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 Third-Quarter 2018 Financial Results
OAKS, Pa., Oct. 23, 2018 – SEI Investments Company (NASDAQ:SEIC) today announced financial results for the third-quarter 2018. Diluted earnings per share were $0.80 in third-quarter 2018 compared to $0.63 in third-quarter 2017.

Consolidated Overview |  |  |  |  |  |  |  |  |  |  |  |
(In thousands, except earnings per share) |  | For the Three Months Ended September 30, |  |  |  | For the Nine Months Ended September 30, |  |
|  | 2018 |  | 2017 |  | % |  | 2018 |  | 2017 |  | %
Revenues |  |  | $408,682 |  |  |  | $386,018 |  |  | 6% |  |  | $1,219,110 |  |  |  | $1,118,333 |  |  | 9%
Net income |  | 128,319 |  |  | 101,739 |  |  | 26% |  | 389,834 |  |  | 282,245 |  |  | 38%
Diluted earnings per share |  |  | $0.80 |  |  |  | $0.63 |  |  | 27% |  |  | $2.41 |  |  |  | $1.74 |  |  | 39%

"Our third-quarter results reflect our focus on growing our existing markets with market-leading solutions to our clients' most challenging issues, while continuing our expansion into new markets and the development of additional capabilities," said Alfred P. West, Jr., SEI Chairman and CEO.
"We are on the right track. Despite market challenges, we remain committed to investing in our future, executing effectively today to increase shareholder value over time."

Summary of Third-Quarter Results by Business Segment

(In thousands) |  | For the Three Months Ended September 30, |  |  |  | For the Nine Months Ended September 30, |  |
|  | 2018 |  | 2017 |  | % |  | 2018 |  | 2017 |  | %
Private Banks: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | $118,449 |  |  |  | $118,499 |  |  | —% |  |  | $361,739 |  |  |  | $347,317 |  |  | 4%
Expenses |  | 116,471 |  |  | 115,806 |  |  | 1% |  | 343,515 |  |  | 336,709 |  |  | 2%
Operating Profit |  | 1,978 |  |  | 2,693 |  |  | (27)% |  | 18,224 |  |  | 10,608 |  |  | 72%
Operating Margin |  | 2 | % |  | 2 | % |  |  |  | 5 | % |  | 3 | % |  |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 102,550 |  |  | 94,318 |  |  | 9% |  | 301,632 |  |  | 275,302 |  |  | 10%
Expenses |  | 53,287 |  |  | 50,585 |  |  | 5% |  | 158,792 |  |  | 147,504 |  |  | 8%
Operating Profit |  | 49,263 |  |  | 43,733 |  |  | 13% |  | 142,840 |  |  | 127,798 |  |  | 12%
Operating Margin |  | 48 | % |  | 46 | % |  |  |  | 47 | % |  | 46 | % |  |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 83,466 |  |  | 80,411 |  |  | 4% |  | 252,391 |  |  | 235,483 |  |  | 7%
Expenses |  | 40,497 |  |  | 40,003 |  |  | 1% |  | 122,617 |  |  | 117,499 |  |  | 4%
Operating Profit |  | 42,969 |  |  | 40,408 |  |  | 6% |  | 129,774 |  |  | 117,984 |  |  | 10%
Operating Margin |  | 51 | % |  | 50 | % |  |  |  | 51 | % |  | 50 | % |  |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 101,275 |  |  | 91,020 |  |  | 11% |  | 295,696 |  |  | 255,123 |  |  | 16%
Expenses |  | 65,296 |  |  | 59,831 |  |  | 9% |  | 191,955 |  |  | 165,743 |  |  | 16%
Operating Profit |  | 35,979 |  |  | 31,189 |  |  | 15% |  | 103,741 |  |  | 89,380 |  |  | 16%
Operating Margin |  | 36 | % |  | 34 | % |  |  |  | 35 | % |  | 35 | % |  |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 2,942 |  |  | 1,770 |  |  | 66% |  | 7,652 |  |  | 5,108 |  |  | 50%
Expenses |  | 5,769 |  |  | 5,063 |  |  | 14% |  | 16,807 |  |  | 15,067 |  |  | 12%
Operating Loss |  | (2,827 | ) |  | (3,293 | ) |  | NM |  | (9,155 | ) |  | (9,959 | ) |  | NM
Totals: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | $408,682 |  |  |  | $386,018 |  |  | 6% |  |  | $1,219,110 |  |  |  | $1,118,333 |  |  | 9%
Expenses |  | 281,320 |  |  | 271,288 |  |  | 4% |  | 833,686 |  |  | 782,522 |  |  | 7%
Corporate overhead expenses |  | 14,942 |  |  | 15,493 |  |  | (4)% |  | 46,398 |  |  | 45,830 |  |  | 1%
Income from operations |  |  | $112,420 |  |  |  | $99,237 |  |  | 13% |  |  | $339,026 |  |  |  | $289,981 |  |  | 17%

