SEI
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
January 29, 2014
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 (Commission (I.R.S. Employer
of incorporation) File No.) Identification No.)
1 Freedom Valley Drive
Oaks, Pennsylvania 19456
(Address of principal executive offices) (Zip Code)
(610) 676-1000
(Registrants' telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
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))
Item 2.02. Results of Operations and Financial Condition.
On Wednesday, January 29, 2014, SEI Investments Company issued a press release announcing its financial and operating results for the fourth quarter ended December 31, 2013. A copy of the press release is furnished as Exhibit 99.1 and incorporated in this Item 2.02 by reference.
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 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
99.1 | Press Release dated January 29, 2014 of SEI Investments Company related to the Company's financial and operating results for the fourth quarter ended December 31, 2013. |
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: | January 29, 2014 | By: | /s/ Dennis J. McGonigle |
Dennis J. McGonigle Chief Financial Officer | |||
EXHIBIT INDEX
Exhibit
Number Description
99.1 | Press Release dated January 29, 2014 of SEI Investments Company related to the Company's financial and operating results for the fourth quarter ended December 31, 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 FOURTH-QUARTER 2013 FINANCIAL RESULTS
OAKS, Pa., January 29, 2014 -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the fourth-quarter 2013. Diluted earnings per share were $.37 in fourth-quarter 2013 compared to $.32 in fourth-quarter 2012.
Consolidated Overview | For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | ||||||||||||||||||||
(In thousands, except earnings per share) | ||||||||||||||||||||||
2013 | 2012 | % | 2013 | 2012 | % | |||||||||||||||||
Revenues | $ | 299,024 | $ | 261,635 | 14 | % | $ | 1,126,132 | $ | 992,522 | 13 | % | ||||||||||
Net Income attributable to SEI | 65,515 | 56,585 | 16 | % | 288,124 | 206,848 | 39 | % | ||||||||||||||
Diluted Earnings Per Share | $0.37 | $0.32 | 16 | % | $1.64 | $1.18 | 39 | % | ||||||||||||||
"Improvement across all of our businesses continued during the fourth quarter both in our financial results, as well as the continued market acceptance of our solutions," said Alfred P. West, Jr., SEI Chairman and CEO. "We enter 2014 a stronger company thanks to the commitment of our clients and dedicated employees. The investments we have made in our products and services coupled with the strategic role we play in our selected markets sets us up well for the future.
"As always, our focus on creating long-term sustainable growth and increased shareholder value is unwavering."
Summary of Fourth-Quarter and Year to Date Results by Business Segment
(In thousands) | For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | |||||||||||||||||
2013 | 2012 | % | 2013 | 2012 | % | ||||||||||||||
Private Banks: | |||||||||||||||||||
Revenues | $105,880 | $96,421 | 10 | % | $397,138 | $364,788 | 9 | % | |||||||||||
Expenses | 102,767 | 93,389 | 10 | % | 392,399 | 357,001 | 10 | % | |||||||||||
Operating Profit | 3,113 | 3,032 | 3 | % | 4,739 | 7,787 | (39 | )% | |||||||||||
Gain on sale of subsidiary | — | — | — | 22,112 | — | NM | |||||||||||||
Total Profit | 3,113 | 3,032 | 3 | % | 26,851 | 7,787 | NM | ||||||||||||
Operating Margin (A) | 3 | % | 3 | % | 1 | % | 2 | % | |||||||||||
Investment Advisors: | |||||||||||||||||||
Revenues | 65,384 | 52,476 | 25 | % | 241,252 | 202,703 | 19 | % | |||||||||||
Expenses | 35,671 | 31,706 | 13 | % | 133,962 | 120,146 | 11 | % | |||||||||||
Operating Profit | 29,713 | 20,770 | 43 | % | 107,290 | 82,557 | 30 | % | |||||||||||
Operating Margin | 45 | % | 40 | % | 44 | % | 41 | % | |||||||||||
Institutional Investors: | |||||||||||||||||||
Revenues | 67,273 | 60,596 | 11 | % | 257,658 | 227,889 | 13 | % | |||||||||||
Expenses | 35,623 | 30,052 | 19 | % | 133,218 | 116,546 | 14 | % | |||||||||||
