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8-K
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 27, 2016
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 No.)
 
(I.R.S. Employer
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 27, 2016, SEI Investments Company issued a press release announcing its financial and operating results for the fourth quarter ended December 31, 2015. 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
99.1
Press Release dated January 27, 2016 of SEI Investments Company related to the Company's financial and operating results for the fourth quarter ended December 31, 2015.    




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 27, 2016
By:
/s/ Dennis J. McGonigle
 
 
Dennis J. McGonigle
Chief Financial Officer







EXHIBIT INDEX

Exhibit
Number    Description
99.1
Press Release dated January 27, 2016 of SEI Investments Company related to the Company's financial and operating results for the fourth quarter ended December 31, 2015.    

Exhibit

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:        8

FOR IMMEDIATE RELEASE

SEI REPORTS FOURTH-QUARTER 2015 FINANCIAL RESULTS

Company Reports Five Percent Annual Growth in Revenues and Six Percent Annual Growth in
Diluted Earnings per Share

OAKS, Pa., January 27, 2016 -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the fourth-quarter 2015. Diluted earnings per share were $.48 in fourth-quarter 2015 compared to $.45 in fourth-quarter 2014. Earnings were favorably impacted by the outcome of a state tax petition related to prior years which reduced the effective tax rate. Diluted earnings per share in fourth-quarter 2014 reflect an after-tax charge of approximately $10.7 million, or $.06 per share, related to a write down of an equity investment in a wealth services firm based in China.
Consolidated Overview
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except earnings per share)
 
For the Three Months Ended December 31,
 
 
 
For the Twelve Months Ended December 31,
 
 
 
 
2015
 
2014
 
%
 
2015
 
2014
 
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 

$335,397

 

$322,757

 
4%
 

$1,334,208

 

$1,266,005

 
5%
Net income
 
81,379

 
77,097

 
6%
 
331,655

 
318,713

 
4%
Diluted earnings per share
 

$0.48

 

$0.45

 
7%
 

$1.96

 

$1.85

 
6%
"Our financial results for the fourth quarter cap a year of progress throughout our company and reflect the increased investment we are making to effectively serve our clients and support our growth," said Alfred P. West, Jr., SEI Chairman and CEO. "The markets we serve will continue to look for broad-based solutions to solve their complex issues. As a leader in all of our markets, we feel well positioned to capitalize on these opportunities.
“Our focus is unwavering on creating long-term sustainable growth and increased shareholder value. To do so, we never shirk from making the necessary investments.”




Summary of Fourth-Quarter Results by Business Segment
(In thousands)
 
For the Three Months Ended December 31,
 
 
 
For the Twelve Months Ended December 31,
 
 
 
 
2015
 
2014
 
%
 
2015
 
2014
 
%
Private Banks:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 

$113,690

 

$111,959

 
2%
 

$456,516

 

$441,467

 
3%
Expenses
 
102,775

 
99,975

 
3%
 
410,975

 
399,620

 
3%
Operating Profit
 
10,915

 
11,984

 
(9)%
 
45,541

 
41,847

 
9%
Gain on sale of subsidiary
 
—

 
—

 
—%
 
2,791

 
5,582

 
NM
   Segment Profit
 
10,915

 
11,984

 
NM
 
48,332

 
47,429

 
NM
   Operating Margin (A)
 
10
%
 
11
%
 
 
 
10
%
 
9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Advisors:
 
 
 
 
 
 
 
 
 
 
 
 
   Revenues
 
78,614

 
72,872

 
8%
 
306,620

 
283,811

 
8%
   Expenses
 
46,522

 
38,448

 
21%
 
171,968

 
146,500

 
17%
   Operating Profit
 
32,092

 
34,424

 
(7)%
 
134,652

 
137,311

 
(2)%
   Operating Margin
 
41
%
 
47
%
 
 
 
44
%
 
48
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Institutional Investors:
 
 
 
 
 
 
 
 
 
 
 
 
   Revenues
 
73,525

 
72,466

 
1%
 
297,568

 
284,677

 
5%
   Expenses
 
37,189

 
36,044

 
3%
 
145,851

 
140,659

 
4%
   Operating Profit
 
36,336

 
36,422

 
—%
 
151,717

 
144,018

 
5%
   Operating Margin
 
49
%
 
50
%
 
 
 
51
%
 
51
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Managers:
 
 
 
 
 
 
 
 
 
 
 
