EX-99.1 2 seic-earningsreleaseex9910.htm PRESS RELEASE
Investor contact: Media contact:
Brad Burke Leslie Wojcik
SEI SEI
+1 610-676-5350 +1 610-676-4191
bburke2@seic.com lwojcik@seic.com
Pages: 10
FOR IMMEDIATE RELEASE
SEI Reports First-Quarter 2025 Financial Results
OAKS, Pa., April 23, 2025 – SEI Investments Company (NASDAQ:SEIC) today announced financial results for the first quarter 2025. Relative to the first quarter 2024, EPS increased by 18%, and revenue and operating income grew by 8% and 25%, respectively, with operating margins increasing to 28%.

Consolidated Overview |  |  |  |  |  |  |  |  |  |  |  |
(In thousands, except earnings per share) |  | For the Three Months Ended March 31, |  |  |  |  |  |
|  | 2025 |  | 2024 |  | % |  |  |  |  |  |
Revenues |  | $551,344 |  |  | $511,579 |  |  | 8% |  |  |  |  |  |
Operating income |  | 157,097 |  |  | 125,851 |  |  | 25% |  |  |  |  |  |
Operating margin |  | 28 | % |  | 25 | % |  | 12% |  |  |  |  |  |
Net income |  | 151,517 |  |  | 131,400 |  |  | 15% |  |  |  |  |  |
Diluted earnings per share |  | $1.17 |  |  | $0.99 |  |  | 18% |  |  |  |  |  |

“Building upon our strong momentum heading into 2025, our first-quarter results reflect another record quarter in net sales events, totaling $47 million and reinforcing our enterprise mindset and the evolution of our go-to-market strategy. Our business segments achieved higher operating profits and expanded margins—each contributing to our growth in the quarter,” said CEO Ryan Hicke.
“We’ve built our company and a resilient operating model to navigate market cycles, and we continue to engage with our clients to help them make informed, strategic decisions for long-term success. I’m confident in our team’s ability to capitalize on market opportunities, execute our growth strategies, and maximize enterprise value for shareholders.”
1

Summary of First-Quarter Results by Business Segment

(In thousands) |  | For the Three Months Ended March 31, |  |  |  |  |  |
|  | 2025 |  | 2024 |  | % |  |  |  |  |  |
Investment Managers: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $192,048 |  |  | $172,653 |  |  | 11% |  |  |  |  |  |
Expenses |  | 117,211 |  |  | 109,550 |  |  | 7% |  |  |  |  |  |
Operating Profit |  | 74,837 |  |  | 63,103 |  |  | 19% |  |  |  |  |  |
Operating Margin |  | 39 | % |  | 37 | % |  |  |  |  |  |  |  |
Private Banks: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 137,714 |  |  | 130,137 |  |  | 6% |  |  |  |  |  |
Expenses |  | 114,749 |  |  | 112,974 |  |  | 2% |  |  |  |  |  |
Operating Profit |  | 22,965 |  |  | 17,163 |  |  | 34% |  |  |  |  |  |
Operating Margin |  | 17 | % |  | 13 | % |  |  |  |  |  |  |  |
Investment Advisors: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 136,576 |  |  | 122,718 |  |  | 11% |  |  |  |  |  |
Expenses |  | 72,455 |  |  | 66,958 |  |  | 8% |  |  |  |  |  |
Operating Profit |  | 64,121 |  |  | 55,760 |  |  | 15% |  |  |  |  |  |
Operating Margin |  | 47 | % |  | 45 | % |  |  |  |  |  |  |  |
Institutional Investors: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 68,506 |  |  | 71,778 |  |  | (5)% |  |  |  |  |  |
Expenses |  | 35,870 |  |  | 40,109 |  |  | (11)% |  |  |  |  |  |
Operating Profit |  | 32,636 |  |  | 31,669 |  |  | 3% |  |  |  |  |  |
Operating Margin |  | 48 | % |  | 44 | % |  |  |  |  |  |  |  |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 16,500 |  |  | 14,293 |  |  | 15% |  |  |  |  |  |
Expenses |  | 18,496 |  |  | 18,383 |  |  | 1% |  |  |  |  |  |
Operating Loss |  | (1,996) |  |  | (4,090) |  |  | (51)% |  |  |  |  |  |
Totals: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $551,344 |  |  | $511,579 |  |  | 8% |  |  |  |  |  |
Expenses |  | 358,781 |  |  | 347,974 |  |  | 3% |  |  |  |  |  |
Corporate Overhead Expenses |  | 35,466 |  |  | 37,754 |  |  | (6)% |  |  |  |  |  |
Income from Operations |  | $157,097 |  |  | $125,851 |  |  | 25% |  |  |  |  |  |

