seic-20251022
0000350894FALSE00003508942025-10-222025-10-22

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
October 22, 2025
Date of report (Date of earliest event reported)
________________________________________
GIF_sei_logo_final_black.gif
________________________________________
SEI INVESTMENTS COMPANY
(Exact name of registrant as specified in 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
(Registrants’ 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 classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareSEICThe 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.
On Wednesday, October 22, 2025, SEI Investments Company (the "Company") issued a press release announcing its financial and operating results for the third quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 and incorporated in this Item 2.02 by reference. A recording of the earnings call referenced in the press release furnished as Exhibit 99.1 is available for replay on the Company’s website at ir.seic.com/events-presentations/events.
As provided in General Instruction B.2 to Form 8-K, the information furnished in this Item 2.02 and Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing with the Securities and Exchange Commission, except as shall be expressly provided by specific reference in such filing.

Item 7.01.    Regulation FD Information.
A copy of an earnings presentation that is intended to be used by representatives of the Company is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to Item 7.01 and Exhibit 99.2 hereof shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing with the Securities and Exchange Commission, except as shall be expressly provided by specific reference in such filing.
Item 9.01.    Financial Statements and Exhibits.
Exhibit No.Description
99.1
99.2
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:October 22, 2025By:/s/ Sean J. Denham
Sean J. Denham
Chief Financial and Chief Operating Officer






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Investor contact:                        Media contact:                        
Brad Burke                            Leslie Wojcik
SEI                                SEI                                
+1 610-676-5350                        +1 610-676-4191
[email protected]                        [email protected]
Pages:        10

FOR IMMEDIATE RELEASE

SEI Reports Third-Quarter 2025 Financial Results

OAKS, Pa., Oct. 22, 2025 – SEI Investments Company (NASDAQ:SEIC) today announced financial results for the third quarter 2025. Relative to the third quarter 2024, EPS increased by 9%, and revenue and operating income grew by 8% and 11%, respectively, with operating margin increasing to 28%.

Consolidated Overview
(In thousands, except earnings per share)For the Three Months Ended September 30,For the Nine Months Ended September 30,
20252024%20252024%
Revenues$578,511 $537,396 8%$1,689,456 $1,567,961 8%
Operating income159,961 143,832 11%465,693 406,197 15%
Operating margin28 %27 %4%28 %26 %8%
Net income attributable to SEI Investments164,204 154,900 6%542,804 425,420 28%
Diluted earnings per share$1.30 $1.19 9%$4.25 $3.23 32%

“SEI delivered another strong quarter, surpassing $100 million in net sales events year to date—a record for our company through the third quarter. Excluding one-time items, third-quarter earnings per share also hit a record high. Our growth is underscored by the disciplined execution of our clear enterprise strategy, and we have confidence in our healthy sales pipelines,” said CEO Ryan Hicke.

“We are making targeted investments in technology and talent, allocating capital to the highest-return opportunities, and driving margin expansion. We’re excited for the significant opportunity ahead, and our confidence in SEI’s ability to outperform and deliver long-term, sustainable value for our clients and shareholders has never been stronger.”
1


