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Business Segment Information
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 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 first quarter 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 June 30, 2024 and 2023:
Private
Banks
Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Three Months Ended June 30, 2024
Revenues$132,401 $120,587 $71,507 $179,868 $14,623 $518,986 
Expenses111,890 68,953 38,426 111,287 18,580 349,136 
Operating profit (loss)$20,511 $51,634 $33,081 $68,581 $(3,957)$169,850 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Three Months Ended June 30, 2023
Revenues$132,414 $109,580 $75,145 $159,204 $12,714 $489,057 
Expenses114,165 64,178 45,516 103,213 17,015 344,087 
Operating profit (loss)$18,249 $45,402 $29,629 $55,991 $(4,301)$144,970 
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 June 30, 2024 and 2023 is as follows:
20242023
Total operating profit from segments$169,850 $144,970 
Corporate overhead expenses(33,336)(32,369)
Income from operations$136,514 $112,601 
The following tables provide additional information for the three months ended June 30, 2024 and 2023 pertaining to the business segments:
 Capital Expenditures (1)Depreciation
 2024202320242023
Private Banks$4,586 $8,001 $2,832 $5,450 
Investment Advisors1,987 3,615 2,190 549 
Institutional Investors730 457 598 303 
Investment Managers6,389 2,592 1,636 2,049 
Investments in New Businesses173 202 170 224 
Total from business segments$13,865 $14,867 $7,426 $8,575 
Corporate overhead265 362 941 206 
$14,130 $15,229 $8,367 $8,781 
(1) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20242023
Private Banks$5,089 $4,718 
Investment Advisors2,148 1,945 
Institutional Investors1,876 1,829 
Investment Managers81 181 
Investments in New Businesses1,183 892 
Total from business segments$10,377 $9,565 
Corporate overhead108 65 
$10,485 $9,630 
The following tables highlight certain financial information about each of business segment for the six months ended June 30, 2024 and 2023:
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Six Months Ended June 30, 2024
Revenues$262,538 $243,305 $143,285 $352,521 $28,916 $1,030,565 
Expenses224,864 135,911 78,535 220,837 36,963 697,110 
Operating profit (loss)$37,674 $107,394 $64,750 $131,684 $(8,047)$333,455 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Six Months Ended June 30, 2023
Revenues$253,316 $216,118 $149,435 $313,701 $25,606 $958,176 
Expenses226,627 127,724 86,384 204,898 34,654 680,287 
Operating profit (loss)$26,689 $88,394 $63,051 $108,803 $(9,048)$277,889 
A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the six months ended June 30, 2024 and 2023:
20242023
Total operating profit from segments$333,455 $277,889 
Corporate overhead expenses (71,090)(63,521)
Income from operations$262,365 $214,368 
The following tables provide additional information for the six months ended June 30, 2024 and 2023:
 Capital Expenditures (2)Depreciation
 2024202320242023
Private Banks$11,018 $17,072 $5,736 $10,804 
Investment Advisors5,152 7,954 4,371 1,017 
Institutional Investors1,849 1,105 1,202 585 
Investment Managers14,064 7,158 3,215 4,041 
Investments in New Businesses589 584 342 455 
Total from business segments$32,672 $33,873 $14,866 $16,902 
Corporate Overhead807 977 1,890 410 
$33,479 $34,850 $16,756 $17,312 
(2) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20242023
Private Banks$10,200 $9,364 
Investment Advisors4,270 3,763 
Institutional Investors3,768 3,653 
Investment Managers81 358 
Investments in New Businesses2,365 1,787 
Total from business segments$20,684 $18,925 
Corporate Overhead187 129 
$20,871 $19,054