2

First-Quarter Business Highlights:
•SEI achieved diluted EPS of $1.17, up 18% from the prior year, reflecting acceleration on the momentum achieved in the second half of 2024. SEI's strong EPS growth is attributable to both operating profit growth and margin improvement in each of our reportable segments, and the benefit of our share repurchase program. SEI had no material items in Q1 2025 affecting the comparability of EPS.
•Net sales events during the first quarter 2025 were $46.6 million, bringing net sales events for the trailing 12 months to $153.2 million. Both the single-quarter and trailing 12-month net sales events represent record-high levels for SEI, and similar to last quarter, the drivers of net sales activity were broad-based, coming from multiple existing and new clients.
◦Despite recent capital markets volatility, SEI's sales pipeline remains solid, and we have not yet sensed any slowdown in market activity.
•Consolidated revenues and operating income increased by 8% and 25%, respectively, from Q1 2024. SEI's consolidated operating margin of 28% represents the highest level achieved in the last three years, demonstrating increasing focus on profitability and cost leverage against healthy revenue growth.
◦Private Banks operating profit growth of 34% reflects the inflection in sales event momentum which began in Q2 2024, in addition to continued cost discipline.
◦Investment Managers operating profit growth of 19% was driven by sales event growth, particularly among alternative and global investment managers. Investment Managers also realized a benefit from new product offerings, notably our Luxembourg depositary services, reflecting investments to enhance our global service offering and operational footprint.
◦Investment Advisors operating profit growth of 15% was largely driven by a $20.8 million contribution from the Integrated Cash Program in Q1 2025, more than double the $9.6 million contribution realized in Q1 2024.
◦Relative to Q4 2024, both Investment Advisors and Institutional Investors realized modest revenue declines, mostly attributable to the full-quarter impact of AUM declines occurring in late 2024 and two fewer calendar days in Q1 2025 vs. Q4 2024.
•Average assets under administration increased by 3%, and average assets under management were flat relative to Q4 2024. Ending assets under management increased by 2% despite a 4.6% decline in US equities in Q1, reflecting SEI's significant diversification across asset types and geographies in addition to modest net inflows for the Advisors and Institutional segments.
◦Institutional Investor and Investment Advisor net flows were modestly positive as inflows into Strategist and traditional SMA offerings offset outflows in mutual fund products.
•Earnings from LSV decreased to $28.7 million in the first quarter 2025 as compared to $31.6 million in the first quarter 2024 due to the full-quarter impact of late-2024 AUM declines in addition to slightly lower incentive fees vs. Q1 2024.
•SEI repurchased 2.5 million shares of common stock for $192.8 million during the first quarter 2025 at an average price of $77.10 per share, bringing total shares repurchased to 8.5 million for the trailing 12 months.
3

Earnings Conference Call
A conference call and presentation to review earnings is scheduled for 5 p.m. Eastern time on April 23, 2025. Analysts and investors are invited to join the call by completing the registration form. The public is invited to review the presentation and listen to the call and replay at ir.seic.com/events-presentations/events.
Link for registration form: https://register-conf.media-server.com/register/BIe62cc6f4c3834b628b007ec32e594a64
About SEI®
SEI (NASDAQ:SEIC) is a leading global provider of financial technology, operations, and asset management services within the financial services industry. SEI tailors its solutions and services to help clients more effectively deploy their capital—whether that’s money, time, or talent—so they can better serve their clients and achieve their growth objectives. As of March 31, 2025, SEI manages, advises, or administers approximately $1.6 trillion in assets. For more information, visit seic.com.
This release contains forward-looking statements within the meaning or the rules and regulations of the Securities and Exchange Commission. In some cases you can identify forward-looking statements by terminology, such as "may," "will," "expect," "believe" and "continue" or "appear." Our forward-looking statements include our current expectations as to:
•the benefits to our clients of our engagement;
•the strength of our pipelines;
•our focus on profitability and cost leverage;
•our investment priorities;
•the value we will deliver to our stakeholders; and
•when and if we will generate net annualized recurring revenues from sales events that occurred during the quarter, as well as the amount of any such revenue.
You should not place undue reliance on our forward-looking statements, as they are based on the current beliefs and expectations of our management and subject to significant risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe the assumptions upon which we base our forward-looking statements are reasonable, they could be inaccurate. Some of the risks and important factors that could cause actual results to differ from those described in our forward-looking statements can be found in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended Dec. 31, 2024, filed with the Securities and Exchange Commission.
# # #
4

SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data) (Unaudited)

|  | For the Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Asset management, admin. and distribution fees |  | $432,143 |  |  | $404,366 |  |  |  |  |
Information processing and software servicing fees |  | 119,201 |  |  | 107,213 |  |  |  |  |
Total revenues |  | 551,344 |  |  | 511,579 |  |  |  |  |
Subadvisory, distribution and other asset mgmt. costs |  | 47,532 |  |  | 46,768 |  |  |  |  |
Software royalties and other information processing costs |  | 9,081 |  |  | 8,471 |  |  |  |  |
Compensation, benefits and other personnel |  | 190,784 |  |  | 192,916 |  |  |  |  |
Stock-based compensation |  | 14,138 |  |  | 11,059 |  |  |  |  |
Consulting, outsourcing and professional fees |  | 56,001 |  |  | 51,976 |  |  |  |  |
Data processing and computer related |  | 39,319 |  |  | 37,160 |  |  |  |  |
Facilities, supplies and other costs |  | 18,755 |  |  | 18,603 |  |  |  |  |
Amortization |  | 10,710 |  |  | 10,386 |  |  |  |  |
Depreciation |  | 7,927 |  |  | 8,389 |  |  |  |  |
Total expenses |  | 394,247 |  |  | 385,728 |  |  |  |  |
Income from operations |  | 157,097 |  |  | 125,851 |  |  |  |  |
Net gain from investments |  | 493 |  |  | 2,256 |  |  |  |  |
Interest and dividend income |  | 10,221 |  |  | 10,819 |  |  |  |  |
Interest expense |  | (185) |  |  | (139) |  |  |  |  |
Equity in earnings of unconsolidated affiliate |  | 28,747 |  |  | 31,643 |  |  |  |  |
Income before income taxes |  | 196,373 |  |  | 170,430 |  |  |  |  |
Income taxes |  | 44,856 |  |  | 39,030 |  |  |  |  |
Net income |  | $151,517 |  |  | $131,400 |  |  |  |  |
Basic earnings per common share |  | $1.20 |  |  | $1.00 |  |  |  |  |
Shares used to calculate basic earnings per share |  | 126,561 |  |  | 131,417 |  |  |  |  |
Diluted earnings per common share |  | $1.17 |  |  | $0.99 |  |  |  |  |
Shares used to calculate diluted earnings per share |  | 129,450 |  |  | 132,745 |  |  |  |  |

5

SEI INVESTMENTS COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands) (Unaudited)

