Form: 8-K

Current report

July 23, 2025

headerimage_v1-01a.jpg
Investor contact:                        Media contact:                        
Brad Burke                            Leslie Wojcik
SEI                                SEI                                
+1 610-676-5350                        +1 610-676-4191
bburke2@seic.com                        lwojcik@seic.com
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,
2025 2024 % 2025 2024 %
Revenues $559,601  $518,986  8% $1,110,945  $1,030,565  8%
Operating income 148,635  136,514  9% 305,732  262,365  17%
Operating margin 27  % 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.”
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Summary of Second-Quarter Results by Business Segment

(In thousands) For the Three Months Ended June 30, For the Six Months Ended June 30,
2025 2024 % 2025 2024 %
Investment Managers:
Revenues $195,067  $179,868  8% $387,115  $352,521  10%
Expenses 121,636  111,287  9% 238,847  220,837  8%
Operating Profit 73,431  68,581  7% 148,268  131,684  13%
Operating Margin 38  % 38  % 38  % 37  %
Private Banks:
Revenues 141,449  132,401  7% 279,163  262,538  6%
Expenses 118,724  111,890  6% 233,473  224,864  4%
Operating Profit 22,725  20,511  11% 45,690  37,674  21%
Operating Margin 16  % 15  % 16  % 14  %
Investment Advisors:
Revenues 137,193  120,587  14% 273,769  243,305  13%
Expenses 75,801  68,953  10% 148,256  135,911  9%
Operating Profit 61,392  51,634  19% 125,513  107,394  17%
Operating Margin 45  % 43  % 46  % 44  %
Institutional Investors:
Revenues 69,343  71,507  (3)% 137,849  143,285  (4)%
Expenses 35,857  38,426  (7)% 71,727  78,535  (9)%
Operating Profit 33,486  33,081  1% 66,122  64,750  2%
Operating Margin 48  % 46  % 48  % 45  %
Investments in New Businesses:
Revenues 16,549  14,623  13% 33,049  28,916  14%
Expenses 18,430  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%
Expenses 370,448  349,136  6% 729,229  697,110  5%
Corporate Overhead Expenses 40,518  33,336  22% 75,984  71,090  7%
Income from Operations $148,635  $136,514  9% $305,732  $262,365  17%
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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.
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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.
# # #
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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,
2025 2024 2025 2024
Asset management, admin. and distribution fees $437,543  $409,398  $869,686  $813,764 
Information processing and software servicing fees 122,058  109,588  241,259  216,801 
Total revenues 559,601  518,986  1,110,945  1,030,565 
Subadvisory, distribution and other asset mgmt. costs 49,709  46,542  97,241  93,310 
Software royalties and other information processing costs 9,191  8,096  18,272  16,567 
Compensation, benefits and other personnel 199,574  185,878  390,358  378,794 
Stock-based compensation 13,891  12,469  28,029  23,528 
Consulting, outsourcing and professional fees 56,942  53,991  112,943  105,967 
Data processing and computer related 41,801  38,074  81,120  75,234 
Facilities, supplies and other costs 21,744  18,570  40,499  37,173 
Amortization 10,449  10,485  21,159  20,871 
Depreciation 7,665  8,367  15,592  16,756 
Total expenses 410,966  382,472  805,213  768,200 
Income from operations 148,635  136,514  305,732  262,365 
Net gain from investments 1,759  666  2,252  2,922 
Interest and dividend income 9,283  11,552  19,504  22,371 
Interest expense (92) (139) (277) (278)
Gain on sale of business 94,412  —  94,412  — 
Other income 4,500  —  4,500  — 
Equity in earnings of unconsolidated affiliate 33,640  34,219  62,387  65,862 
Income before income taxes 292,137  182,812  488,510  353,242 
Income taxes 65,054  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 share 124,470  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 share 127,278  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,
2025 2024
Assets
Current Assets:
Cash and cash equivalents $746,349  $840,193 
Receivables from investment products 49,095  54,118 
Receivables, net of allowance for doubtful accounts of $2,124 and $1,435
637,568  567,634 
Securities owned 31,682  29,583 
Other current assets 66,310  60,282 
Total Current Assets 1,531,004  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 Assets 26,693  28,905 
Capitalized Software, net of accumulated amortization of $653,008 and $641,071
235,601  236,023 
Investments 290,466  315,567 
Goodwill 168,738  170,287 
Intangible Assets, net of accumulated amortization of $41,550 and $55,835
65,189  77,370 
Deferred Contract Costs 47,218  45,855 
