EX-99.1 5 seic-earningsreleaseex.htm PRESS RELEASE
Exhibit 99.1
Investor Contact: Media Contact:
Lindsey Opsahl Dana Grosser
SEI SEI
+1 610-676-4052 +1 610-676-2459
lopsahl@seic.com dgrosser@seic.com
Pages: 8
FOR IMMEDIATE RELEASE
SEI Reports Third-Quarter 2017 Financial Results
Increases Stock Repurchase Program
OAKS, Pa., October 25, 2017 -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the third-quarter 2017. Diluted earnings per share were $0.63 in third-quarter 2017 compared to $0.53 in third-quarter 2016. In addition, on October 24, 2017, SEI's Board of Directors approved an increase in its stock repurchase program by an additional $200.0 million, increasing the available authorization under the program to approximately $230.5 million. Since the beginning of calendar year 2017, the Company repurchased approximately 3.5 million shares at a cost of approximately $188.3 million.

Consolidated Overview |  |  |  |  |  |  |  |  |  |  |  |
(In thousands, except earnings per share) |  | For the Three Months Ended September 30, |  |  |  | For the Nine Months Ended September 30, |  |
|  | 2017 |  | 2016 |  | % |  | 2017 |  | 2016 |  | %
Revenues |  |  | $386,018 |  |  |  | $354,641 |  |  | 9% |  |  | $1,118,333 |  |  |  | $1,032,735 |  |  | 8%
Net income |  | 101,739 |  |  | 86,704 |  |  | 17% |  | 282,245 |  |  | 245,206 |  |  | 15%
Diluted earnings per share |  |  | $0.63 |  |  |  | $0.53 |  |  | 19% |  |  | $1.74 |  |  |  | $1.49 |  |  | 17%

“Our third-quarter results reflect continued growth and strategic progress across all of our businesses; even as we continue to invest in and advance our solutions for all our markets," said Alfred P. West, Jr., SEI Chairman and CEO.
“The continued adoption of our broad-based platforms, including the very successful implementation of the SEI Wealth Platform by Regions Bank and a large migration of Investment Advisors segment clients to the Platform, positions us well for the future. As always, we remain committed to long-term sustainable growth and increasing shareholder value."