 
   Revenues
 
68,154

 
64,211

 
6%
 
267,963

 
251,310

 
7%
   Expenses
 
45,431

 
40,387

 
12%
 
172,094

 
159,176

 
8%
   Operating Profit
 
22,723

 
23,824

 
(5)%
 
95,869

 
92,134

 
4%
   Operating Margin
 
33
%
 
37
%
 
 
 
36
%
 
37
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in New Businesses:
 
 
 
 
 
 
 
 
 
 
 
 
   Revenues
 
1,414

 
1,249

 
13%
 
5,541

 
4,740

 
17%
   Expenses
 
5,808

 
5,063

 
15%
 
20,656

 
18,377

 
12%
   Operating Loss
 
(4,394
)
 
(3,814
)
 
NM
 
(15,115
)
 
(13,637
)
 
NM
 
 
 
 
 
 
 
 
 
 
 
 
 
Totals:
 
 
 
 
 
 
 
 
 
 
 
 
   Revenues
 

$335,397

 

$322,757

 
4%
 

$1,334,208

 

$1,266,005

 
5%
   Expenses
 
237,725

 
219,917

 
8%
 
921,544

 
864,332

 
7%
   Corporate overhead expenses
 
15,465

 
12,576

 
23%
 
54,451

 
48,889

 
11%
   Income from operations
 

$82,207

 

$90,264

 
(9)%
 

$358,213

 

$352,784

 
2%

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

2


Fourth-Quarter Business Highlights:

•
Revenue growth in the quarter was primarily driven by higher Asset management, administration, and distribution fees from improved cash flows from new and existing clients and market appreciation of assets. The market volatility occurring during the second half of 2015 negatively impacted our asset-based fee revenues and partially offset our revenue growth.
•
Sales events, net of client losses, during fourth-quarter 2015 totaled approximately $27.2 million and are expected to generate net annualized recurring revenues of approximately $24.6 million when contract values are fully realized. For the year ended 2015, sales events, net of client losses, totaled approximately $124.0 million and are expected to generate new annualized recurring revenues of approximately $99.7 million when contract values are fully realized.
•
Our average assets under management, excluding LSV, increased $14.3 billion, or eight percent, to $183.4 billion, as compared to $169.1 billion during the fourth-quarter 2014 (see attached Average Asset Balances schedules for further details).
•
Our average assets under administration increased $35.5 billion, or ten percent, to $407.9 billion in the fourth-quarter 2015, as compared to $372.4 billion during the fourth-quarter 2014 (see attached Average Asset Balances schedules for further details).
•
Our earnings from LSV decreased by $3.2 million, or nine percent, to $32.1 million in fourth-quarter 2015 as compared to $35.3 million in fourth-quarter 2014. The reduction in earnings was due to a decline in assets under management from market volatility, reduced performance fees and increased personnel expenses of LSV.
•
Amortization expense related to the SEI Wealth PlatformSM increased to $10.8 million during the fourth-quarter 2015 as compared to $10.0 million during the fourth-quarter 2014 due to continued enhancements.
•
Although revenues increased in our Investment Advisors and Investment Managers segments, higher personnel and other operating costs mainly related to servicing new and existing clients and increased technology development spending in these segments caused operating margins to decline.
•
Stock-based compensation expense during the fourth-quarter 2015 increased $1.9 million primarily from the acceleration of expense recognition for stock options that achieved performance vesting targets earlier than originally estimated.
•
Corporate overhead expenses during the fourth-quarter 2015 include $1.6 million in costs attributable to the relocation of our London operations to a new facility. The cost of the new facility will be approximately $700 thousand higher per quarter than our previous facility. We expect this additional amount to be recognized in Corporate overhead expenses.
•
Our effective tax rates were 29.3 percent in fourth-quarter 2015 and 33.3 percent in fourth-quarter 2014. The decrease in our tax rate was primarily related to a state tax petition related to prior years which resulted in a net refund of $3.7 million.
•
We repurchased 1.5 million shares of our common stock for $77.5 million during the fourth-quarter 2015.

3


Earnings Conference Call
A conference call to review earnings is scheduled for 2 p.m. Eastern time on January 27, 2016. Investors may listen to the call at seic.com/investors. The call may also be accessed at many financial services websites, including Google Finance and Yahoo Finance. Investors may also listen to replays at these websites, or by telephone at (USA) 800-475-6701; (International) 320-365-3844, access code 384303.

