Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

October 24, 2013


Exhibit 99.1



Investor Contact:                         Media Contact:
Nicole Vattimo                            Dana Grosser
SEI    SEI
+1 610-676-4385                        +1 610-676-2459
nvattimo@seic.com                         dgrosser@seic.com
Pages:        9

FOR IMMEDIATE RELEASE

SEI REPORTS THIRD-QUARTER 2013 FINANCIAL RESULTS

OAKS, Pa., October 24, 2013 -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for third-quarter 2013. Diluted earnings per share were $.38 in third-quarter 2013 compared to $.29 in third-quarter 2012.

Consolidated Overview
 
For the Three Months
 
For the Nine Months
 
(In thousands, except earnings per share)
 
Ended September 30,
 
Ended September 30,
 
 
 
2013
 
2012
 
%
 
2013
 
2012
 
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
$
280,655

 
$
251,752

 
11
%
 
$
827,108

 
$
730,887

 
13
%
 
Net Income attributable to SEI
 
67,195

 
50,743

 
32
%
 
222,609

 
150,263

 
48
%
 
Diluted Earnings Per Share
 

$0.38

 

$0.29

 
31
%
 

$1.26

 

$0.85

 
48
%
 

"During the third quarter of 2013, the Company continued its positive progress across all of our business units. Our growth in revenues and profits reflect the impact of new client activity, growth of existing clients, and positive asset flows," said Alfred P. West, Jr., SEI Chairman and CEO.

“We continue to be encouraged by the market acceptance of our solutions. We are engaged in rapidly-changing markets requiring continued investment in our product and service offering. This enables us to enhance our competitive strength, accelerate our growth, and enhance long-term shareholder value.”





Summary of Third-Quarter Results by Business Segment

(In thousands)
 
For the Three Months
 
For the Nine Months
 
 
Ended September 30,
 
Ended September 30,
 
 
2013
 
2012
 
%
 
2013
 
2012
 
%
Private Banks:
 
 
 
 
 
 
 
 
 
 
 
 
   Revenues
 

$97,370

 

$92,076

 
6
%
 

$291,258

 

$268,367

 
9
 %
   Expenses
 
95,579

 
91,209

 
5
%
 
289,632

 
263,612

 
10
 %
   Operating Profit
 
1,791

 
867

 
107
%
 
1,626

 
4,755

 
(66
)%
   Gain on sale of subsidiary
 

 

 
N/M

 
22,112

 

 
N/M

   Total Profit
 

$1,791

 

$867

 
107
%
 

$23,738

 

$4,755

 
N/M

   Operating Margin (A)
 
2
%
 
1
%
 
 
 
1
%
 
2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Advisors:
 
 
 
 
 
 
 
 
 
 
 
 
   Revenues
 
61,393

 
51,384

 
19
%
 
175,868

 
150,227

 
17
 %
   Expenses
 
33,768

 
30,114

 
12
%
 
98,291

 
88,440

 
11
 %
   Operating Profit
 
27,625

 
21,270

 
30
%
 
77,577

 
61,787

 
26
 %
   Operating Margin
 
45
%
 
41
%
 
 
 
44
%
 
41
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Institutional Investors:
 
 
 
 
 
 
 
 
 
 
 
 
   Revenues
 
63,539

 
58,081

 
9
%
 
190,385

 
167,293

 
14
 %
   Expenses
 
33,058

 
29,654

 
11
%
 
97,595

 
86,494

 
13
 %
   Operating Profit
 
30,481

 
28,427

 
7
%
 
92,790

 
80,799

 
15
 %
   Operating Margin
 
48
%
 
49
%
 
 
 
49
%
 
48
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Managers:
 
 
 
 
 
 
 
 
 
 
 
