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0000350894FALSE00003508942024-04-232024-04-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________
FORM 8-K
________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
April 23, 2024
Date of report (Date of earliest event reported)
________________________________________
GIF_sei_logo_final_black.gif
________________________________________
SEI INVESTMENTS COMPANY
(Exact name of registrant as specified in its charter)
________________________________________
Pennsylvania   0-10200   23-1707341
(State or Other Jurisdiction
of Incorporation)
   (Commission
File Number)		   (I.R.S. Employer
Identification No.)
1 Freedom Valley Drive
Oaks, Pennsylvania 19456
(Address of Principal Executive Offices and Zip Code)
(610) 676-1000
(Registrant's Telephone Number, Including Area Code)
________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, par value $0.01 per share SEIC The NASDAQ Stock Market LLC



Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.    Results of Operations and Financial Condition.
During the quarter ended March 31, 2024, the Company made a determination to reorganize, effective January 1, 2024, some of its business segments based on how its current Chief Operating Decision Maker (CODM) manages its businesses, including with respect to resource allocation and performance assessment. As a result, one of the Company's client relationships formerly reported in the Private Banks segment will be reported in the Investment Managers segment and the Company’s family office services business, formerly reported in the Investment Managers segment, will be reported in the Investments in New Businesses segment. The business segment financial presentation was reclassified in 2024 to conform to this reorganization.
The reclassified results are being provided in exhibits as:
•Reclassified Results by Business Segment due to Business Segment Restructuring Year Over Year Comparison
•Reclassified Results by Business Segment due to Business Segment Restructuring
•Reclassified Ending Asset Balances by Business Segment due to Business Segment Restructuring
•Reclassified Average Asset Balances by Business Segment due to Business Segment Restructuring
The reclassified results are being provided solely to provide information concerning what the effect of the reclassifications would have been on the fiscal year 2022 and the fiscal and quarterly periods of 2023 had the reclassifications occurred on January 1, 2022, which may be considered in connection with the issuance of quarterly financial results reflecting the reclassifications during 2024. These changes did not affect the Company’s audited financial statements for the fiscal years ended December 31, 2023 and 2022 or the historical results of operations, financial condition or liquidity of the Company.

Item 9.01.    Financial Statements and Exhibits.
Exhibit No. Description
99.1
99.2
99.3
99.4
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SEI INVESTMENTS COMPANY
Date: April 23, 2024 By: /s/ Dennis J. McGonigle
Dennis J. McGonigle
Chief Financial Officer


EX-99.1 2 ex991reclassifiedresultsby.htm RECLASSIFIED RESULTS BY BUSINESS SEGMENT YEAR OVER YEAR Document

Exhibit 99.1
Reclassified Results by Business Segment due to Business Segment Restructuring Year Over Year Comparison

(In thousands) As Reported Amount Restated As Reported Amount Restated
2022 Reclassified 2022 2023 Reclassified 2023
Private Banks:
Revenues (A) $575,625  ($5,615) $570,010  $503,317  ($7,000) $496,317 
Expenses 473,209  ($5,388) 467,821  455,820  ($7,330) 448,490 
Operating Profit 102,416  (227) 102,189  47,497  330 47,827 
Operating Margin 18  % 18  % 9  % 10  %
Investment Advisors:
Revenues 447,766  — 447,766  436,298  — 436,298 
Expenses 251,650  — 251,650  259,142  — 259,142 
Operating Profit 196,116  — 196,116  177,156  — 177,156 
Operating Margin 44  % 44  % 41  % 41  %
Institutional Investors:
Revenues 323,353  — 323,353  289,708  — 289,708 
Expenses 172,252  — 172,252  165,455  — 165,455 
Operating Profit 151,101  — 151,101  124,253  — 124,253 
Operating Margin 47  % 47  % 43  % 43  %
Investment Managers:
Revenues 624,918  (25,257) 599,661  670,486  (25,232) 645,254 
Expenses 404,850  (22,885) 381,965  437,174  (17,978) 419,196 
Operating Profit 220,068  (2,372) 217,696  233,312  (7,254) 226,058 
Operating Margin 35  % 36  % 35  % 35  %
Investments in New Businesses:
Revenues 19,375  30,872 50,247  19,984  32,232 52,216 
Expenses 45,159  28,273 73,432  45,437  25,308 70,745 
Operating Loss (25,784) 2,599 (23,185) (25,453) 6,924 (18,529)
Totals:
Revenues $1,991,037  $— $1,991,037  $1,919,793  $— $1,919,793 
Expenses 1,347,120  — 1,347,120  1,363,028  — 1,363,028 
Corporate Overhead Expenses 168,164  — 168,164  132,241  — 132,241 
Income from Operations $475,753  $— $475,753  $424,524  $— $424,524 