About SEI
SEI (NASDAQ:SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of December 31, 2015, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $670 billion in mutual fund and pooled or separately managed assets, including $262 billion in assets under management and $408 billion in client assets under administration. For more information, visit 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,
 
For the Twelve Months Ended December 31,
 
 
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Asset management, admin. and distribution fees
 

$254,410

 

$242,966

 

$1,010,511

 

$948,932

Information processing and software servicing fees
 
72,128

 
70,437

 
290,893

 
285,463

Transaction–based and trade execution fees
 
8,859

 
9,354

 
32,804

 
31,610

 
 
 
 
 
 
 
 
 
Total revenues
 
335,397

 
322,757

 
1,334,208

 
1,266,005

 
 
 
 
 
 
 
 
 
Subadvisory, distribution and other asset mgmt costs
 
40,443

 
38,798

 
160,062

 
149,791

Software royalties and other information processing costs
 
7,903

 
7,990

 
31,497

 
33,522

Brokerage commissions
 
6,525

 
6,785

 
24,388

 
23,002

Compensation, benefits and other personnel
 
103,128

 
95,663

 
395,774

 
376,873

Stock-based compensation
 
5,836

 
3,982

 
17,312

 
13,463

Consulting, outsourcing and professional fees
 
37,876

 
33,535

 
146,436

 
136,818

Data processing and computer related
 
15,784

 
12,959

 
58,884

 
52,512

Facilities, supplies and other costs
 
18,773

 
16,759

 
74,968

 
66,113

Amortization
 
10,824

 
10,068

 
42,630

 
38,679

Depreciation
 
6,098

 
5,954

 
24,044

 
22,448

 
 
 
 
 
 
 
 
 
Total expenses
 
253,190

 
232,493

 
975,995

 
913,221

 
 
 
 
 
 
 
 
 
Income from operations
 
82,207

 
90,264

 
358,213

 
352,784

 
 
 
 
 
 
 
 
 
Net gain (loss) on investments
 
88

 
565

 
(456
)
 
614

Interest and dividend income
 
788

 
1,106

 
3,358

 
3,354

Interest expense
 
(141
)
 
(116
)
 
(483
)
 
(458
)
Equity in earnings of unconsolidated affiliates
 
32,140

 
23,706

 
137,057

 
127,786

Gain on sale of subsidiary
 
—

 
—

 
2,791

 
5,582

 
 
 
 
 
 
 
 
 
Income before income taxes
 
115,082

 
115,525

 
500,480

 
489,662

 
 
 
 
 
 
 
 
 
Income taxes
 
33,703

 
38,428

 
168,825

 
170,949

 
 
 
 
 
 
 
 
 
Net income
 
81,379

 
77,097

 
331,655

 
318,713

 
 
 
 
 
 
 
 
 
Basic earnings per common share
 

$0.49

 

$0.46

 

$2.00

 

$1.89

 
 
 
 
 
 
 
 
 
Shares used to calculate basic earnings per share
 
164,473

 
167,146

 
165,725

 
168,246

 
 
 
 
 
 
 
 
 
Diluted earnings per common share
 

$0.48

 

$0.45

 

$1.96

 

$1.85

 
 
 
 
 
 
 
 
 
Shares used to calculate diluted earnings per share
 
168,461

 
171,326

 
169,598

 
172,565





5


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

 
 
December 31,
 
December 31,
 
 
2015
 
2014
Assets
 
 
 
 
Current Assets:
 
 
 
 
Cash and cash equivalents
 

$679,661

 

$667,446

Restricted cash
 
5,500

 
5,801

Receivables from regulated investment companies
 
48,098

 
48,393

Receivables, net
 
223,023

 
194,419

Securities owned
 
21,235

 
21,175

Other current assets
 
26,207

 
18,193

Total Current Assets
 
1,003,724

 
955,427

 
 
 
 
 
Property and Equipment, net
 
143,977

 
125,535

Capitalized software, net
 
290,522

 
309,040

Investments available for sale
 
81,294

 
77,609

Investments in affiliated funds, at fair value
 
4,039

 
4,523

Investment in unconsolidated affiliates
 
49,580

 
54,290

Other assets, net
 
15,492

 
16,451

Total Assets
 

$1,588,628

 

$1,542,875

 
 
 
 
 
Liabilities and Equity
 
 
 
 
Current Liabilities:
 
 
 
 
Accounts payable
 

$4,511

 