 
   Revenues
 
57,266

 
49,311

 
16
%
 
166,542

 
142,235

 
17
 %
   Expenses
 
37,763

 
32,122

 
18
%
 
109,432

 
92,711

 
18
 %
   Operating Profit
 
19,503

 
17,189

 
13
%
 
57,110

 
49,524

 
15
 %
   Operating Margin
 
34
%
 
35
%
 
 
 
34
%
 
35
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in New Businesses:
 
 
 
 
 
 
 
 
 
 
 
 
   Revenues
 
1,087

 
900

 
21
%
 
3,055

 
2,765

 
10
 %
   Expenses
 
4,146

 
3,698

 
12
%
 
11,774

 
11,080

 
6
 %
   Operating Loss
 
(3,059
)
 
(2,798
)
 
N/M

 
(8,719
)
 
(8,315
)
 
N/M

 
 
 
 
 
 
 
 
 
 
 
 
 
Totals:
 
 
 
 
 
 
 
 
 
 
 
 
   Revenues
 
$
280,655

 
$
251,752

 
11
%
 
$
827,108

 
$
730,887

 
13
 %
   Expenses
 
204,314

 
186,797

 
9
%
 
606,724

 
542,337

 
12
 %
   Corporate overhead expenses
 
14,402

 
11,668

 
23
%
 
40,719

 
33,830

 
20
 %
   NCI reflected in segments
 

 
(203
)
 
N/M

 
(289
)
 
(657
)
 
N/M

   Income from operations
 
$
61,939

 
$
53,490

 
16
%
 
$
179,954

 
$
155,377

 
16
 %
 
 
 
 
 
 
 
 
 
 
 
 
 

(A) Percentage determined exclusive of gain on sale of subsidiary.


2



Third-Quarter Business Commentary:

Revenues increased in third-quarter 2013 as compared to both third-quarter 2012 and second-quarter 2013. Revenue growth was primarily driven by higher Asset management, administration, and distribution fees from improved cash flows from new and existing clients and market appreciation.
Our average assets under management, excluding LSV, increased $11.3 billion, or nine percent, to $143.9 billion in the third-quarter 2013, as compared to $132.6 billion during the third-quarter 2012, and increased $3.0 billion, or two percent, as compared to $140.9 billion during the second-quarter 2013. Average asset balances for the third-quarter 2012 include $6.5 billion in assets related to SEI Asset Korea, which was sold in first-quarter 2013 (see attached Ending and Average Asset Balances schedules for further details).
Sales events, net of client losses, during third-quarter 2013 totaled approximately $20.7 million and are expected to generate net annualized recurring revenues of approximately $18.3 million when contract values are fully realized.
Income from LSV increased in third-quarter 2013 to $31.3 million as compared to $24.9 million in third-quarter 2012 due to an increase in assets under management. Our ownership interest in LSV was approximately 39.3 percent in third-quarter 2013 and 39.8 percent in third-quarter 2012.
Stock-based compensation expense in third-quarter 2013 increased by $7.2 million as compared to third-quarter 2012. This incremental expense reflects a change in our estimate of the timing of when stock option vesting targets will be achieved. The Private Banks segment recognized $2.1 million of this incremental expense. The Investment Advisors, Institutional Investors, and Investment Managers segments each recognized approximately $1.3 million in expense.
Corporate overhead costs increased in third-quarter 2013 as compared to third-quarter 2012 due to $1.2 million in increased stock-based compensation, increased personnel costs, and higher costs related to regulatory and compliance matters.
The effective tax rates were 28.5 percent in third-quarter 2013, 39.0 percent in third-quarter 2012, and 35.5 percent in second-quarter 2013. The third-quarter 2013 tax rate was benefited by Pennsylvania Tax Law changes enacted during the third-quarter 2013. These changes resulted in a reduction of the deferred tax liability that has been built up over numerous years. The third-quarter 2012 tax rate reflected the accrual of taxes on the cumulative undistributed earnings of SEI Asset Korea.
In third-quarter 2013, we repurchased 1.9 million shares of our common stock for $58.6 million.

