EX-99.1 5 seic-earningsreleaseex9914.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 First-Quarter 2018 Financial Results
OAKS, Pa., April 25, 2018 -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the first-quarter 2018. Diluted earnings per share were $0.86 in first-quarter 2018 compared to $0.55 in first-quarter 2017.

Consolidated Overview |  |  |  |  |  |
(In thousands, except earnings per share) |  | For the Three Months Ended March 31, |  |
|  | 2018 |  | 2017 |  | %
Revenues |  |  | $405,598 |  |  |  | $359,984 |  |  | 13%
Net income |  | 139,838 |  |  | 88,737 |  |  | 58%
Diluted earnings per share |  |  | $0.86 |  |  |  | $0.55 |  |  | 56%

“Our results for the quarter reflect the progress we have made across our business lines during the past year, while continuing to make the necessary investments to expand and strengthen the platforms we bring to our target markets,” said Alfred P. West, Jr., SEI Chairman and CEO. “Financially, we also benefited from the change in corporate tax rates that became effective this year.
"The markets we serve continue to face increasingly complex regulations in a highly-competitive environment. Our platforms are built and offered with one key focus, to help our clients achieve lasting success. This will foster growth for the company and increased shareholder value over the long-term."

Summary of First-Quarter Results by Business Segment

(In thousands) |  | For the Three Months Ended March 31, |  |
|  | 2018 |  | 2017 |  | %
Private Banks: |  |  |  |  |  |
Revenues |  |  | $122,164 |  |  |  | $112,634 |  |  | 8%
Expenses |  | 112,202 |  |  | 108,550 |  |  | 3%
Operating Profit |  | 9,962 |  |  | 4,084 |  |  | 144%
Operating Margin |  | 8 | % |  | 4 | % |  |
Investment Advisors: |  |  |  |  |  |
Revenues |  | 99,192 |  |  | 88,238 |  |  | 12%
Expenses |  | 52,453 |  |  | 47,539 |  |  | 10%
Operating Profit |  | 46,739 |  |  | 40,699 |  |  | 15%
Operating Margin |  | 47 | % |  | 46 | % |  |
Institutional Investors: |  |  |  |  |  |
Revenues |  | 85,491 |  |  | 77,004 |  |  | 11%
Expenses |  | 41,249 |  |  | 38,828 |  |  | 6%
Operating Profit |  | 44,242 |  |  | 38,176 |  |  | 16%
Operating Margin |  | 52 | % |  | 50 | % |  |
Investment Managers: |  |  |  |  |  |
Revenues |  | 96,855 |  |  | 80,487 |  |  | 20%
Expenses |  | 63,338 |  |  | 52,065 |  |  | 22%
Operating Profit |  | 33,517 |  |  | 28,422 |  |  | 18%
Operating Margin |  | 35 | % |  | 35 | % |  |
Investments in New Businesses: |  |  |  |  |  |
Revenues |  | 1,896 |  |  | 1,621 |  |  | 17%
Expenses |  | 5,098 |  |  | 4,880 |  |  | 4%
Operating Loss |  | (3,202 | ) |  | (3,259 | ) |  | NM
Totals: |  |  |  |  |  |
Revenues |  |  | $405,598 |  |  |  | $359,984 |  |  | 13%
Expenses |  | 274,340 |  |  | 251,862 |  |  | 9%
Corporate overhead expenses |  | 14,942 |  |  | 14,605 |  |  | 2%
Income from operations |  |  | $116,316 |  |  |  | $93,517 |  |  | 24%

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First-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.

• | Information processing and software servicing fees in our Private Banks segment increased $6.4 million in first-quarter 2018 compared to first-quarter 2017 primarily due to increased assets from new and existing clients processed on the SEI Wealth Platform SM (the Platform).

• | Revenues from the SEI Archway acquisition were $5.5 million during the first-quarter 2018. SEI Archway was acquired during the third-quarter 2017 and is reported in our Investment Managers segment.

