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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 25, 2017
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 25, 2017, SEI Investments Company issued a press release announcing its financial and operating results for the fourth quarter ended December 31, 2016. 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 25, 2017 of SEI Investments Company related to the Company's financial and operating results for the fourth quarter ended December 31, 2016.    




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 26, 2017
By:
/s/ Dennis J. McGonigle
 
 
Dennis J. McGonigle
Chief Financial Officer







EXHIBIT INDEX

Exhibit
Number    Description
99.1
Press Release dated January 25, 2017 of SEI Investments Company related to the Company's financial and operating results for the fourth quarter ended December 31, 2016.    

Exhibit

Exhibit 99.1

https://cdn.kscope.io/c8f194430208b364dee7ca6c6f941e36-seiexhibit991logoa10.jpg

Investor Contact:                         Media Contact:
Michele Steinmetz                        Dana Grosser
SEI    SEI
+1 610-676-3037                        +1 610-676-2459
msteinmetz@seic.com                    dgrosser@seic.com
Pages:        8

FOR IMMEDIATE RELEASE

SEI Reports Fourth-Quarter 2016 Financial Results

OAKS, Pa., Jan. 25, 2017 -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the fourth-quarter 2016. Diluted earnings per share were $0.55 in fourth-quarter 2016 compared to $0.48 in fourth-quarter 2015. 
Consolidated Overview
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except earnings per share)
 
For the Three Months Ended December 31,
 
 
 
For the Twelve Months Ended December 31,
 
 
 
 
2016
 
2015
 
%
 
2016
 
2015
 
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 

$368,810

 

$335,397

 
10%
 

$1,401,545

 

$1,334,208

 
5%
Net income
 
88,611

 
81,379

 
9%
 
333,817

 
331,655

 
1%
Diluted earnings per share
 

$0.55

 

$0.48

 
15%
 

$2.03

 

$1.96

 
4%
"Our financial results for both the fourth quarter and the full year show modest gains and reflect the ongoing investments we are making to deliver next generation solutions to our clients," said Alfred P. West, Jr., SEI Chairman and CEO. "We continue to anticipate significant change in the markets we serve and will provide broad-based solutions to address our clients’ complex needs. While net-sales events slowed during the fourth quarter, we are well positioned to capitalize on the significant opportunities within our markets.
“Our focus is unwavering on delivering for clients and positioning our company for long-term sustainable growth and increased shareholder value.”




Summary of Fourth-Quarter Results by Business Segment
(In thousands)
 
For the Three Months Ended December 31,
 
 
 
For the Twelve Months Ended December 31,
 
 
 
 
2016
 
2015
 
%
 
2016
 
2015
 
%
Private Banks:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 

$113,737

 

$113,690

 
—%
 

$457,886

 

$456,516

 
—%
Expenses
 
109,062

 
102,775

 
6%
 
421,188

 
410,975

 
2%
Operating Profit
 
4,675

 
10,915

 
(57)%
 
36,698

 
45,541

 
(19)%
Gain on sale of subsidiary
 
—

 
—

 
—%
 
2,791

 
2,791

 
—%
Segment Profit
 
4,675

 
10,915

 
(57)%
 
39,489

 
48,332

 
(18)%
Operating Margin (A)
 
4
%
 
10
%
 
 
 
8
%
 
10
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Advisors:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
86,857

 
78,614

 
10%
 
330,677

 
306,620

 
8%
Expenses
 
45,565

 
46,522

 
(2)%
 
180,140

 
171,968

 
5%
Operating Profit
 
41,292

 
32,092

 
29%
 
150,537

 
134,652

 
12%
Operating Margin
 
48
%
 
41
%
 
 
 
46
%
 
44
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Institutional Investors:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
88,791

 
73,525

 
21%
 
312,584

 
297,568

 
5%
Expenses
 
44,242

 
37,189

 
19%
 
153,117

 
145,851

 
5%
Operating Profit
 
44,549

 
36,336

 
23%
 
159,467

 
151,717

 
5%
Operating Margin
 
50
%
 
49
%
 
 
 
51
%
 
51
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Managers:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
77,862

 
68,154

 
14%
 
294,390

 
267,963

 
10%
Expenses
 
50,296

 
45,431

 
11%
 
191,127

 
172,094

 
11%
Operating Profit
 
27,566

 
22,723

 
21%
 
103,263

 
95,869

 
8%
Operating Margin
 
35
%
 
33
%
 
 
 
35
%
 
36
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in New Businesses:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
1,563

