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 2020 Financial Results
OAKS, Pa., July 22, 2020 – SEI Investments Company (NASDAQ:SEIC) today announced financial results for the second-quarter 2020. Diluted earnings per share were $0.68 in second-quarter 2020 compared to $0.82 in second-quarter 2019.

Consolidated Overview |  |  |  |  |  |  |  |  |  |  |  |
(In thousands, except earnings per share) |  | For the Three Months Ended June 30, |  |  |  |  |  | For the Six Months Ended June 30, |  |  |  |
|  | 2020 |  | 2019 |  | % |  | 2020 |  | 2019 |  | %
Revenues |  | $400,646 |  |  | $409,586 |  |  | (2)% |  | $815,408 |  |  | $810,406 |  |  | 1%
Net income |  | 101,066 |  |  | 126,540 |  |  | (20)% |  | 210,308 |  |  | 240,521 |  |  | (13)%
Diluted earnings per share |  | $0.68 |  |  | $0.82 |  |  | (17)% |  | $1.39 |  |  | $1.54 |  |  | (10)%

“While we and the rest of the world continue to cope with the pandemic, our employees’ health and safety remain our top priority as we move through our return-to-office plans. We are proud of our global workforce’s resilience as they manage the extended period of a remote workplace—all the while remaining totally committed to supporting and servicing our clients. We greatly appreciate the healthcare workers and others who help us deal with COVID-19’s impact on our lives,” said Alfred P. West, Jr., SEI Chairman and CEO.
“While financial markets somewhat rebounded during the quarter, we experienced headwinds that impacted our results. Our client engagement was high last quarter, resulting in positive sales activity. We continue to invest in our One SEI strategy, using this period to accelerate the necessary development work that will bring this initiative to its full potential.
“Our view of the future is not dampened by the challenges we all face in society today. Our diverse global workforce is the foundation of what will enable us to fulfill our promise of serving our clients and communities in which we work and live. Capitalizing on the opportunities in the markets we serve and the solutions we offer will lead to increased shareholder value.”

Summary of Second-Quarter Results by Business Segment

(In thousands) |  | For the Three Months Ended June 30, |  |  |  |  |  | For the Six Months Ended June 30, |  |  |  |
|  | 2020 |  | 2019 |  | % |  | 2020 |  | 2019 |  | %
Private Banks: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $107,726 |  |  | $116,092 |  |  | (7)% |  | $220,947 |  |  | $234,351 |  |  | (6)%
Expenses |  | 107,723 |  |  | 107,790 |  |  | —% |  | 218,376 |  |  | 218,752 |  |  | —%
Operating Profit |  | 3 |  |  | 8,302 |  |  | (100)% |  | 2,571 |  |  | 15,599 |  |  | (84)%
Operating Margin |  | — | % |  | 7 | % |  |  |  | 1 | % |  | 7 | % |  |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 93,708 |  |  | 100,122 |  |  | (6)% |  | 196,029 |  |  | 194,883 |  |  | 1%
Expenses |  | 50,149 |  |  | 50,558 |  |  | (1)% |  | 102,581 |  |  | 103,060 |  |  | —%
Operating Profit |  | 43,559 |  |  | 49,564 |  |  | (12)% |  | 93,448 |  |  | 91,823 |  |  | 2%
Operating Margin |  | 46 | % |  | 50 | % |  |  |  | 48 | % |  | 47 | % |  |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 76,523 |  |  | 81,109 |  |  | (6)% |  | 155,726 |  |  | 161,222 |  |  | (3)%
Expenses |  | 36,937 |  |  | 39,361 |  |  | (6)% |  | 75,204 |  |  | 78,115 |  |  | (4)%
Operating Profit |  | 39,586 |  |  | 41,748 |  |  | (5)% |  | 80,522 |  |  | 83,107 |  |  | (3)%
Operating Margin |  | 52 | % |  | 51 | % |  |  |  | 52 | % |  | 52 | % |  |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 119,340 |  |  | 109,202 |  |  | 9% |  | 235,969 |  |  | 213,851 |  |  | 10%
Expenses |  | 74,668 |  |  | 68,371 |  |  | 9% |  | 148,957 |  |  | 137,437 |  |  | 8%
Operating Profit |  | 44,672 |  |  | 40,831 |  |  | 9% |  | 87,012 |  |  | 76,414 |  |  | 14%
Operating Margin |  | 37 | % |  | 37 | % |  |  |  | 37 | % |  | 36 | % |  |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 3,349 |  |  | 3,061 |  |  | 9% |  | 6,737 |  |  | 6,099 |  |  | 10%
Expenses |  | 13,466 |  |  | 6,797 |  |  | 98% |  | 24,376 |  |  | 12,737 |  |  | 91%
Operating Loss |  | (10,117) |  |  | (3,736) |  |  | NM |  | (17,639) |  |  | (6,638) |  |  | NM
Totals: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $400,646 |  |  | $409,586 |  |  | (2)% |  | $815,408 |  |  | $810,406 |  |  | 1%
Expenses |  | 282,943 |  |  | 272,877 |  |  | 4% |  | 569,494 |  |  | 550,101 |  |  | 4%
Corporate Overhead Expenses |  | 17,391 |  |  | 16,573 |  |  | 5% |  | 35,374 |  |  | 36,608 |  |  | (3)%
Income from Operations |  | $100,312 |  |  | $120,136 |  |  | (17)% |  | $210,540 |  |  | $223,697 |  |  | (6)%

2

Second-Quarter Business Highlights:
•Revenues from Asset management, administration, and distribution fees decreased primarily from lower assets under management from the carryover effect of the sharp market depreciation during March 2020, which negatively impacted our asset-based fee revenues. This decline was partially offset by increased fees from higher assets under administration from positive cash flows and sales of new business in our Investment Managers segment.
•Our average assets under administration increased $49.2 billion, or 8%, to $672.8 billion in the second-quarter 2020, as compared to $623.6 billion during the second-quarter 2019 (see attached Average Asset Balances schedules for further details).
•Our average assets under management, excluding LSV, declined $1.8 billion, or 1%, to $226.8 billion in the second-quarter 2020, as compared to $228.6 billion during the second-quarter 2019 (see attached Average Asset Balances schedules for further details).
•Information processing and software servicing fees in our Private Banks segment decreased by $5.4 million during the second-quarter 2020 due primarily to previously announced client losses.
•Sales events, net of client losses, during second-quarter 2020 totaled approximately $22.1 million and are expected to generate net annualized recurring revenues of approximately $16.6 million when contract values are fully realized.
•The increase in our operational expenses was primarily due to increased consulting costs related to our continued investments in new business opportunities, such as our One SEI strategy and IT Services offering. This increase was partially offset by a decline in travel and promotional-related expenses, as our sales and client relationship personnel adapted to COVID-19 restrictions.
•Our earnings from LSV decreased by $9.5 million, or 25%, to $28.3 million in second-quarter 2020 as compared to $37.8 million in second-quarter 2019. The decrease in earnings was due to lower assets under management from negative cash flows from existing clients, the carryover effect of negative markets in March 2020, and client losses.
•We capitalized $5.6 million of software development costs in second-quarter 2020 for continued enhancements to the SEI Wealth PlatformSM (SWP). Amortization expense related to SWP was $10.9 million in second-quarter 2020.
•Our effective tax rates were 23.3% in second-quarter 2020 and 22.1% in second-quarter 2019. The increase in our effective tax rate was due to decreased tax benefits associated with a lower volume of stock option exercises and a higher effective state tax rate.
•We repurchased 1.6 million shares of our common stock for $89.5 million during the second-quarter 2020.
3

Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern time on July 22, 2020. 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: 8812985.
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 June 30, 2020, 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 $318 billion in assets under management and $693 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,
•whether our development initiatives will enable the full potential of our One SEI initiative,
•whether we will fulfill our promise of serving our clients and communities, and
•whether capitalizing on the opportunities in the markets in which we serve and the solutions we offer will lead to shareholder value.
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 Dec. 31, 2019, filed with the Securities and Exchange Commission.
# # #
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, |  |
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Asset management, admin. and distribution fees |  | $320,577 |  |  | $324,925 |  |  | $652,430 |  |  | $638,869 |
Information processing and software servicing fees |  | 80,069 |  |  | 84,661 |  |  | 162,978 |  |  | 171,537 |
Total revenues |  | 400,646 |  |  | 409,586 |  |  | 815,408 |  |  | 810,406 |
Subadvisory, distribution and other asset mgmt. costs |  | 44,182 |  |  | 46,177 |  |  | 89,519 |  |  | 89,982 |
Software royalties and other information processing costs |  | 7,389 |  |  | 7,393 |  |  | 14,836 |  |  | 15,521 |
Compensation, benefits and other personnel |  | 125,331 |  |  | 125,999 |  |  | 256,812 |  |  | 256,334 |
Stock-based compensation |  | 7,062 |  |  | 5,064 |  |  | 13,991 |  |  | 10,102 |
Consulting, outsourcing and professional fees |  | 57,111 |  |  | 45,330 |  |  | 110,401 |  |  | 95,536 |
Data processing and computer related |  | 24,506 |  |  | 22,184 |  |  | 47,210 |  |  | 43,176 |
Facilities, supplies and other costs |  | 13,973 |  |  | 17,100 |  |  | 30,769 |  |  | 35,845 |
Amortization |  | 13,140 |  |  | 12,781 |  |  | 26,217 |  |  | 25,460 |
Depreciation |  | 7,640 |  |  | 7,422 |  |  | 15,113 |  |  | 14,753 |
Total expenses |  | 300,334 |  |  | 289,450 |  |  | 604,868 |  |  | 586,709 |
Income from operations |  | 100,312 |  |  | 120,136 |  |  | 210,540 |  |  | 223,697 |
Net gain (loss) on investments |  | 1,903 |  |  | 231 |  |  | (2,086) |  |  | 1,510 |
Interest and dividend income |  | 1,370 |  |  | 4,313 |  |  | 4,573 |  |  | 8,570 |
Interest expense |  | (151) |  |  | (166) |  |  | (303) |  |  | (323) |
Equity in earnings of unconsolidated affiliate |  | 28,276 |  |  | 37,832 |  |  | 58,183 |  |  | 75,149 |
Income before income taxes |  | 131,710 |  |  | 162,346 |  |  | 270,907 |  |  | 308,603 |
Income taxes |  | 30,644 |  |  | 35,806 |  |  | 60,599 |  |  | 68,082 |
Net income |  | $101,066 |  |  | $126,540 |  |  | $210,308 |  |  | $240,521 |
Basic earnings per common share |  | $0.69 |  |  | $0.83 |  |  | $1.42 |  |  | $1.58 |
Shares used to calculate basic earnings per share |  | 147,478 |  |  | 151,863 |  |  | 148,473 |  |  | 152,587 |
Diluted earnings per common share |  | $0.68 |  |  | $0.82 |  |  | $1.39 |  |  | $1.54 |
Shares used to calculate diluted earnings per share |  | 149,598 |  |  | 155,165 |  |  | 150,983 |  |  | 155,853 |
Dividends declared per common share |  | $0.35 |  |  | $0.33 |  |  | $0.35 |  |  | $0.33 |

5

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

|  | June 30, |  | December 31,
|  | 2020 |  | 2019
Assets |  |  |  |
Current Assets: |  |  |  |
Cash and cash equivalents |  | $758,276 |  |  | $841,446 |
Restricted cash |  | 3,101 |  |  | 3,101 |
Receivables from investment products |  | 49,873 |  |  | 54,165 |
Receivables, net of allowance for doubtful accounts of $1,079 and $1,201 |  | 351,614 |  |  | 340,358 |
Securities owned |  | 35,030 |  |  | 33,486 |
Other current assets |  | 35,005 |  |  | 32,289 |
Total Current Assets |  | 1,232,899 |  |  | 1,304,845 |
Property and Equipment, net of accumulated depreciation of $367,677 and $353,453 |  | 182,273 |  |  | 160,859 |
Operating Lease Right-of-Use Assets |  | 39,076 |  |  | 42,789 |
Capitalized Software, net of accumulated amortization of $466,937 and $442,677 |  | 284,341 |  |  | 296,068 |
Available for Sale and Equity Securities |  | 105,361 |  |  | 116,917 |
Investments in Affiliated Funds, at fair value |  | 4,749 |  |  | 5,988 |
Investment in Unconsolidated Affiliate |  | 41,094 |  |  | 67,413 |
Goodwill |  | 64,489 |  |  | 64,489 |
Intangible Assets, net of accumulated amortization of $10,615 and $8,773 |  | 26,145 |  |  | 27,987 |
Deferred Contract Costs |  | 33,108 |  |  | 30,991 |
Deferred Income Taxes |  | 2,343 |  |  | 2,822 |
Other Assets, net |  | 37,722 |  |  | 30,202 |
Total Assets |  | $2,053,600 |  |  | $2,151,370 |
Liabilities and Equity |  |  |  |
Current Liabilities: |  |  |  |
Accounts payable |  | $10,780 |  |  | $4,423 |
Accrued liabilities |  | 210,711 |  |  | 272,801 |
Current portion of long-term operating lease liabilities |  | 8,285 |  |  | 9,156 |
Deferred revenue |  | 6,349 |  |  | 7,185 |
Total Current Liabilities |  | 236,125 |  |  | 293,565 |
Long-term Income Taxes Payable |  | 803 |  |  | 803 |
Deferred Income Taxes |  | 50,219 |  |  | 55,722 |
Long-term Operating Lease Liabilities |  | 35,224 |  |  | 38,450 |
Other Long-term Liabilities |  | 22,604 |  |  | 24,052 |
Total Liabilities |  | 344,975 |  |  | 412,592 |
Shareholders' Equity: |  |  |  |
Common stock, $0.01 par value, 750,000 shares authorized; 146,445 and 149,745 shares issued and outstanding |  | 1,464 |  |  | 1,497 |
Capital in excess of par value |  | 1,174,411 |  |  | 1,158,900 |
Retained earnings |  | 566,929 |  |  | 601,885 |
Accumulated other comprehensive loss, net |  | (34,179) |  |  | (23,504) |
Total Shareholders' Equity |  | 1,708,625 |  |  | 1,738,778 |
Total Liabilities and Shareholders' Equity |  | $2,053,600 |  |  | $2,151,370 |

6

ENDING ASSET BALANCES
(In millions) (Unaudited)

|  | Jun. 30, |  | Sept. 30, |  | Dec. 31, |  | Mar. 31, |  | Jun. 30,
|  | 2019 |  | 2019 |  | 2019 |  | 2020 |  | 2020
Private Banks: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  | $22,563 |  |  | $22,580 |  |  | $23,851 |  |  | $21,160 |  |  | $22,974 |
Collective trust fund programs |  | 4 |  |  | 4 |  |  | 4 |  |  | 5 |  |  | 5 |
Liquidity funds |  | 3,322 |  |  | 3,695 |  |  | 3,405 |  |  | 4,143 |  |  | 4,291 |
Total assets under management |  | $25,889 |  |  | $26,279 |  |  | $27,260 |  |  | $25,308 |  |  | $27,270 |
Client assets under administration |  | 23,387 |  |  | 23,985 |  |  | 25,801 |  |  | 21,497 |  |  | 23,903 |
Total assets |  | $49,276 |  |  | $50,264 |  |  | $53,061 |  |  | $46,805 |  |  | $51,173 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  | $64,591 |  |  | $65,059 |  |  | $67,895 |  |  | $54,856 |  |  | $59,958 |
Collective trust fund programs |  | 6 |  |  | 4 |  |  | 4 |  |  | 2 |  |  | 3 |
Liquidity funds |  | 2,618 |  |  | 2,673 |  |  | 2,887 |  |  | 5,969 |  |  | 6,648 |
Total assets under management |  | $67,215 |  |  | $67,736 |  |  | $70,786 |  |  | $60,827 |  |  | $66,609 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  | $82,335 |  |  | $82,659 |  |  | $84,291 |  |  | $72,399 |  |  | $80,257 |
Collective trust fund programs |  | 78 |  |  | 81 |  |  | 83 |  |  | 94 |  |  | 103 |
Liquidity funds |  | 2,173 |  |  | 2,290 |  |  | 1,746 |  |  | 3,672 |  |  | 1,924 |
Total assets under management |  | $84,586 |  |  | $85,030 |  |  | $86,120 |  |  | $76,165 |  |  | $82,284 |
Client assets under advisement |  | 3,598 |  |  | 4,467 |  |  | 3,948 |  |  | 3,406 |  |  | 3,326 |
Total assets |  | $88,184 |  |  | $89,497 |  |  | $90,068 |  |  | $79,571 |  |  | $85,610 |
Investment Managers: |  |  |  |  |  |  |  |  |  |
Collective trust fund programs |  | 51,838 |  |  | 53,169 |  |  | 58,070 |  |  | 48,226 |  |  | 58,178 |
Liquidity funds |  | 472 |  |  | 477 |  |  | 479 |  |  | 392 |  |  | 664 |
Total assets under management |  | $52,310 |  |  | $53,646 |  |  | $58,549 |  |  | $48,618 |  |  | $58,842 |
Client assets under administration (A) |  | 607,086 |  |  | 637,986 |  |  | 657,541 |  |  | 610,794 |  |  | 668,611 |
Total assets |  | $659,396 |  |  | $691,632 |  |  | $716,090 |  |  | $659,412 |  |  | $727,453 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  | $1,566 |  |  | $1,621 |  |  | $1,688 |  |  | $1,484 |  |  | $1,498 |
Liquidity funds |  | 141 |  |  | 132 |  |  | 158 |  |  | 152 |  |  | 194 |
Total assets under management |  | $1,707 |  |  | $1,753 |  |  | $1,846 |  |  | $1,636 |  |  | $1,692 |
Client assets under advisement |  | 887 |  |  | 825 |  |  | 1,343 |  |  | 1,056 |  |  | 1,193 |
Total assets |  | $2,594 |  |  | $2,578 |  |  | $3,189 |  |  | $2,692 |  |  | $2,885 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (B) |  | $103,575 |  |  | $100,295 |  |  | $107,476 |  |  | $70,851 |  |  | $81,134 |
Total: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (C) |  | $274,630 |  |  | $272,214 |  |  | $285,201 |  |  | $220,750 |  |  | $245,821 |
Collective trust fund programs |  | 51,926 |  |  | 53,258 |  |  | 58,161 |  |  | 48,327 |  |  | 58,289 |
Liquidity funds |  | 8,726 |  |  | 9,267 |  |  | 8,675 |  |  | 14,328 |  |  | 13,721 |
Total assets under management |  | $335,282 |  |  | $334,739 |  |  | $352,037 |  |  | $283,405 |  |  | $317,831 |
Client assets under advisement |  | 4,485 |  |  | 5,292 |  |  | 5,291 |  |  | 4,462 |  |  | 4,519 |
Client assets under administration (D) |  | 630,473 |  |  | 661,971 |  |  | 683,342 |  |  | 632,291 |  |  | 692,514 |
Total assets |  | $970,240 |  |  | $1,002,002 |  |  | $1,040,670 |  |  | $920,158 |  |  | $1,014,864 |

