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Business Segment Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Business Segment Information | Business Segment Information The Company's business segments are generally organized around its target markets. The Company’s reportable business segments are: Investment Managers – Provides an outsourced investment management operating platform to alternative and traditional asset managers, fund companies, and sovereign wealth funds; 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; 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 Company's CODM is the chief executive officer who uses the reported measures of each business segment's profit or loss to allocate resources and assess performance by comparing historical, actual and forecasted amounts. The Company's CODM does not evaluate business segments using asset information. 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 CODM manages its businesses. 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. In 2024, 2023 and 2022, no single customer accounted for more than 10% of revenues in any business segment. The following tables highlight certain financial information about each of the Company’s business segments for the years ended December 31, 2024, 2023 and 2022:
|  | Investment Managers |  | Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investments in New Businesses |  | Total
|  | For the Year Ended December 31, 2024
Total revenue |  | $ | 728,390 |  |  | $ | 541,414 |  |  | $ | 509,408 |  |  | $ | 285,723 |  |  | $ | 60,216 |  |  | $ | 2,125,151 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Operations & services |  | 324,602 |  |  | 200,250 |  |  | 162,396 |  |  | 85,807 |  |  | 19,454 |  |  | 792,509 |
Sales, marketing & client service |  | 40,143 |  |  | 41,463 |  |  | 31,872 |  |  | 41,612 |  |  | 19,408 |  |  | 174,498 |
Technology services & infrastructure |  | 43,293 |  |  | 110,154 |  |  | 33,812 |  |  | 5,998 |  |  | 5,531 |  |  | 198,788 |
Strategic initiatives & new business development |  | 33,804 |  |  | 85,662 |  |  | 48,526 |  |  | 14,241 |  |  | 23,427 |  |  | 205,660 |
Other segment expenses (1) |  | 11,243 |  |  | 22,846 |  |  | 6,296 |  |  | 7,043 |  |  | 6,879 |  |  | 54,307 |
Segment profit (loss) |  | $ | 275,305 |  |  | $ | 81,039 |  |  | $ | 226,506 |  |  | $ | 131,022 |  |  | $ | (14,483) |  |  | $ | 699,389 |
|  | Investment Managers |  | Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investments in New Businesses |  | Total
|  |  |  | For the Year Ended December 31, 2023
Total revenue |  | $ | 645,254 |  |  | $ | 496,317 |  |  | $ | 436,298 |  |  | $ | 289,708 |  |  | $ | 52,216 |  |  | $ | 1,919,793 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Operations & services |  | 289,348 |  |  | 200,946 |  |  | 145,094 |  |  | 87,778 |  |  | 17,553 |  |  | 740,719 |
Sales, marketing & client service |  | 35,914 |  |  | 37,271 |  |  | 28,547 |  |  | 52,056 |  |  | 17,171 |  |  | 170,959 |
Technology services & infrastructure |  | 42,001 |  |  | 105,698 |  |  | 31,246 |  |  | 5,284 |  |  | 5,307 |  |  | 189,536 |
Strategic initiatives & new business development |  | 42,811 |  |  | 86,888 |  |  | 49,657 |  |  | 14,567 |  |  | 27,227 |  |  | 221,150 |
Other segment expenses (1) |  | 9,122 |  |  | 17,687 |  |  | 4,598 |  |  | 5,770 |  |  | 3,487 |  |  | 40,664 |
Segment profit (loss) |  | $ | 226,058 |  |  | $ | 47,827 |  |  | $ | 177,156 |  |  | $ | 124,253 |  |  | $ | (18,529) |  |  | $ | 556,765 |
|  | Investment Managers |  | Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investments in New Businesses |  | Total
|  |  |  | For the Year Ended December 31, 2022
Total revenue |  | $ | 599,661 |  |  | $ | 570,010 |  |  | $ | 447,766 |  |  | $ | 323,353 |  |  | $ | 50,247 |  |  | $ | 1,991,037 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Operations & services |  | 270,129 |  |  | 201,113 |  |  | 137,979 |  |  | 95,860 |  |  | 16,629 |  |  | 721,710 |
Sales, marketing & client service |  | 39,116 |  |  | 49,449 |  |  | 26,774 |  |  | 50,849 |  |  | 22,146 |  |  | 188,334 |