Operating Profit | 31,650 | 30,544 | 4 | % | 124,440 | 111,343 | 12 | % | |||||||||||
Operating Margin | 47 | % | 50 | % | 48 | % | 49 | % | |||||||||||
Investment Managers: | |||||||||||||||||||
Revenues | 59,539 | 51,249 | 16 | % | 226,081 | 193,484 | 17 | % | |||||||||||
Expenses | 39,545 | 34,814 | 14 | % | 148,977 | 127,525 | 17 | % | |||||||||||
Operating Profit | 19,994 | 16,435 | 22 | % | 77,104 | 65,959 | 17 | % | |||||||||||
Operating Margin | 34 | % | 32 | % | 34 | % | 34 | % | |||||||||||
Investments in New Businesses: | |||||||||||||||||||
Revenues | 948 | 893 | 6 | % | 4,003 | 3,658 | 9 | % | |||||||||||
Expenses | 3,949 | 3,874 | 2 | % | 15,723 | 14,954 | 5 | % | |||||||||||
Operating Loss | (3,001 | ) | (2,981 | ) | NM | (11,720 | ) | (11,296 | ) | NM | |||||||||
Totals: | |||||||||||||||||||
Revenues | $299,024 | $261,635 | 14 | % | $1,126,132 | $992,522 | 13 | % | |||||||||||
Expenses | 217,555 | 193,835 | 12 | % | 824,279 | 736,172 | 12 | % | |||||||||||
Corporate overhead expenses | 13,014 | 11,929 | 9 | % | 53,733 | 45,759 | 17 | % | |||||||||||
Noncontrolling interest reflected in segments | — | (318 | ) | NM | (289 | ) | (975 | ) | NM | ||||||||||
Income from operations | $68,455 | $56,189 | 22 | % | $248,409 | $211,566 | 17 | % | |||||||||||
(A) Percentage determined exclusive of gain on sale of subsidiary.
2
Fourth-Quarter Business Commentary:
• | Revenues increased in fourth-quarter 2013 as compared to both fourth-quarter 2012 and third-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 $13.2 billion, or ten percent, to $151.7 billion in the fourth-quarter 2013, as compared to $138.5 billion during the fourth-quarter 2012, and increased $7.8 billion, or five percent, as compared to $143.9 billion during the third-quarter 2013. Average asset balances for the fourth-quarter 2012 include $6.8 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). |
• | Revenue growth was also driven by increased Information processing and software servicing fees in our Private Banks segment. The increase was attributable to new business, higher one-time project revenue from new and existing bank clients, and increased fees earned from our mutual fund trading solution. |
• | Sales events, net of client losses, during fourth-quarter 2013 totaled approximately $21.1 million and are expected to generate net annualized recurring revenues of approximately $17.3 million when contract values are fully realized. |
• | Income from LSV increased in fourth-quarter 2013 to $32.1 million as compared to $25.0 million in fourth-quarter 2012 due to an increase in assets under management. Our ownership interest in LSV was approximately 39.3 percent in fourth-quarter 2013 and 39.8 percent in fourth-quarter 2012. |
• | Net income attributable to SEI in fourth-quarter 2012 included a gain of $5.3 million from the sale of our last remaining SIV security, the senior notes issued by Gryphon. |
• | Stock-based compensation expense in fourth-quarter 2013 increased by $6.9 million as compared to fourth-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 $2.0 million of this incremental expense. The Investment Advisors, Institutional Investors, and Investment Managers segments each recognized approximately $1.2 million in expense. |
• | Corporate overhead costs increased in fourth-quarter 2013 as compared to fourth-quarter 2012 primarily due to $1.2 million in increased stock-based compensation expense. |
• | The effective tax rates were 35.2 percent in fourth-quarter 2013, 35.0 percent in fourth-quarter 2012, and 28.5 percent in third-quarter 2013. The third-quarter 2013 tax rate was benefited by Pennsylvania Tax Law changes that resulted in a reduction of the deferred tax liability which had accumulated during prior years. |
• | In fourth-quarter 2013, we repurchased 1.9 million shares of our common stock for $64.7 million. |
3
Earnings Conference Call
A conference call to review earnings is scheduled for 2:00 p.m. ET on January 29, 2014. 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 317077.