Summary of Third-Quarter Results by Business Segment

(In thousands) |  | For the Three Months Ended September 30, |  |  |  | For the Nine Months Ended September 30, |  |
|  | 2017 |  | 2016 |  | % |  | 2017 |  | 2016 |  | %
Private Banks: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | $118,499 |  |  |  | $115,952 |  |  | 2% |  |  | $347,317 |  |  |  | $344,149 |  |  | 1%
Expenses |  | 115,806 |  |  | 105,523 |  |  | 10% |  | 336,709 |  |  | 312,126 |  |  | 8%
Operating Profit |  | 2,693 |  |  | 10,429 |  |  | (74)% |  | 10,608 |  |  | 32,023 |  |  | (67)%
Gain on sale of subsidiary |  | — |  |  | — |  |  | — |  | — |  |  | 2,791 |  |  | NM
Segment Profit |  | 2,693 |  |  | 10,429 |  |  | (74)% |  | 10,608 |  |  | 34,814 |  |  | NM
Operating Margin (A) |  | 2 | % |  | 9 | % |  |  |  | 3 | % |  | 9 | % |  |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 94,318 |  |  | 85,258 |  |  | 11% |  | 275,302 |  |  | 243,820 |  |  | 13%
Expenses |  | 50,585 |  |  | 45,080 |  |  | 12% |  | 147,504 |  |  | 134,575 |  |  | 10%
Operating Profit |  | 43,733 |  |  | 40,178 |  |  | 9% |  | 127,798 |  |  | 109,245 |  |  | 17%
Operating Margin |  | 46 | % |  | 47 | % |  |  |  | 46 | % |  | 45 | % |  |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 80,411 |  |  | 76,222 |  |  | 5% |  | 235,483 |  |  | 223,793 |  |  | 5%
Expenses |  | 40,003 |  |  | 36,943 |  |  | 8% |  | 117,499 |  |  | 108,875 |  |  | 8%
Operating Profit |  | 40,408 |  |  | 39,279 |  |  | 3% |  | 117,984 |  |  | 114,918 |  |  | 3%
Operating Margin |  | 50 | % |  | 52 | % |  |  |  | 50 | % |  | 51 | % |  |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 91,020 |  |  | 75,672 |  |  | 20% |  | 255,123 |  |  | 216,528 |  |  | 18%
Expenses |  | 59,831 |  |  | 48,588 |  |  | 23% |  | 165,743 |  |  | 140,831 |  |  | 18%
Operating Profit |  | 31,189 |  |  | 27,084 |  |  | 15% |  | 89,380 |  |  | 75,697 |  |  | 18%
Operating Margin |  | 34 | % |  | 36 | % |  |  |  | 35 | % |  | 35 | % |  |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 1,770 |  |  | 1,537 |  |  | 15% |  | 5,108 |  |  | 4,445 |  |  | 15%
Expenses |  | 5,063 |  |  | 5,348 |  |  | (5)% |  | 15,067 |  |  | 15,935 |  |  | (5)%
Operating Loss |  | (3,293 | ) |  | (3,811 | ) |  | NM |  | (9,959 | ) |  | (11,490 | ) |  | NM
Totals: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | $386,018 |  |  |  | $354,641 |  |  | 9% |  |  | $1,118,333 |  |  |  | $1,032,735 |  |  | 8%
Expenses |  | 271,288 |  |  | 241,482 |  |  | 12% |  | 782,522 |  |  | 712,342 |  |  | 10%
Corporate overhead expenses |  | 15,493 |  |  | 15,941 |  |  | (3)% |  | 45,830 |  |  | 42,840 |  |  | 7%
Income from operations |  |  | $99,237 |  |  |  | $97,218 |  |  | 2% |  |  | $289,981 |  |  |  | $277,553 |  |  | 4%

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

Third-Quarter Business Highlights:

• | Revenue growth in the quarter was primarily driven by higher Asset management, administration, and distribution fees from market appreciation and positive cash flows from new and existing clients.

• | Sales events, net of client losses, during third-quarter 2017 totaled approximately $24.2 million and are expected to generate net annualized recurring revenues of approximately $17.1 million when contract values are fully realized.

• | Our average assets under management, excluding LSV, increased $23.7 billion, or 12 percent, to $218.9 billion, as compared to $195.2 billion during the third-quarter 2016. Our assets under management do not include advised assets (see attached Average Asset Balances schedules for further details).

• | Our average assets under administration increased $52.1 billion, or 11 percent, to $507.6 billion in the third-quarter 2017, as compared to $455.5 billion during the third-quarter 2016 (see attached Average Asset Balances schedules for further details).

• | Our earnings from LSV increased by $6.8 million, or 21 percent, to $39.3 million in third-quarter 2017 as compared to $32.6 million in third-quarter 2016. The increase in earnings was due to an increase in assets under management from market appreciation and increased performance fees; however, our earnings were negatively impacted by increased personnel expenses of LSV.

• | We capitalized $15.3 million and $13.6 million of software development costs in third-quarter 2017 and 2016, respectively, of which $12.6 million and $11.3 million are related to continued enhancements to the SEI Wealth Platform SM. The remaining amounts of the Company's software development costs capitalized during the third quarter of 2017 and 2016 are related to an application for the Investment Managers segment. Our expenses related to maintenance and enhancements not eligible for capitalization have increased. A higher portion of these costs are recognized in personnel and consulting costs. These increased costs primarily impacted the Private Banks and Investment Advisors business segments.

• | Amortization expense related to the SEI Wealth Platform increased to $12.8 million during the third-quarter 2017 as compared to $11.3 million during the third-quarter 2016 due to continued enhancements. In addition, we are currently reassessing the remaining useful life of certain components and functionality of the Platform. Refer to our third-quarter 2017 Form 10-Q for additional information.