(A) The 2022 full year Private Banks revenues includes one time early termination fees of $88.0 million from a significant investment processing client.


EX-99.2 3 ex992reclassifiedresultsby.htm RECLASSIFIED RESULTS BY BUSINESS SEGMENT Document

Exhibit 99.2
Reclassified Results by Business Segment due to Business Segment Restructuring

(In thousands) Full Year 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Full Year
2022 2023 2023 2023 2023 2023
Private Banks:
Revenues (A) $570,010  $120,902  $132,414  $119,664  $123,337  $496,317 
Expenses 467,821  112,462  114,165  111,207  110,656  448,490 
Operating Profit 102,189  8,440  18,249  8,457  12,681  47,827 
Operating Margin 18  % 7  % 14  % 7  % 10  % 10  %
Investment Advisors:
Revenues 447,766  106,538  109,580  110,461  109,719  436,298 
Expenses 251,650  63,546  64,178  64,280  67,138  259,142 
Operating Profit 196,116  42,992  45,402  46,181  42,581  177,156 
Operating Margin 44  % 40  % 41  % 42  % 39  % 41  %
Institutional Investors:
Revenues 323,353  74,290  75,145  70,479  69,794  289,708 
Expenses 172,252  40,868  45,516  39,953  39,118  165,455 
Operating Profit 151,101  33,422  29,629  30,526  30,676  124,253 
Operating Margin 47  % 45  % 39  % 43  % 44  % 43  %
Investment Managers:
Revenues 599,661  154,497  159,204  162,982  168,571  645,254 
Expenses 381,965  101,685  103,213  103,585  110,713  419,196 
Operating Profit 217,696  52,812  55,991  59,397  57,858  226,058 
Operating Margin 36  % 34  % 35  % 36  % 34  % 35  %
Investments in New Businesses:
Revenues 50,247  12,892  12,714  13,173  13,437  52,216 
Expenses 73,432  17,639  17,015  18,265  17,826  70,745 
Operating Loss (23,185) (4,747) (4,301) (5,092) (4,389) (18,529)
Totals:
Revenues $1,991,037  $469,119  $489,057  $476,759  $484,858  $1,919,793 
Expenses 1,347,120  336,200  344,087  337,290  345,451  1,363,028 
Corporate Overhead Expenses 168,164  31,152  32,369  30,997  37,723  132,241 
Income from Operations $475,753  $101,767  $112,601  $108,472  $101,684  $424,524 

(A) The 2022 full year Private Banks revenues includes one time early termination fees of $88.0 million from a significant investment processing client.