• | Our average assets under management, excluding LSV, increased $32.2 billion, or 16 percent, to $233.6 billion, as compared to $201.4 billion during the first-quarter 2017 (see attached Average Asset Balances schedules for further details).

• | Our average assets under administration increased $56.4 billion, or 12 percent, to $530.3 billion in the first-quarter 2018, as compared to $474.0 billion during the first-quarter 2017 (see attached Average Asset Balances schedules for further details).

• | Sales events, net of client losses, during first-quarter 2018 totaled approximately $18.8 million and are expected to generate net annualized recurring revenues of approximately $11.6 million when contract values are fully realized.

• | Our earnings from LSV increased by $7.0 million, or 21 percent, to $40.6 million in first-quarter 2018 as compared to $33.6 million in first-quarter 2017. The increase in earnings was due to an increase in assets under management from market appreciation; however, our earnings were negatively impacted by increased personnel expenses of LSV.

• | Our operating expenses, primarily personnel costs, in our Investment Advisors and Investment Managers segments increased. These expenses primarily consist of operational, technology and marketing costs and are mainly related to servicing existing clients and acquiring new clients. In addition, our Investment Managers segment includes personnel costs related to SEI Archway acquired during the third-quarter 2017.

• | We capitalized $12.9 million and $16.9 million of software development costs in first-quarter 2018 and 2017, respectively, of which $12.0 million and $15.2 million are related to continued enhancements to the Platform. 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 Platform decreased to $9.7 million during the first-quarter 2018 as compared to $12.0 million during the first-quarter 2017 due to an adjustment to the estimated useful life of the Platform effective in the fourth-quarter 2017.

• | During the first-quarter 2018, we placed into service an application developed for the Investment Managers segment. This new offering includes components that leverage upon the current infrastructure and add significant enhancements designed to aggregate, transact and process data. Amortization expense related to the application was $1.3 million during first-quarter 2018.

• | Our effective tax rate was 11.9 percent in first-quarter 2018 as compared to 31.0 percent in first-quarter 2017. The decline in our tax rate was primarily due to the tax changes enacted in the Tax Cuts and Jobs Act in December 2017 and increased tax benefits due to a higher volume of stock option exercise activity.

• | We adopted ASU Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09) on January 1, 2018. With our adoption of ASU 2014-09, fees received for research services provided by our brokerage subsidiary, SIDCO, are now recorded net of amounts paid for the soft dollar arrangement. As a result, our revenues and expenses in first-quarter 2018 were each reduced by $3.7 million with no impact to net income. Refer to our

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first-quarter 2018 Form 10-Q for information regarding the impact of ASU 2014-09 on our financial statements.

• | We repurchased 1.1 million shares of our common stock for $82.3 million during the first-quarter 2018.

Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern time on Apr. 25, 2018. Investors may listen to the call at seic.com/ir-events. Investors may also listen to a replay by telephone at (USA) 800-475-6701; (International) 320-365-3844, access code 447804.
About SEI
Now in its 50th year of business, 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 March 31, 2018, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $869 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $335 billion in assets under management and $530 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.
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SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

|  | For the Three Months Ended March 31,
|  | 2018 |  | 2017
Asset management, admin. and distribution fees |  |  | $316,209 |  |  |  | $279,461 |
Information processing and software servicing fees |  | 89,389 |  |  | 80,523 |
Total revenues |  | 405,598 |  |  | 359,984 |
Subadvisory, distribution and other asset mgmt. costs |  | 45,205 |  |  | 43,152 |
Software royalties and other information processing costs |  | 8,718 |  |  | 11,971 |
Compensation, benefits and other personnel |  | 124,277 |  |  | 108,943 |
Stock-based compensation |  | 5,195 |  |  | 6,180 |
Consulting, outsourcing and professional fees |  | 48,707 |  |  | 43,149 |
Data processing and computer related |  | 20,591 |  |  | 18,325 |
Facilities, supplies and other costs |  | 17,613 |  |  | 15,925 |
Amortization |  | 11,854 |  |  | 12,022 |
Depreciation |  | 7,122 |  |  | 6,800 |
Total expenses |  | 289,282 |  |  | 266,467 |
Income from operations |  | 116,316 |  |  | 93,517 |
Net (loss) gain on investments |  | (410 | ) |  | 347 |
Interest and dividend income |  | 2,502 |  |  | 1,343 |
Interest expense |  | (257 | ) |  | (112 | )
Equity in earnings of unconsolidated affiliate |  | 40,607 |  |  | 33,565 |
Income before income taxes |  | 158,758 |  |  | 128,660 |
Income taxes |  | 18,920 |  |  | 39,923 |
Net income |  |  | $139,838 |  |  |  | $88,737 |
Basic earnings per common share |  |  | $0.89 |  |  |  | $0.56 |
Shares used to calculate basic earnings per share |  | 157,434 |  |  | 159,091 |
Diluted earnings per common share |  |  | $0.86 |  |  |  | $0.55 |
Shares used to calculate diluted earnings per share |  | 163,424 |  |  | 162,742 |