(A)Client assets under administration in the Investment Managers segment include $49.6 billion of assets that are at fee levels below our normal full-service assets (as of June 30, 2020).
(B)Equity and fixed-income programs include $1.6 billion of assets managed by LSV in which fees are based on performance only (as of June 30, 2020).
(C)Equity and fixed-income programs include $7.4 billion of assets invested in various asset allocation funds at June 30, 2020.
(D)In addition to the numbers presented, SEI also administers an additional $11.3 billion in Funds of Funds assets (as of
June 30, 2020) 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.
|  | 2019 |  | 2019 |  | 2019 |  | 2020 |  | 2020
Private Banks: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  | $22,088 |  |  | $22,432 |  |  | $23,106 |  |  | $24,657 |  |  | $22,229 |
Collective trust fund programs |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 5 |
Liquidity funds |  | 3,388 |  |  | 3,625 |  |  | 3,581 |  |  | 3,581 |  |  | 4,366 |
Total assets under management |  | $25,480 |  |  | $26,061 |  |  | $26,691 |  |  | $28,242 |  |  | $26,600 |
Client assets under administration |  | 23,124 |  |  | 23,717 |  |  | 24,930 |  |  | 24,840 |  |  | 23,819 |
Total assets |  | $48,604 |  |  | $49,778 |  |  | $51,621 |  |  | $53,082 |  |  | $50,419 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  | $62,419 |  |  | $64,761 |  |  | $66,371 |  |  | $64,933 |  |  | $57,429 |
Collective trust fund programs |  | 6 |  |  | 5 |  |  | 4 |  |  | 3 |  |  | 3 |
Liquidity funds |  | 3,465 |  |  | 2,580 |  |  | 2,673 |  |  | 3,284 |  |  | 6,923 |
Total assets under management |  | $65,890 |  |  | $67,346 |  |  | $69,048 |  |  | $68,220 |  |  | $64,355 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  | $82,597 |  |  | $82,398 |  |  | $83,304 |  |  | $79,926 |  |  | $77,037 |
Collective trust fund programs |  | 78 |  |  | 80 |  |  | 82 |  |  | 86 |  |  | 100 |
Liquidity funds |  | 2,342 |  |  | 2,287 |  |  | 2,106 |  |  | 2,342 |  |  | 2,476 |
Total assets under management |  | $85,017 |  |  | $84,765 |  |  | $85,492 |  |  | $82,354 |  |  | $79,613 |
Client assets under advisement |  | 3,641 |  |  | 3,797 |  |  | 4,106 |  |  | 3,760 |  |  | 3,362 |
Total assets |  | $88,658 |  |  | $88,562 |  |  | $89,598 |  |  | $86,114 |  |  | $82,975 |
Investment Managers: |  |  |  |  |  |  |  |  |  |
Collective trust fund programs |  | 50,108 |  |  | 52,587 |  |  | 55,499 |  |  | 55,952 |  |  | 54,061 |
Liquidity funds |  | 497 |  |  | 460 |  |  | 642 |  |  | 617 |  |  | 482 |
Total assets under management |  | $50,605 |  |  | $53,047 |  |  | $56,141 |  |  | $56,569 |  |  | $54,543 |
Client assets under administration (A) |  | 600,509 |  |  | 630,328 |  |  | 646,592 |  |  | 654,386 |  |  | 649,012 |
Total assets |  | $651,114 |  |  | $683,375 |  |  | $702,733 |  |  | $710,955 |  |  | $703,555 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  | $1,436 |  |  | $1,609 |  |  | $1,649 |  |  | $1,663 |  |  | $1,468 |
Liquidity funds |  | 178 |  |  | 142 |  |  | 145 |  |  | 168 |  |  | 182 |
Total assets under management |  | $1,614 |  |  | $1,751 |  |  | $1,794 |  |  | $1,831 |  |  | $1,650 |
Client assets under advisement |  | 917 |  |  | 842 |  |  | 1,044 |  |  | 1,222 |  |  | 1,148 |
Total assets |  | $2,531 |  |  | $2,593 |  |  | $2,838 |  |  | $3,053 |  |  | $2,798 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (B) |  | $102,919 |  |  | $100,094 |  |  | $104,814 |  |  | $88,059 |  |  | $80,395 |
Total: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (C) |  | $271,459 |  |  | $271,294 |  |  | $279,244 |  |  | $259,238 |  |  | $238,558 |
Collective trust fund programs |  | 50,196 |  |  | 52,676 |  |  | 55,589 |  |  | 56,045 |  |  | 54,169 |
Liquidity funds |  | 9,870 |  |  | 9,094 |  |  | 9,147 |  |  | 9,992 |  |  | 14,429 |
Total assets under management |  | $331,525 |  |  | $333,064 |  |  | $343,980 |  |  | $325,275 |  |  | $307,156 |
Client assets under advisement |  | 4,558 |  |  | 4,639 |  |  | 5,150 |  |  | 4,982 |  |  | 4,510 |
Client assets under administration (D) |  | 623,633 |  |  | 654,045 |  |  | 671,522 |  |  | 679,226 |  |  | 672,831 |
Total assets |  | $959,716 |  |  | $991,748 |  |  | $1,020,652 |  |  | $1,009,483 |  |  | $984,497 |

(A) Average client assets under administration in the Investment Managers segment during second-quarter 2020 include $50.1 billion that are at fee levels below our normal full-service assets.
(B) Equity and fixed-income programs include $1.4 billion of average assets managed by LSV in which fees are based on performance only during second-quarter 2020.
(C) Equity and fixed-income programs include $7.4 billion of average assets invested in various asset allocation funds during second-quarter 2020.
(D) In addition to the numbers presented, SEI also administers an additional $11.3 billion of average assets in Funds of Funds assets during second-quarter 2020 on which SEI does not earn an administration fee.
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