3



Earnings Conference Call
A conference call to review earnings is scheduled for 2:00 p.m. ET on October 24, 2013. Investors may listen to the call at www.seic.com/investors. The call may also be accessed at the financial services sections of numerous web sites, including Google Finance and Yahoo Finance. Investors may also listen to replays at these web sites, or by telephone at (USA) 1-800-475-6701; (International) 320-365-3844, access code 306035.

About SEI
SEI (NASDAQ:SEIC) is a leading global provider of investment processing, fund processing, and investment management business outsourcing solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of September 30, 2013, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $529 billion in mutual fund and pooled or separately managed assets, including $219 billion in assets under management and $310 billion in client assets under administration. For more information, visit www.seic.com.



Many of the statements in this release may be considered “forward looking statements” and include discussions about future operations, strategies and financial results. Forward-looking statements are based upon estimates and assumptions that involve risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe our assumptions are reasonable, they could be inaccurate. Our actual future revenues and income could differ materially from our expected results. We have no obligation to publicly update or revise any forward-looking statements.




4



SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
 
For the Three Months Ended September 30,
 
 
2013
 
2012
 
 
 
 
 
Asset management, admin. and distribution fees
 

$208,780

 

$183,083

Information processing and software servicing fees
 
64,606

 
60,901

Transaction–based and trade execution fees
 
7,269

 
7,768

 
 
 
 
 
Total revenues
 
280,655

 
251,752

 
 
 
 
 
Subadvisory, distribution and other asset mgmt costs
 
31,209

 
26,022

Software royalties and other information processing costs
 
7,541

 
6,701

Brokerage commissions
 
5,519

 
5,542

Compensation, benefits and other personnel
 
89,311

 
85,781

Stock-based compensation
 
11,097

 
3,879

Consulting, outsourcing and professional fees
 
33,367

 
27,314

Data processing and computer related
 
12,654

 
11,749

Facilities, supplies and other costs
 
13,573

 
15,129

Amortization
 
8,829

 
10,384

Depreciation
 
5,616

 
5,761

 
 
 
 
 
Total expenses
 
218,716

 
198,262

 
 
 
 
 
Income from operations
 
61,939

 
53,490

 
 
 
 
 
Net gain on investments
 
535

 
3,708

Interest and dividend income
 
679

 
1,490

Interest expense
 
(195
)
 
(115
)
Equity in earnings of unconsolidated affiliates
 
31,028

 
24,928

 
 
 
 
 
Net income before income taxes
 
93,986

 
83,501

 
 
 
 
 
Income taxes
 
26,791

 
32,415

 
 
 
 
 
Net income
 
67,195

 
51,086

 
 
 
 
 
Less: Net income attributable to the noncontrolling interest
 

 
(343
)
 
 
 
 
 
Net income attributable to SEI
 

$67,195

 

$50,743

 
 
 
 
 
Diluted earnings per common share
 

$0.38

 

$0.29

 
 
 
 
 
Shares used to calculate diluted earnings per share
 
176,043

 
175,369

 
 
 
 
 
Basic earnings per common share
 

$0.39

 

$0.29

 
 
 
 
 
Shares used to calculate basic earnings per share
 
171,308

 
173,429

 
 
 
 
 




5



SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
 
For the Nine Months Ended September 30,
 
 
2013
 
2012
 
 
 
 
 
Asset management, admin. and distribution fees
 

$611,135

 

$532,650

Information processing and software servicing fees
 
191,606

 
174,355

Transaction–based and trade execution fees
 
24,367

 
23,882

 
 
 
 
 
Total revenues
 
827,108

 
730,887

 
 
 
 