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

|  | March 31, |  | December 31,
|  | 2018 |  | 2017
Assets |  |  |  |
Current Assets: |  |  |  |
Cash and cash equivalents |  |  | $748,299 |  |  |  | $744,247 |
Restricted cash |  | 3,507 |  |  | 3,505 |
Receivables from investment products |  | 54,909 |  |  | 56,666 |
Receivables, net of allowance for doubtful accounts of $788 and $695 |  | 308,270 |  |  | 282,706 |
Securities owned |  | 21,600 |  |  | 21,526 |
Other current assets |  | 34,722 |  |  | 31,158 |
Total Current Assets |  | 1,171,307 |  |  | 1,139,808 |
Property and Equipment, net of accumulated depreciation of $317,245 and $309,955 |  | 145,280 |  |  | 146,428 |
Capitalized Software, net of accumulated amortization of $361,065 and $350,045 |  | 312,272 |  |  | 310,405 |
Investments Available for Sale |  | 83,089 |  |  | 87,983 |
Investments in Affiliated Funds, at fair value |  | 5,534 |  |  | 6,034 |
Investment in Unconsolidated Affiliate |  | 54,482 |  |  | 59,492 |
Goodwill |  | 52,990 |  |  | 52,990 |
Intangible Assets, net of accumulated amortization of $2,328 and $1,552 |  | 27,802 |  |  | 28,578 |
Deferred Contract Costs |  | 19,875 |  |  | — |
Deferred Income Taxes |  | 2,740 |  |  | 2,767 |
Other Assets, net |  | 18,334 |  |  | 18,884 |
Total Assets |  |  | $1,893,705 |  |  |  | $1,853,369 |
Liabilities and Equity |  |  |  |
Current Liabilities: |  |  |  |
Accounts payable |  |  | $8,463 |  |  |  | $5,268 |
Accrued liabilities |  | 168,618 |  |  | 265,058 |
Deferred revenue |  | 4,998 |  |  | 4,723 |
Total Current Liabilities |  | 182,079 |  |  | 275,049 |
Borrowings Under Revolving Credit Facility |  | 20,000 |  |  | 30,000 |
Long-term Taxes Payable |  | 10,629 |  |  | 10,629 |
Deferred Income Taxes |  | 54,384 |  |  | 48,472 |
Other Long-term Liabilities |  | 12,959 |  |  | 12,380 |
Total Liabilities |  | 280,051 |  |  | 376,530 |
Shareholders' Equity: |  |  |  |
Common stock, $.01 par value, 750,000 shares authorized; 157,990 and 157,069 shares issued and outstanding |  | 1,580 |  |  | 1,571 |
Capital in excess of par value |  | 1,085,312 |  |  | 1,027,709 |
Retained earnings |  | 544,923 |  |  | 467,467 |
Accumulated other comprehensive loss, net |  | (18,161 | ) |  | (19,908 | )
Total Shareholders' Equity |  | 1,613,654 |  |  | 1,476,839 |
Total Liabilities and Shareholders' Equity |  |  | $1,893,705 |  |  |  | $1,853,369 |