Summary of Third-Quarter Results by Business Segment

(In thousands)For the Three Months Ended September 30,For the Nine Months Ended September 30,
20252024%20252024%
Investment Managers:
Revenues$207,050 $184,607 12%$594,165 $537,128 11%
Expenses125,934 114,118 10%364,781 334,955 9%
Operating Profit81,116 70,489 15%229,384 202,173 13%
Operating Margin39 %38 %39 %38 %
Private Banks:
Revenues143,994 138,734 4%423,157 401,272 5%
Expenses120,763 115,097 5%354,236 339,961 4%
Operating Profit23,231 23,637 (2)%68,921 61,311 12%
Operating Margin16 %17 %16 %15 %
Investment Advisors:
Revenues147,465 126,836 16%421,234 370,141 14%
Expenses79,128 70,152 13%227,384 206,063 10%
Operating Profit68,337 56,684 21%193,850 164,078 18%
Operating Margin46 %45 %46 %44 %
Institutional Investors:
Revenues71,826 71,626 —%209,675 214,911 (2)%
Expenses38,068 37,851 1%109,795 116,386 (6)%
Operating Profit33,758 33,775 —%99,880 98,525 1%
Operating Margin47 %47 %48 %46 %
Investments in New Businesses:
Revenues8,176 15,593 (48)%41,225 44,509 (7)%
Expenses11,863 18,440 (36)%48,789 55,403 (12)%
Operating Loss(3,687)(2,847)30%(7,564)(10,894)(31)%
Totals:
Revenues$578,511 $537,396 8%$1,689,456 $1,567,961 8%
Expenses375,756 355,658 6%1,104,985 1,052,768 5%
Corporate Overhead Expenses42,794 37,906 13%118,778 108,996 9%
Income from Operations$159,961 $143,832 11%$465,693 $406,197 15%
2


Third-Quarter Business Highlights:
•SEI achieved diluted EPS of $1.30, up 9% from the prior year, driven by strong revenue growth and margin expansion across the business. Several items affected comparability in the quarter, but the net impact to EPS was negligible:
◦A $0.03 benefit from insurance proceeds and a $0.01 benefit from an earn-out accrual adjustment in the Advisors business.
◦Expenses of $0.02 related to M&A for the planned acquisition of Stratos and $0.02 of severance costs.
◦Prior period results included positive contributions from unusual items, adding $0.08 to EPS in Q3 2024 and $0.58 in Q2 2025. Excluding these items, SEI delivered strong sequential and year-over-year EPS growth.
•Net sales events totaled $30.5 million for the third quarter 2025, bringing net sales events for the nine-month period to a record $106.3 million. Sales events were led by record results from Investment Managers, reflecting strong demand for outsourcing and client expansions. Sales pipelines across all of SEI's businesses remain robust.
•Consolidated revenues and operating income increased by 8% and 11%, respectively, from Q3 2024. SEI's consolidated operating margin of 28% improved over both the prior year and prior quarter, reflecting operating leverage on strong revenue growth and cost discipline.
◦Private Banks operating profit declined by 2% due to the benefit of unusual items in Q3 2024; absent these items both revenue and margins improved relative to the prior year.
◦Investment Managers operating profit increased 15%, driven by double-digit revenue growth in alternatives. Traditional revenue in Investment Managers also grew at a healthy pace, benefiting in part from favorable market conditions.
◦Investment Advisors operating profit growth of 21% reflects the benefit of market appreciation, underlying business momentum, a $2M earn-out true-up and the $21M contribution from SEI's integrated cash program, up $10M from Q3 2024.
◦Institutional Investors revenue and profit were flat, reflecting lower equity exposure and less benefit from market appreciation relative to Advisors.
•Ending assets under administration increased by 7%, and ending assets under management increased by 5% from Q2 to Q3.
◦The majority of growth in assets under administration came from alternatives which do not benefit from market appreciation; growth reflects continued momentum in the Investment Managers alternatives business.
◦AUM growth was supported by market appreciation in addition to modestly positive net asset flows in Advisors, as ETF and SMA net inflows offset outflows in traditional mutual funds.
•SEI repurchased 1.6 million shares of common stock for $141.6 million during the third quarter 2025 at an average price of $90.02 per share, bringing total shares repurchased to 9.3 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 Oct. 22, 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 Sept. 30, 2025, SEI manages, advises, or administers approximately $1.8 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," "can," "expect," "believe," "remain," and "continue" or "appear." Our forward-looking statements include our current expectations as to:
•our opportunities;
•our ability to outperform and deliver long-term, sustainable value for our clients and shareholders
•the drivers of our growth;
•the strength of our pipelines; 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. We undertake no obligation to update our forward-looking statements. 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 September 30,For the Nine Months Ended September 30,
2025202420252024
Asset management, admin. and distribution fees$461,964 $423,859 $1,331,650 $1,237,623 
Information processing and software servicing fees116,547 113,537 357,806 330,338 
Total revenues578,511 537,396 1,689,456 1,567,961 
Subadvisory, distribution and other asset mgmt. costs55,072 47,969 152,313 141,279 
Software royalties and other information processing costs9,434 8,936 27,706 25,503 
Compensation, benefits and other personnel203,739 191,740 594,097 570,534 
Stock-based compensation13,956 13,696 41,985 37,224 
Consulting, outsourcing and professional fees54,401 53,291 167,344 159,258 
Data processing and computer related41,569 37,556 122,689 112,790 
Facilities, supplies and other costs20,982 21,622 61,481 58,795 
Amortization11,912 10,413 33,071 31,284 
Depreciation7,485 8,341 23,077 25,097 
Total expenses418,550 393,564 1,223,763 1,161,764 
Income from operations159,961 143,832 465,693 406,197 
Net gain from investments1,992 427 4,244 3,349 
Interest and dividend income10,207 13,579 29,711 35,950 
Interest expense(109)(141)(386)(419)
Gain on sale of business— — 94,412 — 
Other income4,922 8,151 9,422 8,151 
Equity in earnings of unconsolidated affiliate31,903 36,513 94,290 102,375 
Net gain from consolidated variable interest entities1,845 — 1,845 — 
Income before income taxes210,721 202,361 699,231 555,603 
Income taxes46,135 47,461 156,045 130,183 
Net income$164,586 $154,900 $543,186 $425,420 
Less: Net income attributable to non-controlling interests382 — 382 — 
Net income attributable to SEI Investments Company$164,204 $154,900 $542,804 $425,420 
Basic earnings per common share$1.33 $1.20 $4.35 $3.26 
Shares used to calculate basic earnings per share123,099 129,418 124,710 130,550 
Diluted earnings per common share$1.30 $1.19 $4.25 $3.23 
Shares used to calculate diluted earnings per share126,325 130,671 127,684 131,830 
Dividends declared per common share$— $— $0.49 $0.46 
5