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 December 31, 2013, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $559 billion in mutual fund and pooled or separately managed assets, including $232 billion in assets under management and $327 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 December 31, | ||||||||
2013 | 2012 | |||||||
Asset management, admin. and distribution fees | $220,585 | $190,980 | ||||||
Information processing and software servicing fees | 70,085 | 61,835 | ||||||
Transaction–based and trade execution fees | 8,354 | 8,820 | ||||||
Total revenues | 299,024 | 261,635 | ||||||
Subadvisory, distribution and other asset mgmt costs | 33,194 | 26,606 | ||||||
Software royalties and other information processing costs | 8,343 | 7,385 | ||||||
Brokerage commissions | 6,358 | 6,406 | ||||||
Compensation, benefits and other personnel | 92,817 | 90,441 | ||||||
Stock-based compensation | 10,868 | 3,959 | ||||||
Consulting, outsourcing and professional fees | 32,732 | 29,230 | ||||||
Data processing and computer related | 14,373 | 11,744 | ||||||
Facilities, supplies and other costs | 17,333 | 16,067 | ||||||
Amortization | 9,104 | 7,845 | ||||||
Depreciation | 5,447 | 5,763 | ||||||
Total expenses | 230,569 | 205,446 | ||||||
Income from operations | 68,455 | 56,189 | ||||||
Net gain on investments | 21 | 6,490 | ||||||
Interest and dividend income | 828 | 1,279 | ||||||
Interest expense | (113 | ) | (115 | ) | ||||
Equity in earnings of unconsolidated affiliates | 31,872 | 23,701 | ||||||
Net income before income taxes | 101,063 | 87,544 | ||||||
Income taxes | 35,548 | 30,570 | ||||||
Net income | 65,515 | 56,974 | ||||||
Less: Net income attributable to the noncontrolling interest | — | (389 | ) | |||||
Net income attributable to SEI | $65,515 | $56,585 | ||||||
Diluted earnings per common share | $0.37 | $0.32 | ||||||
Shares used to calculate diluted earnings per share | 174,766 | 174,540 | ||||||
Basic earnings per common share | $0.39 | $0.33 | ||||||
Shares used to calculate basic earnings per share | 170,113 | 172,574 | ||||||
5
SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
For the Twelve Months Ended December 31, | ||||||||
2013 | 2012 | |||||||
Asset management, admin. and distribution fees | $831,720 | $723,630 | ||||||
Information processing and software servicing fees | 261,691 | 236,190 | ||||||
Transaction–based and trade execution fees | 32,721 | 32,702 | ||||||
Total revenues | 1,126,132 | 992,522 | ||||||
Subadvisory, distribution and other asset mgmt costs | 121,989 | 106,048 | ||||||
Software royalties and other information processing costs | 31,255 | 26,722 | ||||||
Brokerage commissions | 24,649 | 23,889 | ||||||
Compensation, benefits and other personnel | 357,453 | 335,296 | ||||||
Stock-based compensation | 37,865 | 15,736 | ||||||
Consulting, outsourcing and professional fees | 131,399 | 109,828 | ||||||
Data processing and computer related | 51,401 | 46,617 | ||||||
