EX-99.1 5 seic-earningsreleaseex.htm PRESS RELEASE
Exhibit 99.1
Investor Contact: Media Contact:
Lindsey Opsahl Leslie Wojcik
SEI SEI
+1 610-676-4052 +1 610-676-4191
lopsahl@seic.com lwojcik@seic.com
Pages: 8
FOR IMMEDIATE RELEASE
SEI Reports Second-Quarter 2018 Financial Results
OAKS, Pa., July 19, 2018 – SEI Investments Company (NASDAQ:SEIC) today announced financial results for the second-quarter 2018. Diluted earnings per share were $0.75 in second-quarter 2018 compared to $0.57 in second-quarter 2017.

Consolidated Overview |  |  |  |  |  |  |  |  |  |  |  |
(In thousands, except earnings per share) |  | For the Three Months Ended June 30, |  |  |  | For the Six Months Ended June 30, |  |
|  | 2018 |  | 2017 |  | % |  | 2018 |  | 2017 |  | %
Revenues |  |  | $404,830 |  |  |  | $372,331 |  |  | 9% |  |  | $810,428 |  |  |  | $732,315 |  |  | 11%
Net income |  | 121,677 |  |  | 91,769 |  |  | 33% |  | 261,515 |  |  | 180,506 |  |  | 45%
Diluted earnings per share |  |  | $0.75 |  |  |  | $0.57 |  |  | 32% |  |  | $1.61 |  |  |  | $1.11 |  |  | 45%

“Second-quarter financial results reflect increased adoption of our solutions across our markets, as well as continued migration to SEI's platforms, most notably the SEI Wealth Platform SM,” said Alfred P. West, Jr., SEI Chairman and CEO.
"We continue to acquire new clients, enhance our platforms, and create scale while executing our long-term strategy. We feel that this puts us on track to generate sustainable growth for our shareholders."

Summary of Second-Quarter Results by Business Segment

(In thousands) |  | For the Three Months Ended June 30, |  |  |  | For the Six Months Ended June 30, |  |
|  | 2018 |  | 2017 |  | % |  | 2018 |  | 2017 |  | %
Private Banks: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | $121,126 |  |  |  | $116,184 |  |  | 4% |  |  | $243,290 |  |  |  | $228,818 |  |  | 6%
Expenses |  | 114,842 |  |  | 112,353 |  |  | 2% |  | 227,044 |  |  | 220,903 |  |  | 3%
Operating Profit |  | 6,284 |  |  | 3,831 |  |  | 64% |  | 16,246 |  |  | 7,915 |  |  | 105%
Operating Margin |  | 5 | % |  | 3 | % |  |  |  | 7 | % |  | 3 | % |  |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 99,890 |  |  | 92,746 |  |  | 8% |  | 199,082 |  |  | 180,984 |  |  | 10%
Expenses |  | 53,052 |  |  | 49,380 |  |  | 7% |  | 105,505 |  |  | 96,919 |  |  | 9%
Operating Profit |  | 46,838 |  |  | 43,366 |  |  | 8% |  | 93,577 |  |  | 84,065 |  |  | 11%
Operating Margin |  | 47 | % |  | 47 | % |  |  |  | 47 | % |  | 46 | % |  |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 83,434 |  |  | 78,068 |  |  | 7% |  | 168,925 |  |  | 155,072 |  |  | 9%
Expenses |  | 40,871 |  |  | 38,668 |  |  | 6% |  | 82,120 |  |  | 77,496 |  |  | 6%
Operating Profit |  | 42,563 |  |  | 39,400 |  |  | 8% |  | 86,805 |  |  | 77,576 |  |  | 12%
Operating Margin |  | 51 | % |  | 50 | % |  |  |  | 51 | % |  | 50 | % |  |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 97,566 |  |  | 83,616 |  |  | 17% |  | 194,421 |  |  | 164,103 |  |  | 18%
Expenses |  | 63,321 |  |  | 53,847 |  |  | 18% |  | 126,659 |  |  | 105,912 |  |  | 20%
Operating Profit |  | 34,245 |  |  | 29,769 |  |  | 15% |  | 67,762 |  |  | 58,191 |  |  | 16%
Operating Margin |  | 35 | % |  | 36 | % |  |  |  | 35 | % |  | 35 | % |  |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 2,814 |  |  | 1,717 |  |  | 64% |  | 4,710 |  |  | 3,338 |  |  | 41%
Expenses |  | 5,940 |  |  | 5,124 |  |  | 16% |  | 11,038 |  |  | 10,004 |  |  | 10%
Operating Loss |  | (3,126 | ) |  | (3,407 | ) |  | NM |  | (6,328 | ) |  | (6,666 | ) |  | NM
Totals: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | $404,830 |  |  |  | $372,331 |  |  | 9% |  |  | $810,428 |  |  |  | $732,315 |  |  | 11%
Expenses |  | 278,026 |  |  | 259,372 |  |  | 7% |  | 552,366 |  |  | 511,234 |  |  | 8%
Corporate overhead expenses |  | 16,514 |  |  | 15,732 |  |  | 5% |  | 31,456 |  |  | 30,337 |  |  | 4%
Income from operations |  |  | $110,290 |  |  |  | $97,227 |  |  | 13% |  |  | $226,606 |  |  |  | $190,744 |  |  | 19%