Deferred Income Taxes 51,379  51,984 
Other Assets, net 54,288  47,162 
Total Assets $2,626,266  $2,684,606 
Liabilities and Equity
Current Liabilities:
Accounts payable $13,084  $13,081 
Accrued liabilities 214,507  347,513 
Current portion of long-term operating lease liabilities 7,400  7,900 
Deferred revenue 12,583  12,019 
Total Current Liabilities 247,574  380,513 
Long-term Income Taxes Payable —  803 
Long-term Operating Lease Liabilities 21,646  24,235 
Other Long-term Liabilities 18,607  26,943 
Total Liabilities 287,827  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 value 1,619,133  1,539,816 
Retained earnings 739,453  758,003 
Accumulated other comprehensive loss, net (21,383) (46,975)
Total Shareholders' Equity 2,338,439  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,
2025 2024
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 cash 17,103  (2,667)
Net decrease in cash, cash equivalents and restricted cash (93,844) (66,406)
Cash, cash equivalents and restricted cash, beginning of period 840,193  834,998 
Cash, cash equivalents and restricted cash, end of period $746,349  $768,592 
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ENDING ASSET BALANCES
(In millions) (Unaudited)
Jun. 30 Sep. 30 Dec. 31 Mar. 31 Jun. 30
2024 2024 2024 2025 2025
Investment Managers:
Collective trust fund programs (A) $192,747  $204,429  $202,384  $209,491  $225,690 
Liquidity funds 221  233  188  244  307 
Total assets under management $192,968  $204,662  $202,572  $209,735  $225,997 
Client assets under administration 998,315  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 programs
Liquidity funds 2,699  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 administration 7,813  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 funds 4,301  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 assets 21,908  24,501  25,244  25,591  29,848 
Platform-only assets-deposit program 894  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 programs — 
Liquidity funds 2,309  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 advisement 7,886  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 funds 631  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 advisement 1,886  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 programs 192,753  204,435  202,389  209,496  225,693 
Liquidity funds 10,161  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 advisement 9,772  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 assets 22,802  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.
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AVERAGE ASSET BALANCES
(In millions) (Unaudited)
2nd Qtr. 3rd Qtr. 4th Qtr. 1st Qtr. 2nd Qtr.
2024 2024 2024 2025 2025
Investment Managers:
Collective trust fund programs (A) $189,884  $198,839  $204,954  $208,720  $215,085 
Liquidity funds 227  245  223  256  288 
Total assets under management $190,111  $199,084  $205,177  $208,976  $215,373 
Client assets under administration 982,806  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 programs
Liquidity funds 2,734  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 administration 7,884  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 funds 4,348  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 assets 20,897  23,194  25,109  25,939  27,288 
Platform-only assets-deposit program 886  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 programs — 
Liquidity funds 1,893  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 advisement 7,508  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 funds 471  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 advisement 2,014  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 programs 189,890  198,845  204,959  208,725  215,088 
Liquidity funds 9,673  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 advisement 9,522  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 assets 21,783  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.
2024 2024 2024 2025 2025
Investment Processing-related Businesses:
Investment Managers $ 17,180  $ 23,319  $ 18,027  $ 25,296  $ 21,928 
Private Banks 4,331  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.
2024 2024 2024 2025 2025
Investment Processing-related Businesses:
Investment Managers $ 930  $ 712  $ 2,465  $ 835  $ 1,102 
Private Banks 4,431  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.
2024 2024 2024 2025 2025
Investment Processing-related Businesses:
Investment Managers $ 18,110  $ 24,031  $ 20,492  $ 26,131  $ 23,030 
Private Banks 8,762  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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