Facilities, supplies and other costs | 64,613 | 60,976 | ||||||
Amortization | 34,602 | 33,258 | ||||||
Depreciation | 22,497 | 22,586 | ||||||
Total expenses | 877,723 | 780,956 | ||||||
Income from operations | 248,409 | 211,566 | ||||||
Net gain on investments | 659 | 14,067 | ||||||
Interest and dividend income | 3,248 | 5,696 | ||||||
Interest expense | (535 | ) | (504 | ) | ||||
Equity in earnings of unconsolidated affiliates | 118,076 | 98,671 | ||||||
Gain on sale of subsidiary | 22,112 | — | ||||||
Other income | 43,429 | — | ||||||
Net income before income taxes | 435,398 | 329,496 | ||||||
Income taxes | 146,924 | 121,462 | ||||||
Net income | 288,474 | 208,034 | ||||||
Less: Net income attributable to the noncontrolling interest | (350 | ) | (1,186 | ) | ||||
Net income attributable to SEI | $288,124 | $206,848 | ||||||
Diluted earnings per common share | $1.64 | $1.18 | ||||||
Shares used to calculate diluted earnings per share | 175,718 | 175,872 | ||||||
Basic earnings per common share | $1.68 | $1.19 | ||||||
Shares used to calculate basic earnings per share | 171,561 | 174,295 | ||||||
6
SEI INVESTMENTS COMPANY
CONDENSED BALANCE SHEETS
(In thousands)
(Unaudited)
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Assets | ||||||||
Cash and short-term investments | $578,273 | $452,247 | ||||||
Restricted cash | 5,500 | 6,000 | ||||||
Receivables, net | 226,028 | 202,818 | ||||||
Securities owned | 21,133 | 20,088 | ||||||
Other current assets | 16,166 | 20,251 | ||||||
Total current assets | 847,100 | 701,404 | ||||||
Property and equipment, net | 118,995 | 127,581 | ||||||
Investments available for sale | 83,323 | 75,869 | ||||||
Trading securities | 4,849 | 5,909 | ||||||
Capitalized software, net | 312,615 | 307,490 | ||||||
Investment in unconsolidated affiliates | 61,370 | 77,398 | ||||||
Other assets, net | 10,917 | 14,173 | ||||||
Total assets | $1,439,169 | $1,309,824 | ||||||
Liabilities | ||||||||
Current liabilities | $207,988 | $152,005 | ||||||
Deferred income taxes | 66,572 | 93,458 | ||||||
Other long-term liabilities | 8,607 | 7,032 | ||||||
Total SEI Investments Company shareholders’ equity | 1,156,002 | 1,038,180 | ||||||
Noncontrolling interest | — | 19,149 | ||||||
Total Equity | 1,156,002 | 1,057,329 | ||||||
Total liabilities and equity | $1,439,169 | $1,309,824 | ||||||
7
SEI INVESTMENTS COMPANY
ENDING ASSET BALANCES
(In millions)
(Unaudited)
Dec. 31, | Mar. 31, | Jun. 30, | Sept. 30, | Dec. 31, | ||||||||||||||||
2012 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||
Private Banks: | ||||||||||||||||||||
Equity/Fixed Income prgms. | $18,862 | $12,446 | $12,876 | $14,305 | $15,472 | |||||||||||||||
Collective Trust Fund prgms. | 11 | 9 | 10 | 11 | 14 | |||||||||||||||
Liquidity funds | 6,008 | 5,143 | 5,048 | 5,167 | 5,685 | |||||||||||||||
Total assets under mgmnt. | $24,881 | $17,598 | $17,934 | $19,483 | $21,171 | |||||||||||||||
Client assets under admin. | 12,178 | 12,970 | 13,122 | 14,101 | 15,272 | |||||||||||||||