2

Second-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 $3.3 million in second-quarter 2018 compared to second-quarter 2017 primarily due to increased assets from new and existing clients processed on the SEI Wealth Platform (the Platform).

• | Revenues from the SEI Archway acquisition were $5.6 million during the second-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 $17.8 billion, or nine percent, to $227.0 billion, as compared to $209.2 billion during the second-quarter 2017 (see attached Average Asset Balances schedules for further details).

• | Our average assets under administration increased $53.4 billion, or 11 percent, to $545.3 billion in the second-quarter 2018, as compared to $491.9 billion during the second-quarter 2017 (see attached Average Asset Balances schedules for further details).

• | Sales events, net of client losses, during second-quarter 2018 totaled approximately $24.5 million and are expected to generate net annualized recurring revenues of approximately $19.1 million when contract values are fully realized.

• | Our earnings from LSV increased by $4.8 million, or 13 percent, to $41.1 million in second-quarter 2018 as compared to $36.3 million in second-quarter 2017. The increase in earnings was primarily due to an increase in assets under management from market appreciation and cash inflows from new clients.

• | Our operating expenses, primarily personnel costs, increased across all of our business segments. These expenses primarily consist of operational, technology development and maintenance and marketing costs and are mainly related to our solutions offerings and to servicing existing 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 $11.7 million of software development costs in second-quarter 2018 for continued enhancements to the Platform.

• | Our effective tax rate was 21.1 percent in second-quarter 2018 as compared to 32.1 percent in second-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.

• | We acquired Huntington Steele, LLC (Huntington Steele), a registered investment advisor servicing the ultra-high-net-worth market, during the second-quarter 2018. As a result, our ending advised assets as of June 30, 2018 increased by approximately $800 million, and our revenues and expenses increased by approximately $900 thousand and $700 thousand, respectively, during the second-quarter 2018. The results of operations of Huntington Steele are included in our Investments in New Businesses segment. Refer to our second-quarter 2018 Form 10-Q for additional information regarding the financial impact of the acquisition.

• | 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 second-quarter 2018 were each reduced by $3.3 million with no impact to net income. Refer to our second-quarter 2018 Form 10-Q for information regarding the impact of ASU 2014-09 on our financial statements.

• | We repurchased 1.6 million shares of our common stock for $104.6 million during the second-quarter 2018.

