seic-20250723
0000350894FALSE00003508942025-07-232025-07-23

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
July 23, 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, July 23, 2025, SEI Investments Company (the "Company") issued a press release announcing its financial and operating results for the second quarter ended June 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:July 23, 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 Second-Quarter 2025 Financial Results

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,
20252024%20252024%
Revenues$559,601 $518,986 8%$1,110,945 $1,030,565 8%
Operating income148,635 136,514 9%305,732 262,365 17%
Operating margin27 %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,
20252024%20252024%
Investment Managers:
Revenues$195,067 $179,868 8%$387,115 $352,521 10%
Expenses121,636 111,287 9%238,847 220,837 8%
Operating Profit73,431 68,581 7%148,268 131,684 13%
Operating Margin38 %38 %38 %37 %
Private Banks:
Revenues141,449 132,401 7%279,163 262,538 6%
Expenses118,724 111,890 6%233,473 224,864 4%
Operating Profit22,725 20,511 11%45,690 37,674 21%
Operating Margin16 %15 %16 %14 %
Investment Advisors:
Revenues137,193 120,587 14%273,769 243,305 13%
Expenses75,801 68,953 10%148,256 135,911 9%
Operating Profit61,392 51,634 19%125,513 107,394 17%
Operating Margin45 %43 %46 %44 %
Institutional Investors:
Revenues69,343 71,507 (3)%137,849 143,285 (4)%
Expenses35,857 38,426 (7)%71,727 78,535 (9)%
Operating Profit33,486 33,081 1%66,122 64,750 2%
Operating Margin48 %46 %48 %45 %
Investments in New Businesses:
Revenues16,549 14,623 13%33,049 28,916 14%
Expenses18,430 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%
Expenses370,448 349,136 6%729,229 697,110 5%
Corporate Overhead Expenses40,518 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,
2025202420252024
Asset management, admin. and distribution fees$437,543 $409,398 $869,686 $813,764 
Information processing and software servicing fees122,058 109,588 241,259 216,801 
Total revenues559,601 518,986 1,110,945 1,030,565 
Subadvisory, distribution and other asset mgmt. costs49,709 46,542 97,241 93,310 
Software royalties and other information processing costs9,191 8,096 18,272 16,567 
Compensation, benefits and other personnel199,574 185,878 390,358 378,794 
Stock-based compensation13,891 12,469 28,029 23,528 
Consulting, outsourcing and professional fees56,942 53,991 112,943 105,967 
Data processing and computer related41,801 38,074 81,120 75,234 
Facilities, supplies and other costs21,744 18,570 40,499 37,173 
Amortization10,449 10,485 21,159 20,871 
Depreciation7,665 8,367 15,592 16,756 
Total expenses410,966 382,472 805,213 768,200 
Income from operations148,635 136,514 305,732 262,365 
Net gain from investments1,759 666 2,252 2,922 
Interest and dividend income9,283 11,552 19,504 22,371 
Interest expense(92)(139)(277)(278)
Gain on sale of business94,412 — 94,412 — 
Other income4,500 — 4,500 — 
Equity in earnings of unconsolidated affiliate33,640 34,219 62,387 65,862 
Income before income taxes292,137 182,812 488,510 353,242 
Income taxes65,054 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 share124,470 130,815 125,516 131,116 
Diluted earnings per common share$1.78 $1.05 $2.95 $2.04 
Shares used to calculate diluted earnings per share127,278 132,073 128,364 132,409 
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,
20252024
Assets
Current Assets:
Cash and cash equivalents$746,349 $840,193 
Receivables from investment products49,095 54,118 
Receivables, net of allowance for doubtful accounts of $2,124 and $1,435
637,568 567,634 
Securities owned31,682 29,583 
Other current assets66,310 60,282 
Total Current Assets1,531,004 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 Assets26,693 28,905 
Capitalized Software, net of accumulated amortization of $653,008 and $641,071
235,601 236,023 
Investments290,466 315,567 
Goodwill168,738 170,287 
Intangible Assets, net of accumulated amortization of $41,550 and $55,835
65,189 77,370 
Deferred Contract Costs47,218 45,855 
Deferred Income Taxes51,379 51,984 
Other Assets, net54,288 47,162 
Total Assets$2,626,266 $2,684,606 
Liabilities and Equity
Current Liabilities:
Accounts payable$13,084 $13,081 
Accrued liabilities214,507 347,513 
Current portion of long-term operating lease liabilities7,400 7,900 
Deferred revenue12,583 12,019 
Total Current Liabilities247,574 380,513 
Long-term Income Taxes Payable— 803 
Long-term Operating Lease Liabilities21,646 24,235 
Other Long-term Liabilities18,607 26,943 
Total Liabilities287,827 432,494 
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 value1,619,133 1,539,816 
Retained earnings739,453 758,003 
Accumulated other comprehensive loss, net(21,383)(46,975)
Total Shareholders' Equity2,338,439 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,
20252024
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 cash17,103 (2,667)
Net decrease in cash, cash equivalents and restricted cash(93,844)(66,406)
Cash, cash equivalents and restricted cash, beginning of period840,193 834,998 
Cash, cash equivalents and restricted cash, end of period$746,349 $768,592 
7