Total assets | $37,059 | $30,568 | $31,056 | $33,584 | $36,443 | |||||||||||||||
Investment Advisors: | ||||||||||||||||||||
Equity/Fixed Income prgms. | $31,220 | $34,166 | $34,447 | $36,203 | $38,574 | |||||||||||||||
Collective Trust Fund prgms. | 14 | 15 | 14 | 14 | 11 | |||||||||||||||
Liquidity funds | 2,514 | 2,094 | 2,145 | 2,779 | 2,846 | |||||||||||||||
Total assets under mgmnt. | $33,748 | $36,275 | $36,606 | $38,996 | $41,431 | |||||||||||||||
Institutional Investors: | ||||||||||||||||||||
Equity/Fixed Income prgms. | $62,160 | $64,214 | $61,927 | $64,429 | $66,548 | |||||||||||||||
Collective Trust Fund prgms. | 102 | 101 | 106 | 107 | 109 | |||||||||||||||
Liquidity funds | 2,454 | 2,810 | 2,901 | 3,125 | 2,644 | |||||||||||||||
Total assets under mgmnt. | $64,716 | $67,125 | $64,934 | $67,661 | $69,301 | |||||||||||||||
Investment Managers: | ||||||||||||||||||||
Equity/Fixed Income prgms. | $67 | $73 | $75 | $75 | $69 | |||||||||||||||
Collective Trust Fund prgms. | 16,197 | 17,656 | 18,197 | 19,868 | 22,377 | |||||||||||||||
Liquidity funds | 408 | 522 | 542 | 678 | 718 | |||||||||||||||
Total assets under mgmnt. | $16,672 | $18,251 | $18,814 | $20,621 | $23,164 | |||||||||||||||
Client assets under admin. (A) | 244,671 | 275,632 | 289,807 | 295,959 | 311,992 | |||||||||||||||
Total assets | $261,343 | $293,883 | $308,621 | $316,580 | $335,156 | |||||||||||||||
Investments in New Businesses: | ||||||||||||||||||||
Equity/Fixed Income prgms. | $513 | $552 | $572 | $594 | $619 | |||||||||||||||
Liquidity funds | 43 | 42 | 29 | 26 | 46 | |||||||||||||||
Total assets under mgmnt. | $556 | $594 | $601 | $620 | $665 | |||||||||||||||
LSV Asset Management: | ||||||||||||||||||||
Equity/Fixed Income prgms. | $60,947 | $64,958 | $65,417 | $71,149 | $76,189 | |||||||||||||||
Total: | ||||||||||||||||||||
Equity/Fixed Income prgms (B) (D) | $173,769 | $176,409 | $175,314 | $186,755 | $197,471 | |||||||||||||||
Collective Trust Fund prgms. | 16,324 | 17,781 | 18,327 | 20,000 | 22,511 | |||||||||||||||
Liquidity funds | 11,427 | 10,611 | 10,665 | 11,775 | 11,939 | |||||||||||||||
Total assets under mgmnt. | $201,520 | $204,801 | $204,306 | $218,530 | $231,921 | |||||||||||||||
Client assets under admin. (C) | 256,849 | 288,602 | 302,929 | 310,060 | 327,264 | |||||||||||||||
Total assets | $458,369 | $493,403 | $507,235 | $528,590 | $559,185 | |||||||||||||||
(A) | Client assets under administration in the Investment Managers segment include $53.7 billion of assets balances that require limited services and therefore are at fee levels below our normal full service assets (as of Dec. 31, 2013). |
(B) | Equity/Fixed Income programs include $4.4 billion of assets invested in various asset allocation funds at Dec. 31, 2013. |
(C) | In addition to the numbers presented, SEI also administers an additional $6.0 billion in Funds of Funds assets (as of |
Dec. 31, 2013) on which SEI does not earn an administration fee.
