XML 62 R27.htm IDEA: XBRL DOCUMENT v3.24.0.1
Revenues from Contracts with Customers
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers Revenues from Contracts with Customers
The Company’s principal sources of revenues are: (1) asset management, administration and distribution fees primarily earned based upon a contractual percentage of net assets under management or administration; and (2) information processing and software servicing fees that are either recurring and primarily earned based upon the number of trust accounts being serviced or a percentage of the market value of the clients' assets processed on the Company's platforms, or non-recurring and based upon project-oriented contractual agreements related to client implementations.
Disaggregation of Revenue
The following tables provide additional information pertaining to our revenues disaggregated by major product line and primary geographic market based on the location of the use of the products or services for each of the Company’s business segments for 2023, 2022 and 2021:
Private
Banks
Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
in New
Businesses		Total
Major Product Lines:For the Year Ended December 31, 2023
Investment management fees from pooled investment products$127,388 $239,244 $47,943 $401 $1,382 $416,358 
Investment management fees from investment management agreements3,091 174,418 223,212 — 16,647 417,368 
Investment operations fees1,572 — — 616,829 — 618,401 
Investment processing fees - PaaS248,926 4,635 457 244 42 254,304 
Investment processing fees - SaaS90,150 — 10,118 17,188 — 117,456 
Professional services fees (1)
28,069 — — 3,306 — 31,375 
Account fees and other4,121 18,001 7,978 32,518 1,913 64,531 
Total revenues$503,317 $436,298 $289,708 $670,486 $19,984 $1,919,793 
Primary Geographic Markets:
United States (1)$332,543 $436,298 $242,945 $608,339 $19,984 $1,640,109 
United Kingdom113,221 — 34,485 94 — 147,800 
Canada39,974 — 5,652 — — 45,626 
Ireland17,579 — 6,626 38,319 — 62,524 
Luxembourg— — — 23,734 — 23,734 
Total revenues$503,317 $436,298 $289,708 $670,486 $19,984 $1,919,793 
(1) Professional services fees of the Private Banks segment includes a one-time early contractual buyout fee of $10,457 recorded during 2023 from an investment processing client acquired by an existing client.
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
in New
Businesses		Total
Major Product Lines:For the Year Ended December 31, 2022
Investment management fees from pooled investment products$125,430 $263,266 $54,656 $396 $1,476 $445,224 
Investment management fees from investment management agreements2,187 162,762 251,256 — 16,117 432,322 
Investment operations fees1,410 — — 578,403 — 579,813 
Investment processing fees - PaaS228,556 5,100 396 186 40 234,278 
Investment processing fees - SaaS112,096 — 11,425 15,581 — 139,102 
Professional services fees (2)102,169 — — 2,673 — 104,842 
Account fees and other3,777 16,638 5,620 27,679 1,742 55,456 
Total revenues$575,625 $447,766 $323,353 $624,918 $19,375 $1,991,037 
Primary Geographic Markets:
United States$317,399 $447,766 $267,928 $570,554 $19,375 $1,623,022 
United Kingdom (2)199,294 — 42,777 — — 242,071 
Canada43,108 — 5,311 — — 48,419 
Ireland15,824 — 7,075 37,466 — 60,365 
Luxembourg— — — 16,898 — 16,898 
Other— — 262 — — 262 
Total revenues$575,625 $447,766 $323,353 $624,918 $19,375 $1,991,037 
(2) Professional services fees of the Private Banks segment includes one-time early termination fees of $88,000 related to a contractual agreement with a significant client of the Company. In accordance with ASC 606, the entire amount of the fees received were recorded during 2022 as there were no future performance obligations of the Company related to the agreement upon termination.