3

Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern time on July 19, 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 451477.
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 June 30, 2018, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $882 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $331 billion in assets under management and $545 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, including our expectations as to the revenue that we believe will be generated by sales events that occurred during the quarter. 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 June 30, |  | For the Six Months Ended June 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Asset management, admin. and distribution fees |  |  | $316,508 |  |  |  | $289,682 |  |  |  | $632,717 |  |  |  | $569,143 |
Information processing and software servicing fees |  | 88,322 |  |  | 82,649 |  |  | 177,711 |  |  | 163,172 |
Total revenues |  | 404,830 |  |  | 372,331 |  |  | 810,428 |  |  | 732,315 |
Subadvisory, distribution and other asset mgmt. costs |  | 45,209 |  |  | 43,907 |  |  | 90,414 |  |  | 87,059 |
Software royalties and other information processing costs |  | 7,977 |  |  | 11,319 |  |  | 16,695 |  |  | 23,290 |
Compensation, benefits and other personnel |  | 127,375 |  |  | 109,555 |  |  | 251,652 |  |  | 218,498 |
Stock-based compensation |  | 5,323 |  |  | 6,259 |  |  | 10,518 |  |  | 12,439 |
Consulting, outsourcing and professional fees |  | 50,441 |  |  | 48,335 |  |  | 99,148 |  |  | 91,484 |
Data processing and computer related |  | 21,133 |  |  | 18,990 |  |  | 41,724 |  |  | 37,315 |
Facilities, supplies and other costs |  | 17,783 |  |  | 17,575 |  |  | 35,396 |  |  | 33,500 |
Amortization |  | 12,161 |  |  | 12,565 |  |  | 24,015 |  |  | 24,587 |
Depreciation |  | 7,138 |  |  | 6,599 |  |  | 14,260 |  |  | 13,399 |
Total expenses |  | 294,540 |  |  | 275,104 |  |  | 583,822 |  |  | 541,571 |
Income from operations |  | 110,290 |  |  | 97,227 |  |  | 226,606 |  |  | 190,744 |
Net (loss) gain on investments |  | (139 | ) |  | 44 |  |  | (549 | ) |  | 391 |
Interest and dividend income |  | 3,162 |  |  | 1,686 |  |  | 5,664 |  |  | 3,029 |
Interest expense |  | (132 | ) |  | (114 | ) |  | (389 | ) |  | (226 | )
Equity in earnings of unconsolidated affiliate |  | 41,073 |  |  | 36,315 |  |  | 81,680 |  |  | 69,880 |
Income before income taxes |  | 154,254 |  |  | 135,158 |  |  | 313,012 |  |  | 263,818 |
Income taxes |  | 32,577 |  |  | 43,389 |  |  | 51,497 |  |  | 83,312 |
Net income |  |  | $121,677 |  |  |  | $91,769 |  |  |  | $261,515 |  |  |  | $180,506 |
Basic earnings per common share |  |  | $0.77 |  |  |  | $0.58 |  |  |  | $1.66 |  |  |  | $1.14 |