• | The direct costs associated with our investment management programs increased in our Private Banks, Investment Advisors and Institutional Investors segments. These costs primarily relate to fees charged by investment advisory firms for day-to-day portfolio management of SEI-sponsored investment products.

• | Our operating expenses, primarily personnel costs, in our Investment Advisors and Investment Managers segments increased. These expenses primarily consist of operational and marketing costs and are mainly related to servicing existing clients and acquiring and implementing new clients.

• | We acquired Archway Technology Partners, LLC (Archway), a provider of operating technologies and services to the family office industry, during the third-quarter 2017. The results of operations of Archway are included in our Investment Managers business segment. The segment's third quarter-2017 results were negatively impacted by approximately $476 thousand from the acquisition. Refer to our third-quarter 2017 Form 10-Q for additional information regarding the financial impact of the Archway acquisition.

• | We adopted Accounting Standards Update (ASU) 2016-09 in 2017 which will cause volatility in our quarterly effective tax rate. Our effective tax rates were 27.7 percent in third-quarter 2017 and 33.8 percent in third-quarter 2016. Refer to our third-quarter 2017 Form 10-Q for additional information regarding the impact of ASU 2016-09 on our effective tax rate.

• | Our tax rate in third-quarter 2017 was also favorably impacted by the expiration of the statute of limitations pertaining to various federal tax items.

3

• | We repurchased 1.2 million shares of our common stock for $68.2 million during the third-quarter 2017.

Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern time on Oct. 25, 2017. Investors may listen to the call at seic.com, Investors section, Events and Webcasts. Investors may also listen to a replay by telephone at (USA) 800-475-6701; (International) 320-365-3844, access code 431994.
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, 2017, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $845 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $325 billion in assets under management and $516 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,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
Asset management, admin. and distribution fees |  |  | $299,890 |  |  |  | $271,930 |  |  |  | $866,945 |  |  |  | $785,642 |
Information processing and software servicing fees |  | 80,922 |  |  | 76,443 |  |  | 233,501 |  |  | 224,834 |
Transaction–based and trade execution fees |  | 5,206 |  |  | 6,268 |  |  | 17,887 |  |  | 22,259 |
Total revenues |  | 386,018 |  |  | 354,641 |  |  | 1,118,333 |  |  | 1,032,735 |
Subadvisory, distribution and other asset mgmt costs |  | 45,578 |  |  | 42,586 |  |  | 131,368 |  |  | 122,651 |
Software royalties and other information processing costs |  | 7,463 |  |  | 7,519 |  |  | 22,837 |  |  | 22,944 |
Brokerage commissions |  | 3,978 |  |  | 4,864 |  |  | 13,163 |  |  | 17,065 |
Compensation, benefits and other personnel |  | 118,421 |  |  | 103,137 |  |  | 336,919 |  |  | 307,350 |
Stock-based compensation |  | 7,088 |  |  | 4,066 |  |  | 19,527 |  |  | 12,044 |
Consulting, outsourcing and professional fees |  | 46,507 |  |  | 43,631 |  |  | 137,991 |  |  | 121,712 |
Data processing and computer related |  | 18,449 |  |  | 16,581 |  |  | 53,104 |  |  | 48,081 |
Facilities, supplies and other costs |  | 18,604 |  |  | 17,075 |  |  | 54,764 |  |  | 50,194 |
Amortization |  | 13,745 |  |  | 11,388 |  |  | 38,332 |  |  | 33,684 |
Depreciation |  | 6,948 |  |  | 6,576 |  |  | 20,347 |  |  | 19,457 |
Total expenses |  | 286,781 |  |  | 257,423 |  |  | 828,352 |  |  | 755,182 |
Income from operations |  | 99,237 |  |  | 97,218 |  |  | 289,981 |  |  | 277,553 |
Net gain on investments |  | 645 |  |  | 196 |  |  | 1,036 |  |  | 320 |
Interest and dividend income |  | 1,899 |  |  | 1,026 |  |  | 4,928 |  |  | 3,142 |
Interest expense |  | (345 | ) |  | (115 | ) |  | (571 | ) |  | (416 | )
Equity in earnings of unconsolidated affiliate |  | 39,333 |  |  | 32,565 |  |  | 109,213 |  |  | 92,042 |
Gain on sale of subsidiary |  | — |  |  | — |  |  | — |  |  | 2,791 |
Income before income taxes |  | 140,769 |  |  | 130,890 |  |  | 404,587 |  |  | 375,432 |
Income taxes |  | 39,030 |  |  | 44,186 |  |  | 122,342 |  |  | 130,226 |
Net income |  |  | $101,739 |  |  |  | $86,704 |  |  |  | $282,245 |  |  |  | $245,206 |
Basic earnings per common share |  |  | $0.64 |  |  |  | $0.54 |  |  |  | $1.78 |  |  |  | $1.51 |
Shares used to calculate basic earnings per share |  | 157,902 |  |  | 160,916 |  |  | 158,439 |  |  | 161,908 |
Diluted earnings per common share |  |  | $0.63 |  |  |  | $0.53 |  |  |  | $1.74 |  |  |  | $1.49 |
Shares used to calculate diluted earnings per share |  | 161,148 |  |  | 163,925 |  |  | 161,866 |  |  | 165,053 |
Dividends declared per common share |  |  | $— |  |  |  | $— |  |  |  | $0.28 |  |  |  | $0.26 |