EX-99.3 4 ex993reclassifiedendingass.htm RECLASSIFIED ENDING ASSETS Document
Exhibit 99.3
Reclassified Ending Asset Balances due to Business Segment Restructuring

(In millions) Dec. 31, Mar. 31, Jun. 30, Sept. 30, Dec. 31,
2022 2023 2023 2023 2023
Private Banks:
Equity and fixed-income programs $22,377  $23,653  $24,091  $23,039  $24,496 
Collective trust fund programs 7  6  7  6  4 
Liquidity funds 3,201  3,427  3,433  3,636  3,916 
Total assets under management $25,585  $27,086  $27,531  $26,681  $28,416 
Client assets under administration 4,151  4,299  4,154  4,399  7,267 
Total assets $29,736  $31,385  $31,685  $31,080  $35,683 
Investment Advisors:
Equity and fixed-income programs $66,240  $68,065  $69,439  $66,911  $71,634 
Liquidity funds 5,436  4,965  4,968  5,175  4,812 
Total Platform assets under management $71,676  $73,030  $74,407  $72,086  $76,446 
Platform-only assets 13,931  14,980  16,103  16,232  18,324 
Platform-only assets-deposit program —  —  —  —  843 
Total Platform assets $85,607  $88,010  $90,510  $88,318  $95,613 
Institutional Investors:
Equity and fixed-income programs $73,178  $74,939  $75,854  $72,387  $77,208 
Collective trust fund programs 5  4  4  4  1 
Liquidity funds 1,557  1,576  1,353  2,119  1,734 
Total assets under management $74,740  $76,519  $77,211  $74,510  $78,943 
Client assets under advisement 4,314  4,559  4,368  4,085  6,120 
Total assets $79,054  $81,078  $81,579  $78,595  $85,063 
Investment Managers:
Collective trust fund programs (A) $141,285  $146,176  $149,779  $146,991  $156,376 
Liquidity funds 199  203  249  180  114 
Total assets under management $141,484  $146,379  $150,028  $147,171  $156,490 
Client assets under administration (E) 794,149  829,352  857,801  871,385  920,757 
Total assets $935,633  $975,731  $1,007,829  $1,018,556  $1,077,247 
Investments in New Businesses:
Equity and fixed-income programs $1,912  $2,031  $2,104  $2,017  $2,174 
Liquidity funds 215  217  217  202  209 
Total assets under management $2,127  $2,248  $2,321  $2,219  $2,383 
Client assets under advisement 1,077  1,081  1,098  1,070  1,150 
Client assets under administration (E) 16,342  16,476  15,769  14,997  14,807 
Total assets $19,546  $19,805  $19,188  $18,286  $18,340 
LSV Asset Management:
Equity and fixed-income programs (B) $83,753  $84,964  $86,469  $83,684  $89,312 
Total:
Equity and fixed-income programs (C) $247,460  $253,652  $257,957  $248,038  $264,824 
Collective trust fund programs 141,297  146,186  149,790  147,001  156,381 
Liquidity funds 10,608  10,388  10,220  11,312  10,785 
Total assets under management $399,365  $410,226  $417,967  $406,351  $431,990 
Client assets under advisement 5,391  5,640  5,466  5,155  7,270 
Client assets under administration (D) 814,642  850,127  877,724  890,781  942,831 
Platform-only assets 13,931  14,980  16,103  16,232  19,167 
Total assets $1,233,329  $1,280,973  $1,317,260  $1,318,519  $1,401,258 
(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 $1.9 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 December 31, 2023).
(C)Equity and fixed-income programs include $6.3 billion of assets invested in various asset allocation funds (as of December 31, 2023).
(D)    In addition to the assets presented, SEI also administers an additional $11.2 billion in Funds of Funds assets on which SEI does not earn an administration fee (as of December 31, 2023).
(E)    Due to the reorganization of business segments, client assets under administration were reclassified from Investment Managers to Investments in New Businesses.