|  | March 31, |  | December 31,
|  | 2025 |  | 2024
Assets |  |  |  |
Current Assets: |  |  |  |
Cash and cash equivalents |  | $710,685 |  |  | $839,891 |
Restricted cash |  | 302 |  |  | 302 |
Receivables from investment products |  | 49,460 |  |  | 54,118 |
Receivables, net of allowance for doubtful accounts of $1,790 and $1,435 |  | 601,338 |  |  | 567,634 |
Securities owned |  | 31,174 |  |  | 29,583 |
Assets held for sale |  | 22,765 |  |  | — |
Other current assets |  | 62,663 |  |  | 60,282 |
Total Current Assets |  | 1,478,387 |  |  | 1,551,810 |
Property and Equipment, net of accumulated depreciation of $494,941 and $493,219 |  | 159,264 |  |  | 159,643 |
Operating Lease Right-of-Use Assets |  | 25,225 |  |  | 28,905 |
Capitalized Software, net of accumulated amortization of $648,268 and $641,071 |  | 235,696 |  |  | 236,023 |
Investments |  | 278,084 |  |  | 315,567 |
Goodwill |  | 167,899 |  |  | 170,287 |
Intangible Assets, net of accumulated amortization of $37,833 and $55,835 |  | 66,484 |  |  | 77,370 |
Deferred Contract Costs |  | 47,751 |  |  | 45,855 |
Deferred Income Taxes |  | 55,209 |  |  | 51,984 |
Other Assets, net |  | 52,043 |  |  | 47,162 |
Total Assets |  | $2,566,042 |  |  | $2,684,606 |
Liabilities and Equity |  |  |  |
Current Liabilities: |  |  |  |
Accounts payable |  | $11,168 |  |  | $13,081 |
Accrued liabilities |  | 224,696 |  |  | 347,513 |
Current portion of long-term operating lease liabilities |  | 7,359 |  |  | 7,900 |
Deferred revenue |  | 13,824 |  |  | 12,019 |
Liabilities related to assets held for sale |  | 4,383 |  |  | — |
Total Current Liabilities |  | 261,430 |  |  | 380,513 |
Long-term Income Taxes Payable |  | 803 |  |  | 803 |
Long-term Operating Lease Liabilities |  | 20,971 |  |  | 24,235 |
Other Long-term Liabilities |  | 24,986 |  |  | 26,943 |
Total Liabilities |  | 308,190 |  |  | 432,494 |
Shareholders' Equity: |  |  |  |
Common stock, $0.01 par value, 750,000 shares authorized; 124,784 and 126,840 shares issued and outstanding |  | 1,247 |  |  | 1,268 |
Capital in excess of par value |  | 1,558,125 |  |  | 1,539,816 |
Retained earnings |  | 737,020 |  |  | 758,003 |
Accumulated other comprehensive loss, net |  | (38,540) |  |  | (46,975) |
Total Shareholders' Equity |  | 2,257,852 |  |  | 2,252,112 |
Total Liabilities and Shareholders' Equity |  | $2,566,042 |  |  | $2,684,606 |

6

SEI INVESTMENTS COMPANY
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)

|  | For the Three Months Ended March 31,
|  | 2025 |  | 2024
Cash flows from operating activities: |  |  |  |
Net income |  | $151,517 |  |  | $131,400 |
Adjustments to reconcile net income to net cash provided by operating activities |  | (5,037) |  |  | (19,106) |
Net cash provided by operating activities |  | $146,480 |  |  | $112,294 |
Net cash used in investing activities |  | ($38,350) |  |  | ($37,634) |
Net cash used in financing activities |  | ($241,548) |  |  | ($62,157) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |  | 4,212 |  |  | (572) |
Net (decrease) increase in cash, cash equivalents and restricted cash |  | (129,206) |  |  | 11,931 |
Cash, cash equivalents and restricted cash, beginning of period |  | 840,193 |  |  | 834,998 |
Cash, cash equivalents and restricted cash, end of period |  | $710,987 |  |  | $846,929 |

7

ENDING ASSET BALANCES
(In millions) (Unaudited)

