0000350894-21-000023 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	Apr. 23, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	0-10200
Entity Registrant Name	SEI INVESTMENTS COMPANY
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-1707341
Entity Address, Address Line One	1 Freedom Valley Drive
Entity Address, City or Town	Oaks
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19456
City Area Code	610
Local Phone Number	676-1000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SEIC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		142,809,759
Entity Central Index Key	0000350894
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 782,582	$ 784,626
Restricted cash	3,101	3,101
Receivables from investment products	57,291	55,271
Receivables, net of allowance for doubtful accounts of $2,307 and $1,100	406,028	385,219
Securities owned	33,040	34,064
Other current assets	42,809	38,696
Total Current Assets	1,324,851	1,300,977
Property and Equipment, net of accumulated depreciation of $386,319 and $378,639	184,253	189,052
Operating Lease Right-of-Use Assets	37,762	38,397
Capitalized Software, net of accumulated amortization of $505,112 and $491,739	263,964	270,977
Available for Sale and Equity Securities	114,973	105,419
Investments in Affiliated Funds, at fair value	6,623	6,166
Investment in Unconsolidated Affiliate	51,743	98,433
Goodwill	64,489	64,489
Intangible Assets, net of accumulated amortization of $13,377 and $12,456	34,383	24,304
Deferred Contract Costs	33,430	33,781
Deferred Income Taxes	2,706	2,972
Other Assets, net	31,724	32,289
Total Assets	2,150,901	2,167,256
Current Liabilities:
Accounts payable	5,529	7,766
Accrued liabilities	199,235	299,845
Current portion of long-term operating lease liabilities	9,813	8,579
Deferred revenue	1,335	1,085
Total Current Liabilities	215,912	317,275
Long-term Income Taxes Payable	803	803
Deferred Income Taxes	50,892	55,159
Long-term Operating Lease Liabilities	33,089	34,058
Other Long-term Liabilities	21,097	20,054
Total Liabilities	321,793	427,349
Commitments and Contingencies
Shareholders' Equity:
Common stock, $0.01 par value, 750,000 shares authorized; 142,701 and 143,396 shares issued and outstanding	1,427	1,434
Capital in excess of par value	1,208,433	1,190,001
Retained earnings	634,651	565,270
Accumulated other comprehensive loss, net	(15,403)	(16,798)
Total Shareholders' Equity	1,829,108	1,739,907
Total Liabilities and Shareholders' Equity	$ 2,150,901	$ 2,167,256

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 2,307	$ 1,100
Property and equipment, accumulated depreciation	386,319	378,639
Capitalized Software, accumulated amortization	505,112	491,739
Intangible Assets, accumulated amortization	$ 13,377	$ 12,456
Shareholders' Equity:
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	142,701,000	143,396,000
Common stock, shares outstanding	142,701,000	143,396,000

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Revenues	$ 455,686	$ 414,762
Expenses:
Subadvisory, distribution and other asset management costs	50,164	45,337
Software royalties and other information processing costs	5,742	7,447
Compensation, benefits and other personnel	137,221	131,481
Stock-based compensation	9,752	6,929
Consulting, outsourcing and professional fees	54,340	53,290
Data processing and computer related	25,721	22,704
Facilities, supplies and other costs	17,248	16,796
Amortization	14,352	13,077
Depreciation	8,309	7,473
Total expenses	322,849	304,534
Income from operations	132,837	110,228
Net gain (loss) from investments	332	(3,989)
Interest and dividend income	945	3,203
Interest expense	(123)	(152)
Equity in earnings of unconsolidated affiliate	33,350	29,907
Income before income taxes	167,341	139,197
Income taxes	37,871	29,955
Net income	$ 129,470	$ 109,242
Basic earnings per common share (in USD per share)	$ 0.90	$ 0.73
Shares used to compute basic earnings per share (in shares)	143,201	149,468
Diluted earnings per common share (in USD per share)	$ 0.89	$ 0.72
Shares used to compute diluted earnings per share (in shares)	145,306	152,368
Asset management, administration and distribution fees
Revenues:
Revenues	$ 367,646	$ 331,853
Information processing and software servicing fees
Revenues:
Revenues	$ 88,040	$ 82,909