SEI INVESTMENTS COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands) (Unaudited)
September 30,December 31,
20252024
Assets
Current Assets:
Cash and cash equivalents$792,822 $840,193 
Receivables from investment products50,563 54,118 
Receivables, net of allowance for doubtful accounts of $2,228 and $1,435
670,116 567,634 
Securities owned31,242 29,583 
Other current assets66,975 60,282 
Total Current Assets1,611,718 1,551,810 
Property and Equipment, net of accumulated depreciation of $461,304 and $493,219
156,065 159,643 
Operating Lease Right-of-Use Assets24,065 28,905 
Capitalized Software, net of accumulated amortization of $661,413 and $641,071
235,559 236,023 
Investments293,865 315,567 
Assets of Consolidated Variable Interest Entities170,657 — 
Goodwill168,430 170,287 
Intangible Assets, net of accumulated amortization of $44,506 and $55,835
61,387 77,370 
Deferred Contract Costs49,113 45,855 
Deferred Income Taxes17,490 51,984 
Other Assets, net56,761 47,162 
Total Assets$2,845,110 $2,684,606 
Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity
Current Liabilities:
Accounts payable$7,871 $13,081 
Accrued liabilities254,162 347,513 
Current portion of long-term operating lease liabilities7,083 7,900 
Deferred revenue12,307 12,019 
Total Current Liabilities281,423 380,513 
Liabilities of Consolidated Variable Interest Entities100,492 — 
Long-term Income Taxes Payable— 803 
Long-term Operating Lease Liabilities19,234 24,235 
Other Long-term Liabilities24,552 26,943 
Total Liabilities425,701 432,494 
Redeemable Non-controlling Interests18,852 — 
Shareholders' Equity:
Common stock, $0.01 par value, 750,000 shares authorized; 122,633 and 126,840 shares issued and outstanding
1,226 1,268 
Capital in excess of par value1,648,817 1,539,816 
Retained earnings774,892 758,003 
Accumulated other comprehensive loss, net(24,378)(46,975)
Total Shareholders' Equity2,400,557 2,252,112 
Total Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity$2,845,110 $2,684,606 
6