|  | Mar. 31, |  | Jun. 30, |  | Sept. 30, |  | Dec. 31, |  | Mar. 31,
|  | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2025
Investment Managers: |  |  |  |  |  |  |  |  |  |
Collective trust fund programs (A) |  | $161,660 |  |  | $192,747 |  |  | $204,429 |  |  | $202,384 |  |  | $209,491 |
Liquidity funds |  | 202 |  |  | 221 |  |  | 233 |  |  | 188 |  |  | 244 |
Total assets under management |  | $161,862 |  |  | $192,968 |  |  | $204,662 |  |  | $202,572 |  |  | $209,735 |
Client assets under administration |  | 959,904 |  |  | 998,315 |  |  | 1,022,515 |  |  | 1,032,812 |  |  | 1,061,067 |
Total assets |  | $1,121,766 |  |  | $1,191,283 |  |  | $1,227,177 |  |  | $1,235,384 |  |  | $1,270,802 |
Private Banks: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  | $25,282 |  |  | $25,031 |  |  | $26,565 |  |  | $25,523 |  |  | $25,590 |
Collective trust fund programs |  | 5 |  |  | 5 |  |  | 5 |  |  | 4 |  |  | 4 |
Liquidity funds |  | 2,733 |  |  | 2,699 |  |  | 2,948 |  |  | 2,688 |  |  | 3,670 |
Total assets under management |  | $28,020 |  |  | $27,735 |  |  | $29,518 |  |  | $28,215 |  |  | $29,264 |
Client assets under administration |  | 8,024 |  |  | 7,813 |  |  | 8,349 |  |  | 8,340 |  |  | 8,365 |
Total assets |  | $36,044 |  |  | $35,548 |  |  | $37,867 |  |  | $36,555 |  |  | $37,629 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  | $74,715 |  |  | $74,556 |  |  | $78,361 |  |  | $76,283 |  |  | $75,689 |
Liquidity funds |  | 4,722 |  |  | 4,301 |  |  | 2,790 |  |  | 3,105 |  |  | 3,153 |
Total Platform assets under management |  | $79,437 |  |  | $78,857 |  |  | $81,151 |  |  | $79,388 |  |  | $78,842 |
Platform-only assets |  | 20,516 |  |  | 21,908 |  |  | 24,501 |  |  | 25,244 |  |  | 25,591 |
Platform-only assets-deposit program |  | 897 |  |  | 894 |  |  | 2,447 |  |  | 2,398 |  |  | 2,216 |
Total Platform assets |  | $100,850 |  |  | $101,659 |  |  | $108,099 |  |  | $107,030 |  |  | $106,649 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  | $75,969 |  |  | $75,542 |  |  | $79,252 |  |  | $75,481 |  |  | $76,491 |
Collective trust fund programs |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Liquidity funds |  | 2,179 |  |  | 2,309 |  |  | 1,829 |  |  | 1,511 |  |  | 1,580 |
Total assets under management |  | $78,149 |  |  | $77,852 |  |  | $81,082 |  |  | $76,993 |  |  | $78,072 |
Client assets under advisement |  | 6,862 |  |  | 7,886 |  |  | 8,038 |  |  | 5,955 |  |  | 5,573 |
Total assets |  | $85,011 |  |  | $85,738 |  |  | $89,120 |  |  | $82,948 |  |  | $83,645 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  | $2,269 |  |  | $2,285 |  |  | $2,825 |  |  | $2,747 |  |  | $2,661 |
Liquidity funds |  | 223 |  |  | 631 |  |  | 246 |  |  | 297 |  |  | 288 |
Total assets under management |  | $2,492 |  |  | $2,916 |  |  | $3,071 |  |  | $3,044 |  |  | $2,949 |
Client assets under administration (E) |  | 15,411 |  |  | 14,848 |  |  | 15,110 |  |  | 14,791 |  |  | 14,846 |
Client assets under advisement |  | 1,248 |  |  | 1,886 |  |  | 2,021 |  |  | 2,185 |  |  | 2,219 |
Total assets |  | $19,151 |  |  | $19,650 |  |  | $20,202 |  |  | $20,020 |  |  | $20,014 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (B) |  | $93,616 |  |  | $90,197 |  |  | $93,855 |  |  | $86,501 |  |  | $87,114 |
Total: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (C) |  | $271,851 |  |  | $267,611 |  |  | $280,858 |  |  | $266,535 |  |  | $267,545 |
Collective trust fund programs |  | 161,666 |  |  | 192,753 |  |  | 204,435 |  |  | 202,389 |  |  | 209,496 |
Liquidity funds |  | 10,059 |  |  | 10,161 |  |  | 8,046 |  |  | 7,789 |  |  | 8,935 |
Total assets under management |  | $443,576 |  |  | $470,525 |  |  | $493,339 |  |  | $476,713 |  |  | $485,976 |
Client assets under advisement |  | 8,110 |  |  | 9,772 |  |  | 10,059 |  |  | 8,140 |  |  | 7,792 |
Client assets under administration (D) |  | 983,339 |  |  | 1,020,976 |  |  | 1,045,974 |  |  | 1,055,943 |  |  | 1,084,278 |
Platform-only assets |  | 21,413 |  |  | 22,802 |  |  | 26,948 |  |  | 27,642 |  |  | 27,807 |
Total assets |  | $1,456,438 |  |  | $1,524,075 |  |  | $1,576,320 |  |  | $1,568,438 |  |  | $1,605,853 |