 
Subadvisory, distribution and other asset mgmt costs
 
88,795

 
79,442

Software royalties and other information processing costs
 
22,912

 
19,337

Brokerage commissions
 
18,291

 
17,483

Compensation, benefits and other personnel
 
264,636

 
244,855

Stock-based compensation
 
26,997

 
11,777

Consulting, outsourcing and professional fees
 
98,667

 
80,598

Data processing and computer related
 
37,028

 
34,873

Facilities, supplies and other costs
 
47,280

 
44,909

Amortization
 
25,498

 
25,413

Depreciation
 
17,050

 
16,823

 
 
 
 
 
Total expenses
 
647,154

 
575,510

 
 
 
 
 
Income from operations
 
179,954

 
155,377

 
 
 
 
 
Net gain on investments
 
638

 
7,577

Interest and dividend income
 
2,420

 
4,417

Interest expense
 
(422
)
 
(389
)
Equity in earnings of unconsolidated affiliates
 
86,204

 
74,970

Gain on sale of subsidiary
 
22,112

 

Other income
 
43,429

 

 
 
 
 
 
Net income before income taxes
 
334,335

 
241,952

 
 
 
 
 
Income taxes
 
111,376

 
90,892

 
 
 
 
 
Net income
 
222,959

 
151,060

 
 
 
 
 
Less: Net income attributable to the noncontrolling interest
 
(350
)
 
(797
)
 
 
 
 
 
Net income attributable to SEI
 

$222,609

 

$150,263

 
 
 
 
 
Diluted earnings per common share
 

$1.26

 

$0.85

 
 
 
 
 
Shares used to calculate diluted earnings per share
 
176,036

 
176,317

 
 
 
 
 
Basic earnings per common share
 

$1.29

 

$0.86

 
 
 
 
 
Shares used to calculate basic earnings per share
 
172,043

 
174,869

 
 
 
 
 


6



SEI INVESTMENTS COMPANY
CONDENSED BALANCE SHEETS
(In thousands)
(Unaudited)

 
 
September 30,
 
December 31,
 
 
2013
 
2012
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 

$527,214

 

$452,247

Restricted cash
 
5,500

 
6,000

Receivables, net
 
225,961

 
202,818

Securities owned
 
20,728

 
20,088

Other current assets
 
20,629

 
20,251

 
 
 
 
 
     Total current assets
 
800,032

 
701,404

 
 
 
 
 
Property and equipment, net
 
118,494

 
127,581

Investments available for sale
 
86,186

 
75,869

Trading securities
 
4,841

 
5,909

Capitalized software, net
 
313,206

 
307,490

Investment in unconsolidated affiliates
 
57,429

 
77,398

Other assets, net
 
11,511

 
14,173

 
 
 
 
 
     Total assets
 

$1,391,699

 

$1,309,824

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Current liabilities
 

$145,278

 

$152,005

Deferred income taxes
 
71,151

 
93,458

Other Long-term liabilities
 
8,703

 
7,032

 
 
 
 
 
Total SEI Investments Company shareholders’ equity
 
1,166,567

 
1,038,180

Noncontrolling interest
 

 
19,149

Total Equity
 
1,166,567

 
1,057,329

 
 
 
 
 
     Total liabilities and equity
 

$1,391,699

 

$1,309,824




7



SEI INVESTMENTS COMPANY
ENDING ASSET BALANCES
(In millions)
(Unaudited)
 
 
 
Sept. 30,
 
Dec. 31,
 
Mar. 31,
 
Jun. 30,
 
Sept. 30,
 
 
 
2012
 
2012
 
2013
 
2013
 
2013
Private Banks:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$17,960

 

$18,862

 

$12,446

 

$12,876

 

$14,305

Collective Trust Fund programs
 
 
147

 
11

 
9

 
10

 
11

Liquidity funds
 
 
5,342

 
6,008

 
5,143

 
5,048

 
5,167

Total assets under management
 
 

$23,449

 

$24,881

 

$17,598

 

$17,934

 

$19,483

Client assets under administration
 
 
11,611

 
12,178

 
12,970

 
13,122

 
14,101

Total assets
 
 

$35,060

 

$37,059

 

