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: 7
FOR IMMEDIATE RELEASE
SEI Reports Third-Quarter 2019 Financial Results
Company Hits $1 Trillion in Combined Assets under Management, Administration and Advisement
OAKS, Pa., Oct. 23, 2019 – SEI Investments Company (NASDAQ:SEIC) today announced financial results for the third-quarter 2019. Diluted earnings per share were $0.86 in third-quarter 2019 compared to $0.80 in third-quarter 2018.

Consolidated Overview |  |  |  |  |  |  |  |  |  |  |  |
(In thousands, except earnings per share) |  | For the Three Months Ended Sept. 30, |  |  |  | For the Nine Months Ended Sept. 30, |  |
|  | 2019 |  | 2018 |  | % |  | 2019 |  | 2018 |  | %
Revenues |  |  | $416,254 |  |  |  | $408,682 |  |  | 2% |  |  | $1,226,660 |  |  |  | $1,219,110 |  |  | 1%
Net income |  | 132,168 |  |  | 128,319 |  |  | 3% |  | 372,689 |  |  | 389,834 |  |  | (4)%
Diluted earnings per share |  |  | $0.86 |  |  |  | $0.80 |  |  | 8% |  |  | $2.40 |  |  |  | $2.41 |  |  | —%

"Our third-quarter financial and new business sales results reflect continued success in our Investment Management Services business and growing momentum in our Private Banks segment," said Alfred P. West, Jr., SEI Chairman and CEO.
"We continue to invest in technology and business platforms that position us to take advantage of large opportunities and provide innovative client solutions. We are pleased with our progress and will continue to execute our strategy to deliver long-term value for our shareholders, clients and employees.”

Summary of Third-Quarter Results by Business Segment

(In thousands) |  | For the Three Months Ended Sept. 30, |  |  |  | For the Nine Months Ended Sept. 30, |  |
|  | 2019 |  | 2018 |  | % |  | 2019 |  | 2018 |  | %
Private Banks: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | $117,250 |  |  |  | $118,449 |  |  | (1)% |  |  | $351,601 |  |  |  | $361,739 |  |  | (3)%
Expenses |  | 110,788 |  |  | 116,471 |  |  | (5)% |  | 329,540 |  |  | 343,515 |  |  | (4)%
Operating Profit |  | 6,462 |  |  | 1,978 |  |  | 227% |  | 22,061 |  |  | 18,224 |  |  | 21%
Operating Margin |  | 6 | % |  | 2 | % |  |  |  | 6 | % |  | 5 | % |  |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 103,033 |  |  | 102,550 |  |  | —% |  | 297,916 |  |  | 301,632 |  |  | (1)%
Expenses |  | 51,509 |  |  | 53,287 |  |  | (3)% |  | 154,569 |  |  | 158,792 |  |  | (3)%
Operating Profit |  | 51,524 |  |  | 49,263 |  |  | 5% |  | 143,347 |  |  | 142,840 |  |  | —%
Operating Margin |  | 50 | % |  | 48 | % |  |  |  | 48 | % |  | 47 | % |  |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 80,337 |  |  | 83,466 |  |  | (4)% |  | 241,559 |  |  | 252,391 |  |  | (4)%
Expenses |  | 37,268 |  |  | 40,497 |  |  | (8)% |  | 115,383 |  |  | 122,617 |  |  | (6)%
Operating Profit |  | 43,069 |  |  | 42,969 |  |  | —% |  | 126,176 |  |  | 129,774 |  |  | (3)%
Operating Margin |  | 54 | % |  | 51 | % |  |  |  | 52 | % |  | 51 | % |  |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 112,186 |  |  | 101,275 |  |  | 11% |  | 326,037 |  |  | 295,696 |  |  | 10%
Expenses |  | 71,889 |  |  | 65,296 |  |  | 10% |  | 209,326 |  |  | 191,955 |  |  | 9%
Operating Profit |  | 40,297 |  |  | 35,979 |  |  | 12% |  | 116,711 |  |  | 103,741 |  |  | 13%
Operating Margin |  | 36 | % |  | 36 | % |  |  |  | 36 | % |  | 35 | % |  |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 3,448 |  |  | 2,942 |  |  | 17% |  | 9,547 |  |  | 7,652 |  |  | 25%
Expenses |  | 7,926 |  |  | 5,769 |  |  | 37% |  | 20,663 |  |  | 16,807 |  |  | 23%
Operating Loss |  | (4,478 | ) |  | (2,827 | ) |  | NM |  | (11,116 | ) |  | (9,155 | ) |  | NM
Totals: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | $416,254 |  |  |  | $408,682 |  |  | 2% |  |  | $1,226,660 |  |  |  | $1,219,110 |  |  | 1%
Expenses |  | 279,380 |  |  | 281,320 |  |  | (1)% |  | 829,481 |  |  | 833,686 |  |  | (1)%
Corporate Overhead Expenses |  | 16,237 |  |  | 14,942 |  |  | 9% |  | 52,845 |  |  | 46,398 |  |  | 14%
Income from Operations |  |  | $120,637 |  |  |  | $112,420 |  |  | 7% |  |  | $344,334 |  |  |  | $339,026 |  |  | 2%