ENDING ASSET BALANCES
(In millions) (Unaudited)
Jun. 30Sep. 30Dec. 31Mar. 31Jun. 30
20242024202420252025
Investment Managers:
Collective trust fund programs (A)$192,747 $204,429 $202,384 $209,491 $225,690 
Liquidity funds221 233 188 244 307 
Total assets under management$192,968 $204,662 $202,572 $209,735 $225,997 
Client assets under administration998,315 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 programs5 5 4 4 3 
Liquidity funds2,699 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 administration7,813 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 funds4,301 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 assets21,908 24,501 25,244 25,591 29,848 
Platform-only assets-deposit program894 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 programs1 1 1 1 — 
Liquidity funds2,309 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 advisement7,886 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 funds631 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 advisement1,886 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 programs192,753 204,435 202,389 209,496 225,693 
Liquidity funds10,161 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 advisement9,772 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 assets22,802 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.
20242024202420252025
Investment Managers:
Collective trust fund programs (A)$189,884 $198,839 $204,954 $208,720 $215,085 
Liquidity funds227 245 223 256 288 
Total assets under management$190,111 $199,084 $205,177 $208,976 $215,373 
Client assets under administration982,806 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 programs5 5 4 4 3 
Liquidity funds2,734 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 administration7,884 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 funds4,348 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 assets20,897 23,194 25,109 25,939 27,288 
Platform-only assets-deposit program886 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 programs1 1 1 1 — 
Liquidity funds1,893 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 advisement7,508 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 funds471 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 advisement2,014 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 programs189,890 198,845 204,959 208,725 215,088 
Liquidity funds9,673 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 advisement9,522 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 assets21,783 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.
9


SALES EVENTS
(In thousands) (Unaudited)
Net Recurring Sales Events
2nd Qtr.3rd Qtr. 4th Qtr.1st Qtr.2nd Qtr.
20242024202420252025
Investment Processing-related Businesses:
Investment Managers$17,180 $23,319 $18,027 $25,296 $21,928 
Private Banks4,331 9,417 9,245 7,059 254 
Total Investment Processing-related Businesses$21,511 $32,736 $27,272 $32,355 $22,182 
Asset Management-related Businesses:
Private Banks-AMD$(494)$(854)$495 $(58)$(174)
Investment Advisors(3,299)2,686 1,339 888 (1,654)
Institutional Investors(1,787)(576)(2,673)41 2,544 
Total Asset Management-related Businesses$(5,580)$1,256 $(839)$871 $716 
Newer Initiatives:
Investments in New Businesses$(43)$936 $1,778 $3,614 $1,245 
Total Net Recurring Sales Events$15,888 $34,928 $28,211 $36,840 $24,143 
Non-Recurring Sales Events
2nd Qtr.3rd Qtr. 4th Qtr.1st Qtr.2nd Qtr.
20242024202420252025
Investment Processing-related Businesses:
Investment Managers$930 $712 $2,465 $835 $1,102 
Private Banks4,431 8,796 6,622 7,060 2,373 
Total Investment Processing-related Businesses$5,361 $9,508 $9,087 $7,895 $3,475 
Newer Initiatives:
Investments in New Businesses$717 $1,976 $921 $1,834 $1,552 
Total Non-Recurring Sales Events$6,078 $11,484 $10,008 $9,729 $5,027 
Total Sales Events
2nd Qtr.3rd Qtr. 4th Qtr.1st Qtr.2nd Qtr.
20242024202420252025
Investment Processing-related Businesses:
Investment Managers$18,110 $24,031 $20,492 $26,131 $23,030 
Private Banks8,762 18,213 15,867 14,119 2,627 
Total Investment Processing-related Businesses$26,872 $42,244 $36,359 $40,250 $25,657 
Asset Management-related Businesses:
Private Banks-AMD$(494)$(854)$495 $(58)$(174)
Investment Advisors(3,299)2,686 1,339 888 (1,654)
Institutional Investors(1,787)(576)(2,673)41 2,544 
Total Asset Management-related Businesses$(5,580)$1,256 $(839)$871 $716 
Newer Initiatives:
Investments in New Businesses$674 $2,912 $2,699 $5,448 $2,797 
Total Sales Events$21,966 $46,412 $38,219 $46,569 $29,170 