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.

• | Our average assets under management, excluding LSV, increased $7.8 billion, or four percent, to $227.5 billion, as compared to $219.7 billion during the third-quarter 2017 (see attached Average Asset Balances schedules for further details).

• | Our average assets under administration increased $56.6 billion, or 11 percent, to $564.2 billion in the third-quarter 2018, as compared to $507.6 billion during the third-quarter 2017 (see attached Average Asset Balances schedules for further details).

• | Sales events, net of client losses, during third-quarter 2018 totaled approximately $27.9 million and are expected to generate net annualized recurring revenues of approximately $22.5 million when contract values are fully realized.

• | Our earnings from LSV increased by $2.4 million, or six percent, to $41.7 million in third-quarter 2018 as compared to $39.3 million in third-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. The increase was partially offset by lower performance fees earned by LSV.

• | 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 as well as servicing existing and acquiring new clients.

• | We capitalized $8.8 million of software development costs in third-quarter 2018 for continued enhancements to the SEI Wealth Platform SM.

• | Our effective tax rate was 18.6 percent in third-quarter 2018 as compared to 27.7 percent in third-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 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 third-quarter 2018 were each reduced by $3.3 million with no impact to net income. Refer to our third-quarter 2018 Form 10-Q for information regarding the impact of ASU 2014-09 on our financial statements.

• | We repurchased 1.7 million shares of our common stock for $102.6 million during the third-quarter 2018.

Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern Time on Oct. 23, 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 455754.
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 Sept. 30, 2018, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $920 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $339 billion in assets under management and $576 billion in client assets under administration. For more information, visit seic.com.
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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 and the degree to which our current operations will create value prospectively. 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,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Asset management, admin. and distribution fees |  |  | $322,778 |  |  |  | $300,417 |  |  |  | $955,495 |  |  |  | $869,560 |
Information processing and software servicing fees |  | 85,904 |  |  | 85,601 |  |  | 263,615 |  |  | 248,773 |
Total revenues |  | 408,682 |  |  | 386,018 |  |  | 1,219,110 |  |  | 1,118,333 |
Subadvisory, distribution and other asset mgmt. costs |  | 45,276 |  |  | 46,014 |  |  | 135,690 |  |  | 133,073 |
Software royalties and other information processing costs |  | 7,767 |  |  | 11,005 |  |  | 24,462 |  |  | 34,295 |
Compensation, benefits and other personnel |  | 127,480 |  |  | 118,421 |  |  | 379,132 |  |  | 336,919 |
Stock-based compensation |  | 5,878 |  |  | 7,088 |  |  | 16,396 |  |  | 19,527 |
Consulting, outsourcing and professional fees |  | 51,758 |  |  | 46,507 |  |  | 150,906 |  |  | 137,991 |
Data processing and computer related |  | 21,754 |  |  | 19,792 |  |  | 63,478 |  |  | 57,107 |
Facilities, supplies and other costs |  | 16,689 |  |  | 17,261 |  |  | 52,085 |  |  | 50,761 |
Amortization |  | 12,405 |  |  | 13,745 |  |  | 36,420 |  |  | 38,332 |
Depreciation |  | 7,255 |  |  | 6,948 |  |  | 21,515 |  |  | 20,347 |
Total expenses |  | 296,262 |  |  | 286,781 |  |  | 880,084 |  |  | 828,352 |
Income from operations |  | 112,420 |  |  | 99,237 |  |  | 339,026 |  |  | 289,981 |
Net gain (loss) on investments |  | 89 |  |  | 645 |  |  | (460 | ) |  | 1,036 |
Interest and dividend income |  | 3,482 |  |  | 1,899 |  |  | 9,146 |  |  | 4,928 |
Interest expense |  | (122 | ) |  | (345 | ) |  | (511 | ) |  | (571 | )
Equity in earnings of unconsolidated affiliate |  | 41,726 |  |  | 39,333 |  |  | 123,406 |  |  | 109,213 |
Income before income taxes |  | 157,595 |  |  | 140,769 |  |  | 470,607 |  |  | 404,587 |
Income taxes |  | 29,276 |  |  | 39,030 |  |  | 80,773 |  |  | 122,342 |
Net income |  |  | $128,319 |  |  |  | $101,739 |  |  |  | $389,834 |  |  |  | $282,245 |
Basic earnings per common share |  |  | $0.82 |  |  |  | $0.64 |  |  |  | $2.48 |  |  |  | $1.78 |
Shares used to calculate basic earnings per share |  | 156,283 |  |  | 157,902 |  |  | 157,086 |  |  | 158,439 |
Diluted earnings per common share |  |  | $0.80 |  |  |  | $0.63 |  |  |  | $2.41 |  |  |  | $1.74 |
Shares used to calculate diluted earnings per share |  | 160,511 |  |  | 161,148 |  |  | 162,053 |  |  | 161,866 |
Dividends declared per common share |  |  | $— |  |  |  | $— |  |  |  | $0.30 |  |  |  | $0.28 |