EX-99.4 5 ex994reclassifiedaverageas.htm RECLASSIFIED AVERAGE ASSETS Document
Exhibit 99.4
Reclassified Average Asset Balances due to Business Segment Restructuring
(In millions) Full Year 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Full Year
2022 2023 2023 2023 2023 2023
Private Banks:
Equity and fixed-income programs $23,326  $23,576  $23,748  $23,920  $23,309  $23,638 
Collective trust fund programs 7  7  7  6  5  6 
Liquidity funds 3,834  3,253  3,500  3,585  3,808  3,537 
Total assets under management $27,167  $26,836  $27,255  $27,511  $27,122  $27,181 
Client assets under administration 4,204  4,316  4,282  4,221  7,083  4,976 
Total assets $31,371  $31,152  $31,537  $31,732  $34,205  $32,157 
Investment Advisors:
Equity and fixed-income programs $70,394  $67,578  $68,371  $69,309  $68,369  $68,407 
Liquidity funds 5,682  4,995  4,808  4,990  5,046  4,960 
Total Platform assets under management $76,076  $72,573  $73,179  $74,299  $73,415  $73,367 
Platform-only assets 13,574  14,812  15,548  16,544  17,201  16,026 
Platform-only assets-deposit program —  —  —  —  281  70 
Total Platform assets $89,650  $87,385  $88,727  $90,843  $90,897  $89,463 
Institutional Investors:
Equity and fixed-income programs $79,415  $74,653  $74,865  $75,023  $73,644  $74,546 
Collective trust fund programs 5  5  4  4  3  4 
Liquidity funds 1,939  1,715  1,537  1,611  1,682  1,636 
Total assets under management $81,359  $76,373  $76,406  $76,638  $75,329  $76,186 
Client assets under advisement 4,330  4,431  4,583  4,294  4,607  4,479 
Total assets $85,689  $80,804  $80,989  $80,932  $79,936  $80,665 
Investment Managers:
Collective trust fund programs (A) $125,595  $144,914  $147,543  $150,379  $149,551  $148,097 
Liquidity funds 311  317  286  237  205  261 
Total assets under management $125,906  $145,231  $147,829  $150,616  $149,756  $148,358 
Client assets under administration (E) 821,256  820,014  843,065  873,821  901,487  859,596 
Total assets $947,162  $965,245  $990,894  $1,024,437  $1,051,243  $1,007,954 
Investments in New Businesses:
Equity and fixed-income programs $1,968  $1,991  $2,057  $2,096  $2,069  $2,053 
Liquidity funds 247  212  199  211  197  205 
Total assets under management $2,215  $2,203  $2,256  $2,307  $2,266  $2,258 
Client assets under advisement 1,191  1,098  1,075  1,101  1,080  1,089 
Client assets under administration (E) 16,391  16,396  16,231  15,682  14,781  15,773 
Total assets $19,797  $19,697  $19,562  $19,090  $18,127  $19,120 
LSV Asset Management:
Equity and fixed-income programs (B) $87,220  $86,987  $84,492  $86,671  $84,492  $85,661 
Total:
Equity and fixed-income programs (C) $262,323  $254,785  $253,533  $257,019  $251,883  $254,305 
Collective trust fund programs 125,607  144,926  147,554  150,389  149,559  148,107 
Liquidity funds 12,013  10,492  10,330  10,634  10,938  10,599 
Total assets under management $399,943  $410,203  $411,417  $418,042  $412,380  $413,011 
Client assets under advisement 5,521  5,529  5,658  5,395  5,687  5,568 
Client assets under administration (D) 841,851  840,726  863,578  893,724  923,351  880,345 
Platform-only assets 13,574  14,812  15,548  16,544  17,482  16,096 
Total assets $1,260,889  $1,271,270  $1,296,201  $1,333,705  $1,358,900  $1,315,020 
(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 fourth-quarter 2023 include $1.8 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 $6.1 billion of average assets invested in various asset allocation funds during fourth-quarter 2023.
(D)    In addition to the assets presented, SEI also administers an additional $11.3 billion of average assets in Funds of Funds assets during fourth-quarter 2023 on which SEI does not earn an administration fee.
(E)    Due to the reorganization of business segments, client assets under administration were reclassified from Investment Managers to Investments in New Businesses.