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
in New
Businesses		Total
Major Product Lines:For the Year Ended December 31, 2021
Investment management fees from pooled investment products$134,617 $301,581 $57,716 $134 $1,330 $495,378 
Investment management fees from investment management agreements2,271 158,181 282,797 — 14,838 458,087 
Investment operations fees1,512 — — 538,446 — 539,958 
Investment processing fees - PaaS215,473 6,907 308 300 21 223,009 
Investment processing fees - SaaS113,964 — 1,207 13,792 — 128,963 
Professional services fees22,054 — — 3,508 — 25,562 
Account fees and other3,679 16,280 1,777 24,977 639 47,352 
Total revenues$493,570 $482,949 $343,805 $581,157 $16,828 $1,918,309 
Primary Geographic Markets:
United States$315,040 $482,949 $274,867 $539,843 $16,828 $1,629,527 
United Kingdom111,900 — 53,888 — — 165,788 
Canada48,325 — 4,396 — — 52,721 
Ireland18,305 — 10,151 41,314 — 69,770 
Other— — 503 — — 503 
Total revenues$493,570 $482,949 $343,805 $581,157 $16,828 $1,918,309 
Investment management fees from pooled investment products - Revenues associated with clients' assets invested in Company-sponsored pooled investment products. Contractual fees are stated as a percentage of the market value of assets under management and collected on a monthly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.
Investment management fees from investment management agreements - Revenues based on assets of clients of the Institutional Investors segment primarily invested in Company-sponsored products. Each client is charged an investment management fee that is stated as a percentage of the market value of all assets under management. The client is billed directly on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.
Revenues associated with the separately managed account program offered through registered investment advisors located throughout the United States. The contractual fee is stated as a percentage of the market value of all assets invested in the separately managed account and collected on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.
Investment operations fees - Revenues earned from accounting and administrative services, distribution support services and regulatory and compliance services to investment management firms and family offices. The Company contracts directly with the investment management firm or family office. The contractual fees are stated as a percentage of net assets under administration and billed when asset valuations are finalized. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.
Investment processing fees - Platform as a Service - Revenues associated with clients that outsource their entire investment operation and back-office processing functions. Through the use of the Company's proprietary platforms, the Company assumes all back-office investment processing services including investment processing, custody and safekeeping of assets, income collections, securities settlement and other related trust activities. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. Contractual fees can also be stated as a percentage of the value of assets processed on the Company's platforms each month as long as the fee is in excess of a monthly contractual minimum. The client is billed directly on a monthly basis. Revenues are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.
Revenues associated with clients of the mutual fund trading solution are fees recognized for shareholder services and related services through the use of the Company's proprietary platform or through third-party vendor agreements. Contractual fees are stated as a percentage of the value of total assets or positions processed on the Company's platform or subject to third-party vendor agreements each month. Fees are billed and collected on a monthly and quarterly basis. These revenues were previously classified under Account fees and other in 2022 and 2021 and have been reclassified to conform to the current year presentation
Investment processing fees - Software as a Service - Revenues associated with clients of the Private Banks segment for application software services. Clients retain responsibility for all investment operations, client administration and other back-office trust operations. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. The client is billed directly on a monthly basis.
Revenues associated with clients of the Investment Managers segment processed on the Archway PlatformSM are fees for hosted technology services to family offices and financial institutions. The Archway Platform is an integrated technology platform used for investment, operations, accounting and client reporting by these institutions. The contractual fee is based on a monthly subscription fee to access the Archway Platform along with additional fees on a per transaction basis.
Revenues associated with clients of the Institutional Investors segment processed on the SEI NovusSM portfolio intelligence tool are fees for data management, performance measurement, reporting, and risk analytics. The contractual fee is based on a fixed fee to access SEI Novus and includes fees for integration of historical fund data and custom reporting.
All revenues from investment processing fees are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.
Professional services fees - Revenues associated with the business services migration for investment processing clients of the Private Banks segment and investment operations clients of the Investment Managers segment. In addition, Professional services include other services such as business transformation consulting. Typically fees are stated as a contractual fixed fee. The client is billed directly and fees are collected according to the terms of the agreement.
Account fees and other - Revenues associated with custody account servicing, income from client cash balances held in the FDIC-insured accounts through the SEI Integrated Cash program, account terminations, reimbursements received for out-of-pocket expenses, and other fees for the provision of ancillary services.