2

Third-Quarter Business Highlights:

• | Revenues from Asset management, administration, and distribution fees increased primarily from higher assets under administration in our Investment Managers segment.

• | Our average assets under administration increased $94.8 billion, or 16%, to $654.0 billion in the third-quarter 2019, as compared to $564.2 billion during the third-quarter 2018 (see attached Average Asset Balances schedules for further details).

• | Our average assets under management, excluding LSV, increased $5.5 billion, or 2%, to $233.0 billion in the third-quarter 2019, as compared to $227.5 billion during the third-quarter 2018 (see attached Average Asset Balances schedules for further details).

• | Sales events, net of client losses, during third-quarter 2019 totaled approximately $42.7 million and are expected to generate net annualized recurring revenues of approximately $33.2 million when contract values are fully realized.

• | Our earnings from LSV decreased by $4.1 million, or 10%, to $37.6 million in third-quarter 2019 as compared to $41.7 million in third-quarter 2018. The decrease in earnings was due to negative cash flows, client losses, reduced performance fees earned by LSV and a decline in assets under management from market depreciation.

• | We capitalized $7.3 million of software development costs in third-quarter 2019 for continued enhancements to the SEI Wealth Platform SM (SWP). Amortization expense related to SWP was $10.7 million in third-quarter 2019.

• | Our effective tax rates were 18.9% in third-quarter 2019 and 18.6% in third-quarter 2018.

• | We repurchased 1.4 million shares of our common stock for $81.4 million during the third-quarter 2019.

Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern Time on Oct. 23, 2019. Investors may listen to the call at seic.com/ir-events. Investors may also listen to a replay by telephone at (USA) 866-207-1041; (International) 402-970-0847; Access Code: 5136905.
About SEI
After 50 years in business, SEI (NASDAQ:SEIC) remains 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, 2019, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $1 trillion in hedge, private equity, mutual fund and pooled or separately managed assets, including $335 billion in assets under management and $662 billion in client assets under administration. For more information, visit seic.com.
This release contains forward looking statements within the meaning or the rules and regulations of the Securities and Exchange Commission. In some cases you can identify forward-looking statements by terminology such as ‘‘may’’, ‘‘will’’, ‘‘expect’’, ‘‘believe’’ and ‘‘continue’’ or ‘‘appear.’’ Our forward-looking statements include our current expectations as to:

• | revenue that we believe will be generated by sales events that occurred during the quarter,

• | the growth and momentum of our businesses,

• | the degree to, and the manner in, which invest in our technologies and platforms,

• | the degree to which our investments will position us to take advantage of market opportunities, and

• | whether our current initiatives will create value for our employees, clients and shareholders.

You should not place undue reliance on our forward-looking statements as they are based on the current beliefs and expectations of our management and subject to significant risks and uncertainties many of which are beyond our control or are subject to change. Although we believe the assumptions upon which we base our forward-looking statements are reasonable, they could be inaccurate. Some of the risks and important factors that could cause actual results to differ from those described in our forward-looking statements can be found in the “Risk Factors” section of our Annual Report on Form 10 -K for the year ended December 31, 2018, filed with the Securities and Exchange Commission.
# # #
3

SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

|  | For the Three Months Ended Sept. 30, |  | For the Nine Months Ended Sept. 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Asset management, admin. and distribution fees |  |  | $330,943 |  |  |  | $322,778 |  |  |  | $969,812 |  |  |  | $955,495 |
Information processing and software servicing fees |  | 85,311 |  |  | 85,904 |  |  | 256,848 |  |  | 263,615 |
Total revenues |  | 416,254 |  |  | 408,682 |  |  | 1,226,660 |  |  | 1,219,110 |
Subadvisory, distribution and other asset mgmt. costs |  | 44,978 |  |  | 45,276 |  |  | 134,960 |  |  | 135,690 |
Software royalties and other information processing costs |  | 7,198 |  |  | 7,767 |  |  | 22,719 |  |  | 24,462 |
Compensation, benefits and other personnel |  | 130,579 |  |  | 127,480 |  |  | 386,913 |  |  | 379,132 |
Stock-based compensation |  | 5,453 |  |  | 5,878 |  |  | 15,555 |  |  | 16,396 |
Consulting, outsourcing and professional fees |  | 48,789 |  |  | 51,758 |  |  | 144,325 |  |  | 150,906 |
Data processing and computer related |  | 22,338 |  |  | 21,754 |  |  | 65,514 |  |  | 63,478 |
Facilities, supplies and other costs |  | 15,926 |  |  | 16,689 |  |  | 51,771 |  |  | 52,085 |
Amortization |  | 12,947 |  |  | 12,405 |  |  | 38,407 |  |  | 36,420 |
Depreciation |  | 7,409 |  |  | 7,255 |  |  | 22,162 |  |  | 21,515 |
Total expenses |  | 295,617 |  |  | 296,262 |  |  | 882,326 |  |  | 880,084 |
Income from operations |  | 120,637 |  |  | 112,420 |  |  | 344,334 |  |  | 339,026 |
Net gain (loss) on investments |  | 611 |  |  | 89 |  |  | 2,121 |  |  | (460 | )
Interest and dividend income |  | 4,167 |  |  | 3,482 |  |  | 12,737 |  |  | 9,146 |
Interest expense |  | (154 | ) |  | (122 | ) |  | (477 | ) |  | (511 | )
Equity in earnings of unconsolidated affiliate |  | 37,609 |  |  | 41,726 |  |  | 112,758 |  |  | 123,406 |
Income before income taxes |  | 162,870 |  |  | 157,595 |  |  | 471,473 |  |  | 470,607 |
Income taxes |  | 30,702 |  |  | 29,276 |  |  | 98,784 |  |  | 80,773 |
Net income |  |  | $132,168 |  |  |  | $128,319 |  |  |  | $372,689 |  |  |  | $389,834 |
Basic earnings per common share |  |  | $0.88 |  |  |  | $0.82 |  |  |  | $2.45 |  |  |  | $2.48 |
Shares used to calculate basic earnings per share |  | 150,855 |  |  | 156,283 |  |  | 152,009 |  |  | 157,086 |
Diluted earnings per common share |  |  | $0.86 |  |  |  | $0.80 |  |  |  | $2.40 |  |  |  | $2.41 |
Shares used to calculate diluted earnings per share |  | 154,227 |  |  | 160,511 |  |  | 155,311 |  |  | 162,053 |
