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Business Segment Information
 9 Months Ended
Sep. 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 nine months ended September 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 September 30, 2024 and 2023:
Private
Banks
Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Three Months Ended September 30, 2024
Revenues$138,734 $126,836 $71,626 $184,607 $15,593 $537,396 
Expenses115,097 70,152 37,851 114,118 18,440 355,658 
Operating profit (loss)$23,637 $56,684 $33,775 $70,489 $(2,847)$181,738 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Three Months Ended September 30, 2023
Revenues$119,664 $110,461 $70,479 $162,982 $13,173 $476,759 
Expenses111,207 64,280 39,953 103,585 18,265 337,290 
Operating profit (loss)$8,457 $46,181 $30,526 $59,397 $(5,092)$139,469 
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 September 30, 2024 and 2023 is as follows:
20242023
Total operating profit from segments$181,738 $139,469 
Corporate overhead expenses(37,906)(30,997)
Income from operations$143,832 $108,472 
The following tables provide additional information for the three months ended September 30, 2024 and 2023 pertaining to the business segments:
 Capital Expenditures (1)Depreciation
 2024202320242023
Private Banks$2,764 $7,580 $2,620 $5,565 
Investment Advisors1,092 3,545 2,254 540 
Institutional Investors740 390 614 338 
Investment Managers7,196 2,804 1,659 2,227 
Investments in New Businesses124 262 186 280 
Total from business segments$11,916 $14,581 $7,333 $8,950 
Corporate overhead222 307 1,008 247 
$12,138 $14,888 $8,341 $9,197 
(1) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20242023
Private Banks$5,147 $4,852 
Investment Advisors2,169 1,933 
Institutional Investors1,851 1,834 
Investment Managers80 209 
Investments in New Businesses1,096 895 
Total from business segments$10,343 $9,723 
Corporate overhead70 74 
$10,413 $9,797 
The following tables highlight certain financial information about each of business segment for the nine months ended September 30, 2024 and 2023:
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Nine Months Ended September 30, 2024
Revenues$401,272 $370,141 $214,911 $537,128 $44,509 $1,567,961 
Expenses339,961 206,063 116,386 334,955 55,403 1,052,768 
Operating profit (loss)$61,311 $164,078 $98,525 $202,173 $(10,894)$515,193 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Nine Months Ended September 30, 2023
Revenues$372,980 $326,579 $219,914 $476,683 $38,779 $1,434,935 
Expenses337,834 192,004 126,337 308,483 52,919 1,017,577 
Operating profit (loss)$35,146 $134,575 $93,577 $168,200 $(14,140)$417,358 
A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the nine months ended September 30, 2024 and 2023:
20242023
Total operating profit from segments$515,193 $417,358 
Corporate overhead expenses (108,996)(94,518)
Income from operations$406,197 $322,840 
The following tables provide additional information for the nine months ended September 30, 2024 and 2023:
 Capital Expenditures (2)Depreciation
 2024202320242023
Private Banks$13,782 $24,652 $8,356 $16,370 
Investment Advisors6,244 11,499 6,625 1,557 
Institutional Investors2,589 1,495 1,816 922 
Investment Managers21,260 9,962 4,874 6,268 
Investments in New Businesses713 806 528 735 
Total from business segments$44,588 $48,414 $22,199 $25,852 
Corporate Overhead1,029 1,284 2,898 657 
$45,617 $49,698 $25,097 $26,509 
(2) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20242023
Private Banks$15,347 $14,216 
Investment Advisors6,439 5,698 
Institutional Investors5,619 5,486 
Investment Managers161 566 
Investments in New Businesses3,461 2,685 
Total from business segments$31,027 $28,651 
Corporate Overhead257 200 
$31,284 $28,851