Shares used to calculate basic earnings per share |  | 157,542 |  |  | 158,325 |  |  | 157,488 |  |  | 158,708 |
Diluted earnings per common share |  |  | $0.75 |  |  |  | $0.57 |  |  |  | $1.61 |  |  |  | $1.11 |
Shares used to calculate diluted earnings per share |  | 162,225 |  |  | 161,709 |  |  | 162,825 |  |  | 162,226 |
Dividends declared per common share |  |  | $0.30 |  |  |  | $0.28 |  |  |  | $0.30 |  |  |  | $0.28 |

5

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

|  | June 30, |  | December 31,
|  | 2018 |  | 2017
Assets |  |  |  |
Current Assets: |  |  |  |
Cash and cash equivalents |  |  | $693,442 |  |  |  | $744,247 |
Restricted cash |  | 3,509 |  |  | 3,505 |
Receivables from investment products |  | 53,386 |  |  | 56,666 |
Receivables, net of allowance for doubtful accounts of $605 and $695 |  | 314,631 |  |  | 282,706 |
Securities owned |  | 28,981 |  |  | 21,526 |
Other current assets |  | 36,248 |  |  | 31,158 |
Total Current Assets |  | 1,130,197 |  |  | 1,139,808 |
Property and Equipment, net of accumulated depreciation of $323,992 and $309,955 |  | 144,330 |  |  | 146,428 |
Capitalized Software, net of accumulated amortization of $372,249 and $350,045 |  | 312,814 |  |  | 310,405 |
Investments Available for Sale |  | 89,019 |  |  | 87,983 |
Investments in Affiliated Funds, at fair value |  | 5,739 |  |  | 6,034 |
Investment in Unconsolidated Affiliate |  | 51,810 |  |  | 59,492 |
Goodwill |  | 65,249 |  |  | 52,990 |
Intangible Assets, net of accumulated amortization of $3,248 and $1,552 |  | 33,852 |  |  | 28,578 |
Deferred Contract Costs |  | 21,521 |  |  | — |
Deferred Income Taxes |  | 2,360 |  |  | 2,767 |
Other Assets, net |  | 33,815 |  |  | 18,884 |
Total Assets |  |  | $1,890,706 |  |  |  | $1,853,369 |
Liabilities and Equity |  |  |  |
Current Liabilities: |  |  |  |
Accounts payable |  |  | $7,519 |  |  |  | $5,268 |
Accrued liabilities |  | 193,832 |  |  | 265,058 |
Deferred revenue |  | 5,587 |  |  | 4,723 |
Total Current Liabilities |  | 206,938 |  |  | 275,049 |
Borrowings Under Revolving Credit Facility |  | — |  |  | 30,000 |
Long-term Taxes Payable |  | 9,629 |  |  | 10,629 |
Deferred Income Taxes |  | 56,871 |  |  | 48,472 |
Other Long-term Liabilities |  | 26,386 |  |  | 12,380 |
Total Liabilities |  | 299,824 |  |  | 376,530 |
Shareholders' Equity: |  |  |  |
Common stock, $.01 par value, 750,000 shares authorized; 156,800 and 157,069 shares issued and outstanding |  | 1,568 |  |  | 1,571 |
Capital in excess of par value |  | 1,094,771 |  |  | 1,027,709 |
Retained earnings |  | 522,764 |  |  | 467,467 |
Accumulated other comprehensive loss, net |  | (28,221 | ) |  | (19,908 | )
Total Shareholders' Equity |  | 1,590,882 |  |  | 1,476,839 |
Total Liabilities and Shareholders' Equity |  |  | $1,890,706 |  |  |  | $1,853,369 |