5

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

|  | September 30, |  | December 31,
|  | 2017 |  | 2016
Assets |  |  |  |
Current Assets: |  |  |  |
Cash and cash equivalents |  |  | $684,971 |  |  |  | $695,701 |
Restricted cash |  | 3,503 |  |  | 3,500 |
Receivables from investment products |  | 50,961 |  |  | 61,761 |
Receivables, net of allowance for doubtful accounts of $699 and $523 |  | 273,535 |  |  | 227,957 |
Securities owned |  | 21,469 |  |  | 21,339 |
Other current assets |  | 30,537 |  |  | 27,575 |
Total Current Assets |  | 1,064,976 |  |  | 1,037,833 |
Property and Equipment, net of accumulated depreciation of $302,901 and $285,322 |  | 148,106 |  |  | 146,190 |
Capitalized Software, net of accumulated amortization of $340,864 and $303,540 |  | 307,116 |  |  | 295,867 |
Investments Available for Sale |  | 82,252 |  |  | 84,033 |
Investments in Affiliated Funds, at fair value |  | 5,738 |  |  | 4,858 |
Investment in Unconsolidated Affiliate |  | 42,225 |  |  | 50,459 |
Intangible Assets, net |  | 82,263 |  |  | — |
Deferred Income Taxes |  | 1,676 |  |  | 2,127 |
Other Assets, net |  | 17,045 |  |  | 15,456 |
Total Assets |  |  | $1,751,397 |  |  |  | $1,636,823 |
Liabilities and Equity |  |  |  |
Current Liabilities: |  |  |  |
Accounts payable |  |  | $4,429 |  |  |  | $5,966 |
Accrued liabilities |  | 185,368 |  |  | 240,525 |
Deferred revenue |  | 3,134 |  |  | 2,880 |
Total Current Liabilities |  | 192,931 |  |  | 249,371 |
Borrowings Under Revolving Credit Facility |  | 40,000 |  |  | — |
Deferred Income Taxes |  | 69,704 |  |  | 69,693 |
Other Long-term Liabilities |  | 16,221 |  |  | 14,645 |
Total Liabilities |  | 318,856 |  |  | 333,709 |
Shareholders' Equity: |  |  |  |
Common stock, $.01 par value, 750,000 shares authorized; 157,405 and 159,031 shares issued and outstanding |  | 1,574 |  |  | 1,590 |
Capital in excess of par value |  | 1,002,909 |  |  | 955,461 |
Retained earnings |  | 448,356 |  |  | 384,018 |
Accumulated other comprehensive loss, net |  | (20,298 | ) |  | (37,955 | )
Total Shareholders' Equity |  | 1,432,541 |  |  | 1,303,114 |
Total Liabilities and Shareholders' Equity |  |  | $1,751,397 |  |  |  | $1,636,823 |

