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Revenues from Contracts with Customers | 9 Months Ended
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Sep. 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 September 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 September 30, 2024
Investment management fees from pooled investment products | $ | 34,899 |  |  | $ | 59,707 |  |  | $ | 11,854 |  |  | $ | (191) |  |  | $ | 508 |  |  | $ | 106,777 |
Investment management fees from investment management agreements | 1,133 |  |  | 49,864 |  |  | 54,296 |  |  | — |  |  | 4,729 |  |  | 110,022 |
Investment operations fees | 570 |  |  | 10,670 |  |  | — |  |  | 176,687 |  |  | 1,121 |  |  | 189,048 |
Investment processing fees - PaaS | 75,283 |  |  | 1,449 |  |  | 260 |  |  | 1,267 |  |  | 7 |  |  | 78,266 |
Investment processing fees - SaaS | 21,296 |  |  | — |  |  | 2,004 |  |  | — |  |  | 5,237 |  |  | 28,537 |
Professional services fees | 4,806 |  |  | — |  |  | — |  |  | 631 |  |  | 1,050 |  |  | 6,487 |
Account fees and other | 747 |  |  | 5,146 |  |  | 3,212 |  |  | 6,213 |  |  | 2,941 |  |  | 18,259 |
Total revenues | $ | 138,734 |  |  | $ | 126,836 |  |  | $ | 71,626 |  |  | $ | 184,607 |  |  | $ | 15,593 |  |  | $ | 537,396 |
Primary Geographic Markets: |  |  |  |  |  |  |  |  |  |  |
United States | $ | 90,549 |  |  | $ | 126,836 |  |  | $ | 58,870 |  |  | $ | 166,415 |  |  | $ | 15,593 |  |  | $ | 458,263 |
United Kingdom | 32,062 |  |  | — |  |  | 9,438 |  |  | — |  |  | — |  |  | 41,500 |
Canada | 10,368 |  |  | — |  |  | 1,498 |  |  | — |  |  | — |  |  | 11,866 |
Ireland | 5,755 |  |  | — |  |  | 1,820 |  |  | 10,229 |  |  | — |  |  | 17,804 |
Luxembourg | — |  |  | — |  |  | — |  |  | 7,963 |  |  | — |  |  | 7,963 |
Total revenues | $ | 138,734 |  |  | $ | 126,836 |  |  | $ | 71,626 |  |  | $ | 184,607 |  |  | $ | 15,593 |  |  | $ | 537,396 |
| Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investment Managers |  | Investments In New Businesses |  | Total
Major Product Lines: | For the Three Months Ended September 30, 2023
Investment management fees from pooled investment products | $ | 32,119 |  |  | $ | 60,046 |  |  | $ | 11,858 |  |  | $ | 87 |  |  | $ | 351 |  |  | $ | 104,461 |
Investment management fees from investment management agreements | 900 |  |  | 45,175 |  |  | 54,317 |  |  | — |  |  | 4,240 |  |  | 104,632 |
Investment operations fees | 336 |  |  | 2 |  |  | — |  |  | 155,251 |  |  | 1,467 |  |  | 157,056 |
Investment processing fees - PaaS | 59,563 |  |  | 1,271 |  |  | 198 |  |  | 1,086 |  |  | 13 |  |  | 62,131 |
Investment processing fees - SaaS | 21,865 |  |  | — |  |  | 2,291 |  |  | 18 |  |  | 4,357 |  |  | 28,531 |
Professional services fees | 4,109 |  |  | — |  |  | — |  |  | 582 |  |  | 218 |  |  | 4,909 |
Account fees and other | 772 |  |  | 3,967 |  |  | 1,815 |  |  | 5,958 |  |  | 2,527 |  |  | 15,039 |
Total revenues | $ | 119,664 |  |  | $ | 110,461 |  |  | $ | 70,479 |  |  | $ | 162,982 |  |  | $ | 13,173 |  |  | $ | 476,759 |
Primary Geographic Markets: |  |  |  |  |  |  |  |  |  |  |
United States | $ | 76,501 |  |  | $ | 110,461 |  |  | $ | 58,992 |  |  | $ | 147,057 |  |  | $ | 13,173 |  |  | $ | 406,184 |
United Kingdom | 28,789 |  |  | — |  |  | 8,442 |  |  | — |  |  | — |  |  | 37,231 |
Canada | 10,060 |  |  | — |  |  | 1,431 |  |  | — |  |  | — |  |  | 11,491 |
Ireland | 4,314 |  |  | — |  |  | 1,614 |  |  | 9,711 |  |  | — |  |  | 15,639 |
Luxembourg | — |  |  | — |  |  | — |  |  | 6,214 |  |  | — |  |  | 6,214 |
Total revenues | $ | 119,664 |  |  | $ | 110,461 |  |  | $ | 70,479 |  |  | $ | 162,982 |  |  | $ | 13,173 |  |  | $ | 476,759 |
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 nine months ended September 30, 2024 and 2023:
| Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investment Managers |  | Investments In New Businesses |  | Total
Major Product Lines: | For the Nine Months Ended September 30, 2024