$10,588

Accrued liabilities
 
217,587

 
207,429

Deferred revenue
 
2,385

 
1,749

Total Current Liabilities
 
224,483

 
219,766

 
 
 
 
 
Deferred income taxes
 
63,028

 
65,169

Other long-term liabilities
 
11,397

 
10,327

Total Liabilities
 
298,908

 
295,262

 
 
 
 
 
Shareholders' Equity:
 
 
 
 
Common stock
 
1,637

 
1,667

Capital in excess of par value
 
910,513

 
834,615

Retained earnings
 
402,860

 
420,226

Accumulated other comprehensive loss, net
 
(25,290
)
 
(8,895
)
Total Shareholders' Equity
 
1,289,720

 
1,247,613

Total Liabilities and Shareholders' Equity
 

$1,588,628

 

$1,542,875




6


SEI INVESTMENTS COMPANY
ENDING ASSET BALANCES
(In millions)
(Unaudited)
 
 
 
Dec 31,
 
Mar. 31,
 
Jun. 30,
 
Sept. 30,
 
Dec 31,
 
 
 
2014
 
2015
 
2015
 
2015
 
2015
Private Banks:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$18,666

 

$19,296

 

$19,686

 

$18,243

 

$18,150

Collective Trust Fund programs
 
 
8

 
9

 
13

 
3

 
4

Liquidity funds
 
 
5,889

 
5,551

 
5,280

 
5,469

 
5,835

Total assets under management
 
 

$24,563

 

$24,856

 

$24,979

 

$23,715

 

$23,989

Client assets under administration
 
 
16,741

 
17,643

 
17,485

 
16,896

 
17,532

Total assets
 
 

$41,304

 

$42,499

 

$42,464

 

$40,611

 

$41,521

 
 
 
 
 
 
 
 
 
 
 
 
Investment Advisors:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$43,845

 

$45,800

 

$46,951

 

$43,988

 

$46,123

Collective Trust Fund programs
 
 
9

 
8

 
8

 
9

 
7

Liquidity funds
 
 
3,173

 
3,047

 
2,817

 
4,677

 
4,924

Total assets under management
 
 

$47,027

 

$48,855

 

$49,776

 

$48,674

 

$51,054

 
 
 
 
 
 
 
 
 
 
 
 
Institutional Investors:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$72,828

 

$74,178

 

$75,341

 

$70,818

 

$72,263

Collective Trust Fund programs
 
 
95

 
94

 
93

 
96

 
96

Liquidity funds
 
 
2,929

 
3,246

 
2,960

 
2,655

 
2,883

Total assets under management
 
 

$75,852

 

$77,518

 

$78,394

 

$73,569

 

$75,242

 
 
 
 
 
 
 
 
 
 
 
 
Investment Managers:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$27

 

$25

 

$24

 

$59

 

$66

Collective Trust Fund programs
 
 
20,833

 
20,965

 
20,632

 
19,863

 
32,117

Liquidity funds
 
 
946

 
1,091

 
1,007

 
848

 
832

Total assets under management
 
 

$21,806

 

$22,081

 

$21,663

 

$20,770

 

$33,015

Client assets under administration (A)
 
 
355,890

 
372,116

 
381,963

 
376,133

 
390,282

Total assets
 
 

$377,696

 

$394,197

 

$403,626

 

$396,903

 

$423,297

 
 
 
 
 
 
 
 
 
 
 
 
Investments in New Businesses:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$736

 

$756

 

$779

 

$752

 

$764

Liquidity funds
 
 
98

 
106

 
57

 
51

 
47

Total assets under management
 
 

$834

 

$862

 

$836

 

$803

 

$811

 
 
 
 
 
 
 
 
 
 
 
 
LSV Asset Management:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$82,665

 

$84,123

 

$86,334

 

$76,958

 

$78,335

 
 
 
 
 
 
 
 
 
 
 
 
Total:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs (B)
 
 

$218,767

 

$224,178

 

$229,115

 

$210,818

 

$215,701

Collective Trust Fund programs
 
 
20,945

 
21,076

 
20,746

 
19,971

 
32,224

Liquidity funds
 
 
13,035

 
13,041

 
12,121

 
13,700

 
14,521

Total assets under management
 
 

$252,747

 

$258,295

 

$261,982

 

$244,489

 

$262,446

 
 
 
 
 
 
 
 
 
 
 
 
Client assets under administration (C)
 
 
372,631

 
389,759

 
399,448

 
393,029

 
407,814

Total assets
 
 

$625,378

 

$648,054

 

$661,430

 

$637,518

 

$670,260

(A)
Client assets under administration in the Investment Managers segment include $50.3 billion of assets balances that require limited services and therefore are at fee levels below our normal full service assets (as of December 31, 2015).
(B)
Equity/Fixed Income programs include $4.7 billion of assets invested in various asset allocation funds at December 31, 2015.
(C)
In addition to the numbers presented, SEI also administers an additional $11.0 billion in Funds of Funds assets (as of
December 31, 2015) on which SEI does not earn an administration fee.



