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Business Segment Information
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 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 June 30, 2025 and 2024:
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
In New
Businesses		Total
 For the Three Months Ended June 30, 2025
Total revenue$195,067 $141,449 $137,193 $69,343 $16,549 $559,601 
Less:
Operations & services88,371 53,245 42,799 20,718 5,637 210,770 
Sales, marketing & client service10,501 10,122 10,237 10,099 4,797 45,756 
Technology services & infrastructure13,768 28,268 8,908 1,584 1,502 54,030 
Strategic initiatives & new business development6,283 21,500 12,094 2,268 4,824 46,969 
Other segment expenses (1)2,713 5,589 1,763 1,188 1,670 12,923 
Segment profit (loss)$73,431 $22,725 $61,392 $33,486 $(1,881)$189,153 
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
In New
Businesses		Total
 For the Three Months Ended June 30, 2024
Total revenue$179,868 $132,401 $120,587 $71,507 $14,623 $518,986 
Less:
Operations & services80,662 48,109 39,535 21,208 5,055 194,569 
Sales, marketing & client service9,894 10,539 7,833 10,783 4,933 43,982 
Technology services & infrastructure10,289 26,881 8,341 1,461 1,398 48,370 
Strategic initiatives & new business development8,996 20,862 12,100 3,406 5,413 50,777 
Other segment expenses (1)1,446 5,499 1,144 1,568 1,781 11,438 
Segment profit (loss)$68,581 $20,511 $51,634 $33,081 $(3,957)$169,850 
(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 June 30, 2025 and 2024 is as follows:
20252024
Total segment profit$189,153 $169,850 
Corporate overhead expenses(40,518)(33,336)
Income from operations$148,635 $136,514 
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, gain on sale of business, 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 three months ended June 30, 2025 and 2024 pertaining to the business segments:
 Capital Expenditures (2)Depreciation
 2025202420252024
Investment Managers$4,150 $6,389 $1,732 $1,636 
Private Banks4,210 4,586 2,694 2,832 
Investment Advisors1,902 1,987 2,000 2,190 
Institutional Investors335 730 494 598 
Investments in New Businesses121 173 211 170 
Total from business segments$10,718 $13,865 $7,131 $7,426 
Corporate overhead171 265 534 941 
$10,889 $14,130 $7,665 $8,367 
(2) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20252024
Investment Managers$201 $81 
Private Banks5,344 5,089 
Investment Advisors2,450 2,148 
Institutional Investors1,944 1,876 
Investments in New Businesses416 1,183 
Total from business segments$10,355 $10,377 
Corporate overhead94 108 
$10,449 $10,485 
The following tables highlight certain financial information about each of business segment for the six months ended June 30, 2025 and 2024:
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
In New
Businesses		Total
 For the Six Months Ended June 30, 2025
Total revenue$387,115 $279,163 $273,769 $137,849 $33,049 $1,110,945 
Less:
Operations & services174,610 103,531 83,837 41,391 10,598 413,967 
Sales, marketing & client service20,333 19,032 19,432 19,755 9,725 88,277 
Technology services & infrastructure26,520 56,603 17,775 3,132 2,870 106,900 
Strategic initiatives & new business development12,671 43,880 23,802 4,827 10,522 95,702 
Other segment expenses (3)4,713 10,427 3,410 2,622 3,211 24,383 
Segment profit (loss)$148,268 $45,690 $125,513 $66,122 $(3,877)$381,716 
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
In New
Businesses		Total
 For the Six Months Ended June 30, 2024
Total revenue$352,521 $262,538 $243,305 $143,285 $28,916 $1,030,565 
Less:
Operations & services159,036 96,371 78,586 42,831 9,972 386,796 
Sales, marketing & client service19,721 21,313 13,053 22,276 9,541 85,904 
Technology services & infrastructure20,744 53,786 16,670 2,938 2,694 96,832 
Strategic initiatives & new business development16,985 42,120 24,648 6,991 11,430 102,174 
Other segment expenses (3)4,351 11,274 2,954 3,499 3,326 25,404 
Segment profit (loss)$131,684 $37,674 $107,394 $64,750 $(8,047)$333,455 
(3) Other segment expenses for each reportable segment includes professional services, occupancy and certain overhead expenses.
A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the six months ended June 30, 2025 and 2024:
20252024
Total segment profit$381,716 $333,455 
Corporate overhead expenses (75,984)(71,090)
Income from operations$305,732 $262,365 
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, gain on sale of business, 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 six months ended June 30, 2025 and 2024:
 Capital Expenditures (4)Depreciation
 2025202420252024
Investment Managers$10,636 $14,064 $1,794 $3,215 
Private Banks9,713 11,018 4,953 5,736 
Investment Advisors4,534 5,152 4,025 4,371 
Institutional Investors1,098 1,849 813 1,202 
Investments in New Businesses400 589 289 342 
Total from business segments$26,381 $32,672 $11,874 $14,866 
Corporate Overhead536 807 3,718 1,890 
$26,917 $33,479 $15,592 $16,756 
(4) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20252024
Investment Managers$403 $81 
Private Banks10,619 10,200 
Investment Advisors4,869 4,270 
Institutional Investors3,819 3,768 
Investments in New Businesses1,291 2,365 
Total from business segments$21,001 $20,684 
Corporate Overhead158 187 
$21,159 $20,871