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SEI Investments Company (NASDAQ: SEIC) Q2 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: • the benefits that we and our stakeholders will receive as a consequence of our partnership with Stratos Wealth Management; • our commitment to long-term growth, innovation and accountability; • our focus on execution and the benefits of this focus: • our ability to maintain our sales momentum; • when we will receive the benefits, if at all, of the investments we make; • our cost controls; • the impact of our resource allocations; • our potential, both short and long-term; • the duration of market weaknesses and the effect on us; • the degree to which our hiring will lead to improved execution and support our growth; • the stability of our margins; • the pace of our sales events and market conditions in the second half of 2025; • the timing of the closing of our partnership with Stratos Wealth Management; • the source of our funding of our purchase of the equity of Stratos Wealth Management; • the evolution of our go to market strategy; • our ability to serve the world’s most sophisticated institutional, wealth, and asset management organizations; • our strategic priorities and our ability to execute against these priorities; • the strength of our position to address the current and future uncertainties; • the impacts of market uncertainty; • our investment priorities; • our ability to deliver sustained, long-term growth and shareholder value; • the demand for our products and services; • the headwinds that may affect our businesses; • the opportunities available to us for growth and to gain share in the markets or regions in which we currently, and seek to, participate; • 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; • the strength and elements of our balance sheet; • the strength of our pipelines and the momentum that each may have; • 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 PresentationQ2 2025

 
Q2 2025 vs. Q2 '24 vs. Q1 '25 Revenues 559.6 7.8% 1.5% Operating Income 148.6 8.9% -5.4% Net Income 227.1 63.2% 49.9% EPS $1.78 69.5% 52.1% Net Sales Events 29.2 32.8% -37.4% Operating Margin 26.6% 0.3% -1.9% Assets Under Management ($B) 517.5 10.0% 6.5% Administration, Platform & Advisement ($B) 1,177.4 11.8% 5.1% % Change Q2 2025 highlights. SEI Earnings PresentationQ2 2025 EPS of $1.78 includes several non-recurring items – Excluding impact of these items, EPS increased on both a sequential and year-over-year basis Net sales events totaled $29M, led by Investment Managers and reflecting temporary delays in Private Banking. Pipelines across SEI’s business remain strong Margins improved year-over-year but declined sequentially due to investments to support strong sales momentum and expected growth $ 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 Q2 2025 reflects continued momentumQ2 2025 financial snapshot 3

 
Earnings per share. SEI Earnings PresentationQ2 2025 Reported Q2 EPS of $1.78, including unusual items: • $0.60 gain on the sale of FOS and a vendor settlement gain, both reflected in other income • $0.02 of non-recurring expenses captured in corporate overhead (FX losses and M&A fees) Excluding unusual items: • EPS increased on both a year- over-year and sequential basis • All SEI businesses reported increased operating profit on a year-over-year basis • Elevated share repurchases support EPS growth both sequentially and year-over-year Strong EPS growth ex-unusual items Q2 2024 Private Banks Investment Advisors Institutional Investors Investment Managers LSV Income Corporate Overhead Tax Rate & Other Share Count Q2 2025 +69% Q1 2025 Private Banks Investment Advisors Institutional Investors Investment Managers LSV Income Corporate Overhead Tax Rate & Other Share Count Q2 2025 +52% 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 $1.05 $0.01 $0.06 $0.00 $0.03 $0.00 -$0.04 $0.61 $0.06 $1.78 $1.17 $0.00 -$0.02 $0.01 -$0.01 $0.03 -$0.03 $0.61 $0.03 $1.78