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 129,470	$ 109,242
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	1,685	(13,075)
Unrealized (loss) gain on investments:
Unrealized (losses) gains during the period, net of income taxes of $160 and $(339)	(543)	1,131
Reclassification adjustment for losses realized in net income, net of income taxes of $(74) and $(28)	253	100
Unrealized (loss) gain on investments	(290)	1,231
Total other comprehensive income (loss), net of tax	1,395	(11,844)
Comprehensive income	$ 130,865	$ 97,398

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Unrealized gains during the period, taxes	$ 160	$ (339)
Reclassification adjustment for losses realized in net income, taxes	$ (74)	$ (28)

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Capital In Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance, shares at Dec. 31, 2019		149,745
Beginning balance at Dec. 31, 2019	$ 1,738,778	$ 1,497	$ 1,158,900	$ 601,885	$ (23,504)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	109,242			109,242
Other comprehensive income (loss)	(11,844)				(11,844)
Purchase and retirement of common stock, shares		(2,433)
Purchase and retirement of common stock	(127,432)	$ (24)	(13,767)	(113,641)
Issuance of common stock under employee stock purchase plan, shares		21
Issuance of common stock under employee stock purchase plan	1,106		1,106
Issuance of common stock upon exercise of stock options, shares		570
Issuance of common stock upon exercise of stock options	17,487	$ 6	17,481
Stock-based compensation	6,929		6,929
Ending balance, shares at Mar. 31, 2020		147,903
Ending balance at Mar. 31, 2020	$ 1,734,266	$ 1,479	1,170,649	597,486	(35,348)
Beginning balance, shares at Dec. 31, 2020	143,396	143,396
Beginning balance at Dec. 31, 2020	$ 1,739,907	$ 1,434	1,190,001	565,270	(16,798)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	129,470			129,470
Other comprehensive income (loss)	1,395				1,395
Purchase and retirement of common stock, shares		(1,152)
Purchase and retirement of common stock	(66,939)	$ (11)	(6,839)	(60,089)
Issuance of common stock under employee stock purchase plan, shares		24
Issuance of common stock under employee stock purchase plan	1,139		1,139
Issuance of common stock upon exercise of stock options, shares		433
Issuance of common stock upon exercise of stock options	14,384	$ 4	14,380
Stock-based compensation	$ 9,752		9,752
Ending balance, shares at Mar. 31, 2021	142,701	142,701
Ending balance at Mar. 31, 2021	$ 1,829,108	$ 1,427	$ 1,208,433	$ 634,651	$ (15,403)

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 129,470	$ 109,242
Adjustments to reconcile net income to net cash provided by operating activities (See Note 1)	7,103	(10,270)
Net cash provided by operating activities	136,573	98,972
Cash flows from investing activities:
Additions to property and equipment	(4,218)	(20,674)
Additions to capitalized software	(6,360)	(6,458)
Purchases of marketable securities	(51,524)	(29,407)
Prepayments and maturities of marketable securities	42,446	37,623
Sales of marketable securities	0	64
Other investing activities	(11,000)	1,500
Net cash used in investing activities	(30,656)	(17,352)
Cash flows from financing activities:
Payment of contingent consideration	(702)	(633)
Purchase and retirement of common stock	(71,206)	(130,558)
Proceeds from issuance of common stock	15,523	18,593
Payment of dividends	(53,127)	(52,452)
Net cash used in financing activities	(109,512)	(165,050)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,551	(11,146)
Net decrease in cash, cash equivalents and restricted cash	(2,044)	(94,576)
Cash, cash equivalents and restricted cash, beginning of period	787,727	844,547
Cash, cash equivalents and restricted cash, end of period	$ 785,683	$ 749,971

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Nature of Operations

SEI Investments Company (the Company), a Pennsylvania corporation, provides comprehensive platforms, services and infrastructure—encompassing technology, operational, and investment management services—to help wealth managers, financial advisors, investment managers, family offices, institutional and private investors create and manage wealth.

Investment processing platforms provide technologies and business process outsourcing services for wealth managers and investment advisors. These solutions include investment advisory, client relationship, and other technology-enabled capabilities for the front office; administrative and investment services for the middle office; and accounting and processing services for the back office. Revenues from investment processing platforms are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.

