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Revenues from Contracts with Customers
 9 Months Ended
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 agreements1,133 49,864 54,296 — 4,729 110,022 
Investment operations fees570 10,670 — 176,687 1,121 189,048 
Investment processing fees - PaaS75,283 1,449 260 1,267 7 78,266 
Investment processing fees - SaaS21,296 — 2,004 — 5,237 28,537 
Professional services fees4,806 — — 631 1,050 6,487 
Account fees and other747 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 Kingdom32,062 — 9,438 — — 41,500 
Canada10,368 — 1,498 — — 11,866 
Ireland5,755 — 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 agreements900 45,175 54,317 — 4,240 104,632 
Investment operations fees336 2 — 155,251 1,467 157,056 
Investment processing fees - PaaS59,563 1,271 198 1,086 13 62,131 
Investment processing fees - SaaS21,865 — 2,291 18 4,357 28,531 
Professional services fees4,109 — — 582 218 4,909 
Account fees and other772 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 Kingdom28,789 — 8,442 — — 37,231 
Canada10,060 — 1,431 — — 11,491 
Ireland4,314 — 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 agreements3,229 144,203 162,046 — 13,663 323,141 
Investment operations fees1,650 30,397 — 511,203 3,561 546,811 
Investment processing fees - PaaS214,001 4,109 1,081 3,772 26 222,989 
Investment processing fees - SaaS66,065 — 6,335 19 15,459 87,878 
Professional services fees14,042 — — 2,749 2,337 19,128 
Account fees and other2,372 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 Kingdom93,264 — 28,305 — — 121,569 
Canada30,234 — 4,384 — — 34,618 
Ireland14,888 — 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 agreements2,211 129,000 169,874 — 12,482 313,567 
Investment operations fees1,019 4 — 452,297 4,327 457,647 
Investment processing fees - PaaS182,305 3,786 696 3,174 33 189,994 
Investment processing fees - SaaS66,596 — 7,733 54 12,949 87,332 
Professional services fees (1)21,873 — — 3,202 752 25,827 
Account fees and other2,545 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 Kingdom84,581 — 26,233 — — 110,814 
Canada30,297 — 4,247 — — 34,544 
Ireland13,488 — 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 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.