Investment management fees from pooled investment products | $ | 99,913 |  |  | $ | 176,368 |  |  | $ | 36,185 |  |  | $ | 273 |  |  | $ | 1,323 |  |  | $ | 314,062 |
Investment management fees from investment management agreements | 3,229 |  |  | 144,203 |  |  | 162,046 |  |  | — |  |  | 13,663 |  |  | 323,141 |
Investment operations fees | 1,650 |  |  | 30,397 |  |  | — |  |  | 511,203 |  |  | 3,561 |  |  | 546,811 |
Investment processing fees - PaaS | 214,001 |  |  | 4,109 |  |  | 1,081 |  |  | 3,772 |  |  | 26 |  |  | 222,989 |
Investment processing fees - SaaS | 66,065 |  |  | — |  |  | 6,335 |  |  | 19 |  |  | 15,459 |  |  | 87,878 |
Professional services fees | 14,042 |  |  | — |  |  | — |  |  | 2,749 |  |  | 2,337 |  |  | 19,128 |
Account fees and other | 2,372 |  |  | 15,064 |  |  | 9,264 |  |  | 19,112 |  |  | 8,140 |  |  | 53,952 |
Total revenues | $ | 401,272 |  |  | $ | 370,141 |  |  | $ | 214,911 |  |  | $ | 537,128 |  |  | $ | 44,509 |  |  | $ | 1,567,961 |
Primary Geographic Markets: |  |  |  |  |  |  |  |  |  |  |
United States | $ | 262,886 |  |  | $ | 370,141 |  |  | $ | 177,134 |  |  | $ | 484,785 |  |  | $ | 44,509 |  |  | $ | 1,339,455 |
United Kingdom | 93,264 |  |  | — |  |  | 28,305 |  |  | — |  |  | — |  |  | 121,569 |
Canada | 30,234 |  |  | — |  |  | 4,384 |  |  | — |  |  | — |  |  | 34,618 |
Ireland | 14,888 |  |  | — |  |  | 5,088 |  |  | 30,600 |  |  | — |  |  | 50,576 |
Luxembourg | — |  |  | — |  |  | — |  |  | 21,743 |  |  | — |  |  | 21,743 |
Total revenues | $ | 401,272 |  |  | $ | 370,141 |  |  | $ | 214,911 |  |  | $ | 537,128 |  |  | $ | 44,509 |  |  | $ | 1,567,961 |
| Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investment Managers |  | Investments In New Businesses |  | Total
Major Product Lines: | For the Nine Months Ended September 30, 2023
Investment management fees from pooled investment products | $ | 96,431 |  |  | $ | 181,754 |  |  | $ | 36,299 |  |  | $ | 318 |  |  | $ | 1,041 |  |  | $ | 315,843 |
Investment management fees from investment management agreements | 2,211 |  |  | 129,000 |  |  | 169,874 |  |  | — |  |  | 12,482 |  |  | 313,567 |
Investment operations fees | 1,019 |  |  | 4 |  |  | — |  |  | 452,297 |  |  | 4,327 |  |  | 457,647 |
Investment processing fees - PaaS | 182,305 |  |  | 3,786 |  |  | 696 |  |  | 3,174 |  |  | 33 |  |  | 189,994 |
Investment processing fees - SaaS | 66,596 |  |  | — |  |  | 7,733 |  |  | 54 |  |  | 12,949 |  |  | 87,332 |
Professional services fees (1) | 21,873 |  |  | — |  |  | — |  |  | 3,202 |  |  | 752 |  |  | 25,827 |
Account fees and other | 2,545 |  |  | 12,035 |  |  | 5,312 |  |  | 17,638 |  |  | 7,195 |  |  | 44,725 |
Total revenues | $ | 372,980 |  |  | $ | 326,579 |  |  | $ | 219,914 |  |  | $ | 476,683 |  |  | $ | 38,779 |  |  | $ | 1,434,935 |
Primary Geographic Markets: |  |  |  |  |  |  |  |  |  |  |
United States | $ | 244,614 |  |  | $ | 326,579 |  |  | $ | 184,354 |  |  | $ | 431,538 |  |  | $ | 38,779 |  |  | $ | 1,225,864 |
United Kingdom | 84,581 |  |  | — |  |  | 26,233 |  |  | — |  |  | — |  |  | 110,814 |
Canada | 30,297 |  |  | — |  |  | 4,247 |  |  | — |  |  | — |  |  | 34,544 |
Ireland | 13,488 |  |  | — |  |  | 5,080 |  |  | 27,714 |  |  | — |  |  | 46,282 |
Luxembourg | — |  |  | — |  |  | — |  |  | 17,431 |  |  | — |  |  | 17,431 |
Total revenues | $ | 372,980 |  |  | $ | 326,579 |  |  | $ | 219,914 |  |  | $ | 476,683 |  |  | $ | 38,779 |  |  | $ | 1,434,935 |
(1) Professional services fees of the Private Banks segment includes a one-time early contractual buyout fee of $10,457 recorded during the nine months ended September 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 Platform SM 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 Novus SM 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.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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