 
1,414

 
11%
 
6,008

 
5,541

 
8%
Expenses
 
5,027

 
5,808

 
(13)%
 
20,962

 
20,656

 
1%
Operating Loss
 
(3,464
)
 
(4,394
)
 
NM
 
(14,954
)
 
(15,115
)
 
NM
 
 
 
 
 
 
 
 
 
 
 
 
 
Totals:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 

$368,810

 

$335,397

 
10%
 

$1,401,545

 

$1,334,208

 
5%
Expenses
 
254,192

 
237,725

 
7%
 
966,534

 
921,544

 
5%
Corporate overhead expenses
 
16,477

 
15,465

 
7%
 
59,317

 
54,451

 
9%
Income from operations
 

$98,141

 

$82,207

 
19%
 

$375,694

 

$358,213

 
5%

(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 market appreciation and improved cash flows from new and existing clients.
•
In the fourth-quarter 2016, we recognized a $12.3 million performance fee and a corresponding $6.1 million sub-advisory expense associated with an SEI-sponsored investment product. These items resulted in a positive net impact of approximately $0.03 diluted earnings per share and were reflected in the Institutional Investors segment. 
•
Sales events, net of client losses, during fourth-quarter 2016 totaled approximately $10.6 million and are expected to generate net annualized recurring revenues of approximately $5.5 million when contract values are fully realized. For the year ended 2016, sales events, net of client losses, totaled approximately $93.1 million and are expected to generate net annualized recurring revenues of approximately $74.0 million when contract values are fully realized.
•
Our average assets under management, excluding LSV, increased $11.4 billion, or six percent, to $194.8 billion, as compared to $183.4 billion during the fourth-quarter 2015 (see attached Average Asset Balances schedules for further details).
•
Our average assets under administration increased $57.8 billion, or 14 percent, to $465.7 billion in the fourth-quarter 2016, as compared to $407.9 billion during the fourth-quarter 2015 (see attached Average Asset Balances schedules for further details).
•
Our earnings from LSV increased by $2.0 million, or six percent, to $34.1 million in fourth-quarter 2016 as compared to $32.1 million in fourth-quarter 2015. The increase in earnings was due to an increase in assets under management from market appreciation; however, our earnings were negatively impacted by lower performance fees and increased personnel expenses of LSV.
•
We capitalized $17.2 million and $6.9 million of software development costs in fourth-quarter 2016 and 2015, respectively, of which $12.4 million and $5.2 million are related to continued enhancements to the SEI Wealth Platform. Our expenses related to maintenance and enhancements not eligible for capitalization have increased. A higher portion of these costs are recognized in personnel and consulting costs. These increased costs primarily impacted the Private Banks and Investment Advisors business segments.
•
Amortization expense related to the SEI Wealth Platform increased to $11.7 million during the fourth-quarter 2016 as compared to $10.8 million during the fourth-quarter 2015 due to continued enhancements.
•
Our operating expenses increased $13.2 million, or five percent, during the fourth-quarter 2016 compared to the third-quarter 2016 due in part to the previously mentioned sub-advisory expense. Without this item, the sequential increase in our operating expenses during the fourth-quarter would have been $7.1 million, or just under three percent.
•
Our operating expenses, primarily personnel costs, in our Investment Managers segment increased. These expenses primarily consist of operational and marketing costs and are mainly related to servicing existing clients and acquiring and implementing new clients.
•
The stronger U.S. dollar against the British pound during the fourth-quarter 2016 compared to the fourth-quarter 2015 negatively impacted the revenues of our Private Banks and Institutional Investors segments by $2.9 million and $1.8 million, respectively, and operating income by $1.2 million for each of the two segments.
•
Our effective tax rates were 33.4 percent in fourth-quarter 2016 and 29.3 percent in fourth-quarter 2015. The increase in the tax rate is due to a one time state tax settlement we received in the fourth quarter of 2015 as well as the reinstatement of the Research and Development credit in the fourth quarter of 2015. In 2015, all of the Research and Development Tax credit was recorded in the fourth quarter as compared to each quarter in 2016.
•
We repurchased 1.4 million shares of our common stock for $66.8 million during the fourth-quarter 2016.

3


Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern time on Jan. 25, 2017. 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 415844.