5

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

|  | September 30, |  | December 31,
|  | 2018 |  | 2017
Assets |  |  |  |
Current Assets: |  |  |  |
Cash and cash equivalents |  |  | $741,965 |  |  |  | $744,247 |
Restricted cash |  | 3,511 |  |  | 3,505 |
Receivables from investment products |  | 54,403 |  |  | 56,666 |
Receivables, net of allowance for doubtful accounts of $666 and $695 |  | 327,614 |  |  | 282,706 |
Securities owned |  | 28,945 |  |  | 21,526 |
Other current assets |  | 37,113 |  |  | 31,158 |
Total Current Assets |  | 1,193,551 |  |  | 1,139,808 |
Property and Equipment, net of accumulated depreciation of $331,138 and $309,955 |  | 145,865 |  |  | 146,428 |
Capitalized Software, net of accumulated amortization of $383,675 and $350,045 |  | 310,146 |  |  | 310,405 |
Investments Available for Sale |  | 84,298 |  |  | 87,983 |
Investments in Affiliated Funds, at fair value |  | 5,736 |  |  | 6,034 |
Investment in Unconsolidated Affiliate |  | 44,682 |  |  | 59,492 |
Goodwill |  | 64,489 |  |  | 52,990 |
Intangible Assets, net of accumulated amortization of $4,169 and $1,552 |  | 32,591 |  |  | 28,578 |
Deferred Contract Costs |  | 22,104 |  |  | — |
Deferred Income Taxes |  | 2,224 |  |  | 2,767 |
Other Assets, net |  | 33,642 |  |  | 18,884 |
Total Assets |  |  | $1,939,328 |  |  |  | $1,853,369 |
Liabilities and Equity |  |  |  |
Current Liabilities: |  |  |  |
Accounts payable |  |  | $9,161 |  |  |  | $5,268 |
Accrued liabilities |  | 207,675 |  |  | 265,058 |
Deferred revenue |  | 5,054 |  |  | 4,723 |
Total Current Liabilities |  | 221,890 |  |  | 275,049 |
Borrowings Under Revolving Credit Facility |  | — |  |  | 30,000 |
Long-term Taxes Payable |  | 770 |  |  | 10,629 |
Deferred Income Taxes |  | 60,158 |  |  | 48,472 |
Other Long-term Liabilities |  | 26,000 |  |  | 12,380 |
Total Liabilities |  | 308,818 |  |  | 376,530 |
Shareholders' Equity: |  |  |  |
Common stock, $.01 par value, 750,000 shares authorized; 155,475 and 157,069 shares issued and outstanding |  | 1,555 |  |  | 1,571 |
Capital in excess of par value |  | 1,101,237 |  |  | 1,027,709 |
Retained earnings |  | 556,581 |  |  | 467,467 |
Accumulated other comprehensive loss, net |  | (28,863 | ) |  | (19,908 | )
Total Shareholders' Equity |  | 1,630,510 |  |  | 1,476,839 |
Total Liabilities and Shareholders' Equity |  |  | $1,939,328 |  |  |  | $1,853,369 |