Investment operations platforms provide business process outsourcing services for investment managers and asset owners. These platforms support a broad range of traditional and alternative investments and provide technology-enabled information analytics and investor capabilities for the front office; administrative and investment services for the middle office; and fund administration and accounting services for the back office. Revenues from investment operations platforms are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Investment management platforms provide comprehensive solutions for managing personal and institutional wealth. These platforms include goals-based investment strategies; SEI-sponsored investment products, including mutual funds, collective investment products, alternative investment portfolios and separately managed accounts (SMA); and other market-specific advice, technology and operational components. These platforms are offered to wealth managers as part of a complete goals-based investment program for their end-investors. For institutional investors, the Company provides Outsourced Chief Investment Officer (OCIO) solutions that include investment management programs, as well as advisory and administrative services. Revenues from investment management platforms are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Basis of Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Certain financial information and accompanying note disclosure normally included in the Company’s Annual Report on Form 10-K have been condensed or omitted. The interim financial information is unaudited but reflects all adjustments (consisting of only normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of financial position of the Company as of March 31, 2021, the results of operations for the three months ended March 31, 2021 and 2020, and cash flows for the three-months ended March 31, 2021 and 2020. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

There have been no significant changes in significant accounting policies during the three months ended March 31, 2021 as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

Variable Interest Entities

The Company or its affiliates have created numerous investment products for its clients in various types of legal entity structures. The Company serves as the Manager, Administrator and Distributor for these investment products and may also serve as the Trustee for some of the investment products. The Company receives asset management, distribution, administration and custodial fees for these services. Clients are the equity investors and participate in proportion to their ownership percentage in the net income or loss and net capital gains or losses of the products, and, on liquidation, will participate in proportion to their ownership percentage in the remaining net assets of the products after satisfaction of outstanding liabilities. The Company has concluded that it is not the primary beneficiary of the entities and, therefore, is not required to consolidate any of the pooled investment vehicles for which it receives asset management, distribution, administration and custodial fees under the VIE model.

The Company is a party to expense limitation agreements with certain SEI-sponsored money market funds subject to Rule 2a-7 of the Investment Company Act of 1940 which establish a maximum level of ordinary operating expenses incurred by the fund in any fiscal year including, but not limited to, fees of the administrator or its affiliates. Under the terms of these

agreements, the Company waived $10,233 and $6,641 in fees during the three months ended March 31, 2021 and 2020, respectively.

Revenue Recognition

Revenue is recognized when the transfer of control of promised goods or services under the terms of a contract with customers are satisfied in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services. Certain portions of the Company’s revenues involve a third party in providing goods or services to its customers. In such circumstances, the Company must determine whether the nature of its promise to the customer is to provide the underlying goods or services (the Company is the principal in the transaction and reports the transaction gross) or to arrange for a third party to provide the underlying goods or services (the entity is the agent in the transaction and reports the transaction net). See Note 13 for related disclosures regarding revenue recognition.

Cash and Cash Equivalents

Cash and cash equivalents includes $323,941 and $347,082 at March 31, 2021 and December 31, 2020, respectively, primarily invested in SEI-sponsored open-ended money market mutual funds.

Restricted Cash

Restricted cash includes $3,000 at March 31, 2021 and December 31, 2020 segregated for regulatory purposes related to trade-execution services conducted by SEI Investments (Europe) Limited. Restricted cash also includes $101 at March 31, 2021 and December 31, 2020 segregated in special reserve accounts for the benefit of customers of the Company’s broker-dealer subsidiary, SEI Investments Distribution Co. (SIDCO), in accordance with certain rules established by the Securities and Exchange Commission (SEC) for broker-dealers.

Capitalized Software

The Company capitalized $6,360 and $6,458 of software development costs during the three months ended March 31, 2021 and 2020, respectively. The Company's software development costs primarily relate to significant enhancements to the SEI Wealth PlatformSM (SWP). The Company capitalized $6,261 and $6,229 of software development costs for significant enhancements to SWP during the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, the net book value of SWP was $252,047. The net book value includes $17,455 of capitalized software development costs in-progress associated with future releases of SWP. Capitalized software development costs in-progress associated with future releases of SWP were $13,409 as of December 31, 2020. SWP has a weighted average remaining life of 9.9 years. Amortization expense for SWP was $11,923 and $10,797 during the three months ended March 31, 2021 and 2020, respectively.

Earnings per Share

The calculations of basic and diluted earnings per share for the three months ended March 31, 2021 and 2020 are:


	Three Months Ended March 31,
	2021		2020
Net income	$	129,470	$	109,242
Shares used to compute basic earnings per common share	143,201,000		149,468,000
Dilutive effect of stock options	2,105,000		2,900,000
Shares used to compute diluted earnings per common share	145,306,000		152,368,000
Basic earnings per common share	$	0.90	$	0.73
Diluted earnings per common share	$	0.89	$	0.72

During the three months ended March 31, 2021 and 2020, employee stock options to purchase 11,715,000 and 7,408,000 shares of common stock with an average exercise price of $57.99 and $58.76, respectively, were outstanding but not included in the computation of diluted earnings per common share. These options for the three month periods were not included in the computation of diluted earnings per common share because either the performance conditions have not been satisfied or would not have been satisfied if the reporting date was the end of the contingency period or the options' exercise price was greater than the average market price of the Company’s common stock and the effect on diluted earnings per common share would have been anti-dilutive.

Reclassifications

Certain prior year amounts have been reclassified to conform to current year presentation.

Statements of Cash Flows

For purposes of the Consolidated Statements of Cash Flows, the Company considers investment instruments purchased with an original maturity of three months or less to be cash equivalents.

The following table provides the details of the adjustments to reconcile net income to net cash provided by operating activities for the three months ended March 31:


	2021		2020
Net income	$	129,470	$	109,242
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,309		7,473
Amortization	14,352		13,077
Equity in earnings of unconsolidated affiliate	(33,350)		(29,907)
Distributions received from unconsolidated affiliate	28,774		40,226
Stock-based compensation	9,752		6,929
Provision for losses on receivables	1,207		80
Deferred income tax expense	(3,915)		(1,879)
Net (gain) loss from investments	(332)		3,989

Change in other long-term liabilities	1,043		360
Change in other assets	507		(4,658)
Contract costs capitalized, net of amortization	351		(1,769)
Other	992		(1,612)
Change in current assets and liabilities
(Increase) decrease in
Receivables from investment products	(2,020)		2,553
Receivables	(22,016)		(17,852)
Other current assets	(4,113)		(9,728)
Advances due from unconsolidated affiliate	51,266		11,810
(Decrease) increase in
Accounts payable	(2,237)		8,663
Accrued liabilities	(41,717)		(36,818)
Deferred revenue	250		(1,207)
Total adjustments	7,103		(10,270)
Net cash provided by operating activities	$	136,573	$	98,972

Investment In Unconsolidated Affiliate

3 Months Ended

Mar. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investment In Unconsolidated Affiliate

Investment in Unconsolidated Affiliate

LSV Asset Management

The Company has an investment in LSV Asset Management (LSV), a registered investment advisor that provides investment advisory services primarily to institutions, including pension plans and investment companies. LSV is currently an investment sub-advisor for a limited number of SEI-sponsored investment products. The Company's partnership interest in LSV as of March 31, 2021 was 38.8%. The Company accounts for its interest in LSV using the equity method because of its less than 50% ownership. The Company’s interest in the net assets of LSV is reflected in Investment in unconsolidated affiliate on the accompanying Consolidated Balance Sheets and its interest in the earnings of LSV is reflected in Equity in earnings of unconsolidated affiliate on the accompanying Consolidated Statements of Operations.

At March 31, 2021, the Company’s total investment in LSV was $51,743. The Company receives partnership distributions from LSV on a quarterly basis. The Company received partnership distributions from LSV of $28,774 and $40,226 in the three months ended March 31, 2021 and 2020, respectively. As such, the Company considers these distribution payments as returns on investment rather than returns of the Company's original investment in LSV and has therefore classified the associated cash inflows as an operating activity on the Consolidated Statements of Cash Flows.

The Company’s proportionate share in the earnings of LSV was $33,350 and $29,907 during the three months ended March 31, 2021 and 2020, respectively.

These tables contain condensed financial information of LSV:


Condensed Statement of Operations	Three Months Ended March 31,
	2021		2020
Revenues	$	110,837	$	99,996
Net income	85,920		76,897


Condensed Balance Sheets	March 31, 2021		December 31, 2020
Current assets	$	126,324	$	151,515
Non-current assets	4,098		4,296
Total assets	$	130,422	$	155,811

Current liabilities	$	40,084	$	77,077
Non-current liabilities	4,435		4,620
Partners’ capital	85,903		74,114
Total liabilities and partners’ capital	$	130,422	$	155,811

On April 1, 2021, LSV provided an interest in the partnership to select key employees which reduced the ownership percentage of each existing partner on a pro-rata basis. As a result, the Company's total partnership interest in LSV was reduced slightly to approximately 38.7% from approximately 38.8%.

Composition of Certain Financial Statement Captions

3 Months Ended

Mar. 31, 2021

Items Included in Consolidated Statement of Financial Condition [Abstract]

Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:


	March 31, 2021		December 31, 2020
Trade receivables	$	115,343	$	99,106
Fees earned, not billed	279,919		262,167
Other receivables	13,073		25,046
	408,335		386,319
Less: Allowance for doubtful accounts	(2,307)		(1,100)
	$	406,028	$	385,219

Fees earned, not billed represents receivables from contracts with customers earned but unbilled and results from timing differences between services provided and contractual billing schedules. These billing schedules generally provide for fees to be billed on a quarterly basis. In addition, certain fees earned from investment operations services are calculated based on assets under administration that have an extended valuation process. Billings to these clients occur once the asset valuation processes are completed.

Receivables from investment products on the accompanying Consolidated Balance Sheets primarily represent fees receivable for distribution, investment advisory, and administration services to various regulated investment companies and other investment products sponsored by SEI.

Property and Equipment

Property and Equipment on the accompanying Consolidated Balance Sheets consists of:


	March 31, 2021		December 31, 2020
Buildings	$	206,799	$	206,151
Equipment	143,155		141,820
Land	24,226		24,179
Purchased software	149,172		147,838
Furniture and fixtures	21,488		21,439
Leasehold improvements	21,838		21,604
Construction in progress	3,894		4,660
	570,572		567,691
Less: Accumulated depreciation	(386,319)		(378,639)
Property and Equipment, net	$	184,253	$	189,052

The Company recognized $8,309 and $7,473 in depreciation expense related to property and equipment for the three months ended March 31, 2021 and 2020, respectively.

Deferred Contract Costs

Deferred contract costs, which primarily consist of deferred sales commissions, were $33,430 and $33,781 as of March 31, 2021 and December 31, 2020, respectively. The Company deferred expenses related to contract costs of $2,372 and $2,997 during the three months ended March 31, 2021 and 2020, respectively. Amortization expense related to deferred contract costs were $2,723 and $1,228 during the three months ended March 31, 2021 and 2020, respectively, and are included in Compensation, benefits and other personnel on the accompanying Consolidated Statements of Operations. There was no impairment loss in relation to deferred contract costs during the three months ended March 31, 2021.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:


	March 31, 2021		December 31, 2020
Accrued employee compensation	$	36,632	$	95,656
Accrued employee benefits and other personnel	13,023		18,770
Accrued consulting, outsourcing and professional fees	32,032		31,907
Accrued sub-advisory, distribution and other asset management fees	49,155		49,924

Accrued dividend payable	—		53,127
Accrued income taxes	33,001		3,507
Other accrued liabilities	35,392		46,954
Total accrued liabilities	$	199,235	$	299,845

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value of the Company’s financial assets and liabilities, except for the Company's investment funds sponsored by LSV, is determined in accordance with the fair value hierarchy. The fair value of the Company’s Level 1 financial assets consist mainly of investments in open-ended mutual funds that are quoted daily. Level 2 financial assets consist of GNMA mortgage-backed securities held by the Company's wholly-owned limited purpose federal thrift subsidiary, SEI Private Trust Company (SPTC), Federal Home Loan Bank (FHLB) and other U.S. government agency short-term notes held by SIDCO. The financial assets held by SIDCO were purchased as part of a cash management program requiring only short term, top-tier investment grade government and corporate securities. The financial assets held by SPTC are debt securities issued by GNMA and are backed by the full faith and credit of the U.S. government. These securities were purchased for the sole purpose of satisfying applicable regulatory requirements and have maturity dates which range from 2023 to 2041.

The fair value of the Company's investment funds sponsored by LSV is measured using the net asset value per share (NAV) as a practical expedient. The NAVs of the funds are calculated by the funds' independent custodian and are derived

from the fair values of the underlying investments as of the reporting date. The funds allow for investor redemptions at the end of each calendar month. This investment has not been classified in the fair value hierarchy but is presented in the tables below to permit reconciliation to the amounts presented on the accompanying Consolidated Balance Sheets.

The valuation of the Company's Level 2 financial assets held by SIDCO and SPTC are based upon securities pricing policies and procedures utilized by third-party pricing vendors.

The pricing policies and procedures applied for our Level 1 and Level 2 financial assets during the three months ended March 31, 2021 were consistent with those as described in the Company's Annual Report on Form 10-K at December 31, 2020. The Company had no Level 3 financial assets at March 31, 2021 or December 31, 2020 that were required to be measured at fair value on a recurring basis. Level 3 financial liabilities at March 31, 2021 and December 31, 2020 consist entirely of the estimated contingent consideration resulting from an acquisition (See Note 12). The fair value of the contingent consideration was determined using a Monte-Carlo simulation model. Key assumptions for the Monte-Carlo simulation model include expected revenues, expected volatility, risk-free rate and other factors. There were no transfers of financial assets between levels within the fair value hierarchy during the three months ended March 31, 2021.

The fair value of certain financial assets of the Company was determined using the following inputs:


			Fair Value Measurements at the End of the Reporting Period Using
Assets	March 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Equity securities	$	12,355	$	12,355	$	—
Available-for-sale debt securities	102,618		—		102,618
Fixed-income securities owned	33,040		—		33,040
Investment funds sponsored by LSV (1)	6,623
	$	154,636	$	12,355	$	135,658


			Fair Value Measurements at the End of the Reporting Period Using
Assets	December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Equity securities	$	12,142	$	12,142	$	—
Available-for-sale debt securities	93,277		—		93,277
Fixed-income securities owned	34,064		—		34,064
Investment funds sponsored by LSV (1)	6,166
	$	145,649	$	12,142	$	127,341

(1) The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the accompanying Consolidated Balance Sheets (See Note 5).

Marketable Securities

3 Months Ended

Mar. 31, 2021

Marketable Securities [Abstract]

Marketable Securities

Marketable securities include investments in money market funds and commercial paper classified as cash equivalents, available-for-sale debt securities, investments in SEI-sponsored and non-SEI-sponsored mutual funds, equities, investments in funds sponsored by LSV and securities owned by SIDCO.

Cash Equivalents

Investments in money market funds and commercial paper classified as cash equivalents had a fair value of $435,709 and $462,624 at March 31, 2021 and December 31, 2020, respectively. There were no material unrealized or realized gains or losses from these investments during the three months ended March 31, 2021 and 2020. Investments in money market funds and commercial paper are Level 1 assets.

Available for Sale and Equity Securities

Available For Sale and Equity Securities on the accompanying Consolidated Balance Sheets consist of:


	At March 31, 2021
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available-for-sale debt securities	$	100,980	$	1,638	$	—	$	102,618
SEI-sponsored mutual funds	6,872		446		—		7,318
Equities and other mutual funds	4,494		543		—		5,037
	$	112,346	$	2,627	$	—	$	114,973


	At December 31, 2020
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available-for-sale debt securities	$	91,262	$	2,015	$	—	$	93,277
SEI-sponsored mutual funds	6,866		382		—		7,248
Equities and other mutual funds	4,421		473		—		4,894
	$	102,549	$	2,870	$	—	$	105,419

Net unrealized gains at March 31, 2021 of available-for-sale debt securities were $1,261 (net of income tax expense of $377). Net unrealized gains at December 31, 2020 of available-for-sale debt securities were $1,551 (net of income tax expense of $464). These net unrealized gains are reported as a separate component of Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets.

There were gross realized losses of $327 and $128 from available-for-sale debt securities during the three months ended March 31, 2021 and 2020, respectively. There were no gross realized gains from available-for-sale debt securities during the three months ended March 31, 2021 and 2020. Realized losses from available-for-sale debt securities, including amounts reclassified from accumulated comprehensive loss, are reflected in Net gain (loss) from investments on the accompanying Consolidated Statements of Operations.

There were gross realized gains of $157 and gross realized losses of $31 from mutual funds and equities during the three months ended March 31, 2021. There were gross realized gains of $189 and gross realized losses of $235 from mutual funds and equities during the three months ended March 31, 2020. Gains and losses from mutual funds and equities are reflected in Net gain (loss) from investments on the accompanying Consolidated Statements of Operations.

Investments in Affiliated Funds

The Company has an investment in funds sponsored by LSV. The Company records this investment on the accompanying Consolidated Balance Sheets at fair value. Unrealized gains and losses from the change in fair value of these funds are recognized in Net gain (loss) from investments on the accompanying Consolidated Statements of Operations.

The funds had a fair value of $6,623 and $6,166 at March 31, 2021 and December 31, 2020, respectively. The Company recognized unrealized gains of $457 and unrealized losses of $2,235 during the three months ended March 31, 2021 and 2020, respectively, from the change in fair value of the funds.

Securities Owned

The Company’s broker-dealer subsidiary, SIDCO, has investments in U.S. government agency securities with maturity dates less than one year. These investments are reflected as Securities owned on the accompanying Consolidated

Balance Sheets. Due to specialized accounting practices applicable to investments by broker-dealers, the securities are reported at fair value and changes in fair value are recorded in current period earnings. The securities had a fair value of $33,040 and $34,064 at March 31, 2021 and December 31, 2020, respectively. There were no material net gains or losses related to the securities during the three months ended March 31, 2021 and 2020.

Line of Credit	3 Months Ended
Line of Credit	Mar. 31, 2021
Line of Credit Facility [Abstract]
Line of Credit	Line of Credit On April 23, 2021 (the Closing Date), the Company entered into a new five-year $325,000 Credit Agreement (the Credit Facility) with Wells Fargo Bank, N.A., and a syndicate of other lenders. The Credit Facility became available on the Closing Date and replaced the former credit facility agreement (the 2016 Credit Facility), also with Wells Fargo, that was scheduled to expire in June 2021. The Credit Facility is scheduled to expire in April 2026, at which time any aggregate principal amount of loans outstanding becomes payable in full. Any borrowings made under the Credit Facility will accrue interest at rates that, at the Company's option, are based on a base rate (the Base Rate) plus a premium that can range from 0.25% to 1.00% or the London InterBank Offered Rate (LIBOR) plus a premium that can range from 1.25% to 2.00% depending on the Company’s Leverage Ratio (a ratio of consolidated indebtedness to consolidated EBITDA for the four preceding fiscal quarters, all as defined in the related agreement). The Base Rate is defined as the highest of a) the Federal Funds Rate, as published by the Federal Reserve Bank of New York, plus 0.50%, b) the prime commercial lending rate of Wells Fargo, c) the applicable LIBOR plus 1.00%, or d) 0%. The Credit Facility includes fallback language clearly defining an alternative reference rate which provides for specified replacement rates upon a LIBOR cessation event. At the time of a LIBOR cessation event, the replacement rate, the Secured Overnight Financing Rate (SOFR), self-executes without the need for negotiations or a formal amendment process. The Company also pays quarterly commitment fees based on the unused portion of the Credit Facility. The quarterly fees for the Credit Facility can range from 0.15% of the amount of the unused portion to 0.30%, depending on the Company’s Leverage Ratio. Certain wholly-owned subsidiaries of the Company have guaranteed the obligations of the Company under the agreement. The aggregate amount of the Credit Facility may be increased by an additional $100,000 under certain conditions set forth in the agreement. The Company may issue up to $15,000 in letters of credit under the terms of the Credit Facility. The Company pays a periodic commission fee of 1.25% plus an issuance fee of 0.200% of the aggregate face amount of the outstanding letters of credit issued under the Credit Facility. The Credit Facility contains covenants with restrictions on the ability of the Company to do transactions with affiliates other than wholly-owned subsidiaries or to incur liens or certain types of indebtedness as defined in the agreement. In the event of a default under the Credit Facility, the Company would also be restricted from paying dividends on, or repurchasing, its common stock without the approval of the lenders. Upon the occurrence of certain financial or economic events, significant corporate events, or certain other events of default constituting an event of default under the Credit Facility, all loans outstanding may be declared immediately due and payable and all commitments under the agreement may be terminated. The Company had no borrowings under the Credit Facility and was in compliance with all covenants at April 23, 2021. The Company was in compliance with all covenants of the 2016 Credit Facility during the three months ended March 31, 2021 and to the Closing Date of the Credit Facility. As of April 23, 2021, the Company had outstanding letters of credit of $4,630 under the Credit Facility. These letters of credit were issued primarily for the expansion of the Company's headquarters and are scheduled to expire during 2021. The amount of the Credit Facility that is available for general corporate purposes as of April 23, 2021 was $320,370.