(A)Collective trust fund program assets in the Investment Managers segment are included in assets under management since SEI is the trustee. Fees earned on this product are less than fees earned on customized asset management programs.
(B)Equity and fixed-income programs include $1.4 billion of assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee (as of March 31, 2025).
(C)Equity and fixed-income programs include $6.4 billion of assets invested in various asset allocation funds (as of March 31, 2025).
(D) In addition to the assets presented, SEI also administers an additional $10.9 billion in Funds of Funds assets on which SEI does not earn an administration fee (as of March 31, 2025).
(E) Client assets under administration include $14.8 billion of assets related to the Family Office Services business to be divested during the second quarter 2025 (as of March 31, 2025).
8

AVERAGE ASSET BALANCES
(In millions) (Unaudited)

|  | 1st Qtr. |  | 2nd Qtr. |  | 3rd Qtr. |  | 4th Qtr. |  | 1st Qtr.
|  | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2025
Investment Managers: |  |  |  |  |  |  |  |  |  |
Collective trust fund programs (A) |  | $156,737 |  |  | $189,884 |  |  | $198,839 |  |  | $204,954 |  |  | $208,720 |
Liquidity funds |  | 207 |  |  | 227 |  |  | 245 |  |  | 223 |  |  | 256 |
Total assets under management |  | $156,944 |  |  | $190,111 |  |  | $199,084 |  |  | $205,177 |  |  | $208,976 |
Client assets under administration |  | 938,804 |  |  | 982,806 |  |  | 1,005,111 |  |  | 1,034,500 |  |  | 1,061,282 |
Total assets |  | $1,095,748 |  |  | $1,172,917 |  |  | $1,204,195 |  |  | $1,239,677 |  |  | $1,270,258 |
Private Banks: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  | $24,593 |  |  | $24,859 |  |  | $25,823 |  |  | $26,067 |  |  | $25,894 |
Collective trust fund programs |  | 4 |  |  | 5 |  |  | 5 |  |  | 4 |  |  | 4 |
Liquidity funds |  | 3,902 |  |  | 2,734 |  |  | 2,858 |  |  | 2,814 |  |  | 2,961 |
Total assets under management |  | $28,499 |  |  | $27,598 |  |  | $28,686 |  |  | $28,885 |  |  | $28,859 |
Client assets under administration |  | 7,753 |  |  | 7,884 |  |  | 8,074 |  |  | 8,395 |  |  | 8,488 |
Total assets |  | $36,252 |  |  | $35,482 |  |  | $36,760 |  |  | $37,280 |  |  | $37,347 |
Investment Advisors: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  | $72,689 |  |  | $73,793 |  |  | $76,111 |  |  | $77,866 |  |  | $77,287 |
Liquidity funds |  | 4,649 |  |  | 4,348 |  |  | 4,264 |  |  | 3,031 |  |  | 3,119 |
Total Platform assets under management |  | $77,338 |  |  | $78,141 |  |  | $80,375 |  |  | $80,897 |  |  | $80,406 |