6

ENDING ASSET BALANCES
(In millions) (Unaudited)

|  |  | Sept. 30, |  | Dec 31, |  | Mar. 31, |  | Jun. 30, |  | Sept. 30,
|  |  | 2017 |  | 2017 |  | 2018 |  | 2018 |  | 2018
Private Banks: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $21,196 |  |  |  | $22,764 |  |  |  | $22,917 |  |  |  | $22,448 |  |  |  | $22,739 |
Collective trust fund programs |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |
Liquidity funds |  |  | 3,345 |  |  | 3,864 |  |  | 3,537 |  |  | 3,471 |  |  | 3,142 |
Total assets under management |  |  |  | $24,545 |  |  |  | $26,632 |  |  |  | $26,458 |  |  |  | $25,923 |  |  |  | $25,885 |
Client assets under administration |  |  | 22,107 |  |  | 22,980 |  |  | 22,411 |  |  | 22,435 |  |  | 23,394 |
Total assets |  |  |  | $46,652 |  |  |  | $49,612 |  |  |  | $48,869 |  |  |  | $48,358 |  |  |  | $49,279 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $59,455 |  |  |  | $61,908 |  |  |  | $62,176 |  |  |  | $62,227 |  |  |  | $63,958 |
Collective trust fund programs |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |
Liquidity funds |  |  | 2,327 |  |  | 2,414 |  |  | 2,399 |  |  | 3,101 |  |  | 3,182 |
Total assets under management |  |  |  | $61,787 |  |  |  | $64,327 |  |  |  | $64,580 |  |  |  | $65,333 |  |  |  | $67,145 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $85,763 |  |  |  | $87,587 |  |  |  | $85,607 |  |  |  | $83,687 |  |  |  | $85,248 |
Collective trust fund programs |  |  | 82 |  |  | 78 |  |  | 72 |  |  | 73 |  |  | 74 |
Liquidity funds |  |  | 3,699 |  |  | 2,937 |  |  | 2,727 |  |  | 2,594 |  |  | 2,544 |
Total assets under management |  |  |  | $89,544 |  |  |  | $90,602 |  |  |  | $88,406 |  |  |  | $86,354 |  |  |  | $87,866 |
Advised assets |  |  | 3,626 |  |  | 3,942 |  |  | 4,185 |  |  | 4,544 |  |  | 4,131 |
Total assets |  |  |  | $93,170 |  |  |  | $94,544 |  |  |  | $92,591 |  |  |  | $90,898 |  |  |  | $91,997 |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $93 |  |  |  | $96 |  |  |  | $97 |  |  |  | $95 |  |  |  | $99 |
Collective trust fund programs |  |  | 46,087 |  |  | 49,340 |  |  | 45,062 |  |  | 45,213 |  |  | 46,934 |
Liquidity funds |  |  | 799 |  |  | 743 |  |  | 732 |  |  | 496 |  |  | 580 |
Total assets under management |  |  |  | $46,979 |  |  |  | $50,179 |  |  |  | $45,891 |  |  |  | $45,804 |  |  |  | $47,613 |
Client assets under administration (A) |  |  | 493,538 |  |  | 495,447 |  |  | 507,694 |  |  | 522,700 |  |  | 552,411 |
Total assets |  |  |  | $540,517 |  |  |  | $545,626 |  |  |  | $553,585 |  |  |  | $568,504 |  |  |  | $600,024 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $1,052 |  |  |  | $1,104 |  |  |  | $1,114 |  |  |  | $1,120 |  |  |  | $1,179 |
Liquidity funds |  |  | 71 |  |  | 53 |  |  | 72 |  |  | 106 |  |  | 162 |
Total assets under management |  |  |  | $1,123 |  |  |  | $1,157 |  |  |  | $1,186 |  |  |  | $1,226 |  |  |  | $1,341 |
Advised assets |  |  | 54 |  |  | 49 |  |  | 49 |  |  | 807 |  |  | 730 |
Total assets |  |  |  | $1,177 |  |  |  | $1,206 |  |  |  | $1,235 |  |  |  | $2,033 |  |  |  | $2,071 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (B) |  |  |  | $102,901 |  |  |  | $107,690 |  |  |  | $108,186 |  |  |  | $106,505 |  |  |  | $109,363 |
Total: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (C) |  |  |  | $270,460 |  |  |  | $281,149 |  |  |  | $280,097 |  |  |  | $276,082 |  |  |  | $282,586 |
Collective trust fund programs |  |  | 46,178 |  |  | 49,427 |  |  | 45,143 |  |  | 45,295 |  |  | 47,017 |
Liquidity funds |  |  | 10,241 |  |  | 10,011 |  |  | 9,467 |  |  | 9,768 |  |  | 9,610 |
Total assets under management |  |  |  | $326,879 |  |  |  | $340,587 |  |  |  | $334,707 |  |  |  | $331,145 |  |  |  | $339,213 |
Advised assets |  |  | 3,680 |  |  | 3,991 |  |  | 4,234 |  |  | 5,351 |  |  | 4,861 |
Client assets under administration (D) |  |  | 515,645 |  |  | 518,427 |  |  | 530,105 |  |  | 545,135 |  |  | 575,805 |
Total assets |  |  |  | $846,204 |  |  |  | $863,005 |  |  |  | $869,046 |  |  |  | $881,631 |  |  |  | $919,879 |