$30,568

 

$31,056

 

$33,584

 
 
 
 
 
 
 
 
 
 
 
 
Investment Advisors:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$30,864

 

$31,220

 

$34,166

 

$34,447

 

$36,203

Collective Trust Fund programs
 
 
370

 
14

 
15

 
14

 
14

Liquidity funds
 
 
1,868

 
2,514

 
2,094

 
2,145

 
2,779

Total assets under management
 
 

$33,102

 

$33,748

 

$36,275

 

$36,606

 

$38,996

 
 
 
 
 
 
 
 
 
 
 
 
Institutional Investors:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$59,852

 

$62,160

 

$64,214

 

$61,927

 

$64,429

Collective Trust Fund programs
 
 
153

 
102

 
101

 
106

 
107

Liquidity funds
 
 
3,272

 
2,454

 
2,810

 
2,901

 
3,125

Total assets under management
 
 

$63,277

 

$64,716

 

$67,125

 

$64,934

 

$67,661

 
 
 
 
 
 
 
 
 
 
 
 
Investment Managers:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$65

 

$67

 

$73

 

$75

 

$75

Collective Trust Fund programs
 
 
15,433

 
16,197

 
17,656

 
18,197

 
19,868

Liquidity funds
 
 
396

 
408

 
522

 
542

 
678

Total assets under management
 
 

$15,894

 

$16,672

 

$18,251

 

$18,814

 

$20,621

Client assets under administration (A)
 
 
240,965

 
244,671

 
275,632

 
289,807

 
295,959

Total assets
 
 

$256,859

 

$261,343

 

$293,883

 

$308,621

 

$316,580

 
 
 
 
 
 
 
 
 
 
 
 
Investments in New Businesses:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$534

 

$513

 

$552

 

$572

 

$594

Liquidity funds
 
 
29

 
43

 
42

 
29

 
26

Total assets under management
 
 

$563

 

$556

 

$594

 

$601

 

$620

 
 
 
 
 
 
 
 
 
 
 
 
LSV Asset Management:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$58,886

 

$60,947

 

$64,958

 

$65,417

 

$71,149

 
 
 
 
 
 
 
 
 
 
 
 
Total:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs (B) (D)
 
 

$168,161

 

$173,769

 

$176,409

 

$175,314

 

$186,755

Collective Trust Fund programs
 
 
16,103

 
16,324

 
17,781

 
18,327

 
20,000

Liquidity funds
 
 
10,907

 
11,427

 
10,611

 
10,665

 
11,775

Total assets under management
 
 

$195,171

 

$201,520

 

$204,801

 

$204,306

 

$218,530

 
 
 
 
 
 
 
 
 
 
 
 
Client assets under administration (C)
 
 
252,576

 
256,849

 
288,602

 
302,929

 
310,060

Total assets
 
 

$447,747

 

$458,369

 

$493,403

 

$507,235

 

$528,590

(A)
Client assets under administration in the Investment Managers segment include $56.2 billion of assets balances that require limited services and therefore are at fee levels below our normal full service assets (as of Sept. 30, 2013).
(B)
Equity/Fixed Income programs include $3.9 billion of assets invested in various asset allocation funds at Sept. 30, 2013.
(C)
In addition to the numbers presented, SEI also administers an additional $5.6 billion in Funds of Funds assets (as of
Sept. 30, 2013) on which SEI does not earn an administration fee.
(D)
Equity/Fixed Income programs in the Private Banks segment for 2012 included assets related to SEI Asset Korea, which was sold in first-quarter 2013. Assets for SEI Asset Korea at Sept. 30, 2012 and Dec. 31, 2012 were $6.6 billion and $7.0 billion, respectively.


8



SEI INVESTMENTS COMPANY
AVERAGE ASSET BALANCES
(In millions)
(Unaudited)
 
 
 
3rd Qtr.
 
4th Qtr.
 
1st Qtr.
 