6

ENDING ASSET BALANCES
(In millions) (Unaudited)

|  |  | Sept. 30, |  | Dec 31, |  | Mar. 31, |  | Jun. 30, |  | Sept. 30,
|  |  | 2016 |  | 2016 |  | 2017 |  | 2017 |  | 2017
Private Banks: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $18,668 |  |  |  | $17,926 |  |  |  | $19,034 |  |  |  | $20,185 |  |  |  | $21,196 |
Collective trust fund programs |  |  | 3 |  |  | 3 |  |  | 5 |  |  | 4 |  |  | 4 |
Liquidity funds |  |  | 4,034 |  |  | 4,230 |  |  | 3,903 |  |  | 3,589 |  |  | 3,345 |
Total assets under management |  |  |  | $22,705 |  |  |  | $22,159 |  |  |  | $22,942 |  |  |  | $23,778 |  |  |  | $24,545 |
Client assets under administration |  |  | 19,269 |  |  | 19,255 |  |  | 20,760 |  |  | 20,951 |  |  | 22,107 |
Total assets |  |  |  | $41,974 |  |  |  | $41,414 |  |  |  | $43,702 |  |  |  | $44,729 |  |  |  | $46,652 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $52,594 |  |  |  | $52,847 |  |  |  | $55,311 |  |  |  | $57,358 |  |  |  | $59,455 |
Collective trust fund programs |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |
Liquidity funds |  |  | 2,539 |  |  | 2,741 |  |  | 2,645 |  |  | 2,451 |  |  | 2,327 |
Total assets under management |  |  |  | $55,138 |  |  |  | $55,593 |  |  |  | $57,961 |  |  |  | $59,814 |  |  |  | $61,787 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (E) |  |  |  | $78,701 |  |  |  | $76,465 |  |  |  | $78,954 |  |  |  | $81,723 |  |  |  | $84,939 |
Collective trust fund programs |  |  | 90 |  |  | 93 |  |  | 89 |  |  | 80 |  |  | 82 |
Liquidity funds |  |  | 2,612 |  |  | 2,903 |  |  | 2,759 |  |  | 2,468 |  |  | 3,699 |
Total assets under management |  |  |  | $81,403 |  |  |  | $79,461 |  |  |  | $81,802 |  |  |  | $84,271 |  |  |  | $88,720 |
Advised assets |  |  | — |  |  | — |  |  | 3,228 |  |  | 4,255 |  |  | 4,450 |
Total assets |  |  |  | $81,403 |  |  |  | $79,461 |  |  |  | $85,030 |  |  |  | $88,526 |  |  |  | $93,170 |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $79 |  |  |  | $81 |  |  |  | $84 |  |  |  | $92 |  |  |  | $93 |
Collective trust fund programs |  |  | 35,962 |  |  | 36,991 |  |  | 40,646 |  |  | 42,662 |  |  | 46,087 |
Liquidity funds |  |  | 812 |  |  | 667 |  |  | 911 |  |  | 999 |  |  | 799 |
Total assets under management |  |  |  | $36,853 |  |  |  | $37,739 |  |  |  | $41,641 |  |  |  | $43,753 |  |  |  | $46,979 |
Client assets under administration (A) |  |  | 451,204 |  |  | 448,708 |  |  | 457,356 |  |  | 476,543 |  |  | 493,538 |
Total assets |  |  |  | $488,057 |  |  |  | $486,447 |  |  |  | $498,997 |  |  |  | $520,296 |  |  |  | $540,517 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $850 |  |  |  | $884 |  |  |  | $931 |  |  |  | $997 |  |  |  | $1,052 |
Liquidity funds |  |  | 53 |  |  | 61 |  |  | 79 |  |  | 46 |  |  | 71 |
Total assets under management |  |  |  | $903 |  |  |  | $945 |  |  |  | $1,010 |  |  |  | $1,043 |  |  |  | $1,123 |
Advised assets |  |  | — |  |  | — |  |  | 85 |  |  | 69 |  |  | 54 |
Total assets |  |  |  | $903 |  |  |  | $945 |  |  |  | $1,095 |  |  |  | $1,112 |  |  |  | $1,177 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $83,863 |  |  |  | $87,248 |  |  |  | $90,611 |  |  |  | $94,774 |  |  |  | $101,893 |
Total: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (B) |  |  |  | $234,755 |  |  |  | $235,451 |  |  |  | $244,925 |  |  |  | $255,129 |  |  |  | $268,628 |
Collective trust fund programs |  |  | 36,060 |  |  | 37,092 |  |  | 40,745 |  |  | 42,751 |  |  | 46,178 |
Liquidity funds |  |  | 10,050 |  |  | 10,602 |  |  | 10,297 |  |  | 9,553 |  |  | 10,241 |
Total assets under management |  |  |  | $280,865 |  |  |  | $283,145 |  |  |  | $295,967 |  |  |  | $307,433 |  |  |  | $325,047 |
Advised assets (C) |  |  | — |  |  | — |  |  | 3,313 |  |  | 4,324 |  |  | 4,504 |
Client assets under administration (D) |  |  | 470,473 |  |  | 467,963 |  |  | 478,116 |  |  | 497,494 |  |  | 515,645 |
Total assets |  |  |  | $751,338 |  |  |  | $751,108 |  |  |  | $777,396 |  |  |  | $809,251 |  |  |  | $845,196 |