Technology services & infrastructure |  | 37,867 |  |  | 102,839 |  |  | 28,247 |  |  | 5,197 |  |  | 5,754 |  |  | 179,904 |
Strategic initiatives & new business development |  | 27,842 |  |  | 96,484 |  |  | 54,605 |  |  | 15,207 |  |  | 22,013 |  |  | 216,151 |
Other segment expenses (1) |  | 7,011 |  |  | 17,936 |  |  | 4,045 |  |  | 5,139 |  |  | 6,890 |  |  | 41,021 |
Segment profit (loss) |  | $ | 217,696 |  |  | $ | 102,189 |  |  | $ | 196,116 |  |  | $ | 151,101 |  |  | $ | (23,185) |  |  | $ | 643,917 |
(1) Other segment expenses for each reportable segment includes professional services, occupancy and certain overhead expenses. A reconciliation of the total segment profit to income from operations on the Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022 is as follows:
Year Ended December 31, |  | 2024 |  | 2023 |  | 2022
Total segment profit |  | $ | 699,389 |  |  | $ | 556,765 |  |  | $ | 643,917 |
Corporate overhead expenses (2) |  | (147,648) |  |  | (132,241) |  |  | (168,164) |
Income from operations |  | 551,741 |  |  | 424,524 |  |  | 475,753 |
(2) Corporate overhead expenses in 2022 include the total costs of the Voluntary Separation Program (See Note 14). Other income and expense items to reconcile income from operations to income before income taxes on the Consolidated Statements of Operations include net gain (loss) from investments, interest and dividend income, interest expense, other income and equity in the earnings of unconsolidated affiliates. These items are not allocated to the Company's segments. The following tables provide additional information for the years ended December 31, 2024, 2023 and 2022 pertaining to the Company's business segments:
|  | Capital Expenditures (3) |  | Depreciation
Year Ended December 31, |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Investment Managers |  | $ | 25,115 |  |  | $ | 26,603 |  |  | $ | 20,931 |  |  | $ | 6,527 |  |  | $ | 8,327 |  |  | $ | 7,807 |
Private Banks |  | 18,118 |  |  | 19,331 |  |  | 32,454 |  |  | 11,129 |  |  | 21,887 |  |  | 21,237 |
Investment Advisors |  | 8,332 |  |  | 9,329 |  |  | 13,027 |  |  | 8,754 |  |  | 2,040 |  |  | 1,933 |
Institutional Investors |  | 2,895 |  |  | 1,639 |  |  | 3,884 |  |  | 2,411 |  |  | 1,207 |  |  | 1,142 |
Investments in New Businesses |  | 878 |  |  | 857 |  |  | 824 |  |  | 712 |  |  | 971 |  |  | 825 |
Total from business segments |  | $ | 55,338 |  |  | $ | 57,759 |  |  | $ | 71,120 |  |  | $ | 29,533 |  |  | $ | 34,432 |  |  | $ | 32,944 |
Corporate Overhead |  | 1,228 |  |  | 1,384 |  |  | 1,714 |  |  | 3,825 |  |  | 868 |  |  | 713 |
|  | $ | 56,566 |  |  | $ | 59,143 |  |  | $ | 72,834 |  |  | $ | 33,358 |  |  | $ | 35,300 |  |  | $ | 33,657 |
(3) Capital expenditures include additions to property and equipment and capitalized software.
|  | Amortization
Year Ended December 31, |  | 2024 |  | 2023 |  | 2022
Investment Managers |  | $ | 362 |  |  | $ | 771 |  |  | $ | 6,400 |
Private Banks |  | 20,514 |  |  | 19,094 |  |  | 25,886 |
Investment Advisors |  | 8,540 |  |  | 7,620 |  |  | 9,905 |
Institutional Investors |  | 7,576 |  |  | 7,324 |  |  | 8,166 |
Investments in New Businesses |  | 4,556 |  |  | 3,579 |  |  | 3,660 |
Total from business segments |  | $ | 41,548 |  |  | $ | 38,388 |  |  | $ | 54,017 |
Corporate Overhead |  | 321 |  |  | 281 |  |  | 263 |
|  | $ | 41,869 |  |  | $ | 38,669 |  |  | $ | 54,280 |
The following table presents revenues based on the location of the use of the products or services:
For the Year Ended December 31, |  | 2024 |  | 2023 |  | 2022
United States |  | $ | 1,816,650 |  |  | $ | 1,640,109 |  |  | $ | 1,623,022 |
International operations |  | 308,501 |  |  | 279,684 |  |  | 368,015 |
|  | $ | 2,125,151 |  |  | $ | 1,919,793 |  |  | $ | 1,991,037 |
The following table presents assets based on their location:
|  | 2024 |  | 2023
United States |  | $ | 2,223,489 |  |  | $ | 2,041,083 |
International operations |  | 461,117 |  |  | 478,920 |
|  | $ | 2,684,606 |  |  | $ | 2,520,003 |

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