(D) | Equity/Fixed Income programs in the Private Banks segment at Dec. 31, 2012 included $7.0 billion in assets related to SEI Asset Korea, which was sold in first-quarter 2013. |
8
SEI INVESTMENTS COMPANY
AVERAGE ASSET BALANCES
(In millions)
(Unaudited)
4th Qtr. | 1st Qtr. | 2nd Qtr. | 3rd Qtr. | 4th Qtr. | |||||||||||||||||
2012 | 2013 | 2013 | 2013 | 2013 | |||||||||||||||||
Private Banks: | |||||||||||||||||||||
Equity/Fixed Income programs | $18,301 | $19,197 | $12,959 | $13,696 | $14,901 | ||||||||||||||||
Collective Trust Fund programs | 66 | 11 | 10 | 11 | 11 | ||||||||||||||||
Liquidity funds | 5,229 | 5,556 | 5,093 | 5,142 | 5,218 | ||||||||||||||||
Total assets under management | $23,596 | $24,764 | $18,062 | $18,849 | $20,130 | ||||||||||||||||
Client assets under administration | 11,783 | 12,860 | 13,183 | 13,760 | 14,702 | ||||||||||||||||
Total assets | $35,379 | $37,624 | $31,245 | $32,609 | $34,832 | ||||||||||||||||
Investment Advisors: | |||||||||||||||||||||
Equity/Fixed Income programs | $30,881 | $33,189 | $34,831 | $35,618 | $37,520 | ||||||||||||||||
Collective Trust Fund programs | 158 | 14 | 14 | 14 | 13 | ||||||||||||||||
Liquidity funds | 2,176 | 2,085 | 2,028 | 2,520 | 2,785 | ||||||||||||||||
Total assets under management | $33,215 | $35,288 | $36,873 | $38,152 | $40,318 | ||||||||||||||||
Institutional Investors: | |||||||||||||||||||||
Equity/Fixed Income programs | $61,304 | $63,642 | $63,466 | $63,153 | $65,750 | ||||||||||||||||
Collective Trust Fund programs | 120 | 101 | 105 | 107 | 110 | ||||||||||||||||
Liquidity funds | 3,493 | 2,960 | 2,975 | 3,091 | 2,720 | ||||||||||||||||
Total assets under management | $64,917 | $66,703 | $66,546 | $66,351 | $68,580 | ||||||||||||||||
Investment Managers: | |||||||||||||||||||||
Equity/Fixed Income programs | $68 | $68 | $75 | $76 | $75 | ||||||||||||||||
Collective Trust Fund programs | 15,719 | 17,129 | 18,205 | 19,259 | 21,345 | ||||||||||||||||
Liquidity funds | 395 | 511 | 500 | 613 | 592 | ||||||||||||||||
Total assets under management | $16,182 | $17,708 | $18,780 | $19,948 | $22,012 | ||||||||||||||||
Client assets under administration | 240,520 | 263,054 | 286,018 | 292,627 | 303,131 | ||||||||||||||||
Total assets | $256,702 | $280,762 | $304,798 | $312,575 | $325,143 | ||||||||||||||||
Investments in New Businesses: | |||||||||||||||||||||
Equity/Fixed Income programs | $518 | $542 | $567 | $584 | $613 | ||||||||||||||||
Liquidity funds | 33 | 38 | 34 | 27 | 33 | ||||||||||||||||
Total assets under management | $551 | $580 | $601 | $611 | $646 | ||||||||||||||||
LSV Asset Management: | |||||||||||||||||||||
Equity/Fixed Income programs | $59,383 | $63,997 | $66,781 | $69,463 | $75,240 | ||||||||||||||||
Total: | |||||||||||||||||||||
Equity/Fixed Income programs (A) | $170,455 | $180,635 | $178,679 | $182,590 | $194,099 | ||||||||||||||||
Collective Trust Fund programs | 16,063 | 17,255 | 18,334 | 19,391 | 21,479 | ||||||||||||||||
Liquidity funds | 11,326 | 11,150 | 10,630 | 11,393 | 11,348 | ||||||||||||||||
Total assets under management | $197,844 | $209,040 | $207,643 | $213,374 | $226,926 | ||||||||||||||||
Client assets under administration | 252,303 | 275,914 | 299,201 | 306,387 | 317,833 | ||||||||||||||||
Total assets | $450,147 | $484,954 | $506,844 | $519,761 | $544,759 | ||||||||||||||||
(A) | Equity/Fixed Income programs in the Private Banks segment for fourth-quarter 2012 and first-quarter 2013 included average assets of $6.8 billion and $7.0 billion, respectively, related to SEI Asset Korea, which was sold in first-quarter 2013. |
9