SEI INVESTMENTS COMPANY
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
For the Nine Months Ended September 30,
20252024
Cash flows from operating activities:
Net income$543,186 $425,420 
Less: Net income attributable to non-controlling interests(382)— 
Adjustments to reconcile net income to net cash provided by operating activities:(56,368)1,654 
Net cash provided by operating activities, excluding variable interest entities486,436 427,074 
Net cash used in operating activities of consolidated variable interest entities(5,172)— 
Net cash provided by operating activities$481,264 $427,074 
Net cash provided by/(used in) investing activities$40,497 ($57,185)
Net cash used in financing activities($516,474)($310,392)
Effect of exchange rate changes on cash, cash equivalents and restricted cash11,953 6,941 
Net increase in cash and cash equivalents17,240 66,438 
Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, beginning of period840,193 834,998 
Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, end of period$857,433 $901,436 

Reconciliation of Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities to the Consolidated Balance Sheets:September 30,December 31,
20252024
Cash and cash equivalents$792,822 $840,193 
Cash and cash equivalents held at consolidated variable interest entities64,611 — 
Total cash and cash equivalents and cash and cash equivalents held at consolidated variable interest entities$857,433 $840,193 
7


ENDING ASSET BALANCES
(In millions) (Unaudited)
Sep. 30Dec. 31Mar. 31Jun. 30Sep. 30
20242024202520252025
Investment Managers:
Collective trust fund programs (A)$204,429 $202,384 $209,491 $225,690 $237,964 
Liquidity funds233 188 244 307 418 
Total assets under management$204,662 $202,572 $209,735 $225,997 $238,382 
Client assets under administration1,022,515 1,032,812 1,061,067 1,128,325 1,204,843 
Total assets$1,227,177 $1,235,384 $1,270,802 $1,354,322 $1,443,225 
Private Banks:
Equity and fixed-income programs$26,565 $25,523 $25,590 $27,839 $28,408 
Collective trust fund programs5 4 4 3 3 
Liquidity funds2,948 2,688 3,670 2,796 2,802 
Total assets under management$29,518 $28,215 $29,264 $30,638 $31,213 
Client assets under administration8,349 8,340 8,365 8,431 8,902 
Total assets$37,867 $36,555 $37,629 $39,069 $40,115 
Investment Advisors:
Equity and fixed-income programs$78,361 $76,283 $75,689 $80,618 $85,245 
Liquidity funds2,790 3,105 3,153 3,457 3,391 
Total Platform assets under management$81,151 $79,388 $78,842 $84,075 $88,636 
Platform-only assets24,501 25,244 25,591 29,848 32,152 
Platform-only assets-deposit program2,447 2,398 2,216 2,155 2,165 
Total Platform assets$108,099 $107,030 $106,649 $116,078 $122,953 
Institutional Investors:
Equity and fixed-income programs$79,252 $75,481 $76,491 $80,112 $82,676 
Collective trust fund programs1 1 1 — — 
Liquidity funds1,829 1,511 1,580 1,768 1,580 
Total assets under management$81,082 $76,993 $78,072 $81,880 $84,256 
Client assets under advisement8,038 5,955 5,573 6,090 6,564 
Total assets$89,120 $82,948 $83,645 $87,970 $90,820 
Investments in New Businesses:
Equity and fixed-income programs$2,825 $2,747 $2,661 $2,867 $2,999 
Liquidity funds246 297 288 244 244 