7


SEI INVESTMENTS COMPANY
AVERAGE ASSET BALANCES
(In millions)
(Unaudited)
 
 
 
4th Qtr.
 
1st Qtr.
 
2nd Qtr.
 
3rd Qtr.
 
4th Qtr.
 
 
 
2014
 
2015
 
2015
 
2015
 
2015
Private Banks:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$18,606

 

$18,869

 

$19,872

 

$19,080

 

$18,603

Collective Trust Fund programs
 
 
10

 
8

 
12

 
6

 
3

Liquidity funds
 
 
5,537

 
5,755

 
5,256

 
5,443

 
5,511

Total assets under management
 
 

$24,153

 

$24,632

 

$25,140

 

$24,529

 

$24,117

Client assets under administration
 
 
16,451

 
17,504

 
17,823

 
17,504

 
17,775

Total assets
 
 

$40,604

 

$42,136

 

$42,963

 

$42,033

 

$41,892

 
 
 
 
 
 
 
 
 
 
 
 
Investment Advisors:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$43,104

 

$44,809

 

$47,027

 

$45,992

 

$46,044

Collective Trust Fund programs
 
 
9

 
9

 
8

 
9

 
8

Liquidity funds
 
 
3,087

 
3,072

 
2,819

 
3,523

 
4,784

Total assets under management
 
 

$46,200

 

$47,890

 

$49,854

 

$49,524

 

$50,836

 
 
 
 
 
 
 
 
 
 
 
 
Institutional Investors:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$72,771

 

$73,760

 

$75,426

 

$73,568

 

$72,463

Collective Trust Fund programs
 
 
96

 
95

 
94

 
93

 
96

Liquidity funds
 
 
2,973

 
3,021

 
3,354

 
2,843

 
3,109

Total assets under management
 
 

$75,840

 

$76,876

 

$78,874

 

$76,504

 

$75,668

 
 
 
 
 
 
 
 
 
 
 
 
Investment Managers:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$64

 

$27

 

$25

 

$24

 

$59

Collective Trust Fund programs
 
 
21,140

 
21,108

 
21,387

 
20,449

 
30,960

Liquidity funds
 
 
904

 
1,066

 
1,010

 
978

 
960

Total assets under management
 
 

$22,108

 

$22,201

 

$22,422

 

$21,451

 

$31,979

Client assets under administration
 
 
355,903

 
367,206

 
378,347

 
380,247

 
390,080

Total assets
 
 

$378,011

 

$389,407

 

$400,769

 

$401,698

 

$422,059

 
 
 
 
 
 
 
 
 
 
 
 
Investments in New Businesses:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$731

 

$755

 

$784

 

$776

 

$788

Liquidity funds
 
 
97

 
101

 
75

 
49

 
47

Total assets under management
 
 

$828

 

$856

 

$859

 

$825

 

$835

 
 
 
 
 
 
 
 
 
 
 
 
LSV Asset Management:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$83,187

 

$83,439

 

$87,409

 

$80,656

 

$79,634

 
 
 
 
 
 
 
 
 
 
 
 
Total:
 
 
 
 
 
 
 
 
 
 
 
Equity/Fixed Income programs
 
 

$218,463

 

$221,659

 

$230,543

 

$220,096

 

$217,591

Collective Trust Fund programs
 
 
21,255

 
21,220

 
21,501

 
20,557

 
31,067

Liquidity funds
 
 
12,598

 
13,015

 
12,514

 
12,836

 
14,411

Total assets under management
 
 

$252,316

 

$255,894

 

$264,558

 

$253,489

 

$263,069

 
 
 
 
 
 
 
 
 
 
 
 
Client assets under administration
 
 
372,354

 
384,710

 
396,170

 
397,751

 
407,855

Total assets
 
 

$624,670

 

$640,604

 

$660,728

 

$651,240

 

$670,924





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