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, 2016, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $751 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $283 billion in assets under management and $468 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,
 
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Asset management, admin. and distribution fees
 

$286,534

 

$254,410

 

$1,072,176

 

$1,010,511

Information processing and software servicing fees
 
75,512

 
72,128

 
300,346

 
290,893

Transaction–based and trade execution fees
 
6,764

 
8,859

 
29,023

 
32,804

 
 
 
 
 
 
 
 
 
Total revenues
 
368,810

 
335,397

 
1,401,545

 
1,334,208

 
 
 
 
 
 
 
 
 
Subadvisory, distribution and other asset mgmt costs
 
48,310

 
40,443

 
170,961

 
160,062

Software royalties and other information processing costs
 
7,379

 
7,903

 
30,323

 
31,497

Brokerage commissions
 
5,087

 
6,525

 
22,152

 
24,388

Compensation, benefits and other personnel
 
107,272

 
103,128

 
414,622

 
395,774

Stock-based compensation
 
3,973

 
5,836

 
16,017

 
17,312

Consulting, outsourcing and professional fees
 
45,057

 
37,876

 
166,769

 
146,436

Data processing and computer related
 
16,849

 
15,784

 
64,930

 
58,884

Facilities, supplies and other costs
 
18,051

 
18,773

 
68,245

 
74,968

Amortization
 
11,708

 
10,824

 
45,392

 
42,630

Depreciation
 
6,983

 
6,098

 
26,440

 
24,044

 
 
 
 
 
 
 
 
 
Total expenses
 
270,669

 
253,190

 
1,025,851

 
975,995

 
 
 
 
 
 
 
 
 
Income from operations
 
98,141

 
82,207

 
375,694

 
358,213

 
 
 
 
 
 
 
 
 
Net (loss) gain on investments
 
(208
)
 
88

 
112

 
(456
)
Interest and dividend income
 
1,174

 
788

 
4,316

 
3,358

Interest expense
 
(115
)
 
(141
)
 
(531
)
 
(483
)
Equity in earnings of unconsolidated affiliates
 
34,061

 
32,140

 
126,103

 
137,057

Gain on sale of subsidiary
 
—

 
—

 
2,791

 
2,791

 
 
 
 
 
 
 
 
 
Income before income taxes
 
133,053

 
115,082

 
508,485

 
500,480

 
 
 
 
 
 
 
 
 
Income taxes
 
44,442

 
33,703

 
174,668

 
168,825

 
 
 
 
 
 
 
 
 
Net income
 
88,611

 
81,379

 
333,817

 
331,655

 
 
 
 
 
 
 
 
 
Basic earnings per common share
 

$0.55

 

$0.49

 

$2.07

 

$2.00

 
 
 
 
 
 
 
 
 
Shares used to calculate basic earnings per share
 
159,674

 
164,473

 
161,350

 
165,725

 
 
 
 
 
 
 
 
 
Diluted earnings per common share
 

$0.55

 

$0.48

 

$2.03

 

$1.96

 
 
 
 
 
 
 
 
 
Shares used to calculate diluted earnings per share
 
162,567

 
168,461

 
164,431

 
169,598

 
 
 
 
 
 
 
 
 
Dividends declared per common share
 

$0.28

 

$0.26

 

$0.54

 

$0.50





5


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

 
 
December 31,
 
December 31,
 
 
2016
 
2015
Assets
 
 
 
 
Current Assets:
 
 
 
 
Cash and cash equivalents
 

$695,701

 

$679,661

Restricted cash
 
3,500

 
5,500

Receivables from investment products
 
61,761

 
48,098

Receivables, net of allowance for doubtful accounts of $523 and $649
 
227,957

 
223,023

Securities owned
 
21,339

 
21,235

Other current assets
 
27,575

 
26,207

Total Current Assets
 
1,037,833

 
1,003,724

 
 
 
 
 
Property and Equipment, net of accumulated depreciation of $285,322 and $259,501
 
146,190

 
143,977

Capitalized Software, net of accumulated amortization of $303,540 and $259,358
 
295,867

 
290,522

Investments Available for Sale
 
84,033

 
81,294

Investments in Affiliated Funds, at fair value
 
4,858

 
4,039

Investment in Unconsolidated Affiliates
 
50,459

 
49,580

Deferred Income Taxes
 
2,127

 
—

Other Assets, net
 
15,456

 
15,492

Total Assets
 

$1,636,823

 

$1,588,628

 
 
 
 
 
Liabilities and Equity
 
 
 
 
Current Liabilities:
 
 
 
 
Accounts payable
 

$5,966

 

$4,511

Accrued liabilities
 
240,525

 
217,587

Deferred revenue
 
2,880

 
2,385

Total Current Liabilities
 
249,371

 
224,483

 
 