Total assets under management$3,071 $3,044 $2,949 $3,111 $3,243 
Client assets under administration (E)15,110 14,791 14,846 — — 
Client assets under advisement2,021 2,185 2,219 2,593 2,452 
Total assets$20,202 $20,020 $20,014 $5,704 $5,695 
LSV Asset Management:
Equity and fixed-income programs (B)$93,855 $86,501 $87,114 $91,795 $95,801 
Total:
Equity and fixed-income programs (C)$280,858 $266,535 $267,545 $283,231 $295,129 
Collective trust fund programs204,435 202,389 209,496 225,693 237,967 
Liquidity funds8,046 7,789 8,935 8,572 8,435 
Total assets under management$493,339 $476,713 $485,976 $517,496 $541,531 
Client assets under advisement10,059 8,140 7,792 8,683 9,016 
Client assets under administration (D)1,045,974 1,055,943 1,084,278 1,136,756 1,213,745 
Platform-only assets26,948 27,642 27,807 32,003 34,317 
Total assets$1,576,320 $1,568,438 $1,605,853 $1,694,938 $1,798,609 
(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 September 30, 2025).
(C)Equity and fixed-income programs include $6.9 billion of assets invested in various asset allocation funds (as of September 30, 2025).
(D)    In addition to the assets presented, SEI also administers an additional $11.5 billion in Funds of Funds assets on which SEI does not earn an administration fee (as of September 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)
3rd Qtr.4th Qtr. 1st Qtr.2nd Qtr.3rd Qtr.
20242024202520252025
Investment Managers:
Collective trust fund programs (A)$198,839 $204,954 $208,720 $215,085 $231,088 
Liquidity funds245 223 256 288 385 
Total assets under management$199,084 $205,177 $208,976 $215,373 $231,473 
Client assets under administration1,005,111 1,034,500 1,061,282 1,098,925 1,174,961 
Total assets$1,204,195 $1,239,677 $1,270,258 $1,314,298 $1,406,434 
Private Banks:
Equity and fixed-income programs$25,823 $26,067 $25,894 $26,533 $28,051 
Collective trust fund programs5 4 4 3 3 
Liquidity funds2,858 2,814 2,961 2,771 2,834 
Total assets under management$28,686 $28,885 $28,859 $29,307 $30,888 
Client assets under administration8,074 8,395 8,488 8,266 8,665 
Total assets$36,760 $37,280 $37,347 $37,573 $39,553 
Investment Advisors:
Equity and fixed-income programs$76,111 $77,866 $77,287 $76,629 $82,735 
Liquidity funds4,264 3,031 3,119 3,464 3,378 
Total Platform assets under management$80,375 $80,897 $80,406 $80,093 $86,113 
Platform-only assets23,194 25,109 25,939 27,288 30,874 
Platform-only assets-deposit program1,176 2,186 2,187 2,152 2,136 
Total Platform assets$104,745 $108,192 $108,532 $109,533 $119,123 
Institutional Investors:
Equity and fixed-income programs$77,473 $77,399 $76,492 $77,843 $80,802 
Collective trust fund programs1 1 1 — — 
Liquidity funds2,046 2,154 1,655 1,853 1,810 
Total assets under management$79,520 $79,554 $78,148 $79,696 $82,612 
Client assets under advisement7,925 6,991 5,741 5,841 6,274 
Total assets$87,445 $86,545 $83,889 $85,537 $88,886 
Investments in New Businesses:
Equity and fixed-income programs$2,432 $2,819 $2,801 $2,732 $2,934 
Liquidity funds546 269 274 244 255 
Total assets under management$2,978 $3,088 $3,075 $2,976 $3,189 
Client assets under administration (E)14,973 14,961 14,630 14,917 — 
