SEI Investments Company

    SEIC ·NASDAQ ·Security Brokers, Dealers & Flotation Companies ·Inc. in PA
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    Item 1. Business.
    Corporate overview
    SEI Investments Company (together, with its subsidiaries unless otherwise noted, “SEI” or the “Company”) is a leading global provider of financial technology, operations, and asset management solutions that connect the financial services ecosystem across advice, asset management, and administration. Our enterprise operating model unifies technology, trust‑based custody, and investment management 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.
    We are headquartered in Oaks, Pennsylvania, and over 5,000 employees support clients from service centers located in the United States, United Kingdom, Ireland, Canada, continental Europe, India, and South Africa.
    In 2025, we earned approximately 57% of our revenue from technology and operations outsourcing and 38% from asset management fees, with the remainder attributable to professional services and other ancillary services. We provide these services across four core client-oriented business segments; Investment Managers, Private Banks, Investment Advisors, and Institutional Investors. SEI serves leading institutions globally, including 8 of the top 20 U.S. banks and 43 of the top 100 investment managers worldwide, and we manage, advise or administer approximately $1.9 trillion in assets.
    In December 2025, we completed the first stage of our strategic investment in Stratos Wealth Holdings (Stratos), a network of affiliated companies focused on supporting the success of financial advisors across business models and affiliation structures, reinforcing SEI's footprint in the advice segment and complementing our administration and asset management platforms.
    Core capabilities and competitive differentiation
    SEI’s core capabilities unify technology, operations, and asset management to power clients’ transformation across advice, asset management, and administration. We deliver modular or end‑to‑end solutions through a single, modern infrastructure that integrates platform technology, custody, operations, and investment expertise.
    SEI’s competitive strengths are rooted in our integrated business model, technology leadership, and deep industry expertise. The following factors distinguish SEI in the marketplace and position the company to deliver sustained value for clients and shareholders:
    •Integrated ecosystem across advice, asset management, and administration. SEI differentiates by operating a unified platform that combines technology, custody, operations, and investment management, capabilities that will fortify and support scaled growth of the strategic investment in Stratos.
    •Leadership in alternatives and private markets. SEI is a recognized leader in private credit and alternative investment administration, serving many of the world’s largest alternative managers. The SEI Access™ platform
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    streamlines alternative investment access and processing for advisors and institutions, supporting the growing demand for private market solutions.
    •Scaled, front‑to‑back capabilities for complex managers and private markets. SEI provides global fund administration, depositary, and middle‑office services and has distinctive strength serving large, multi‑strategy and private credit managers, benefiting from the continued shift from insourcing to outsourcing and expansion in retail‑accessible alternative structures (interval funds and Business Development Companies) and Collective Investment Trusts (CITs).
    •Trust‑based custody integrated with modern wealth technology. Through SEI Private Trust Company (SPTC), client assets are held in the client’s name (no commingling, pledging, or margining), tightly integrated with the SEI Wealth PlatformSM to deliver an end‑to‑end, single‑infrastructure experience and multi‑custody data fidelity.
    •Commitment to security, data, and AI. SEI invests heavily in cybersecurity, cloud infrastructure, and data analytics. The SEI Data Cloud, digital workflows, and embedded AI/automation tools drive operational efficiency, enhance reporting, and support scalable growth for clients.
    •Strong, long-term client relationships. SEI’s client base includes leading banks, registered investment advisors (RIAs), institutional investors, and alternative managers, many of whom have partnered with SEI for decades. The firm’s focus on enterprise relationships and wallet share expansion is driving growth across segments.
    Our clients include wealth managers, banks, investment advisors, asset managers, family offices, institutional investors, and ultra-high-net-worth investors.
    For the Year Ended December 31, 2025
    (all dollar amounts in thousands)Investment
    Managers
    Private
    Banks
    		Investment
    Advisors    		Institutional
    Investors    		Investments
    in New
    Businesses    		Total
    Investment Technology & Operations$773,262 $407,909 $98,143 $9,525 $15,380 $1,304,219 
    Asset Management602 137,247 455,246 262,122 21,967 877,184 
    Professional Services & Other41,141 27,783 24,008 10,851 12,195 115,978 
    Total Revenues$815,005 $572,939 $577,397 $282,498 $49,542 $2,297,381 
    Technology and operations
    We provide the technology and operational infrastructure across the front, middle, and back office to help our clients scale, increase efficiency, and improve performance. Capabilities include:
    •Business process outsourcing and custody;

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    Financial statements

    data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

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    From 10-Q filed 2026-04-27 (period ending 2026-03-31).


    Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
    (In thousands, except asset balances and per-share data)
    This discussion reviews and analyzes the consolidated financial condition, the consolidated results of operations and other key factors that may affect future performance. This discussion should be read in conjunction with the Consolidated Financial Statements, the Notes to the Consolidated Financial Statements and the Annual Report on Form 10-K for the year ended December 31, 2025.

    Overview
    Consolidated Summary
    SEI Investments Company is a leading global provider of financial technology, operations, and asset management services within the financial services industry. Investment processing fees are earned as either monthly fees for contracted services or as a percentage of the market value of our clients' assets processed on our platforms. Investment operations and investment management fees are earned as a percentage of assets under management, administration or advised assets. As of March 31, 2026, through our subsidiaries and partnerships in which we have a significant interest, we manage, advise or administer $1.9 trillion in hedge, private equity, mutual fund and pooled or separately managed assets.
    Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 were:
     Three Months Ended March 31,Percent Change
     20262025
    Revenues$622,183 $551,344 13%
    Expenses432,697 394,247 10%
    Income from operations189,486 157,097 21%
    Net (loss) gain from investments(369)493 (175)%
    Interest income, net of interest expense6,689 10,036 (33)%
    Other income450 — NM
    Equity in earnings of unconsolidated affiliate32,476 28,747 13%
    Net gain from consolidated variable interest entities2,079 — NM
    Income before income taxes230,811 196,373 18%
    Income taxes54,024 44,856 20%
    Net income176,787 151,517 17%
    Less: Net income attributable to non-controlling interests2,300 — NM
    Net income attributable to SEI Investments Company174,487 $151,517 15%
    Diluted earnings per common share$1.40 $1.17 20%
    The following items had a significant impact on our financial results for the three months ended March 31, 2026 and 2025:
    •Revenue from Assets under management, administration, and distribution fees increased in the first three months of 2026 primarily from higher assets under administration due to cross sales to existing alternative investment clients of the Investment Managers segment as well as new sales within the segment. Average assets under administration increased $276.6 billion, or 27%, to $1.3 trillion during the first three months of 2026, as compared to $1.0 trillion during the first three months of 2025.
    •Revenue from Asset management, administration and distribution fees also increased from market appreciation during 2025 and positive cash flows into separately managed account programs and Strategist programs of the Investment Advisors segment. This was partially offset by negative cash flows and lower fee structures from SEI fund programs and fee reductions in separately managed account programs. Revenue growth was also partially offset by client losses in the Institutional Investors segment. Average assets under management in equity and fixed income programs, excluding LSV, increased $27.1 billion, or 15%, to $206.6 billion in the first three months of 2026 as compared to $179.5 billion during the first three months of 2025.
    •Revenues from our strategic acquisition of Stratos in the first three months of 2026 were $19.0 million.
    •Revenue from Information processing and software servicing fees increased in the first three months of 2026 primarily from new client conversions and growth from existing SEI Wealth PlatformSM (SWP) clients.




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    •Earnings from LSV increased to $32.1 million in the first three months of 2026 as compared to $28.7 million in the first three months of 2025 due to market appreciation of assets under management during 2025. Negative cash flows from existing clients and client losses partially offset the increase in earnings from LSV.
    •The increase in personnel costs was primarily due to business growth, primarily in the Investment Managers segment.
    •Operating expenses increased primarily from higher costs for consulting and outsourced vendor costs supporting operations in the Investment Managers and Private Banks segments.
    •The increase in amortization expense was primarily due to intangible assets related to the Stratos acquisition.
    •Capitalized software development costs were $5.5 million in the first three months of 2026, of which $4.0 million was for continued enhancements to SWP. Capitalized software development costs also include $1.6 million of software development costs in the first three months of 2026 for SEI Scope, a new platform for the Investment Managers segment placed into service during the third quarter 2025.
    •Amortization expense related to SWP was $7.6 million in the first three months of 2026 as compared to $7.1 million in the first three months of 2025. Amortization expense related to the SEI Scope platform was $1.5 million in the first three months of 2026.
    •Effective tax rates were 23.4% during the first quarter 2026 and 22.8% during the first quarter 2025.
    •SEI repurchased 2.6 million shares of its common stock for $208.3 million in the first three months of 2026.

    Stratos Wealth Holdings
    In December 2025, we completed the first stage of our strategic investment in the Stratos business (Stratos), a network of affiliated companies focused on supporting the success of financial advisors. During the first quarter 2026, we completed the purchases of 100% interest of nine entities and a majority interest in two additional entities. These purchases were funded by a cash deposit made in December 2025 and the issuance of promissory notes. Stratos contributed $19.0 million to revenue and $3.1 million to operating profit, which includes $6.0 million of expense associated with acquired intangible amortization, before considering non-controlling interest (See Note 12 to the Notes to Consolidated Financial Statements).