 
 
 
Deferred Income Taxes
 
69,693

 
63,028

Other Long-term Liabilities
 
14,645

 
11,397

Total Liabilities
 
333,709

 
298,908

 
 
 
 
 
Shareholders' Equity:
 
 
 
 
Common stock, $.01 par value, 750,000 shares authorized; 159,031 and 163,733 shares issued and outstanding
 
1,590

 
1,637

Capital in excess of par value
 
955,461

 
910,513

Retained earnings
 
384,018

 
402,860

Accumulated other comprehensive loss, net
 
(37,955
)
 
(25,290
)
Total Shareholders' Equity
 
1,303,114

 
1,289,720

Total Liabilities and Shareholders' Equity
 

$1,636,823

 

$1,588,628




6


SEI INVESTMENTS COMPANY
ENDING ASSET BALANCES
(In millions)
(Unaudited)
 
 
 
Dec 31,
 
Mar. 31,
 
Jun. 30,
 
Sept. 30,
 
Dec 31,
 
 
 
2015
 
2016
 
2016
 
2016
 
2016
Private Banks:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$18,150

 

$18,370

 

$18,328

 

$18,668

 

$17,926

Collective trust fund programs
 
 
4

 
4

 
3

 
3

 
3

Liquidity funds
 
 
5,835

 
5,521

 
4,848

 
4,034

 
4,230

Total assets under management
 
 

$23,989

 

$23,895

 

$23,179

 

$22,705

 

$22,159

Client assets under administration
 
 
17,532

 
18,324

 
18,537

 
19,269

 
19,255

Total assets
 
 

$41,521

 

$42,219

 

$41,716

 

$41,974

 

$41,414

 
 
 
 
 
 
 
 
 
 
 
 
Investment Advisors:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$46,123

 

$47,357

 

$50,016

 

$52,594

 

$52,847

Collective trust fund programs
 
 
7

 
7

 
5

 
5

 
5

Liquidity funds
 
 
4,924

 
5,051

 
3,661

 
2,539

 
2,741

Total assets under management
 
 

$51,054

 

$52,415

 

$53,682

 

$55,138

 

$55,593

 
 
 
 
 
 
 
 
 
 
 
 
Institutional Investors:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$72,263

 

$73,468

 

$75,944

 

$78,701

 

$76,465

Collective trust fund programs
 
 
96

 
97

 
88

 
90

 
93

Liquidity funds
 
 
2,883

 
2,390

 
2,526

 
2,612

 
2,903

Total assets under management
 
 

$75,242

 

$75,955

 

$78,558

 

$81,403

 

$79,461

 
 
 
 
 
 
 
 
 
 
 
 
Investment Managers:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$66

 

$72

 

$73

 

$79

 

$81

Collective trust fund programs
 
 
32,117

 
32,385

 
33,841

 
35,962

 
36,991

Liquidity funds
 
 
832

 
733

 
750

 
812

 
667

Total assets under management
 
 

$33,015

 

$33,190

 

$34,664

 

$36,853

 

$37,739

Client assets under administration (A)
 
 
390,282

 
400,579

 
419,139

 
451,204

 
448,708

Total assets
 
 

$423,297

 

$433,769

 

$453,803

 

$488,057

 

$486,447

 
 
 
 
 
 
 
 
 
 
 
 
Investments in New Businesses:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$764

 

$803

 

$820

 

$850

 

$884

Liquidity funds
 
 
47

 
41

 
37

 
53

 
61

Total assets under management
 
 

$811

 

$844

 

$857

 

$903

 

$945

 
 
 
 
 
 
 
 
 
 
 
 
LSV Asset Management:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$78,335

 

$78,390

 

$78,352

 

$83,863

 

$87,248

 
 
 
 
 
 
 
 
 
 
 
 
Total:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs (B)
 
 

$215,701

 

$218,460

 

$223,533

 

$234,755

 

$235,451

Collective trust fund programs
 
 
32,224

 
32,493

 
33,937

 
36,060

 
37,092

Liquidity funds
 
 
14,521

 
13,736

 
11,822

 
10,050

 
10,602

Total assets under management
 
 

$262,446

 

$264,689

 

$269,292

 

$280,865

 

$283,145

 
 
 
 
 
 
 
 
 
 
 
 
Client assets under administration (C)
 
 
407,814

 
418,903

 
437,676

 
470,473

 
467,963

Total assets
 
 

$670,260

 

$683,592

 

$706,968

 

$751,338

 

$751,108

(A)
Client assets under administration in the Investment Managers segment include $48.8 billion of assets that require limited services and therefore are at fee levels below our normal full service assets (as of December 31, 2016).
(B)
Equity and fixed-income programs include $4.7 billion of assets invested in various asset allocation funds at December 31, 2016.
(C)
In addition to the numbers presented, SEI also administers an additional $9.5 billion in Funds of Funds assets (as of
December 31, 2016) on which SEI does not earn an administration fee. Client assets under administration as of December 31, 2016, do not reflect $1.3 billion in Funds of Funds assets that were reported at December 31, 2015.