Client assets under advisement1,885 2,110 2,205 2,329 2,428 
Total assets$19,836 $20,159 $19,910 $20,222 $5,617 
LSV Asset Management:
Equity and fixed-income programs (B)$93,195 $88,880 $87,790 $89,422 $92,969 
Total:
Equity and fixed-income programs (C)$275,034 $273,031 $270,264 $273,159 $287,491 
Collective trust fund programs198,845 204,959 208,725 215,088 231,091 
Liquidity funds9,959 8,491 8,265 8,620 8,662 
Total assets under management$483,838 $486,481 $487,254 $496,867 $527,244 
Client assets under advisement9,810 9,101 7,946 8,170 8,702 
Client assets under administration (D)1,028,158 1,057,856 1,084,400 1,122,108 1,183,626 
Platform-only assets24,370 27,295 28,126 29,440 33,010 
Total assets$1,546,176 $1,580,733 $1,607,726 $1,656,585 $1,752,582 
(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 third-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 $6.8 billion of average assets invested in various asset allocation funds during third-quarter 2025.
(D)    In addition to the assets presented, SEI also administers an additional $11.5 billion of average assets in Funds of Funds assets during third-quarter 2025 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.
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SALES EVENTS
(In thousands) (Unaudited)
Net Recurring Sales Events
3rd Qtr.4th Qtr. 1st Qtr.2nd Qtr.3rd Qtr.
20242024202520252025
Investment Processing-related Businesses:
Investment Managers$23,319 $18,027 $25,296 $21,928 $27,460 
Private Banks9,417 9,245 7,059 254 (6,713)
Total Investment Processing-related Businesses$32,736 $27,272 $32,355 $22,182 $20,747 
Asset Management-related Businesses:
Private Banks-AMD($854)$495 ($58)($174)($1,674)
Investment Advisors2,686 1,339 888 (1,654)1,230 
Institutional Investors(576)(2,673)41 2,544 (594)
Total Asset Management-related Businesses$1,256 ($839)$871 $716 ($1,038)
Newer Initiatives:
Investments in New Businesses$936 $1,778 $3,614 $1,245 $1,208 
Total Net Recurring Sales Events$34,928 $28,211 $36,840 $24,143 $20,917 
Non-Recurring Sales Events
3rd Qtr.4th Qtr. 1st Qtr.2nd Qtr.3rd Qtr.
20242024202520252025
Investment Processing-related Businesses:
Investment Managers$712 $2,465 $835 $1,102 $2,465 
Private Banks8,796 6,622 7,060 2,373 7,087 
Total Investment Processing-related Businesses$9,508 $9,087 $7,895 $3,475 $9,552 
Newer Initiatives:
Investments in New Businesses$1,976 $921 $1,834 $1,552 $71 
Total Non-Recurring Sales Events$11,484 $10,008 $9,729 $5,027 $9,623 
Total Sales Events
3rd Qtr.4th Qtr. 1st Qtr.2nd Qtr.3rd Qtr.
20242024202520252025
Investment Processing-related Businesses:
Investment Managers$24,031 $20,492 $26,131 $23,030 $29,925 
Private Banks18,213 15,867 14,119 2,627 374 
Total Investment Processing-related Businesses$42,244 $36,359 $40,250 $25,657 $30,299 
Asset Management-related Businesses:
Private Banks-AMD($854)$495 ($58)($174)($1,674)
Investment Advisors2,686 1,339 888 (1,654)1,230 
Institutional Investors(576)(2,673)41 2,544 (594)
Total Asset Management-related Businesses$1,256 ($839)$871 $716 ($1,038)
Newer Initiatives:
Investments in New Businesses$2,912 $2,699 $5,448 $2,797 $1,279 
Total Sales Events$46,412 $38,219 $46,569 $29,170 $30,540 