Platform-only assets |  | 19,198 |  |  | 20,897 |  |  | 23,194 |  |  | 25,109 |  |  | 25,939 |
Platform-only assets-deposit program |  | 849 |  |  | 886 |  |  | 1,176 |  |  | 2,186 |  |  | 2,187 |
Total Platform assets |  | $97,385 |  |  | $99,924 |  |  | $104,745 |  |  | $108,192 |  |  | $108,532 |
Institutional Investors: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  | $76,414 |  |  | $75,203 |  |  | $77,473 |  |  | $77,399 |  |  | $76,492 |
Collective trust fund programs |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Liquidity funds |  | 1,812 |  |  | 1,893 |  |  | 2,046 |  |  | 2,154 |  |  | 1,655 |
Total assets under management |  | $78,227 |  |  | $77,097 |  |  | $79,520 |  |  | $79,554 |  |  | $78,148 |
Client assets under advisement |  | 6,498 |  |  | 7,508 |  |  | 7,925 |  |  | 6,991 |  |  | 5,741 |
Total assets |  | $84,725 |  |  | $84,605 |  |  | $87,445 |  |  | $86,545 |  |  | $83,889 |
Investments in New Businesses: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs |  | $2,200 |  |  | $2,234 |  |  | $2,432 |  |  | $2,819 |  |  | $2,801 |
Liquidity funds |  | 214 |  |  | 471 |  |  | 546 |  |  | 269 |  |  | 274 |
Total assets under management |  | $2,414 |  |  | $2,705 |  |  | $2,978 |  |  | $3,088 |  |  | $3,075 |
Client assets under administration (E) |  | 15,147 |  |  | 14,713 |  |  | 14,973 |  |  | 14,961 |  |  | 14,630 |
Client assets under advisement |  | 1,194 |  |  | 2,014 |  |  | 1,885 |  |  | 2,110 |  |  | 2,205 |
Total assets |  | $18,755 |  |  | $19,432 |  |  | $19,836 |  |  | $20,159 |  |  | $19,910 |
LSV Asset Management: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (B) |  | $90,708 |  |  | $90,849 |  |  | $93,195 |  |  | $88,880 |  |  | $87,790 |
Total: |  |  |  |  |  |  |  |  |  |
Equity and fixed-income programs (C) |  | $266,604 |  |  | $266,938 |  |  | $275,034 |  |  | $273,031 |  |  | $270,264 |
Collective trust fund programs |  | 156,742 |  |  | 189,890 |  |  | 198,845 |  |  | 204,959 |  |  | 208,725 |
Liquidity funds |  | 10,784 |  |  | 9,673 |  |  | 9,959 |  |  | 8,491 |  |  | 8,265 |
Total assets under management |  | $434,130 |  |  | $466,501 |  |  | $483,838 |  |  | $486,481 |  |  | $487,254 |
Client assets under advisement |  | 7,692 |  |  | 9,522 |  |  | 9,810 |  |  | 9,101 |  |  | 7,946 |
Client assets under administration (D) |  | 961,704 |  |  | 1,005,403 |  |  | 1,028,158 |  |  | 1,057,856 |  |  | 1,084,400 |
Platform-only assets |  | 20,047 |  |  | 21,783 |  |  | 24,370 |  |  | 27,295 |  |  | 28,126 |
Total assets |  | $1,423,573 |  |  | $1,503,209 |  |  | $1,546,176 |  |  | $1,580,733 |  |  | $1,607,726 |