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    Ending Asset Balances
    (In millions)
     As of March 31,Percent Change
     20262025
    Investment Managers:
    Collective trust fund programs (A)$243,900 $209,491 16%
    Liquidity funds536 244 120%
    Total assets under management$244,436 $209,735 17%
    Client assets under administration1,284,781 1,061,067 21%
    Total assets$1,529,217 $1,270,802 20%
    Private Banks:
    Equity and fixed-income programs$29,753 $25,590 16%
    Collective trust fund programs4 4 —%
    Liquidity funds2,178 3,670 (41)%
    Total assets under management$31,935 $29,264 9%
    Client assets under administration9,143 8,365 9%
    Total assets$41,078 $37,629 9%
    Investment Advisors:
    Equity and fixed-income programs$86,612 $75,689 14%
    Liquidity funds3,485 3,153 11%
    Total Platform assets under management$90,097 $78,842 14%
    Platform-only assets34,070 25,591 33%
    Platform-only assets-deposit program2,294 2,216 4%
    Total Platform assets$126,461 $106,649 19%
    Institutional Investors:
    Equity and fixed-income programs$82,195 $76,492 7%
    Liquidity funds1,503 1,580 (5)%
    Total assets under management$83,698 $78,072 7%
    Client assets under advisement3,549 5,573 (36)%
    Total assets$87,247 $83,645 4%
    Investments in New Businesses:
    Equity and fixed-income programs$3,087 $2,661 16%
    Liquidity funds252 288 (13)%
    Total assets under management$3,339 $2,949 13%
    Client assets under advisement2,185 2,219 (2)%
    Client assets under administration (E)— 14,846 (100)%
    Total assets$5,524 $20,014 (72)%
    LSV:
    Equity and fixed-income programs (B)$100,567 $87,114 15%
    Stratos (F)$39,935 $— NM




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    Total:
    Equity and fixed-income programs (C)$302,214 $267,546 13%
    Collective trust fund programs243,904 209,495 16%
    Liquidity funds7,954 8,935 (11)%
    Total assets under management$554,072 $485,976 14%
    Client assets under advisement5,734 7,792 (26)%
    Client assets under administration (D)1,293,924 1,084,278 19%
    Platform-only assets36,364 27,807 31%
    Stratos39,935 — NM
    Total assets$1,930,029 $1,605,853 20%
    (A)    Collective trust fund program assets 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, 2026).
    (C)    Equity and fixed-income programs include $8.3 billion of assets invested in various asset allocation funds at March 31, 2026.
    (D)    In addition to the assets presented, SEI also administers an additional $13.3 billion in Funds of Funds assets on which SEI does not earn an administration fee (as of March 31, 2026).
    (E)    Client assets under administration related to the Family Office Services business divested on June 30, 2025.
    (F)    Stratos is a network of affiliated companies that provides financial services to $39.9 billion in client assets across business models and affiliation structures (as of February 28, 2026).






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    Average Asset Balances
    (In millions)
     Three Months Ended March 31,Percent Change
     20262025
    Investment Managers:
    Collective trust fund programs (A)$248,851 $208,720 19%
    Liquidity funds565 256 121%
    Total assets under management$249,416 $208,976 19%
    Client assets under administration1,280,581 1,061,282 21%
    Total assets$1,529,997 $1,270,258 20%
    Private Banks:
    Equity and fixed-income programs $30,696 $25,894 19%
    Collective trust fund programs3 4 (25)%
    Liquidity funds2,150 2,961 (27)%
    Total assets under management$32,849 $28,859 14%
    Client assets under administration9,282 8,488 9%
    Total assets$42,131 $37,347 13%
    Investment Advisors:
    Equity and fixed-income programs$88,403 $77,287 14%
    Liquidity funds3,518 3,119 13%
    Total Platform assets under management$91,921 $80,406 14%
    Platform-only assets34,485 25,939 33%
    Platform-only assets-deposit program2,309 2,187 6%
    Total Platform assets$128,715 $108,532 19%
    Institutional Investors:
    Equity and fixed-income programs$84,393 $76,493 10%
    Liquidity funds1,941 1,655 17%
    Total assets under management$86,334 $78,148 10%
    Client assets under advisement3,657 5,741 (36)%
    Total assets$89,991 $83,889 7%
    Investments in New Businesses:
    Equity and fixed-income programs$3,106 $2,801 11%
    Liquidity funds319 274 16%
    Total assets under management$3,425 $3,075 11%
    Client assets under administration (E)— 14,630 (100)%
    Client assets under advisement2,335 2,205 6%
    Total assets$5,760 $19,910 (71)%
    LSV:
    Equity and fixed-income programs (B)$104,619 $87,790 19%
    Stratos (F)$39,115 $— NM





