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Business Segment Information
 3 Months Ended
Mar. 31, 2025
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.
There are no inter-segment revenues for the three months ended March 31, 2025 and 2024. 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, 2024.
The following tables highlight certain financial information about each of the business segments for the three months ended March 31, 2025 and 2024:
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
In New
Businesses		Total
 For the Three Months Ended March 31, 2025
Total revenue$192,048 $137,714 $136,576 $68,506 $16,500 $551,344 
Less:
Operations & services86,239 50,286 41,038 20,673 4,961 203,197 
Sales, marketing & client service9,832 8,910 9,195 9,656 4,927 42,520 
Technology services & infrastructure12,752 28,335 8,866 1,549 1,368 52,870 
Strategic initiatives & new business development6,387 22,379 11,708 2,559 5,698 48,731 
Other segment expenses (1)2,001 4,839 1,648 1,433 1,542 11,463 
Segment profit (loss)$74,837 $22,965 $64,121 $32,636 $(1,996)$192,563 
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
In New
Businesses		Total
 For the Three Months Ended March 31, 2024
Total revenue$172,653 $130,137 $122,718 $71,778 $14,293 $511,579 
Less:
Operations & services78,374 48,262 39,051 21,623 4,918 192,228 
Sales, marketing & client service9,827 10,774 5,220 11,493 4,607 41,921 
Technology services & infrastructure10,454 26,906 8,329 1,477 1,296 48,462 
Strategic initiatives & new business development7,989 21,258 12,548 3,585 6,018 51,398 
Other segment expenses (1)2,906 5,774 1,810 1,931 1,544 13,965 
Segment profit (loss)$63,103 $17,163 $55,760 $31,669 $(4,090)$163,605 
(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 three months ended March 31, 2025 and 2024 is as follows:
20252024
Total segment profit$192,563 $163,605 
Corporate overhead expenses(35,466)(37,754)
Income from operations$157,097 $125,851 
Other income and expense items to reconcile income from operations to income before income taxes on the Consolidated Statements of Operations include net gain from investments, interest and dividend income, interest expense 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 three months ended March 31, 2025 and 2024 pertaining to the business segments:
 Capital Expenditures (2)Depreciation
 2025202420252024
Investment Managers$6,486 $7,675 $62 $1,579 
Private Banks5,503 6,432 2,259 2,904 
Investment Advisors2,632 3,165 2,025 2,181 
Institutional Investors763 1,119 319 604 
Investments in New Businesses279 416 78 172 
Total from business segments$15,663 $18,807 $4,743 $7,440 
Corporate overhead365 542 3,184 949 
$16,028 $19,349 $7,927 $8,389 
(2) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20252024
Investment Managers$202 $— 
Private Banks5,275 5,111 
Investment Advisors2,419 2,122 
Institutional Investors1,875 1,892 
Investments in New Businesses875 1,182 
Total from business segments$10,646 $10,307 
Corporate overhead64 79 
$10,710 $10,386