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SEI Investments Company (NASDAQ: SEIC) Q3 2025 Earnings Presentation

 
This presentation 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," ”remain” and "continue" or "appear." Our forward-looking statements include our current expectations as to: • our opportunities; • the strength of our pipelines; • our momentum and the benefits of this momentum; • our commitment to disciplined execution, transparent communication, and creating long-term value for our clients and shareholders; • the level of demand for outsourcing and client expansions; • our investment priorities; • the durability of our growth strategy; • the work that new clients will generate to retire legacy systems, execute complex data conversions, and integrate new platforms; • the incremental opportunities for our professional services offerings; • the financial impact of the loss of a previously disclosed at risk client in our Private Banking business and the duration of related deconversions; • the benefits that we and our stakeholders will receive as a consequence of our partnership with Stratos Wealth Management; • the degree to which our AI and tokenization efforts will support efficiency and scalability; • the ability of our integrated approach to break down silos and enable us to scale across segments, capture wallet share, and deliver consistent, repeatable growth; • our commitment to long-term growth, innovation and accountability; • our focus on execution and the benefits of this focus: • when we will receive the benefits, if at all, of the investments we make; • our potential, both short and long-term; • the pace of our sales events in the second half of 2025; • the timing of the closing of our partnership with Stratos Wealth Management and the source of funds for this closing; • our strategic priorities and our ability to execute against these priorities; • the demand for our products and services; • the headwinds that may affect our businesses; • the performance of our various businesses, including the margins and profitability of such businesses and the events that may affect the margins, profitability and growth prospects of these businesses; • the drivers of future revenue, margin and earnings growth; • the benefits, if any, that we or our clients may derive from acquired assets; • our run rate and the stability of the elements of that run rate; • the resiliency of our business; and • the market dynamics affecting our businesses. 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. Past performance does not guarantee future results. Safe Harbor Statement 2 SEI Earnings PresentationQ3 2025

 
Q3 2025 vs. Q3 '24 vs. Q2 '25 Revenues 578.5 7.7% 3.4% Operating Income 160.0 11.2% 7.6% Net Income Attributable to SEI 164.2 6.0% -27.7% EPS $1.30 9.6% -26.7% Net Sales Events 30.5 -34.2% 4.7% Operating Margin 27.7% 0.9% 1.1% Assets Under Management ($B) 541.5 9.8% 4.6% Administration, Platform & Advisement ($B) 1,257.1 16.1% 6.8% % Change Q3 2025 highlights. SEI Earnings PresentationQ3 2025 Delivered record EPS (excluding one-time items), driven by strong revenue growth and margin expansion Net sales events totaled $31M, led by record performance in Investment Managers; robust pipelines across all businesses Margins improved year over year, reflecting disciplined execution and operational leverage Continued momentum and execution against long-term strategy $ in millions except EPS; AUM; and Assets under administration, platform-only, and advisement; and platform-only assets Operating margin % change represents improvement or decline in margin rate vs. prior period Record Q3 2025 reflects strong executionQ3 2025 financial snapshot 3

 
Earnings per share. SEI Earnings PresentationQ3 2025 Reported Q3 EPS of $1.30, including unusual items: • Benefit of $0.03 from insurance proceeds and $0.01 from Advisors earn-out adjustment • Expenses of $0.02 for M&A related to Stratos and $0.02 associated with severance Excluding unusual items in both current and prior quarters: • EPS increased by 8% from Q2 2025 and 17% from Q3 2024 • Record EPS for a single quarter, exceeding prior record achieved in Q4 2024 Record EPS, ex-unusual items Q3 2024 Private Banks Investment Advisors Institutional Investors Investment Managers LSV Income Corporate Overhead Tax Rate & Other Share Count Q3 2025 +10% Q2 2025 Private Banks Investment Advisors Institutional Investors Investment Managers LSV Income Corporate Overhead Tax Rate & Other Share Count Q3 2025 -27% Y e a r- O v e r- Y e a r Q u a rt e r- O v e r- Q u a rt e r 4 $1.19 $0.00 $0.06 $0.00 $0.06 -$0.03 -$0.03 $0.00 $0.04 $1.30 $1.78 $0.00 $0.04 $0.00 $0.05 -$0.01 -$0.01 -$0.56 $0.01 $1.30

