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Business Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Company’s reportable business segments are:
Private Banks – Provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers, and financial advisors worldwide;
Investment Advisors – Provides investment management and investment processing platforms to affluent investors through a network of independent registered investment advisors, financial planners and other investment professionals in the United States;
Institutional Investors – Provides Outsourced Chief Investment Officer solutions, including investment management and administrative outsourcing platforms to retirement plan sponsors, healthcare systems, higher education and other not-for-profit organizations worldwide;
Investment Managers – Provides investment operations outsourcing platforms to fund companies, banking institutions, traditional and non-traditional investment managers worldwide; and
Investments in New Businesses – Focuses on providing investment management solutions to ultra-high-net-worth families residing in the United States, hosted technology services to family offices and financial institutions; developing network and data protection services; entering new markets; and conducting other research and development activities.
The information in the following tables is derived from internal financial reporting used for corporate management purposes. There are no inter-segment revenues for the three months ended March 31, 2024 and 2023. Assets are not allocated to segments for internal reporting purposes. The accounting policies of the reportable business segments are the same as those described in Note 1 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
During the three months ended March 31, 2024 and made effective January 1, 2024, the Company made a determination to reorganize some of its business segments based on how its current Chief Operating Decision Maker (CODM) manages its businesses, including with respect to resource allocation and performance assessment. As a result, one of the Company's client relationships formerly reported in the Private Banks segment will be reported in the Investment Managers segment and the Company’s family office services business, formerly reported in the Investment Managers segment, will be reported in the Investments in New Businesses segment. The business segment financial presentation was reclassified in 2024 to conform to this reorganization. Prior year amounts have been reclassified to conform to current year presentation.
The following tables highlight certain financial information about each of the business segments for the three months ended March 31, 2024 and 2023:
Private
Banks
Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Three Months Ended March 31, 2024
Revenues$130,137 $122,718 $71,778 $172,653 $14,293 $511,579 
Expenses112,974 66,958 40,109 109,550 18,383 347,974 
Operating profit (loss)$17,163 $55,760 $31,669 $63,103 $(4,090)$163,605 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Three Months Ended March 31, 2023
Revenues$120,902 $106,538 $74,290 $154,497 $12,892 $469,119 
Expenses112,462 63,546 40,868 101,685 17,639 336,200 
Operating profit (loss)$8,440 $42,992 $33,422 $52,812 $(4,747)$132,919 
A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 is as follows:
20242023
Total operating profit from segments$163,605 $132,919 
Corporate overhead expenses(37,754)(31,152)
Income from operations$125,851 $101,767 
The following tables provide additional information for the three months ended March 31, 2024 and 2023 pertaining to the business segments:
 Capital Expenditures (1)Depreciation
 2024202320242023
Private Banks$6,432 $9,071 $2,904 $5,354 
Investment Advisors3,165 4,339 2,181 468 
Institutional Investors1,119 648 604 282 
Investment Managers7,675 4,566 1,579 1,992 
Investments in New Businesses416 382 172 231 
Total from business segments$18,807 $19,006 $7,440 $8,327 
Corporate overhead542 615 949 204 
$19,349 $19,621 $8,389 $8,531 
(1) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20242023
Private Banks$5,111 $4,646 
Investment Advisors2,122 1,818 
Institutional Investors1,892 1,824 
Investment Managers— 177 
Investments in New Businesses1,182 895 
Total from business segments$10,307 $9,360 
Corporate overhead79 64 
$10,386 $9,424