Investment In Unconsolidated Affiliate

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Affiliate

LSV Asset Management

The Company has an investment in LSV Asset Management (LSV), a registered investment advisor that provides investment advisory services primarily to institutions, including pension plans and investment companies. LSV is currently an investment sub-advisor for a limited number of SEI-sponsored investment products. The Company's partnership interest in LSV as of March 31, 2022 was 38.7%. The Company accounts for its interest in LSV using the equity method because of its less than 50% ownership. The Company’s interest in the net assets of LSV is reflected in Investment in unconsolidated affiliate on the accompanying Consolidated Balance Sheets and its interest in the earnings of LSV is reflected in Equity in earnings of unconsolidated affiliate on the accompanying Consolidated Statements of Operations.

At March 31, 2022, the Company’s total investment in LSV was $52,778. The Company receives partnership distributions from LSV on a quarterly basis. The Company received partnership distributions from LSV of $32,961 and $28,774 in the three months ended March 31, 2022 and 2021, respectively. As such, the Company considers these distribution payments as returns on investment rather than returns of the Company's original investment in LSV and has therefore classified the associated cash inflows as an operating activity on the Consolidated Statements of Cash Flows.

The Company’s proportionate share in the earnings of LSV was $32,459 and $33,350 during the three months ended March 31, 2022 and 2021, respectively.

These tables contain condensed financial information of LSV:


Condensed Statement of Operations	Three Months Ended March 31,
	2022		2021
Revenues	$	108,450	$	110,837
Net income	83,791		85,920


Condensed Balance Sheets	March 31, 2022		December 31, 2021
Current assets	$	128,362	$	171,058
Non-current assets	5,028		4,792
Total assets	$	133,390	$	175,850

Current liabilities	$	41,767	$	82,858
Non-current liabilities	3,665		3,863
Partners’ capital	87,958		89,129
Total liabilities and partners’ capital	$	133,390	$	175,850

On April 1, 2022, LSV provided an interest in the partnership to select key employees which reduced the ownership percentage of each existing partner on a pro-rata basis. As a result, the Company's total partnership interest in LSV was reduced slightly to approximately 38.6% from approximately 38.7%.