(A) | Client assets under administration in the Investment Managers segment include $61.4 billion of assets that are at fee levels below our normal full service assets (as of September 30, 2018).

(B) | Equity and fixed-income programs include $2.4 billion of assets managed by LSV in which fees are based on performance only (as of September 30, 2018).

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

(D) | In addition to the numbers presented, SEI also administers an additional $10.1 billion in Funds of Funds assets (as of

September 30, 2018) on which SEI does not earn an administration fee.
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AVERAGE ASSET BALANCES
(In millions) (Unaudited)

|  |  | 3rd Qtr. |  | 4th Qtr. |  | 1st Qtr. |  | 2nd Qtr. |  | 3rd Qtr.
|  |  | 2017 |  | 2017 |  | 2018 |  | 2018 |  | 2018
Private Banks: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $20,699 |  |  |  | $21,748 |  |  |  | $23,412 |  |  |  | $22,870 |  |  |  | $22,516 |
Collective trust fund programs |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |
Liquidity funds |  |  | 3,555 |  |  | 3,584 |  |  | 3,720 |  |  | 3,516 |  |  | 3,376 |
Total assets under management |  |  |  | $24,258 |  |  |  | $25,336 |  |  |  | $27,136 |  |  |  | $26,390 |  |  |  | $25,896 |
Client assets under administration |  |  | 21,441 |  |  | 22,759 |  |  | 23,398 |  |  | 22,605 |  |  | 23,175 |
Total assets |  |  |  | $45,699 |  |  |  | $48,095 |  |  |  | $50,534 |  |  |  | $48,995 |  |  |  | $49,071 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $58,406 |  |  |  | $60,730 |  |  |  | $62,650 |  |  |  | $62,890 |  |  |  | $63,399 |
Collective trust fund programs |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |
Liquidity funds |  |  | 2,335 |  |  | 2,235 |  |  | 2,290 |  |  | 2,429 |  |  | 2,958 |
Total assets under management |  |  |  | $60,746 |  |  |  | $62,970 |  |  |  | $64,945 |  |  |  | $65,324 |  |  |  | $66,362 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $84,520 |  |  |  | $86,573 |  |  |  | $87,207 |  |  |  | $85,045 |  |  |  | $84,885 |
Collective trust fund programs |  |  | 80 |  |  | 80 |  |  | 77 |  |  | 72 |  |  | 74 |
Liquidity funds |  |  | 3,177 |  |  | 3,052 |  |  | 2,905 |  |  | 2,621 |  |  | 2,469 |
Total assets under management |  |  |  | $87,777 |  |  |  | $89,705 |  |  |  | $90,189 |  |  |  | $87,738 |  |  |  | $87,428 |
Advised assets |  |  | 3,552 |  |  | 3,796 |  |  | 4,383 |  |  | 4,301 |  |  | 4,263 |
Total assets |  |  |  | $91,329 |  |  |  | $93,501 |  |  |  | $94,572 |  |  |  | $92,039 |  |  |  | $91,691 |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $92 |  |  |  | $99 |  |  |  | $96 |  |  |  | $109 |  |  |  | $95 |