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ENDING ASSET BALANCES
(In millions) (Unaudited)

|  |  | Mar. 31, |  | Jun. 30, |  | Sept. 30, |  | Dec 31, |  | Mar. 31,
|  |  | 2017 |  | 2017 |  | 2017 |  | 2017 |  | 2018
Private Banks: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $19,034 |  |  |  | $20,185 |  |  |  | $21,196 |  |  |  | $22,764 |  |  |  | $22,917 |
Collective trust fund programs |  |  | 5 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |
Liquidity funds |  |  | 3,903 |  |  | 3,589 |  |  | 3,345 |  |  | 3,864 |  |  | 3,537 |
Total assets under management |  |  |  | $22,942 |  |  |  | $23,778 |  |  |  | $24,545 |  |  |  | $26,632 |  |  |  | $26,458 |
Client assets under administration |  |  | 20,760 |  |  | 20,951 |  |  | 22,107 |  |  | 22,980 |  |  | 22,411 |
Total assets |  |  |  | $43,702 |  |  |  | $44,729 |  |  |  | $46,652 |  |  |  | $49,612 |  |  |  | $48,869 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $55,311 |  |  |  | $57,358 |  |  |  | $59,455 |  |  |  | $61,908 |  |  |  | $62,176 |
Collective trust fund programs |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |
Liquidity funds |  |  | 2,645 |  |  | 2,451 |  |  | 2,327 |  |  | 2,414 |  |  | 2,399 |
Total assets under management |  |  |  | $57,961 |  |  |  | $59,814 |  |  |  | $61,787 |  |  |  | $64,327 |  |  |  | $64,580 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $78,954 |  |  |  | $81,723 |  |  |  | $85,763 |  |  |  | $87,587 |  |  |  | $85,607 |
Collective trust fund programs |  |  | 89 |  |  | 80 |  |  | 82 |  |  | 78 |  |  | 72 |
Liquidity funds |  |  | 2,759 |  |  | 2,468 |  |  | 3,699 |  |  | 2,937 |  |  | 2,727 |
Total assets under management |  |  |  | $81,802 |  |  |  | $84,271 |  |  |  | $89,544 |  |  |  | $90,602 |  |  |  | $88,406 |
Advised assets |  |  | 3,228 |  |  | 4,255 |  |  | 3,626 |  |  | 3,942 |  |  | 4,185 |
Total assets |  |  |  | $85,030 |  |  |  | $88,526 |  |  |  | $93,170 |  |  |  | $94,544 |  |  |  | $92,591 |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $84 |  |  |  | $92 |  |  |  | $93 |  |  |  | $96 |  |  |  | $97 |
Collective trust fund programs |  |  | 40,646 |  |  | 42,662 |  |  | 46,087 |  |  | 49,340 |  |  | 45,062 |
Liquidity funds |  |  | 911 |  |  | 999 |  |  | 799 |  |  | 743 |  |  | 732 |
Total assets under management |  |  |  | $41,641 |  |  |  | $43,753 |  |  |  | $46,979 |  |  |  | $50,179 |  |  |  | $45,891 |
Client assets under administration (A) |  |  | 457,356 |  |  | 476,543 |  |  | 493,538 |  |  | 495,447 |  |  | 507,694 |
Total assets |  |  |  | $498,997 |  |  |  | $520,296 |  |  |  | $540,517 |  |  |  | $545,626 |  |  |  | $553,585 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $931 |  |  |  | $997 |  |  |  | $1,052 |  |  |  | $1,104 |  |  |  | $1,114 |
Liquidity funds |  |  | 79 |  |  | 46 |  |  | 71 |  |  | 53 |  |  | 72 |
Total assets under management |  |  |  | $1,010 |  |  |  | $1,043 |  |  |  | $1,123 |  |  |  | $1,157 |  |  |  | $1,186 |
Advised assets |  |  | 85 |  |  | 69 |  |  | 54 |  |  | 49 |  |  | 49 |
Total assets |  |  |  | $1,095 |  |  |  | $1,112 |  |  |  | $1,177 |  |  |  | $1,206 |  |  |  | $1,235 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (B) |  |  |  | $91,514 |  |  |  | $95,700 |  |  |  | $102,901 |  |  |  | $107,690 |  |  |  | $108,186 |
Total: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (C) |  |  |  | $245,828 |  |  |  | $256,055 |  |  |  | $270,460 |  |  |  | $281,149 |  |  |  | $280,097 |
Collective trust fund programs |  |  | 40,745 |  |  | 42,751 |  |  | 46,178 |  |  | 49,427 |  |  | 45,143 |
Liquidity funds |  |  | 10,297 |  |  | 9,553 |  |  | 10,241 |  |  | 10,011 |  |  | 9,467 |
Total assets under management |  |  |  | $296,870 |  |  |  | $308,359 |  |  |  | $326,879 |  |  |  | $340,587 |  |  |  | $334,707 |
Advised assets |  |  | 3,313 |  |  | 4,324 |  |  | 3,680 |  |  | 3,991 |  |  | 4,234 |
Client assets under administration (D) |  |  | 478,116 |  |  | 497,494 |  |  | 515,645 |  |  | 518,427 |  |  | 530,105 |
Total assets |  |  |  | $778,299 |  |  |  | $810,177 |  |  |  | $846,204 |  |  |  | $863,005 |  |  |  | $869,046 |