2nd Qtr.
 
3rd Qtr.
 
 
 
2012
 
2012
 
2013
 
2013
 
2013
Private Banks:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$17,527

 

$18,301

 

$19,197

 

$12,959

 

$13,696

Collective Trust Fund programs
 
 
230

 
66

 
11

 
10

 
11

Liquidity funds
 
 
5,401

 
5,229

 
5,556

 
5,093

 
5,142

Total assets under management
 
 

$23,158

 

$23,596

 

$24,764

 

$18,062

 

$18,849

Client assets under administration
 
 
10,867

 
11,783

 
12,860

 
13,183

 
13,760

Total assets
 
 

$34,025

 

$35,379

 

$37,624

 

$31,245

 

$32,609

 
 
 
 
 
 
 
 
 
 
 
 
Investment Advisors:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$30,032

 

$30,881

 

$33,189

 

$34,831

 

$35,618

Collective Trust Fund programs
 
 
532

 
158

 
14

 
14

 
14

Liquidity funds
 
 
1,886

 
2,176

 
2,085

 
2,028

 
2,520

Total assets under management
 
 

$32,450

 

$33,215

 

$35,288

 

$36,873

 

$38,152

 
 
 
 
 
 
 
 
 
 
 
 
Institutional Investors:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$57,763

 

$61,304

 

$63,642

 

$63,466

 

$63,153

Collective Trust Fund programs
 
 
284

 
120

 
101

 
105

 
107

Liquidity funds
 
 
3,253

 
3,493

 
2,960

 
2,975

 
3,091

Total assets under management
 
 

$61,300

 

$64,917

 

$66,703

 

$66,546

 

$66,351

 
 
 
 
 
 
 
 
 
 
 
 
Investment Managers:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$62

 

$68

 

$68

 

$75

 

$76

Collective Trust Fund programs
 
 
14,797

 
15,719

 
17,129

 
18,205

 
19,259

Liquidity funds
 
 
287

 
395

 
511

 
500

 
613

Total assets under management
 
 

$15,146

 

$16,182

 

$17,708

 

$18,780

 

$19,948

Client assets under administration
 
 
237,155

 
240,520

 
263,054

 
286,018

 
292,627

Total assets
 
 

$252,301

 

$256,702

 

$280,762

 

$304,798

 

$312,575

 
 
 
 
 
 
 
 
 
 
 
 
Investments in New Businesses:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$530

 

$518

 

$542

 

$567

 

$584

Liquidity funds
 
 
35

 
33

 
38

 
34

 
27

Total assets under management
 
 

$565

 

$551

 

$580

 

$601

 

$611

 
 
 
 
 
 
 
 
 
 
 
 
LSV Asset Management:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$57,164

 

$59,383

 

$63,997

 

$66,781

 

$69,463

 
 
 
 
 
 
 
 
 
 
 
 
Total:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs (A)
 
 

$163,078

 

$170,455

 

$180,635

 

$178,679

 

$182,590

Collective Trust Fund programs
 
 
15,843

 
16,063

 
17,255

 
18,334

 
19,391

Liquidity funds
 
 
10,862

 
11,326

 
11,150

 
10,630

 
11,393

Total assets under management
 
 

$189,783

 

$197,844

 

$209,040

 

$207,643

 

$213,374

 
 
 
 
 
 
 
 
 
 
 
 
Client assets under administration
 
 
248,022

 
252,303

 
275,914

 
299,201

 
306,387

Total assets
 
 

$437,805

 

$450,147

 

$484,954

 

$506,844

 

$519,761

(A)
Equity/Fixed Income programs in the Private Banks segment for 2012 and first-quarter 2013 included average assets related to SEI Asset Korea, which was sold in first-quarter 2013. Average assets for SEI Asset Korea for the third and fourth quarters of 2012 were $6.5 billion and $6.8 billion, respectively, and $7.0 billion for the first-quarter 2013.



9