Collective trust fund programs |  |  | 44,824 |  |  | 47,772 |  |  | 49,243 |  |  | 45,646 |  |  | 45,856 |
Liquidity funds |  |  | 952 |  |  | 843 |  |  | 834 |  |  | 649 |  |  | 555 |
Total assets under management |  |  |  | $45,868 |  |  |  | $48,714 |  |  |  | $50,173 |  |  |  | $46,404 |  |  |  | $46,506 |
Client assets under administration (A) |  |  | 486,158 |  |  | 494,201 |  |  | 506,951 |  |  | 522,679 |  |  | 541,063 |
Total assets |  |  |  | $532,026 |  |  |  | $542,915 |  |  |  | $557,124 |  |  |  | $569,083 |  |  |  | $587,569 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  |  | $1,016 |  |  |  | $1,079 |  |  |  | $1,105 |  |  |  | $1,090 |  |  |  | $1,148 |
Liquidity funds |  |  | 55 |  |  | 54 |  |  | 70 |  |  | 95 |  |  | 146 |
Total assets under management |  |  |  | $1,071 |  |  |  | $1,133 |  |  |  | $1,175 |  |  |  | $1,185 |  |  |  | $1,294 |
Advised assets |  |  | 73 |  |  | 50 |  |  | 50 |  |  | 813 |  |  | 777 |
Total assets |  |  |  | $1,144 |  |  |  | $1,183 |  |  |  | $1,225 |  |  |  | $1,998 |  |  |  | $2,071 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (B) |  |  |  | $100,244 |  |  |  | $106,112 |  |  |  | $109,904 |  |  |  | $108,380 |  |  |  | $109,527 |
Total: |  |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (C) |  |  |  | $264,977 |  |  |  | $276,341 |  |  |  | $284,374 |  |  |  | $280,384 |  |  |  | $281,570 |
Collective trust fund programs |  |  | 44,913 |  |  | 47,861 |  |  | 49,329 |  |  | 45,727 |  |  | 45,939 |
Liquidity funds |  |  | 10,074 |  |  | 9,768 |  |  | 9,819 |  |  | 9,310 |  |  | 9,504 |
Total assets under management |  |  |  | $319,964 |  |  |  | $333,970 |  |  |  | $343,522 |  |  |  | $335,421 |  |  |  | $337,013 |
Advised assets |  |  | 3,625 |  |  | 3,846 |  |  | 4,433 |  |  | 5,114 |  |  | 5,040 |
Client assets under administration (D) |  |  | 507,599 |  |  | 516,960 |  |  | 530,349 |  |  | 545,284 |  |  | 564,238 |
Total assets |  |  |  | $831,188 |  |  |  | $854,776 |  |  |  | $878,304 |  |  |  | $885,819 |  |  |  | $906,291 |

(A) | Average client assets under administration in the Investment Managers segment during Q3 2018 include $59.6 billion that are at fee levels below our normal full service assets.

(B) | Equity and fixed-income programs include $2.4 billion of average assets managed by LSV in which fees are based on performance only during Q3 2018.

(C) | Equity and fixed-income programs include $5.6 billion of average assets invested in various asset allocation funds during Q3 2018.

(D) | In addition to the numbers presented, SEI also administers an additional $10.1 billion of average assets in Funds of Funds assets during Q3 2018 on which SEI does not earn an administration fee.

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