(A) | Client assets under administration in the Investment Managers segment include $48.1 billion of assets that require limited services and therefore are at fee levels below our normal full service assets (as of September 30, 2017).

(B) | Equity and fixed-income programs include $5.5 billion of assets invested in various asset allocation funds at September 30, 2017.

(C) | Assets for which SEI acts as an advisor to the accounts. These assets were excluded in previous periods.

(D) | In addition to the numbers presented, SEI also administers an additional $11.1 billion in Funds of Funds assets (as of

September 30, 2017) on which SEI does not earn an administration fee.

(E) | Ending asset balance for Institutional Investors as of Mar. 31, 2017 were revised from $80.1 billion to $79.0 billion.

7

AVERAGE ASSET BALANCES
(In millions) (Unaudited)

|  |  | 3rd Qtr. |  | 4th Qtr. |  | 1st Qtr. |  | 2nd Qtr. |  | 3rd Qtr.
|  |  | 2016 |  | 2016 |  | 2017 |  | 2017 |  | 2017
Private Banks: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $18,650 |  |  |  | $17,945 |  |  |  | $18,498 |  |  |  | $19,610 |  |  |  | $20,699 |
Collective trust fund programs |  |  | 3 |  |  | 3 |  |  | 4 |  |  | 5 |  |  | 4 |
Liquidity funds |  |  | 4,386 |  |  | 4,030 |  |  | 4,051 |  |  | 3,677 |  |  | 3,555 |
Total assets under management |  |  |  | $23,039 |  |  |  | $21,978 |  |  |  | $22,553 |  |  |  | $23,292 |  |  |  | $24,258 |
Client assets under administration |  |  | 19,039 |  |  | 19,010 |  |  | 20,223 |  |  | 21,166 |  |  | 21,441 |
Total assets |  |  |  | $42,078 |  |  |  | $40,988 |  |  |  | $42,776 |  |  |  | $44,458 |  |  |  | $45,699 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $51,924 |  |  |  | $52,267 |  |  |  | $54,446 |  |  |  | $56,319 |  |  |  | $58,406 |
Collective trust fund programs |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |
Liquidity funds |  |  | 2,694 |  |  | 2,638 |  |  | 2,559 |  |  | 2,390 |  |  | 2,335 |
Total assets under management |  |  |  | $54,623 |  |  |  | $54,910 |  |  |  | $57,010 |  |  |  | $58,714 |  |  |  | $60,746 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $77,583 |  |  |  | $77,040 |  |  |  | $77,852 |  |  |  | $80,561 |  |  |  | $83,696 |
Collective trust fund programs |  |  | 90 |  |  | 92 |  |  | 90 |  |  | 85 |  |  | 80 |
Liquidity funds |  |  | 2,751 |  |  | 2,766 |  |  | 2,891 |  |  | 2,861 |  |  | 3,177 |