(A) | Client assets under administration in the Investment Managers segment include $42.4 billion of assets that require limited services and therefore are at fee levels below our normal full service assets (as of March 31, 2018).

(B) | Equity and fixed-income programs include assets managed by LSV in which fees are based on performance only. A portion of these assets were not included in prior period reported assets. The ending value of these assets for each period are as follows: $1.8 billion in March 2017, $2.0 billion in June 2017, $2.3 billion in September 2017, $2.4 billion in December 2017 and $2.4 billion in March 2018.

(C) | Equity and fixed-income programs include $5.7 billion of assets invested in various asset allocation funds at March 31, 2018.

(D) | In addition to the numbers presented, SEI also administers an additional $9.7 billion in Funds of Funds assets (as of

March 31, 2018) on which SEI does not earn an administration fee.
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AVERAGE ASSET BALANCES
(In millions) (Unaudited)

|  |  | 1st Qtr. |  | 2nd Qtr. |  | 3rd Qtr. |  | 4th Qtr. |  | 1st Qtr.
|  |  | 2017 |  | 2017 |  | 2017 |  | 2017 |  | 2018
Private Banks: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $18,498 |  |  |  | $19,610 |  |  |  | $20,699 |  |  |  | $21,748 |  |  |  | $23,412 |
Collective trust fund programs |  |  | 4 |  |  | 5 |  |  | 4 |  |  | 4 |  |  | 4 |
Liquidity funds |  |  | 4,051 |  |  | 3,677 |  |  | 3,555 |  |  | 3,584 |  |  | 3,720 |
Total assets under management |  |  |  | $22,553 |  |  |  | $23,292 |  |  |  | $24,258 |  |  |  | $25,336 |  |  |  | $27,136 |
Client assets under administration |  |  | 20,223 |  |  | 21,166 |  |  | 21,441 |  |  | 22,759 |  |  | 23,398 |
Total assets |  |  |  | $42,776 |  |  |  | $44,458 |  |  |  | $45,699 |  |  |  | $48,095 |  |  |  | $50,534 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $54,446 |  |  |  | $56,319 |  |  |  | $58,406 |  |  |  | $60,730 |  |  |  | $62,650 |
Collective trust fund programs |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |
Liquidity funds |  |  | 2,559 |  |  | 2,390 |  |  | 2,335 |  |  | 2,235 |  |  | 2,290 |
Total assets under management |  |  |  | $57,010 |  |  |  | $58,714 |  |  |  | $60,746 |  |  |  | $62,970 |  |  |  | $64,945 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $77,852 |  |  |  | $80,561 |  |  |  | $84,520 |  |  |  | $86,573 |  |  |  | $87,207 |
Collective trust fund programs |  |  | 90 |  |  | 85 |  |  | 80 |  |  | 80 |  |  | 77 |
Liquidity funds |  |  | 2,891 |  |  | 2,861 |  |  | 3,177 |  |  | 3,052 |  |  | 2,905 |
Total assets under management |  |  |  | $80,833 |  |  |  | $83,507 |  |  |  | $87,777 |  |  |  | $89,705 |  |  |  | $90,189 |
