  |  | 2,817 |  |  | 4,677 |
Total assets under management |  |  |  | $45,355 |  |  |  | $47,027 |  |  |  | $48,855 |  |  |  | $49,776 |  |  |  | $48,674 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $72,006 |  |  |  | $72,828 |  |  |  | $74,178 |  |  |  | $75,341 |  |  |  | $70,818 |
Collective Trust Fund programs |  |  | 98 |  |  | 95 |  |  | 94 |  |  | 93 |  |  | 96 |
Liquidity funds |  |  | 2,891 |  |  | 2,929 |  |  | 3,246 |  |  | 2,960 |  |  | 2,655 |
Total assets under management |  |  |  | $74,995 |  |  |  | $75,852 |  |  |  | $77,518 |  |  |  | $78,394 |  |  |  | $73,569 |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $64 |  |  |  | $27 |  |  |  | $25 |  |  |  | $24 |  |  |  | $59 |
Collective Trust Fund programs |  |  | 21,297 |  |  | 20,833 |  |  | 20,965 |  |  | 20,632 |  |  | 19,863 |
Liquidity funds |  |  | 1,018 |  |  | 946 |  |  | 1,091 |  |  | 1,007 |  |  | 848 |
Total assets under management |  |  |  | $22,379 |  |  |  | $21,806 |  |  |  | $22,081 |  |  |  | $21,663 |  |  |  | $20,770 |
Client assets under administration (A) |  |  | 346,841 |  |  | 355,890 |  |  | 372,116 |  |  | 381,963 |  |  | 376,133 |
Total assets |  |  |  | $369,220 |  |  |  | $377,696 |  |  |  | $394,197 |  |  |  | $403,626 |  |  |  | $396,903 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $703 |  |  |  | $736 |  |  |  | $756 |  |  |  | $779 |  |  |  | $752 |
Liquidity funds |  |  | 118 |  |  | 98 |  |  | 106 |  |  | 57 |  |  | 51 |
Total assets under management |  |  |  | $821 |  |  |  | $834 |  |  |  | $862 |  |  |  | $836 |  |  |  | $803 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $81,536 |  |  |  | $82,665 |  |  |  | $84,123 |  |  |  | $86,334 |  |  |  | $76,958 |
Total: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs (B) |  |  |  | $215,203 |  |  |  | $218,767 |  |  |  | $224,178 |  |  |  | $229,115 |  |  |  | $210,818 |
Collective Trust Fund programs |  |  | 21,415 |  |  | 20,945 |  |  | 21,076 |  |  | 20,746 |  |  | 19,971 |
Liquidity funds |  |  | 12,444 |  |  | 13,035 |  |  | 13,041 |  |  | 12,121 |  |  | 13,700 |
Total assets under management |  |  |  | $249,062 |  |  |  | $252,747 |  |  |  | $258,295 |  |  |  | $261,982 |  |  |  | $244,489 |
Client assets under administration (C) |  |  | 363,129 |  |  | 372,631 |  |  | 389,759 |  |  | 399,448 |  |  | 393,029 |
Total assets |  |  |  | $612,191 |  |  |  | $625,378 |  |  |  | $648,054 |  |  |  | $661,430 |  |  |  | $637,518 |

(A) | Client assets under administration in the Investment Managers segment include $49.3 billion of assets balances that require limited services and therefore are at fee levels below our normal full service assets (as of September 30, 2015).

(B) | Equity/Fixed Income programs include $4.7 billion of assets invested in various asset allocation funds at September 30, 2015.

(C) | In addition to the numbers presented, SEI also administers an additional $6.4 billion in Funds of Funds assets (as of

September 30, 2015) on which SEI does not earn an administration fee.
7

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

|  |  | 3rd Qtr. |  | 4th Qtr. |  | 1st Qtr. |  | 2nd Qtr. |  | 3rd Qtr.
|  |  | 2014 |  | 2014 |  | 2015 |  | 2015 |  | 2015
Private Banks: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $18,804 |  |  |  | $18,606 |  |  |  | $18,869 |  |  |  | $19,872 |  |  |  | $19,080 |
Collective Trust Fund programs |  |  | 12 |  |  | 10 |  |  | 8 |  |  | 12 |  |  | 6 |
Liquidity funds |  |  | 5,466 |  |  | 5,537 |  |  | 5,755 |  |  | 5,256 |  |  | 5,443 |
Total assets under management |  |  |  | $24,282 |  |  |  | $24,153 |  |  |  | $24,632 |  |  |  | $25,140 |  |  |  | $24,529 |
Client assets under administration |  |  | 15,707 |  |  | 16,451 |  |  | 17,504 |  |  | 17,823 |  |  | 17,504 |
Total assets |  |  |  | $39,989 |  |  |  | $40,604 |  |  |  | $42,136 |  |  |  | $42,963 |  |  |  | $42,033 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $42,389 |  |  |  | $43,104 |  |  |  | $44,809 |  |  |  | $47,027 |  |  |  | $45,992 |
Collective Trust Fund programs |  |  | 11 |  |  | 9 |  |  | 9 |  |  | 8 |  |  | 9 |
Liquidity funds |  |  | 2,830 |  |  | 3,087 |  |  | 3,072 |  |  | 2,819 |  |  | 3,523 |
Total assets under management |  |  |  | $45,230 |  |  |  | $46,200 |  |  |  | $47,890 |  |  |  | $49,854 |  |  |  | $49,524 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $72,010 |  |  |  | $72,771 |  |  |  | $73,760 |  |  |  | $75,426 |  |  |  | $73,568 |
Collective Trust Fund programs |  |  | 98 |  |  | 96 |  |  | 95 |  |  | 94 |  |  | 93 |
Liquidity funds |  |  | 2,883 |  |  | 2,973 |  |  | 3,021 |  |  | 3,354 |  |  | 2,843 |
Total assets under management |  |  |  | $74,991 |  |  |  | $75,840 |  |  |  | $76,876 |  |  |  | $78,874 |  |  |  | $76,504 |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $64 |  |  |  | $64 |  |  |  | $27 |  |  |  | $25 |  |  |  | $24 |
Collective Trust Fund programs |  |  | 22,123 |  |  | 21,140 |  |  | 21,108 |  |  | 21,387 |  |  | 20,449 |
Liquidity funds |  |  | 962 |  |  | 904 |  |  | 1,066 |  |  | 1,010 |  |  | 978 |
Total assets under management |  |  |  | $23,149 |  |  |  | $22,108 |  |  |  | $22,201 |  |  |  | $22,422 |  |  |  | $21,451 |
Client assets under administration |  |  | 344,661 |  |  | 355,903 |  |  | 367,206 |  |  | 378,347 |  |  | 380,247 |
Total assets |  |  |  | $367,810 |  |  |  | $378,011 |  |  |  | $389,407 |  |  |  | $400,769 |  |  |  | $401,698 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $688 |  |  |  | $731 |  |  |  | $755 |  |  |  | $784 |  |  |  | $776 |
Liquidity funds |  |  | 139 |  |  | 97 |  |  | 101 |  |  | 75 |  |  | 49 |
Total assets under management |  |  |  | $827 |  |  |  | $828 |  |  |  | $856 |  |  |  | $859 |  |  |  | $825 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $82,402 |  |  |  | $83,187 |  |  |  | $83,439 |  |  |  | $87,409 |  |  |  | $80,656 |
Total: |  |  |  |  |  |  |  |  |  |  |
Equity/Fixed Income programs |  |  |  | $216,357 |  |  |  | $218,463 |  |  |  | $221,659 |  |  |  | $230,543 |  |  |  | $220,096 |
Collective Trust Fund programs |  |  | 22,244 |  |  | 21,255 |  |  | 21,220 |  |  | 21,501 |  |  | 20,557 |
Liquidity funds |  |  | 12,280 |  |  | 12,598 |  |  | 13,015 |  |  | 12,514 |  |  | 12,836 |
Total assets under management |  |  |  | $250,881 |  |  |  | $252,316 |  |  |  | $255,894 |  |  |  | $264,558 |  |  |  | $253,489 |
Client assets under administration |  |  | 360,368 |  |  | 372,354 |  |  | 384,710 |  |  | 396,170 |  |  | 397,751 |
Total assets |  |  |  | $611,249 |  |  |  | $624,670 |  |  |  | $640,604 |  |  |  | $660,728 |  |  |  | $651,240 |

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