 
Business unit performance. SEI Earnings PresentationQ3 2025 Revenue ($M) Sequential revenue and profit growth across all units Private Banking revenue growth driven by SEI Wealth Platform (SWP) Investment Managers delivered double-digit growth, led by alternatives Advisors posted the highest growth; market appreciation, business momentum and integrated cash program were key drivers Institutional revenue and profit flat, reflecting less market appreciation benefit Business unit highlightsOperating profit ($M) $139 $185 $127 $72 $141 $195 $137 $69 $144 $207 $147 $72 Private Banking Investment Managers Investment Advisors Institutional Investors Q3 2024 Q2 2025 Q3 2025 $24 $70 $57 $34 $23 $73 $61 $33 $23 $81 $68 $34 Private Banking Investment Managers Investment Advisors Institutional Investors Q3 2024 Q2 2025 Q3 2025 +4% +12% +16% 0% -2% +15% +21% +0% 5

 
Operating margins. SEI Earnings PresentationQ3 2025 -2.0% 0.0% 2.0% Private Banking Investment Managers Investment Advisors Institutional Investors Quarter-Over-Quarter Year-Over-Year Business unit margin changes HighlightsConsolidated operating margin 10.0% 20.0% 30.0% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Margins improved both YoY and QoQ Private Banking margin impacted by prior-year one-time items; ex-items margins improved ~60bps YoY Investment Managers margins reflect cost leverage on strong revenue growth Sequential Institutional margin declined due to handful of choppier items in current and prior period Advisors margin improvement from revenue growth, earnout true-up and integrated cash program Corporate Overhead expenses totaled $38.5M ex-severance and M&A costs 6

 
Net sales events. SEI Earnings PresentationQ3 2025 $16.5 $15.9 $34.9 $28.2 $36.8 $24.1 $20.9 $4.8 $6.1 $11.5 $10.0 $9.7 $5.0 $9.6 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Recurring Non-Recurring Total net sales events ($M) Net sales events of $31M in Q3; YTD net sales events surpass $100M—an all-time SEI record Investment Managers led sales with a record quarter, with broad-based wins and a pipeline that remains very strong Private Banking secured a $13M win with a super-regional US bank; pipeline remains robust Institutional segment: largest single mandate win to date; asset management strategy showing progress Excluding a known contract loss in Private Banking, net sales events would have approached $47M Net sales events reached record $106M YTD 7

 
Client asset summary. SEI Earnings PresentationQ3 2025 AUA and assets on platform ($B)* AUM ($B) $1,083 $1,177 $1,257 Q3 2024 Q2 2025 Q3 2025 +16% +7% $493 $517 $542 Q3 2024 Q2 2025 Q3 2025 +10% +5% Highlights • AUM and AUA both increased sequentially and YoY • Majority of AUA growth came from alternatives, not market appreciation; growth reflects alts momentum • AUM growth was supported by favorable markets and modestly positive flows in Advisors, with ETF and SMA gains offsetting mutual fund outflows • LSV AUM rose 4% from Q2, as market appreciation and strong performance offset outflows; SEI’s share of LSV incentive fees totaled $3M in Q3 *Assets under administration, advisement and platform-only 8

 
Capital allocation, liquidity, and capitalization. SEI Earnings PresentationQ3 2025 Capital returned to shareholders ($M) Liquidity and capitalization ($M) $793 $0 $10,500 Cash Long-Term Debt Market Capitalization Ended Q3 with $793M cash*, no long-term debt Share repurchases totaled $142M in Q3; $775M over trailing 12 months (over 7% of shares outstanding) $50M anchor investment in LSV’s new hedge fund; strong early returns Stratos acquisition expected to be funded with balance sheet cash; closing anticipated late 2025 or early 2026 Highlights 9 $142 $775 $123 Q3 '25 TTM Q3 '25 Buybacks Dividends *Excludes $64.6M of consolidated cash associated with LSV Variable Interest Entity

 
For institutional investor and financial advisor use only. Not for distribution to general public. Thank you. 10