6

ENDING ASSET BALANCES
(In millions) (Unaudited)

|  |  | Jun. 30, |  | Sept. 30, |  | Dec 31, |  | Mar. 31, |  | Jun. 30,
|  |  | 2017 |  | 2017 |  | 2017 |  | 2018 |  | 2018
Private Banks: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $20,185 |  |  |  | $21,196 |  |  |  | $22,764 |  |  |  | $22,917 |  |  |  | $22,448 |
Collective trust fund programs |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |
Liquidity funds |  |  | 3,589 |  |  | 3,345 |  |  | 3,864 |  |  | 3,537 |  |  | 3,471 |
Total assets under management |  |  |  | $23,778 |  |  |  | $24,545 |  |  |  | $26,632 |  |  |  | $26,458 |  |  |  | $25,923 |
Client assets under administration |  |  | 20,951 |  |  | 22,107 |  |  | 22,980 |  |  | 22,411 |  |  | 22,435 |
Total assets |  |  |  | $44,729 |  |  |  | $46,652 |  |  |  | $49,612 |  |  |  | $48,869 |  |  |  | $48,358 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $57,358 |  |  |  | $59,455 |  |  |  | $61,908 |  |  |  | $62,176 |  |  |  | $62,227 |
Collective trust fund programs |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |
Liquidity funds |  |  | 2,451 |  |  | 2,327 |  |  | 2,414 |  |  | 2,399 |  |  | 3,101 |
Total assets under management |  |  |  | $59,814 |  |  |  | $61,787 |  |  |  | $64,327 |  |  |  | $64,580 |  |  |  | $65,333 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $81,723 |  |  |  | $85,763 |  |  |  | $87,587 |  |  |  | $85,607 |  |  |  | $83,687 |
Collective trust fund programs |  |  | 80 |  |  | 82 |  |  | 78 |  |  | 72 |  |  | 73 |
Liquidity funds |  |  | 2,468 |  |  | 3,699 |  |  | 2,937 |  |  | 2,727 |  |  | 2,594 |
Total assets under management |  |  |  | $84,271 |  |  |  | $89,544 |  |  |  | $90,602 |  |  |  | $88,406 |  |  |  | $86,354 |
Advised assets |  |  | 4,255 |  |  | 3,626 |  |  | 3,942 |  |  | 4,185 |  |  | 4,544 |
Total assets |  |  |  | $88,526 |  |  |  | $93,170 |  |  |  | $94,544 |  |  |  | $92,591 |  |  |  | $90,898 |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $92 |  |  |  | $93 |  |  |  | $96 |  |  |  | $97 |  |  |  | $95 |
Collective trust fund programs |  |  | 42,662 |  |  | 46,087 |  |  | 49,340 |  |  | 45,062 |  |  | 45,213 |
Liquidity funds |  |  | 999 |  |  | 799 |  |  | 743 |  |  | 732 |  |  | 496 |
Total assets under management |  |  |  | $43,753 |  |  |  | $46,979 |  |  |  | $50,179 |  |  |  | $45,891 |  |  |  | $45,804 |
Client assets under administration (A) |  |  | 476,543 |  |  | 493,538 |  |  | 495,447 |  |  | 507,694 |  |  | 522,700 |
Total assets |  |  |  | $520,296 |  |  |  | $540,517 |  |  |  | $545,626 |  |  |  | $553,585 |  |  |  | $568,504 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $997 |  |  |  | $1,052 |  |  |  | $1,104 |  |  |  | $1,114 |  |  |  | $1,120 |
Liquidity funds |  |  | 46 |  |  | 71 |  |  | 53 |  |  | 72 |  |  | 106 |
Total assets under management |  |  |  | $1,043 |  |  |  | $1,123 |  |  |  | $1,157 |  |  |  | $1,186 |  |  |  | $1,226 |
Advised assets |  |  | 69 |  |  | 54 |  |  | 49 |  |  | 49 |  |  | 807 |
Total assets |  |  |  | $1,112 |  |  |  | $1,177 |  |  |  | $1,206 |  |  |  | $1,235 |  |  |  | $2,033 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (B) |  |  |  | $95,700 |  |  |  | $102,901 |  |  |  | $107,690 |  |  |  | $108,186 |  |  |  | $106,505 |
Total: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (C) |  |  |  | $256,055 |  |  |  | $270,460 |  |  |  | $281,149 |  |  |  | $280,097 |  |  |  | $276,082 |
Collective trust fund programs |  |  | 42,751 |  |  | 46,178 |  |  | 49,427 |  |  | 45,143 |  |  | 45,295 |
Liquidity funds |  |  | 9,553 |  |  | 10,241 |  |  | 10,011 |  |  | 9,467 |  |  | 9,768 |
Total assets under management |  |  |  | $308,359 |  |  |  | $326,879 |  |  |  | $340,587 |  |  |  | $334,707 |  |  |  | $331,145 |
Advised assets |  |  | 4,324 |  |  | 3,680 |  |  | 3,991 |  |  | 4,234 |  |  | 5,351 |
Client assets under administration (D) |  |  | 497,494 |  |  | 515,645 |  |  | 518,427 |  |  | 530,105 |  |  | 545,135 |
Total assets |  |  |  | $810,177 |  |  |  | $846,204 |  |  |  | $863,005 |  |  |  | $869,046 |  |  |  | $881,631 |