Advised assets |  |  | 3,125 |  |  | 3,687 |  |  | 3,552 |  |  | 3,796 |  |  | 4,383 |
Total assets |  |  |  | $83,958 |  |  |  | $87,194 |  |  |  | $91,329 |  |  |  | $93,501 |  |  |  | $94,572 |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $75 |  |  |  | $84 |  |  |  | $92 |  |  |  | $99 |  |  |  | $96 |
Collective trust fund programs |  |  | 39,081 |  |  | 41,615 |  |  | 44,824 |  |  | 47,772 |  |  | 49,243 |
Liquidity funds |  |  | 860 |  |  | 937 |  |  | 952 |  |  | 843 |  |  | 834 |
Total assets under management |  |  |  | $40,016 |  |  |  | $42,636 |  |  |  | $45,868 |  |  |  | $48,714 |  |  |  | $50,173 |
Client assets under administration |  |  | 453,766 |  |  | 470,701 |  |  | 486,158 |  |  | 494,201 |  |  | 506,951 |
Total assets |  |  |  | $493,782 |  |  |  | $513,337 |  |  |  | $532,026 |  |  |  | $542,915 |  |  |  | $557,124 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $909 |  |  |  | $954 |  |  |  | $1,016 |  |  |  | $1,079 |  |  |  | $1,105 |
Liquidity funds |  |  | 63 |  |  | 64 |  |  | 55 |  |  | 54 |  |  | 70 |
Total assets under management |  |  |  | $972 |  |  |  | $1,018 |  |  |  | $1,071 |  |  |  | $1,133 |  |  |  | $1,175 |
Advised assets |  |  | 82 |  |  | 73 |  |  | 73 |  |  | 50 |  |  | 50 |
Total assets |  |  |  | $1,054 |  |  |  | $1,091 |  |  |  | $1,144 |  |  |  | $1,183 |  |  |  | $1,225 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (A) |  |  |  | $91,150 |  |  |  | $94,010 |  |  |  | $100,244 |  |  |  | $106,112 |  |  |  | $109,904 |
Total: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $242,930 |  |  |  | $251,538 |  |  |  | $264,977 |  |  |  | $276,341 |  |  |  | $284,374 |
Collective trust fund programs |  |  | 39,180 |  |  | 41,710 |  |  | 44,913 |  |  | 47,861 |  |  | 49,329 |
Liquidity funds |  |  | 10,424 |  |  | 9,929 |  |  | 10,074 |  |  | 9,768 |  |  | 9,819 |
Total assets under management |  |  |  | $292,534 |  |  |  | $303,177 |  |  |  | $319,964 |  |  |  | $333,970 |  |  |  | $343,522 |
Advised assets |  |  | 3,207 |  |  | 3,760 |  |  | 3,625 |  |  | 3,846 |  |  | 4,433 |
Client assets under administration |  |  | 473,989 |  |  | 491,867 |  |  | 507,599 |  |  | 516,960 |  |  | 530,349 |
Total assets |  |  |  | $769,730 |  |  |  | $798,804 |  |  |  | $831,188 |  |  |  | $854,776 |  |  |  | $878,304 |

(A) Equity and fixed-income programs include assets managed by LSV in which fees are based on performance only. A portion of these assets were not included in prior period reported assets. The average of these assets for each period are as follows: $1.7 billion in Q1 2017, $2.0 billion in Q2 2017, $2.2 billion in Q3 2017, $2.4 billion in Q4 2017 and $2.3 billion in Q1 2018.
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