(A) Collective trust fund program average assets in the Investment Managers segment are included in assets under management since SEI is the trustee. Fees earned on this product are less than fees earned on customized asset management programs.
(B) Equity and fixed-income programs during first-quarter 2025 include $1.4 billion of average assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee.
(C) Equity and fixed-income programs include $6.4 billion of average assets invested in various asset allocation funds during first-quarter 2025.
(D) In addition to the assets presented, SEI also administers an additional $10.6 billion of average assets in Funds of Funds assets during first-quarter 2025 on which SEI does not earn an administration fee.
(E) Client assets under administration include $14.6 billion of average assets during first-quarter 2025 related to the Family Office Services business to be divested during the second quarter 2025.
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SALES EVENTS
(In thousands) (Unaudited)

Net Recurring Sales Events
|  | 1st Qtr. |  | 2nd Qtr. |  | 3rd Qtr. |  | 4th Qtr. |  | 1st Qtr.
|  | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2025
Investment Processing-related Businesses: |  |  |  |  |  |  |  |  |  |
Investment Managers |  | $ | 20,407 |  |  | $ | 17,180 |  |  | $ | 23,319 |  |  | $ | 18,027 |  |  | $ | 25,296 |
Private Banks |  | 247 |  |  | 4,331 |  |  | 9,417 |  |  | 9,245 |  |  | 7,059 |
Total Investment Processing-related Businesses |  | $ | 20,654 |  |  | $ | 21,511 |  |  | $ | 32,736 |  |  | $ | 27,272 |  |  | $ | 32,355 |
Asset Management-related Businesses: |  |  |  |  |  |  |  |  |  |
Private Banks-AMD |  | $ | (85) |  |  | $ | (494) |  |  | $ | (854) |  |  | $ | 495 |  |  | $ | (58) |
Investment Advisors |  | (942) |  |  | (3,299) |  |  | 2,686 |  |  | 1,339 |  |  | 888 |
Institutional Investors |  | (4,649) |  |  | (1,787) |  |  | (576) |  |  | (2,673) |  |  | 41 |
Total Asset Management-related Businesses |  | $ | (5,676) |  |  | $ | (5,580) |  |  | $ | 1,256 |  |  | $ | (839) |  |  | $ | 871 |
Newer Initiatives: |  |  |  |  |  |  |  |  |  |
Investments in New Businesses (1) |  | $ | 1,494 |  |  | $ | (43) |  |  | $ | 936 |  |  | $ | 1,778 |  |  | $ | 3,614 |
Total Net Recurring Sales Events |  | $ | 16,472 |  |  | $ | 15,888 |  |  | $ | 34,928 |  |  | $ | 28,211 |  |  | $ | 36,840 |
Non-Recurring Sales Events
|  | 1st Qtr. |  | 2nd Qtr. |  | 3rd Qtr. |  | 4th Qtr. |  | 1st Qtr.
|  | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2025
Investment Processing-related Businesses: |  |  |  |  |  |  |  |  |  |
Investment Managers |  | $ | 1,213 |  |  | $ | 930 |  |  | $ | 712 |  |  | $ | 2,465 |  |  | $ | 835 |
Private Banks |  | 2,613 |  |  | 4,431 |  |  | 8,796 |  |  | 6,622 |  |  | 7,060 |
Total Investment Processing-related Businesses |  | $ | 3,826 |  |  | $ | 5,361 |  |  | $ | 9,508 |  |  | $ | 9,087 |  |  | $ | 7,895 |
Newer Initiatives: |  |  |  |  |  |  |  |  |  |
Investments in New Businesses |  | $ | 987 |  |  | $ | 717 |  |  | $ | 1,976 |  |  | $ | 921 |  |  | $ | 1,834 |
Total Non-Recurring Sales Events |  | $ | 4,813 |  |  | $ | 6,078 |  |  | $ | 11,484 |  |  | $ | 10,008 |  |  | $ | 9,729 |
Total Sales Events
|  | 1st Qtr. |  | 2nd Qtr. |  | 3rd Qtr. |  | 4th Qtr. |  | 1st Qtr.
|  | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2025
Investment Processing-related Businesses: |  |  |  |  |  |  |  |  |  |
Investment Managers |  | $ | 21,620 |  |  | $ | 18,110 |  |  | $ | 24,031 |  |  | $ | 20,492 |  |  | $ | 26,131 |
Private Banks |  | 2,860 |  |  | 8,762 |  |  | 18,213 |  |  | 15,867 |  |  | 14,119 |
Total Investment Processing-related Businesses |  | $ | 24,480 |  |  | $ | 26,872 |  |  | $ | 42,244 |  |  | $ | 36,359 |  |  | $ | 40,250 |
Asset Management-related Businesses: |  |  |  |  |  |  |  |  |  |
Private Banks-AMD |  | $ | (85) |  |  | $ | (494) |  |  | $ | (854) |  |  | $ | 495 |  |  | $ | (58) |
Investment Advisors |  | (942) |  |  | (3,299) |  |  | 2,686 |  |  | 1,339 |  |  | 888 |
Institutional Investors |  | (4,649) |  |  | (1,787) |  |  | (576) |  |  | (2,673) |  |  | 41 |
Total Asset Management-related Businesses |  | $ | (5,676) |  |  | $ | (5,580) |  |  | $ | 1,256 |  |  | $ | (839) |  |  | $ | 871 |
Newer Initiatives: |  |  |  |  |  |  |  |  |  |
Investments in New Businesses (1) |  | $ | 2,481 |  |  | $ | 674 |  |  | $ | 2,912 |  |  | $ | 2,699 |  |  | $ | 5,448 |
Total Sales Events |  | $ | 21,285 |  |  | $ | 21,966 |  |  | $ | 46,412 |  |  | $ | 38,219 |  |  | $ | 46,569 |

(1) Includes $1.6 million in total sales events during first-quarter 2025 related to the Family Office Services business to be divested during the second quarter 2025. The net annualized recurring revenues associated with these sales events is approximately $994 thousand.
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