Total assets under management |  |  |  | $80,424 |  |  |  | $79,898 |  |  |  | $80,833 |  |  |  | $83,507 |  |  |  | $86,953 |
Advised assets |  |  | — |  |  | — |  |  | 3,125 |  |  | 3,687 |  |  | 4,376 |
Total assets |  |  |  | $80,424 |  |  |  | $79,898 |  |  |  | $83,958 |  |  |  | $87,194 |  |  |  | $91,329 |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $73 |  |  |  | $79 |  |  |  | $75 |  |  |  | $84 |  |  |  | $92 |
Collective trust fund programs |  |  | 35,257 |  |  | 36,170 |  |  | 39,081 |  |  | 41,615 |  |  | 44,824 |
Liquidity funds |  |  | 874 |  |  | 813 |  |  | 860 |  |  | 937 |  |  | 952 |
Total assets under management |  |  |  | $36,204 |  |  |  | $37,062 |  |  |  | $40,016 |  |  |  | $42,636 |  |  |  | $45,868 |
Client assets under administration |  |  | 436,459 |  |  | 446,666 |  |  | 453,766 |  |  | 470,701 |  |  | 486,158 |
Total assets |  |  |  | $472,663 |  |  |  | $483,728 |  |  |  | $493,782 |  |  |  | $513,337 |  |  |  | $532,026 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $845 |  |  |  | $851 |  |  |  | $909 |  |  |  | $954 |  |  |  | $1,016 |
Liquidity funds |  |  | 44 |  |  | 60 |  |  | 63 |  |  | 64 |  |  | 55 |
Total assets under management |  |  |  | $889 |  |  |  | $911 |  |  |  | $972 |  |  |  | $1,018 |  |  |  | $1,071 |
Advised assets |  |  | — |  |  | — |  |  | 82 |  |  | 73 |  |  | 73 |
Total assets |  |  |  | $889 |  |  |  | $911 |  |  |  | $1,054 |  |  |  | $1,091 |  |  |  | $1,144 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $83,373 |  |  |  | $84,676 |  |  |  | $90,274 |  |  |  | $93,094 |  |  |  | $99,279 |
Total: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $232,448 |  |  |  | $232,858 |  |  |  | $242,054 |  |  |  | $250,622 |  |  |  | $263,188 |
Collective trust fund programs |  |  | 35,355 |  |  | 36,270 |  |  | 39,180 |  |  | 41,710 |  |  | 44,913 |
Liquidity funds |  |  | 10,749 |  |  | 10,307 |  |  | 10,424 |  |  | 9,929 |  |  | 10,074 |
Total assets under management |  |  |  | $278,552 |  |  |  | $279,435 |  |  |  | $291,658 |  |  |  | $302,261 |  |  |  | $318,175 |
Advised assets |  |  | — |  |  | — |  |  | 3,207 |  |  | 3,760 |  |  | 4,449 |
Client assets under administration |  |  | 455,498 |  |  | 465,676 |  |  | 473,989 |  |  | 491,867 |  |  | 507,599 |
Total assets |  |  |  | $734,050 |  |  |  | $745,111 |  |  |  | $768,854 |  |  |  | $797,888 |  |  |  | $830,223 |

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