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    Total:
    Equity and fixed-income programs (C)$311,217 $270,265 15%
    Collective trust fund programs248,854 208,724 19%
    Liquidity funds8,493 8,265 3%
    Total assets under management$568,564 $487,254 17%
    Client assets under advisement5,992 7,946 (25)%
    Client assets under administration (D)1,289,863 1,084,400 19%
    Platform-only assets36,794 28,126 31%
    Stratos39,115 — NM
    Total assets$1,940,328 $1,607,726 21%
    (A)    Collective trust fund program average assets 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 assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee. The average value of these assets for the three months ended March 31, 2026 was $1.5 billion.
    (C)    Equity and fixed-income programs include $8.2 billion of average assets invested in various asset allocation funds for the three months ended March 31, 2026.
    (D)    In addition to the assets presented, SEI also administers an additional $13.2 billion of average assets in Funds of Funds assets for the three months ended March 31, 2026 on which SEI does not earn an administration fee.
    (E)    Client assets under administration related to the Family Office Services business divested on June 30, 2025.
    (F)    Stratos is a network of affiliated companies that provides financial services to $39.1 billion in average client assets across business models and affiliation structures during the three months ended March 31, 2026.

    In the preceding tables, assets under management are total assets of our clients or their customers invested in our equity and fixed-income investment programs, collective trust fund programs, and liquidity funds for which we provide asset management services through our subsidiaries and partnerships in which we have a significant interest. Advised assets include assets for which we provide advisory services through a subsidiary to the accounts but do not manage the underlying assets. Assets under administration include total assets of our clients or their customers for which we provide administrative services, including client fund balances for which we provide administration and/or distribution services through our subsidiaries and partnerships in which we have a significant interest. Platform-only assets-deposit program include assets of our clients in the SEI Integrated Cash program for which we provide custody services through our federal thrift subsidiary. The assets presented in the preceding tables do not include assets processed on SWP and are not included in the accompanying Consolidated Balance Sheets because we do not own them.





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    Business Segments
    Revenues, Expenses and Operating Profit (Loss) for our business segments for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 were as follows:
     Three Months Ended March 31,Percent
    Change

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    Held by

    holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

    Holder Type ETF MF Position ($) % of holder Δ % of holder Holder AUM

    Recent insider activity

    Last 90 days. Open-market trades (purchases & sales) by directors, officers, and 10%+ owners. 3 transactions across 3 insiders. Net: -19,000 shares, -$1,727,840.

    Date Insider Role Action Shares Price Value
    2026-06-09 DORAN WILLIAM Director Sell -5,000 $90.50 -$452,500
    2026-05-04 MCCARTHY KATHRYN Director Sell -10,000 $91.07 -$910,700
    2026-04-28 Warner Mark Andrew In Remarks Sell -4,000 $91.16 -$364,640

    Source: SEC Form 4 filings.

    Next expected filings

    • ~2026-07-27 10-Q expected by 2026-08-09 (in 1 day)
    • ~2026-10-26 10-Q expected by 2026-11-08 (in 92 days)
    • ~2027-02-23 10-K expected by 2027-03-02 (in 212 days)
    • ~2027-04-26 10-Q expected by 2027-05-09 (in 274 days)

    Predicted from historical filing cadence; not an SEC commitment.

    Recent SEC filings

    • 2026-07-22 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
    • 2026-05-28 8-K Shareholder Vote Results; Other Events; Financial Statements and Exhibits
    • 2026-04-27 10-Q Quarterly Report
    • 2026-04-22 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
    • 2026-04-15 DEF 14A Proxy Statement
    • 2026-02-23 10-K Annual Report
    • 2026-01-28 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
    • 2026-01-15 8-K Officer/Director Change; Financial Statements and Exhibits
    • 2025-12-17 8-K Officer/Director Change; Other Events; Financial Statements and Exhibits
    • 2025-10-27 10-Q Quarterly Report
    • 2025-10-24 8-K Other Events
    • 2025-10-22 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
    • 2025-08-19 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
    • 2025-07-28 10-Q Quarterly Report
    • 2025-07-23 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits