OAKS, Pa., July 23, 2025 – SEI Investments Company (NASDAQ:SEIC) today announced financial results for the second quarter 2025. Relative to the second quarter 2024, EPS increased by 70%, and revenue and operating income grew by 8% and 9%, respectively, with operating margin increasing to 27%. Q2 2025 EPS benefited by $0.58 from several items affecting comparability against prior quarters, most notably the $94.4 million gain on the sale of SEI's Family Office Services business.
Consolidated Overview
(In thousands, except earnings per share)
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2025
2024
%
2025
2024
%
Revenues
$559,601
$518,986
8%
$1,110,945
$1,030,565
8%
Operating income
148,635
136,514
9%
305,732
262,365
17%
Operating margin
27
%
26
%
4%
28
%
25
%
12%
Net income
227,083
139,120
63%
378,600
270,520
40%
Diluted earnings per share
$1.78
$1.05
70%
$2.95
$2.04
45%
“SEI achieved another strong quarter across our core businesses. We are executing with conviction and discipline, positioning the company for sustained growth. As we prepare SEI to support that growth and our clients’ evolving needs, we are making intentional investments in our talent, technology, and infrastructure to enhance our capabilities and scale,” said CEO Ryan Hicke.
“Our strategic investment in Stratos demonstrates our commitment to challenging ourselves to change and innovate in the pursuit of our goal to be the leading provider of wealth management solutions and services. We will continue to invest capital in areas where we have conviction that the long-term opportunity will maximize the return for our clients, employees, and shareholders.
“We’re excited to welcome two highly experienced, independent directors to our Board. Karin Risi and Tom Naratil bring tremendous expertise and insight that will be invaluable as we continue to execute our growth strategies.”
1
Summary of Second-Quarter Results by Business Segment
(In thousands)
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2025
2024
%
2025
2024
%
Investment Managers:
Revenues
$195,067
$179,868
8%
$387,115
$352,521
10%
Expenses
121,636
111,287
9%
238,847
220,837
8%
Operating Profit
73,431
68,581
7%
148,268
131,684
13%
Operating Margin
38
%
38
%
38
%
37
%
Private Banks:
Revenues
141,449
132,401
7%
279,163
262,538
6%
Expenses
118,724
111,890
6%
233,473
224,864
4%
Operating Profit
22,725
20,511
11%
45,690
37,674
21%
Operating Margin
16
%
15
%
16
%
14
%
Investment Advisors:
Revenues
137,193
120,587
14%
273,769
243,305
13%
Expenses
75,801
68,953
10%
148,256
135,911
9%
Operating Profit
61,392
51,634
19%
125,513
107,394
17%
Operating Margin
45
%
43
%
46
%
44
%
Institutional Investors:
Revenues
69,343
71,507
(3)%
137,849
143,285
(4)%
Expenses
35,857
38,426
(7)%
71,727
78,535
(9)%
Operating Profit
33,486
33,081
1%
66,122
64,750
2%
Operating Margin
48
%
46
%
48
%
45
%
Investments in New Businesses:
Revenues
16,549
14,623
13%
33,049
28,916
14%
Expenses
18,430
18,580
(1)%
36,926
36,963
—%
Operating Loss
(1,881)
(3,957)
(52)%
(3,877)
(8,047)
(52)%
Totals:
Revenues
$559,601
$518,986
8%
$1,110,945
$1,030,565
8%
Expenses
370,448
349,136
6%
729,229
697,110
5%
Corporate Overhead Expenses
40,518
33,336
22%
75,984
71,090
7%
Income from Operations
$148,635
$136,514
9%
$305,732
$262,365
17%
2
Second-Quarter Business Highlights:
•SEI achieved diluted EPS of $1.78, up 70% from the prior year, reflecting continued momentum in SEI's business in addition to the $0.58 impact of several items affecting comparability in the quarter, specifically:
◦A $0.60 benefit associated with the gain on sale of the Family Office Services business, and a settlement gain from the resolution of a long-standing vendor negotiation.
◦A $0.02 combined loss from FX transaction losses and M&A legal fees from our recently announced acquisition of Stratos Wealth Holdings, reflected in Corporate Overhead.
•Net sales events during the second quarter 2025 were $29.2 million, bringing net sales events for the trailing 12 months to $160.4 million, a new record. Sales events were driven by the Investment Managers business, which achieved a balanced mix of wins across alternatives, traditional and international investment managers.
◦Sales pipelines across all of SEI's businesses remain healthy, including Private Banking and the Asset Management businesses, where net sales events have improved considerably against 2024 losses.
•Consolidated revenues and operating income increased by 8% and 9%, respectively, from Q2 2024. SEI's consolidated operating margin of 27% represents a modest improvement over the prior year and a decline vs. Q1 2025, reflecting increased investments in both talent and technology to support expected growth.
◦Private Banks operating profit growth of 11% reflects continued momentum and the positive impact of several clients going live in the quarter.
◦Investment Managers operating profit growth of 7% was driven by a double-digit increase in alternative manager revenue, partially offset by a slight decline in traditional revenue due to volatile Q2 market valuations.
▪Investment Managers operating profit margin declined vs. Q1 2025 due to hiring ahead of expected new business and a challenging comparison due to first quarter delays in hiring.
◦Investment Advisors operating profit growth of 19% reflects the $21M contribution from SEI's integrated cash program, up $11M from Q2 2024.
◦Investment Advisors and Institutional Investors realized flat revenue growth relative to Q1 2025 as market appreciation in May and June offset significant declines realized in April.
•Average assets under administration increased by 4%, and average assets under management increased 2% relative to Q1 2025. Ending assets under management increased by 6% from Q1 to Q2, reflecting significant market appreciation realized during the months of May and June.
◦Institutional Investors and Investment Advisors net flows have improved year-to-date, posting just over $1 billion of net outflows against more than $7 billion of net outflows in the first half of 2024.
•SEI repurchased 2.2 million shares of common stock for $180.8 million during the second quarter 2025 at an average price of $83.60 per share, bringing total shares repurchased to 9.0 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 July 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/BIfd556ca2d12b41ee852cbc0a021d1a2b
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 June 30, 2025, SEI manages, advises, or administers approximately $1.7 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:
•whether we are positioned for sustained growth;
•the nature of our internal investments and the factors that drive these investments;
•our goals;
•the strength of our pipelines;
•our focus on profitability and cost leverage;
•our cost discipline and its effects on profitability;
•our investment priorities; 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 June 30,
For the Six Months Ended June 30,
2025
2024
2025
2024
Asset management, admin. and distribution fees
$437,543
$409,398
$869,686
$813,764
Information processing and software servicing fees
122,058
109,588
241,259
216,801
Total revenues
559,601
518,986
1,110,945
1,030,565
Subadvisory, distribution and other asset mgmt. costs
49,709
46,542
97,241
93,310
Software royalties and other information processing costs
9,191
8,096
18,272
16,567
Compensation, benefits and other personnel
199,574
185,878
390,358
378,794
Stock-based compensation
13,891
12,469
28,029
23,528
Consulting, outsourcing and professional fees
56,942
53,991
112,943
105,967
Data processing and computer related
41,801
38,074
81,120
75,234
Facilities, supplies and other costs
21,744
18,570
40,499
37,173
Amortization
10,449
10,485
21,159
20,871
Depreciation
7,665
8,367
15,592
16,756
Total expenses
410,966
382,472
805,213
768,200
Income from operations
148,635
136,514
305,732
262,365
Net gain from investments
1,759
666
2,252
2,922
Interest and dividend income
9,283
11,552
19,504
22,371
Interest expense
(92)
(139)
(277)
(278)
Gain on sale of business
94,412
—
94,412
—
Other income
4,500
—
4,500
—
Equity in earnings of unconsolidated affiliate
33,640
34,219
62,387
65,862
Income before income taxes
292,137
182,812
488,510
353,242
Income taxes
65,054
43,692
109,910
82,722
Net income
$227,083
$139,120
$378,600
$270,520
Basic earnings per common share
$1.82
$1.06
$3.02
$2.06
Shares used to calculate basic earnings per share
124,470
130,815
125,516
131,116
Diluted earnings per common share
$1.78
$1.05
$2.95
$2.04
Shares used to calculate diluted earnings per share
127,278
132,073
128,364
132,409
Dividends declared per common share
$0.49
$0.46
$0.49
$0.46
5
SEI INVESTMENTS COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands) (Unaudited)
June 30,
December 31,
2025
2024
Assets
Current Assets:
Cash and cash equivalents
$746,349
$840,193
Receivables from investment products
49,095
54,118
Receivables, net of allowance for doubtful accounts of $2,124 and $1,435
637,568
567,634
Securities owned
31,682
29,583
Other current assets
66,310
60,282
Total Current Assets
1,531,004
1,551,810
Property and Equipment, net of accumulated depreciation of $503,326 and $493,219
155,690
159,643
Operating Lease Right-of-Use Assets
26,693
28,905
Capitalized Software, net of accumulated amortization of $653,008 and $641,071
235,601
236,023
Investments
290,466
315,567
Goodwill
168,738
170,287
Intangible Assets, net of accumulated amortization of $41,550 and $55,835
65,189
77,370
Deferred Contract Costs
47,218
45,855
Deferred Income Taxes
51,379
51,984
Other Assets, net
54,288
47,162
Total Assets
$2,626,266
$2,684,606
Liabilities and Equity
Current Liabilities:
Accounts payable
$13,084
$13,081
Accrued liabilities
214,507
347,513
Current portion of long-term operating lease liabilities
7,400
7,900
Deferred revenue
12,583
12,019
Total Current Liabilities
247,574
380,513
Long-term Income Taxes Payable
—
803
Long-term Operating Lease Liabilities
21,646
24,235
Other Long-term Liabilities
18,607
26,943
Total Liabilities
287,827
432,494
Shareholders' Equity:
Common stock, $0.01 par value, 750,000 shares authorized; 123,697 and 126,840 shares issued and outstanding
1,236
1,268
Capital in excess of par value
1,619,133
1,539,816
Retained earnings
739,453
758,003
Accumulated other comprehensive loss, net
(21,383)
(46,975)
Total Shareholders' Equity
2,338,439
2,252,112
Total Liabilities and Shareholders' Equity
$2,626,266
$2,684,606
6
SEI INVESTMENTS COMPANY
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
For the Six Months Ended June 30,
2025
2024
Cash flows from operating activities:
Net income
$378,600
$270,520
Adjustments to reconcile net income to net cash provided by operating activities
(135,595)
(43,490)
Net cash provided by operating activities
$243,005
$227,030
Net cash provided by/(used in) investing activities
$65,268
($61,082)
Net cash used in financing activities
($419,220)
($229,687)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
17,103
(2,667)
Net decrease in cash, cash equivalents and restricted cash
(93,844)
(66,406)
Cash, cash equivalents and restricted cash, beginning of period
840,193
834,998
Cash, cash equivalents and restricted cash, end of period
$746,349
$768,592
7
ENDING ASSET BALANCES
(In millions) (Unaudited)
Jun. 30
Sep. 30
Dec. 31
Mar. 31
Jun. 30
2024
2024
2024
2025
2025
Investment Managers:
Collective trust fund programs (A)
$192,747
$204,429
$202,384
$209,491
$225,690
Liquidity funds
221
233
188
244
307
Total assets under management
$192,968
$204,662
$202,572
$209,735
$225,997
Client assets under administration
998,315
1,022,515
1,032,812
1,061,067
1,128,325
Total assets
$1,191,283
$1,227,177
$1,235,384
$1,270,802
$1,354,322
Private Banks:
Equity and fixed-income programs
$25,031
$26,565
$25,523
$25,590
$27,839
Collective trust fund programs
5
5
4
4
3
Liquidity funds
2,699
2,948
2,688
3,670
2,796
Total assets under management
$27,735
$29,518
$28,215
$29,264
$30,638
Client assets under administration
7,813
8,349
8,340
8,365
8,431
Total assets
$35,548
$37,867
$36,555
$37,629
$39,069
Investment Advisors:
Equity and fixed-income programs
$74,556
$78,361
$76,283
$75,689
$80,618
Liquidity funds
4,301
2,790
3,105
3,153
3,457
Total Platform assets under management
$78,857
$81,151
$79,388
$78,842
$84,075
Platform-only assets
21,908
24,501
25,244
25,591
29,848
Platform-only assets-deposit program
894
2,447
2,398
2,216
2,155
Total Platform assets
$101,659
$108,099
$107,030
$106,649
$116,078
Institutional Investors:
Equity and fixed-income programs
$75,542
$79,252
$75,481
$76,491
$80,112
Collective trust fund programs
1
1
1
1
—
Liquidity funds
2,309
1,829
1,511
1,580
1,768
Total assets under management
$77,852
$81,082
$76,993
$78,072
$81,880
Client assets under advisement
7,886
8,038
5,955
5,573
6,090
Total assets
$85,738
$89,120
$82,948
$83,645
$87,970
Investments in New Businesses:
Equity and fixed-income programs
$2,285
$2,825
$2,747
$2,661
$2,867
Liquidity funds
631
246
297
288
244
Total assets under management
$2,916
$3,071
$3,044
$2,949
$3,111
Client assets under administration (E)
14,848
15,110
14,791
14,846
—
Client assets under advisement
1,886
2,021
2,185
2,219
2,593
Total assets
$19,650
$20,202
$20,020
$20,014
$5,704
LSV Asset Management:
Equity and fixed-income programs (B)
$90,197
$93,855
$86,501
$87,114
$91,795
Total:
Equity and fixed-income programs (C)
$267,611
$280,858
$266,535
$267,545
$283,231
Collective trust fund programs
192,753
204,435
202,389
209,496
225,693
Liquidity funds
10,161
8,046
7,789
8,935
8,572
Total assets under management
$470,525
$493,339
$476,713
$485,976
$517,496
Client assets under advisement
9,772
10,059
8,140
7,792
8,683
Client assets under administration (D)
1,020,976
1,045,974
1,055,943
1,084,278
1,136,756
Platform-only assets
22,802
26,948
27,642
27,807
32,003
Total assets
$1,524,075
$1,576,320
$1,568,438
$1,605,853
$1,694,938
(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 June 30, 2025).
(C)Equity and fixed-income programs include $6.7 billion of assets invested in various asset allocation funds (as of June 30, 2025).
(D) In addition to the assets presented, SEI also administers an additional $11.4 billion in Funds of Funds assets on which SEI does not earn an administration fee (as of June 30, 2025).
(E) Client assets under administration related to the Family Office Services business divested on June 30, 2025.
8
AVERAGE ASSET BALANCES
(In millions) (Unaudited)
2nd Qtr.
3rd Qtr.
4th Qtr.
1st Qtr.
2nd Qtr.
2024
2024
2024
2025
2025
Investment Managers:
Collective trust fund programs (A)
$189,884
$198,839
$204,954
$208,720
$215,085
Liquidity funds
227
245
223
256
288
Total assets under management
$190,111
$199,084
$205,177
$208,976
$215,373
Client assets under administration
982,806
1,005,111
1,034,500
1,061,282
1,098,925
Total assets
$1,172,917
$1,204,195
$1,239,677
$1,270,258
$1,314,298
Private Banks:
Equity and fixed-income programs
$24,859
$25,823
$26,067
$25,894
$26,533
Collective trust fund programs
5
5
4
4
3
Liquidity funds
2,734
2,858
2,814
2,961
2,771
Total assets under management
$27,598
$28,686
$28,885
$28,859
$29,307
Client assets under administration
7,884
8,074
8,395
8,488
8,266
Total assets
$35,482
$36,760
$37,280
$37,347
$37,573
Investment Advisors:
Equity and fixed-income programs
$73,793
$76,111
$77,866
$77,287
$76,629
Liquidity funds
4,348
4,264
3,031
3,119
3,464
Total Platform assets under management
$78,141
$80,375
$80,897
$80,406
$80,093
Platform-only assets
20,897
23,194
25,109
25,939
27,288
Platform-only assets-deposit program
886
1,176
2,186
2,187
2,152
Total Platform assets
$99,924
$104,745
$108,192
$108,532
$109,533
Institutional Investors:
Equity and fixed-income programs
$75,203
$77,473
$77,399
$76,492
$77,843
Collective trust fund programs
1
1
1
1
—
Liquidity funds
1,893
2,046
2,154
1,655
1,853
Total assets under management
$77,097
$79,520
$79,554
$78,148
$79,696
Client assets under advisement
7,508
7,925
6,991
5,741
5,841
Total assets
$84,605
$87,445
$86,545
$83,889
$85,537
Investments in New Businesses:
Equity and fixed-income programs
$2,234
$2,432
$2,819
$2,801
$2,732
Liquidity funds
471
546
269
274
244
Total assets under management
$2,705
$2,978
$3,088
$3,075
$2,976
Client assets under administration (E)
14,713
14,973
14,961
14,630
14,917
Client assets under advisement
2,014
1,885
2,110
2,205
2,329
Total assets
$19,432
$19,836
$20,159
$19,910
$20,222
LSV Asset Management:
Equity and fixed-income programs (B)
$90,849
$93,195
$88,880
$87,790
$89,422
Total:
Equity and fixed-income programs (C)
$266,938
$275,034
$273,031
$270,264
$273,159
Collective trust fund programs
189,890
198,845
204,959
208,725
215,088
Liquidity funds
9,673
9,959
8,491
8,265
8,620
Total assets under management
$466,501
$483,838
$486,481
$487,254
$496,867
Client assets under advisement
9,522
9,810
9,101
7,946
8,170
Client assets under administration (D)
1,005,403
1,028,158
1,057,856
1,084,400
1,122,108
Platform-only assets
21,783
24,370
27,295
28,126
29,440
Total assets
$1,503,209
$1,546,176
$1,580,733
$1,607,726
$1,656,585
(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 second-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 $6.5 billion of average assets invested in various asset allocation funds during second-quarter 2025.
(D) In addition to the assets presented, SEI also administers an additional $11.2 billion of average assets in Funds of Funds assets during second-quarter 2025 on which SEI does not earn an administration fee.
(E) Client assets under administration include $14.9 billion of average assets during second-quarter 2025 related to the Family Office Services business which was divested on June 30, 2025.
