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Business Segment Information
 9 Months Ended
Sep. 30, 2015
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, 2015 and 2014. 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, 2014.
The following tables highlight certain financial information about each of the Company’s business segments for the three months ended September 30, 2015 and 2014.
 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Three Months Ended September 30, 2015
Revenues
$
116,280

 
$
76,238

 
$
74,515

 
$
67,162

 
$
1,427

 
$
335,622

Expenses
104,217

 
45,530

 
36,923

 
43,899

 
5,179

 
235,748

Operating profit (loss)
$
12,063

 
$
30,708

 
$
37,592

 
$
23,263

 
$
(3,752
)
 
$
99,874


 
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


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, 2015 and 2014 is as follows: 
 
2015
 
2014
Total operating profit from segments
$
99,874

 
$
103,488

Corporate overhead expenses
(12,856
)
 
(12,990
)
Income from operations
$
87,018

 
$
90,498



The following tables provide additional information for the three months ended September 30, 2015 and 2014 pertaining to our business segments: 
 
Capital Expenditures
 
Depreciation
 
2015
 
2014
 
2015
 
2014
Private Banks
$
12,707

 
$
7,797

 
$
3,141

 
$
2,922

Investment Advisors
4,899

 
3,731

 
864

 
759

Institutional Investors
1,955

 
239

 
302

 
295

Investment Managers
5,286

 
3,115

 
1,039

 
907

Investments in New Businesses
379

 
498

 
572

 
511

Total from business segments
$
25,226

 
$
15,380

 
$
5,918

 
$
5,394

Corporate overhead
1,205

 
341

 
190

 
185

 
$
26,431

 
$
15,721

 
$
6,108

 
$
5,579


 
Amortization
 
2015
 
2014
Private Banks
$
7,604

 
$
6,342

Investment Advisors
2,512

 
2,341

Institutional Investors
383

 
363

Investment Managers
255

 
242

Investments in New Businesses
26

 
468

Total from business segments
$
10,780

 
$
9,756

Corporate overhead
57

 
57

 
$
10,837

 
$
9,813



The following tables highlight certain financial information about each of the Company’s business segments for the nine months ended September 30, 2015 and 2014.
 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Nine Months Ended September 30, 2015
Revenues
$
342,826

 
$
228,006

 
$
224,043

 
$
199,809

 
$
4,127

 
$
998,811

Expenses
308,200

 
125,446

 
108,662

 
126,663

 
14,848

 
683,819

Operating profit (loss)
$
34,626

 
$
102,560

 
$
115,381

 
$
73,146

 
$
(10,721
)
 
$
314,992

Gain on sale of subsidiary
2,791

 
—

 
—

 
—

 
—

 
2,791

Segment profit (loss)
$
37,417

 
$
102,560

 
$
115,381

 
$
73,146

 
$
(10,721
)
 
$
317,783

 
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

Segment profit (loss)
$
35,445

 
$
102,887

 
$
107,596

 
$
68,310

 
$
(9,823
)
 
$
304,415


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, 2015 and 2014 is as follows: 
 
2015
 
2014
Total operating profit from segments
$
314,992

 
$
298,833

Corporate overhead expenses
(38,986
)
 
(36,313
)
Income from operations
$
276,006

 
$
262,520



The following tables provide additional information for the nine months ended September 30, 2015 and 2014 pertaining to our business segments: 
 
Capital Expenditures
 
Depreciation
 
2015
 
2014
 
2015
 
2014
Private Banks
$
31,317

 
$
26,105

 
$
9,214

 
$
10,211

Investment Advisors
11,060

 
11,381

 
2,527

 
1,762

Institutional Investors
3,970

 
3,169

 
903

 
714

Investment Managers
9,128

 
8,337

 
3,029

 
1,931

Investments in New Businesses
662

 
1,694

 
1,706

 
1,461

Total from business segments
$
56,137

 
$
50,686

 
$
17,379

 
$
16,079

Corporate Overhead
2,090

 
1,929

 
567

 
415

 
$
58,227

 
$
52,615

 
$
17,946

 
$
16,494

 
Amortization
 
2015
 
2014
Private Banks
$
22,300

 
$
18,485

Investment Advisors
7,371

 
6,825

Institutional Investors
1,133

 
1,058

Investment Managers
755

 
706

Investments in New Businesses
76

 
1,366

Total from business segments
$
31,635

 
$
28,440

Corporate Overhead
171

 
171

 
$
31,806

 
$
28,611