7


SEI INVESTMENTS COMPANY
AVERAGE ASSET BALANCES
(In millions)
(Unaudited)
 
 
 
4th Qtr.
 
1st Qtr.
 
2nd Qtr.
 
3rd Qtr.
 
4th Qtr.
 
 
 
2015
 
2016
 
2016
 
2016
 
2016
Private Banks:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$18,603

 

$17,644

 

$18,504

 

$18,650

 

$17,945

Collective trust fund programs
 
 
3

 
3

 
3

 
3

 
3

Liquidity funds
 
 
5,511

 
5,661

 
5,118

 
4,386

 
4,030

Total assets under management
 
 

$24,117

 

$23,308

 

$23,625

 

$23,039

 

$21,978

Client assets under administration
 
 
17,775

 
17,248

 
18,436

 
19,039

 
19,010

Total assets
 
 

$41,892

 

$40,556

 

$42,061

 

$42,078

 

$40,988

 
 
 
 
 
 
 
 
 
 
 
 
Investment Advisors:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$46,044

 

$45,175

 

$48,783

 

$51,924

 

$52,267

Collective trust fund programs
 
 
8

 
7

 
6

 
5

 
5

Liquidity funds
 
 
4,784

 
5,009

 
4,061

 
2,694

 
2,638

Total assets under management
 
 

$50,836

 

$50,191

 

$52,850

 

$54,623

 

$54,910

 
 
 
 
 
 
 
 
 
 
 
 
Institutional Investors:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$72,463

 

$71,779

 

$74,984

 

$77,583

 

$77,040

Collective trust fund programs
 
 
96

 
98

 
96

 
90

 
92

Liquidity funds
 
 
3,109

 
2,834

 
2,868

 
2,751

 
2,766

Total assets under management
 
 

$75,668

 

$74,711

 

$77,948

 

$80,424

 

$79,898

 
 
 
 
 
 
 
 
 
 
 
 
Investment Managers:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$59

 

$66

 

$72

 

$73

 

$79

Collective trust fund programs
 
 
30,960

 
30,784

 
33,021

 
35,257

 
36,170

Liquidity funds
 
 
960

 
832

 
701

 
874

 
813

Total assets under management
 
 

$31,979

 

$31,682

 

$33,794

 

$36,204

 

$37,062

Client assets under administration
 
 
390,080

 
387,421

 
415,237

 
436,459

 
446,666

Total assets
 
 

$422,059

 

$419,103

 

$449,031

 

$472,663

 

$483,728

 
 
 
 
 
 
 
 
 
 
 
 
Investments in New Businesses:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$788

 

$757

 

$811

 

$845

 

$851

Liquidity funds
 
 
47

 
48

 
39

 
44

 
60

Total assets under management
 
 

$835

 

$805

 

$850

 

$889

 

$911

 
 
 
 
 
 
 
 
 
 
 
 
LSV Asset Management:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$79,634

 

$74,699

 

$79,733

 

$83,373

 

$84,676

 
 
 
 
 
 
 
 
 
 
 
 
Total:
 
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 
 

$217,591

 

$210,120

 

$222,887

 

$232,448

 

$232,858

Collective trust fund programs
 
 
31,067

 
30,892

 
33,126

 
35,355

 
36,270

Liquidity funds
 
 
14,411

 
14,384

 
12,787

 
10,749

 
10,307

Total assets under management
 
 

$263,069

 

$255,396

 

$268,800

 

$278,552

 

$279,435

 
 
 
 
 
 
 
 
 
 
 
 
Client assets under administration (A)
 
 
407,855

 
404,669

 
433,673

 
455,498

 
465,676

Total assets
 
 

$670,924

 

$660,065

 

$702,473

 

$734,050

 

$745,111

(A) Client assets under administration during fourth-quarter 2016 do not reflect $1.3 billion in Funds of Funds assets that were reported during fourth-quarter 2015.





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