Dividends declared per common share |  |  | $— |  |  |  | $— |  |  |  | $0.33 |  |  |  | $0.30 |

4

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

|  | Sept. 30, |  | Dec. 31,
|  | 2019 |  | 2018
Assets |  |  |  |
Current Assets: |  |  |  |
Cash and cash equivalents |  |  | $767,809 |  |  |  | $754,525 |
Restricted cash |  | 3,100 |  |  | 3,514 |
Receivables from investment products |  | 52,140 |  |  | 49,869 |
Receivables, net of allowance for doubtful accounts of $1,311 and $718 |  | 349,332 |  |  | 315,336 |
Securities owned |  | 32,862 |  |  | 30,892 |
Other current assets |  | 34,894 |  |  | 36,676 |
Total Current Assets |  | 1,240,137 |  |  | 1,190,812 |
Property and Equipment, net of accumulated depreciation of $346,377 and $338,206 |  | 154,584 |  |  | 145,863 |
Operating Lease Right-of-Use Assets |  | 41,054 |  |  | — |
Capitalized Software, net of accumulated amortization of $430,644 and $395,171 |  | 300,848 |  |  | 309,500 |
Investments Available for Sale |  | 101,580 |  |  | 111,901 |
Investments in Affiliated Funds, at fair value |  | 5,533 |  |  | 4,887 |
Investment in Unconsolidated Affiliate |  | 41,437 |  |  | 52,342 |
Goodwill |  | 64,489 |  |  | 64,489 |
Intangible Assets, net of accumulated amortization of $7,853 and $5,090 |  | 28,907 |  |  | 31,670 |
Deferred Contract Costs |  | 28,506 |  |  | 24,007 |
Deferred Income Taxes |  | 1,421 |  |  | 2,042 |
Other Assets, net |  | 32,109 |  |  | 34,155 |
Total Assets |  |  | $2,040,605 |  |  |  | $1,971,668 |
Liabilities and Equity |  |  |  |
Current Liabilities: |  |  |  |
Accounts payable |  |  | $8,712 |  |  |  | $10,920 |
Accrued liabilities |  | 193,919 |  |  | 279,634 |
Short-term operating lease liabilities |  | 7,888 |  |  | — |
Deferred revenue |  | 5,529 |  |  | 5,154 |
Total Current Liabilities |  | 216,048 |  |  | 295,708 |
Long-term Taxes Payable |  | 803 |  |  | 803 |
Deferred Income Taxes |  | 56,339 |  |  | 57,795 |
Long-term Operating Lease Liabilities |  | 37,816 |  |  | — |
Other Long-term Liabilities |  | 26,292 |  |  | 24,215 |
Total Liabilities |  | 337,298 |  |  | 378,521 |
Shareholders' Equity: |  |  |  |
Common stock, $0.01 par value, 750,000 shares authorized; 150,222 and 153,634 shares issued and outstanding |  | 1,502 |  |  | 1,536 |
Capital in excess of par value |  | 1,137,636 |  |  | 1,106,641 |
Retained earnings |  | 599,949 |  |  | 517,970 |
Accumulated other comprehensive loss, net |  | (35,780 | ) |  | (33,000 | )
Total Shareholders' Equity |  | 1,703,307 |  |  | 1,593,147 |
Total Liabilities and Shareholders' Equity |  |  | $2,040,605 |  |  |  | $1,971,668 |

5

ENDING ASSET BALANCES
(In millions) (Unaudited)

|  | Sept. 30, |  | Dec 31, |  | Mar. 31, |  | Jun. 30, |  | Sept. 30,
|  | 2018 |  | 2018 |  | 2019 |  | 2019 |  | 2019
Private Banks: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  | $22,739 |  |  |  | $20,453 |  |  |  | $22,369 |  |  |  | $22,563 |  |  |  | $22,580 |
Collective trust fund programs |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |
Liquidity funds |  | 3,142 |  |  | 3,633 |  |  | 3,753 |  |  | 3,322 |  |  | 3,695 |
Total assets under management |  |  | $25,885 |  |  |  | $24,090 |  |  |  | $26,126 |  |  |  | $25,889 |  |  |  | $26,279 |
Client assets under administration |  | 23,394 |  |  | 20,226 |  |  | 22,886 |  |  | 23,387 |  |  | 23,985 |
Total assets |  |  | $49,279 |  |  |  | $44,316 |  |  |  | $49,012 |  |  |  | $49,276 |  |  |  | $50,264 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  | $63,958 |  |  |  | $55,395 |  |  |  | $61,277 |  |  |  | $64,591 |  |  |  | $65,059 |
Collective trust fund programs |  | 5 |  |  | 7 |  |  | 5 |  |  | 6 |  |  | 4 |
Liquidity funds |  | 3,182 |  |  | 5,948 |  |  | 4,362 |  |  | 2,618 |  |  | 2,673 |
Total assets under management |  |  | $67,145 |  |  |  | $61,350 |  |  |  | $65,644 |  |  |  | $67,215 |  |  |  | $67,736 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  | $85,248 |  |  |  | $78,765 |  |  |  | $82,578 |  |  |  | $82,335 |  |  |  | $82,659 |
Collective trust fund programs |  | 74 |  |  | 79 |  |  | 79 |  |  | 78 |  |  | 81 |
Liquidity funds |  | 2,544 |  |  | 2,234 |  |  | 2,529 |  |  | 2,173 |  |  | 2,290 |
Total assets under management |  |  | $87,866 |  |  |  | $81,078 |  |  |  | $85,186 |  |  |  | $84,586 |  |  |  | $85,030 |
Client assets under advisement |  | 4,131 |  |  | 3,359 |  |  | 3,694 |  |  | 3,598 |  |  | 4,467 |
Total assets |  |  | $91,997 |  |  |  | $84,437 |  |  |  | $88,880 |  |  |  | $88,184 |  |  |  | $89,497 |
Investment Managers: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  | $99 |  |  |  | $89 |  |  |  | $— |  |  |  | $— |  |  |  | $— |
Collective trust fund programs |  | 46,934 |  |  | 42,804 |  |  | 49,232 |  |  | 51,838 |  |  | 53,169 |
Liquidity funds |  | 580 |  |  | 336 |  |  | 704 |  |  | 472 |  |  | 477 |
Total assets under management |  |  | $47,613 |  |  |  | $43,229 |  |  |  | $49,936 |  |  |  | $52,310 |  |  |  | $53,646 |
Client assets under administration (A) |  | 552,411 |  |  | 552,318 |  |  | 585,997 |  |  | 607,086 |  |  | 637,986 |
Total assets |  |  | $600,024 |  |  |  | $595,547 |  |  |  | $635,933 |  |  |  | $659,396 |  |  |  | $691,632 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  | $1,179 |  |  |  | $1,257 |  |  |  | $1,466 |  |  |  | $1,566 |  |  |  | $1,621 |
Liquidity funds |  | 162 |  |  | 189 |  |  | 218 |  |  | 141 |  |  | 132 |
Total assets under management |  |  | $1,341 |  |  |  | $1,446 |  |  |  | $1,684 |  |  |  | $1,707 |  |  |  | $1,753 |
Client assets under advisement |  | 730 |  |  | 687 |  |  | 729 |  |  | 887 |  |  | 825 |
Total assets |  |  | $2,071 |  |  |  | $2,133 |  |  |  | $2,413 |  |  |  | $2,594 |  |  |  | $2,578 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (B) |  |  | $109,363 |  |  |  | $96,114 |  |  |  | $103,163 |  |  |  | $103,575 |  |  |  | $100,295 |
Total: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (C) |  |  | $282,586 |  |  |  | $252,073 |  |  |  | $270,853 |  |  |  | $274,630 |  |  |  | $272,214 |
Collective trust fund programs |  | 47,017 |  |  | 42,894 |  |  | 49,320 |  |  | 51,926 |  |  | 53,258 |
Liquidity funds |  | 9,610 |  |  | 12,340 |  |  | 11,566 |  |  | 8,726 |  |  | 9,267 |
Total assets under management |  |  | $339,213 |  |  |  | $307,307 |  |  |  | $331,739 |  |  |  | $335,282 |  |  |  | $334,739 |
Client assets under advisement |  | 4,861 |  |  | 4,046 |  |  | 4,423 |  |  | 4,485 |  |  | 5,292 |
Client assets under administration (D) |  | 575,805 |  |  | 572,544 |  |  | 608,883 |  |  | 630,473 |  |  | 661,971 |
Total assets |  |  | $919,879 |  |  |  | $883,897 |  |  |  | $945,045 |  |  |  | $970,240 |  |  |  | $1,002,002 |

(A) | Client assets under administration in the Investment Managers segment include $52.6 billion of assets that are at fee levels below our normal full-service assets (as of Sept. 30, 2019).

(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 Sept. 30, 2019).

(C) | Equity and fixed-income programs include $5.7 billion of assets invested in various asset allocation funds at Sept. 30, 2019.

(D) | In addition to the numbers presented, SEI also administers an additional $12.4 billion in Funds of Funds assets (as of

Sept. 30, 2019) on which SEI does not earn an administration fee.
6

AVERAGE ASSET BALANCES
(In millions) (Unaudited)

|  | 3rd Qtr. |  | 4th Qtr. |  | 1st Qtr. |  | 2nd Qtr. |  | 3rd Qtr.
|  | 2018 |  | 2018 |  | 2019 |  | 2019 |  | 2019
Private Banks: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  | $22,516 |  |  |  | $21,383 |  |  |  | $21,831 |  |  |  | $22,088 |  |  |  | $22,432 |
Collective trust fund programs |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |
Liquidity funds |  | 3,376 |  |  | 3,265 |  |  | 3,706 |  |  | 3,388 |  |  | 3,625 |
Total assets under management |  |  | $25,896 |  |  |  | $24,652 |  |  |  | $25,541 |  |  |  | $25,480 |  |  |  | $26,061 |
Client assets under administration |  | 23,175 |  |  | 21,608 |  |  | 22,098 |  |  | 23,124 |  |  | 23,717 |
Total assets |  |  | $49,071 |  |  |  | $46,260 |  |  |  | $47,639 |  |  |  | $48,604 |  |  |  | $49,778 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  | $63,399 |  |  |  | $59,954 |  |  |  | $58,732 |  |  |  | $62,419 |  |  |  | $64,761 |
Collective trust fund programs |  | 5 |  |  | 4 |  |  | 5 |  |  | 6 |  |  | 5 |
Liquidity funds |  | 2,958 |  |  | 3,452 |  |  | 5,298 |  |  | 3,465 |  |  | 2,580 |
Total assets under management |  |  | $66,362 |  |  |  | $63,410 |  |  |  | $64,035 |  |  |  | $65,890 |  |  |  | $67,346 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  | $84,885 |  |  |  | $81,833 |  |  |  | $81,725 |  |  |  | $82,597 |  |  |  | $82,398 |
Collective trust fund programs |  | 74 |  |  | 75 |  |  | 79 |  |  | 78 |  |  | 80 |
Liquidity funds |  | 2,469 |  |  | 2,449 |  |  | 2,375 |  |  | 2,342 |  |  | 2,287 |
Total assets under management |  |  | $87,428 |  |  |  | $84,357 |  |  |  | $84,179 |  |  |  | $85,017 |  |  |  | $84,765 |
Client assets under advisement |  | 4,263 |  |  | 3,566 |  |  | 3,494 |  |  | 3,641 |  |  | 3,797 |
Total assets |  |  | $91,691 |  |  |  | $87,923 |  |  |  | $87,673 |  |  |  | $88,658 |  |  |  | $88,562 |
Investment Managers: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  | $95 |  |  |  | $96 |  |  |  | $— |  |  |  | $— |  |  |  | $— |
Collective trust fund programs |  | 45,856 |  |  | 44,009 |  |  | 47,322 |  |  | 50,108 |  |  | 52,587 |
Liquidity funds |  | 555 |  |  | 480 |  |  | 559 |  |  | 497 |  |  | 460 |
Total assets under management |  |  | $46,506 |  |  |  | $44,585 |  |  |  | $47,881 |  |  |  | $50,605 |  |  |  | $53,047 |
Client assets under administration (A) |  | 541,063 |  |  | 561,043 |  |  | 572,065 |  |  | 600,509 |  |  | 630,328 |
Total assets |  |  | $587,569 |  |  |  | $605,628 |  |  |  | $619,946 |  |  |  | $651,114 |  |  |  | $683,375 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  |  | $1,148 |  |  |  | $1,198 |  |  |  | $1,394 |  |  |  | $1,436 |  |  |  | $1,609 |
Liquidity funds |  | 146 |  |  | 179 |  |  | 202 |  |  | 178 |  |  | 142 |
Total assets under management |  |  | $1,294 |  |  |  | $1,377 |  |  |  | $1,596 |  |  |  | $1,614 |  |  |  | $1,751 |
Client assets under advisement |  | 777 |  |  | 958 |  |  | 708 |  |  | 917 |  |  | 842 |
Total assets |  |  | $2,071 |  |  |  | $2,335 |  |  |  | $2,304 |  |  |  | $2,531 |  |  |  | $2,593 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (B) |  |  | $109,527 |  |  |  | $99,791 |  |  |  | $104,517 |  |  |  | $102,919 |  |  |  | $100,094 |
Total: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (C) |  |  | $281,570 |  |  |  | $264,255 |  |  |  | $268,199 |  |  |  | $271,459 |  |  |  | $271,294 |
Collective trust fund programs |  | 45,939 |  |  | 44,092 |  |  | 47,410 |  |  | 50,196 |  |  | 52,676 |
Liquidity funds |  | 9,504 |  |  | 9,825 |  |  | 12,140 |  |  | 9,870 |  |  | 9,094 |
Total assets under management |  |  | $337,013 |  |  |  | $318,172 |  |  |  | $327,749 |  |  |  | $331,525 |  |  |  | $333,064 |
Client assets under advisement |  | 5,040 |  |  | 4,524 |  |  | 4,202 |  |  | 4,558 |  |  | 4,639 |
Client assets under administration (D) |  | 564,238 |  |  | 582,651 |  |  | 594,163 |  |  | 623,633 |  |  | 654,045 |
Total assets |  |  | $906,291 |  |  |  | $905,347 |  |  |  | $926,114 |  |  |  | $959,716 |  |  |  | $991,748 |

(A) | Average client assets under administration in the Investment Managers segment during third-quarter 2019 include $52.6 billion that are at fee levels below our normal full-service assets.

(B) | Equity and fixed-income programs include $2.7 billion of average assets managed by LSV in which fees are based on performance only during third-quarter 2019.

(C) | Equity and fixed-income programs include $5.7 billion of average assets invested in various asset allocation funds during third-quarter 2019.

(D) | In addition to the numbers presented, SEI also administers an additional $12.4 billion of average assets in Funds of Funds assets during third-quarter 2019 on which SEI does not earn an administration fee.

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