 
Business unit performance. SEI Earnings PresentationQ2 2025 Revenue ($M) Private Banking revenue increase driven by several client go-lives during Q2 Investment Managers revenue growth reflects double-digit alts increase offset by modest decline in traditional due to mark-to-market pressure • Mark-to-market pressure expected to subside based upon May/June market appreciation Advisor year-over-year growth driven by $21M in Integrated Cash Program revenue, up $11M from Q2 2024 Advisor and Institutional revenue flat sequentially against choppy Q2 market conditions Business unit highlightsOperating profit ($M) $132 $180 $121 $72 $138 $192 $137 $69 $141 $195 $137 $69 Private Banking Investment Managers Investment Advisors Institutional Investors Q2 2024 Q1 2025 Q2 2025 $21 $69 $52 $33 $23 $75 $64 $33 $23 $73 $61 $33 Private Banking Investment Managers Investment Advisors Institutional Investors Q2 2024 Q1 2025 Q2 2025 +7% +8% +14% -3% +11% +7% +19% +1% 5

 
Operating margins. SEI Earnings PresentationQ2 2025 -4.0% -2.0% 0.0% 2.0% 4.0% 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 Positive operating leverage across all businesses except Investment Managers vs. prior year Margin performance vs. Q1 2025: Investment Managers: Decline driven by hiring ahead of new business and delays in Q1 hiring Private Banking: Modest decline driven by ramp-up of investments to support strong pipeline Investment Advisors: Decline driven by handful of choppier items: Earn-out accrual, onboarding costs, elevated Q1 2025 comparison Institutional Investors: Q2 supported by $1M non-recurring earn-out reversal 6

 
Net sales events. SEI Earnings PresentationQ2 2025 $8.5 $16.5 $15.9 $34.9 $28.2 $36.8 $24.1 $5.3 $4.8 $6.1 $11.5 $10.0 $9.7 $5.0 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Recurring Non-Recurring Total net sales events ($M) Investment Managers led sales in Q2, driven by balanced wins across alternatives, traditional and international. Strong pipeline driven by large alternative managers new to outsourcing Private Banking net events reflect slippage from Q2 due to April market volatility. Pipeline remains strong across regional/community banks, larger banks and professional services Institutional and Advisors net events reflect significant improvement vs. historical run-rate; +$2M YTD vs. ($11M) for H1 2024 Net sales events reached record $160M in TTM Q2 7

 
Client asset summary. SEI Earnings PresentationQ2 2025 AUA and assets on platform ($B)* AUM ($B) $1,054 $1,120 $1,177 Q2 2024 Q1 2025 Q2 2025 +12% +5% $471 $486 $517 Q2 2024 Q1 2025 Q2 2025 +10% +6% Highlights • Both AUM and AUA increased relative to the prior year and prior quarter • AUM growth reflects both positive market conditions and improving asset flows. Traditional mutual fund outflows largely offset with growth in models and custom portfolios • Growth in AUA reflects continued demand for Investment Managers services, in addition to market appreciation • LSV investment outflows were more than offset by market appreciation, and fund performance remains solid with LSV realized $5M of performance fees in Q2 at SEI’s share *Assets under administration, advisement and platform-only 8

 
Capital allocation, liquidity, and capitalization. SEI Earnings PresentationQ2 2025 $181 $719 $61 $123 Q2 '25 TTM Q2 '25 Buybacks Dividends Capital returned to shareholders ($M) Liquidity and capitalization ($M) $746 $0 $11,500 Cash Long-Term Debt Market Capitalization Continued to return significant capital to shareholders during Q2: TTM buybacks now exceed $700M Stratos acquisition announced last week not reflected in Q2, expected to close later in 2025 Expect to fund majority of Stratos with low-cost balance sheet cash while continuing to return FCF to shareholders via dividends and buybacks Highlights 9

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