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)

________________________________________

________________________________________

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

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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. ☐

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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						Reclassified Results by Business Segment due to Business Segment Restructuring Year Over Year Comparison
99.2						Reclassified Results by Business Segment due to Business Segment Restructuring
99.3						Reclassified Ending Asset Balances by Business Segment due to Business Segment Restructuring
99.4						Reclassified Average Asset Balances by Business Segment due to Business Segment Restructuring
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

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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

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.

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.

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.

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.