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Revenues from Contracts with Customers
 6 Months Ended
Jun. 30, 2024
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 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
Major Product Lines:For the Three Months Ended June 30, 2024
Investment management fees from pooled investment products$32,614 $58,322 $12,256 $380 $460 $104,032 
Investment management fees from investment management agreements1,165 45,920 53,541 — 4,627 105,253 
Investment operations fees541 10,082 — 170,327 962 181,912 
Investment processing fees - PaaS70,871 1,379 399 1,247 9 73,905 
Investment processing fees - SaaS21,311 — 2,243 — 5,125 28,679 
Professional services fees5,121 — — 1,101 704 6,926 
Account fees and other778 4,884 3,068 6,813 2,736 18,279 
Total revenues$132,401 $120,587 $71,507 $179,868 $14,623 $518,986 
Primary Geographic Markets:
United States$86,562 $120,587 $58,887 $162,411 $14,623 $443,070 
United Kingdom31,354 — 9,649 — — 41,003 
Canada10,067 — 1,415 — — 11,482 
Ireland4,418 — 1,556 10,465 — 16,439 
Luxembourg— — — 6,992 — 6,992 
Total revenues$132,401 $120,587 $71,507 $179,868 $14,623 $518,986 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
Major Product Lines:For the Three Months Ended June 30, 2023
Investment management fees from pooled investment products$32,092 $61,103 $12,728 $105 $352 $106,380 
Investment management fees from investment management agreements813 43,159 57,529 — 4,025 105,526 
Investment operations fees337 2 — 151,407 1,305 153,051 
Investment processing fees - PaaS61,877 1,261 304 1,044 9 64,495 
Investment processing fees - SaaS22,516 — 2,791 18 4,385 29,710 
Professional services fees (1)13,972 — — 959 185 15,116 
Account fees and other807 4,055 1,793 5,671 2,453 14,779 
Total revenues$132,414 $109,580 $75,145 $159,204 $12,714 $489,057 
Primary Geographic Markets:
United States$89,644 $109,580 $63,144 $144,398 $12,714 $419,480 
United Kingdom27,946 — 8,696 — — 36,642 
Canada10,147 — 1,447 — — 11,594 
Ireland4,677 — 1,858 8,978 — 15,513 
Luxembourg— — — 5,828 — 5,828 
Total revenues$132,414 $109,580 $75,145 $159,204 $12,714 $489,057 
(1) Professional services fees of the Private Banks segment includes a one-time early contractual buyout fee of $10,457 recorded during the three months ended June 30, 2023 from an investment processing client acquired by an existing client.
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 the six months ended June 30, 2024 and 2023:
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
Major Product Lines:For the Six Months Ended June 30, 2024
Investment management fees from pooled investment products$65,014 $116,661 $24,331 $464 $815 $207,285 
Investment management fees from investment management agreements2,096 94,339 107,750 — 8,934 213,119 
Investment operations fees1,080 19,727 — 334,516 2,440 357,763 
Investment processing fees - PaaS138,718 2,660 821 2,505 19 144,723 
Investment processing fees - SaaS44,769 — 4,331 19 10,222 59,341 
Professional services fees9,236 — — 2,118 1,287 12,641 
Account fees and other1,625 9,918 6,052 12,899 5,199 35,693 
Total revenues$262,538 $243,305 $143,285 $352,521 $28,916 $1,030,565 
Primary Geographic Markets:
United States$172,337 $243,305 $118,264 $318,370 $28,916 $881,192 
United Kingdom61,202 — 18,867 — — 80,069 
Canada19,866 — 2,886 — — 22,752 
Ireland9,133 — 3,268 20,371 — 32,772 
Luxembourg— — — 13,780 — 13,780 
Total revenues$262,538 $243,305 $143,285 $352,521 $28,916 $1,030,565 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
Major Product Lines:For the Six Months Ended June 30, 2023
Investment management fees from pooled investment products$64,312 $121,708 $24,441 $231 $690 $211,382 
Investment management fees from investment management agreements1,311 83,825 115,557 — 8,242 208,935 
Investment operations fees683 2 — 297,046 2,860 300,591 
Investment processing fees - PaaS122,742 2,515 498 2,088 20 127,863 
Investment processing fees - SaaS44,731 — 5,442 36 8,592 58,801 
Professional services fees (2)17,764 — — 2,620 534 20,918 
Account fees and other1,773 8,068 3,497 11,680 4,668 29,686 
Total revenues$253,316 $216,118 $149,435 $313,701 $25,606 $958,176 
Primary Geographic Markets:
United States$168,113 $216,118 $125,362 $284,481 $25,606 $819,680 
United Kingdom55,792 — 17,791 — — 73,583 
Canada20,237 — 2,816 — — 23,053 
Ireland9,174 — 3,466 18,003 — 30,643 
Luxembourg— — — 11,217 — 11,217 
Total revenues$253,316 $216,118 $149,435 $313,701 $25,606 $958,176 
(2) Professional services fees of the Private Banks segment includes a one-time early contractual buyout fee of $10,457 recorded during the three months ended June 30, 2023 from an investment processing client acquired by an existing client.
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. Also includes income from client cash balances held in the FDIC-insured accounts through the SEI Integrated Cash program. 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 2023 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 Investments in New Businesses 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, account terminations, reimbursements received for out-of-pocket expenses, and other fees for the provision of ancillary services.