(A) | Client assets under administration in the Investment Managers segment include $42.7 billion of assets that require limited services and therefore are at fee levels below our normal full service assets (as of June 30, 2018). In addition, these assets as of June 30, 2018 also include approximately $14.2 billion administered by SEI Archway that were not included in prior periods.

(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: $2.0 billion in June 2017, $2.3 billion in September 2017, $2.4 billion in December 2017, $2.4 billion in March 2018 and $2.3 billion in June 2018.

(C) | Equity and fixed-income programs include $5.7 billion of assets invested in various asset allocation funds at June 30, 2018.

(D) | In addition to the numbers presented, SEI also administers an additional $11.6 billion in Funds of Funds assets (as of

June 30, 2018) on which SEI does not earn an administration fee.
7

AVERAGE ASSET BALANCES
(In millions) (Unaudited)

|  |  | 2nd Qtr. |  | 3rd Qtr. |  | 4th Qtr. |  | 1st Qtr. |  | 2nd Qtr.
|  |  | 2017 |  | 2017 |  | 2017 |  | 2018 |  | 2018
Private Banks: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $19,610 |  |  |  | $20,699 |  |  |  | $21,748 |  |  |  | $23,412 |  |  |  | $22,870 |
Collective trust fund programs |  |  | 5 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |
Liquidity funds |  |  | 3,677 |  |  | 3,555 |  |  | 3,584 |  |  | 3,720 |  |  | 3,516 |
Total assets under management |  |  |  | $23,292 |  |  |  | $24,258 |  |  |  | $25,336 |  |  |  | $27,136 |  |  |  | $26,390 |
Client assets under administration |  |  | 21,166 |  |  | 21,441 |  |  | 22,759 |  |  | 23,398 |  |  | 22,605 |
Total assets |  |  |  | $44,458 |  |  |  | $45,699 |  |  |  | $48,095 |  |  |  | $50,534 |  |  |  | $48,995 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $56,319 |  |  |  | $58,406 |  |  |  | $60,730 |  |  |  | $62,650 |  |  |  | $62,890 |
Collective trust fund programs |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |
Liquidity funds |  |  | 2,390 |  |  | 2,335 |  |  | 2,235 |  |  | 2,290 |  |  | 2,429 |
Total assets under management |  |  |  | $58,714 |  |  |  | $60,746 |  |  |  | $62,970 |  |  |  | $64,945 |  |  |  | $65,324 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $80,561 |  |  |  | $84,520 |  |  |  | $86,573 |  |  |  | $87,207 |  |  |  | $85,045 |
Collective trust fund programs |  |  | 85 |  |  | 80 |  |  | 80 |  |  | 77 |  |  | 72 |
Liquidity funds |  |  | 2,861 |  |  | 3,177 |  |  | 3,052 |  |  | 2,905 |  |  | 2,621 |
Total assets under management |  |  |  | $83,507 |  |  |  | $87,777 |  |  |  | $89,705 |  |  |  | $90,189 |  |  |  | $87,738 |
Advised assets |  |  | 3,687 |  |  | 3,552 |  |  | 3,796 |  |  | 4,383 |  |  | 4,301 |
Total assets |  |  |  | $87,194 |  |  |  | $91,329 |  |  |  | $93,501 |  |  |  | $94,572 |  |  |  | $92,039 |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $84 |  |  |  | $92 |  |  |  | $99 |  |  |  | $96 |  |  |  | $109 |
Collective trust fund programs |  |  | 41,615 |  |  | 44,824 |  |  | 47,772 |  |  | 49,243 |  |  | 45,646 |
Liquidity funds |  |  | 937 |  |  | 952 |  |  | 843 |  |  | 834 |  |  | 649 |
Total assets under management |  |  |  | $42,636 |  |  |  | $45,868 |  |  |  | $48,714 |  |  |  | $50,173 |  |  |  | $46,404 |
Client assets under administration (A) |  |  | 470,701 |  |  | 486,158 |  |  | 494,201 |  |  | 506,951 |  |  | 522,679 |
Total assets |  |  |  | $513,337 |  |  |  | $532,026 |  |  |  | $542,915 |  |  |  | $557,124 |  |  |  | $569,083 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $954 |  |  |  | $1,016 |  |  |  | $1,079 |  |  |  | $1,105 |  |  |  | $1,090 |
Liquidity funds |  |  | 64 |  |  | 55 |  |  | 54 |  |  | 70 |  |  | 95 |
Total assets under management |  |  |  | $1,018 |  |  |  | $1,071 |  |  |  | $1,133 |  |  |  | $1,175 |  |  |  | $1,185 |
Advised assets |  |  | 73 |  |  | 73 |  |  | 50 |  |  | 50 |  |  | 813 |
Total assets |  |  |  | $1,091 |  |  |  | $1,144 |  |  |  | $1,183 |  |  |  | $1,225 |  |  |  | $1,998 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (B) |  |  |  | $94,010 |  |  |  | $100,244 |  |  |  | $106,112 |  |  |  | $109,904 |  |  |  | $108,380 |
Total: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $251,538 |  |  |  | $264,977 |  |  |  | $276,341 |  |  |  | $284,374 |  |  |  | $280,384 |
Collective trust fund programs |  |  | 41,710 |  |  | 44,913 |  |  | 47,861 |  |  | 49,329 |  |  | 45,727 |
Liquidity funds |  |  | 9,929 |  |  | 10,074 |  |  | 9,768 |  |  | 9,819 |  |  | 9,310 |
Total assets under management |  |  |  | $303,177 |  |  |  | $319,964 |  |  |  | $333,970 |  |  |  | $343,522 |  |  |  | $335,421 |
Advised assets |  |  | 3,760 |  |  | 3,625 |  |  | 3,846 |  |  | 4,433 |  |  | 5,114 |
Client assets under administration |  |  | 491,867 |  |  | 507,599 |  |  | 516,960 |  |  | 530,349 |  |  | 545,284 |
Total assets |  |  |  | $798,804 |  |  |  | $831,188 |  |  |  | $854,776 |  |  |  | $878,304 |  |  |  | $885,819 |

(A) Client assets under administration in the Investment Managers segment in Q2 2018 include approximately $13.9 billion of average asset balances administered by SEI Archway that were not included in prior periods.
(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 average of these assets for each period are as follows: $2.0 billion in Q2 2017, $2.2 billion in Q3 2017, $2.4 billion in Q4 2017, $2.3 billion in Q1 2018 and $2.3 billion in Q2 2018.
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