Shareholders' Equity

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Stock-Based Compensation

The Company has only non-qualified stock options outstanding under its equity compensation plans. All outstanding stock options have performance-based vesting provisions specific to each option grant that tie the vesting of the applicable stock options to the Company’s financial performance. The Company’s stock options vest at a rate of 50% when a specified financial vesting target is achieved, and the remaining 50% when a second, higher specified financial vesting target is achieved. Options do not vest due to the passage of time but solely as a result of achievement of the financial vesting targets. Options granted in December 2017 and thereafter include a service condition which requires a minimum two or four year waiting period from the grant date along with the attainment of the applicable financial vesting target. The targets are measured annually on December 31. The amount of stock-based compensation expense recognized in the period is based upon management’s estimate of when the financial vesting targets may be achieved. Any change in management’s estimate could result in the remaining amount of stock-based compensation expense to be accelerated, spread out over a longer period, or reversed. This may cause volatility in the recognition of stock-based compensation expense in future periods and could materially affect the Company’s earnings.

The Company recognized stock-based compensation expense in its Consolidated Financial Statements in the three months ended March 31, 2021 and 2020, respectively, as follows:


	Three Months Ended March 31,
	2021		2020
Stock-based compensation expense	$	9,752	$	6,929
Less: Deferred tax benefit	(1,854)		(1,381)
Stock-based compensation expense, net of tax	$	7,898	$	5,548

As of March 31, 2021, there was approximately $101,002 of unrecognized compensation cost remaining related to unvested employee stock options that management expects will vest and is being amortized.

The Company issues new common shares associated with the exercise of stock options. The total intrinsic value of options exercised during the three months ended March 31, 2021 was $11,511. The total options exercisable as of March 31, 2021 had an intrinsic value of $131,300. The total intrinsic value for options exercisable is calculated as the difference between the market value of the Company’s common stock as of March 31, 2021 and the weighted average exercise price of the options. The market value of the Company’s common stock as of March 31, 2021 was $60.93 as reported by the Nasdaq Stock Market, LLC. The weighted average exercise price of the options exercisable as of March 31, 2021 was $39.78. Total options that were outstanding as of March 31, 2021 were 17,923,000. Total options that were exercisable as of March 31, 2021 were 6,207,000.

Common Stock Buyback

The Company’s Board of Directors, under multiple authorizations, has authorized the repurchase of common stock on the open market or through private transactions. The Company purchased 1,152,000 shares at a total cost of $66,939 during the three months ended March 31, 2021, which reduced the total shares outstanding of common stock. The cost of stock purchases during the period includes the cost of certain transactions that settled in the following quarter. As of March 31, 2021, the Company had approximately $125,888 of authorization remaining for the purchase of common stock under the program.

The Company immediately retires its common stock when purchased. Upon retirement, the Company reduces Capital in excess of par value for the average capital per share outstanding and the remainder is charged against Retained earnings. If the Company reduces its Retained earnings to zero, any subsequent purchases of common stock will be charged entirely to Capital in excess of par value.

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

The components of Accumulated other comprehensive loss, net of tax, are as follows:


	Foreign Currency Translation Adjustments		Unrealized Gains (Losses) on Investments		Accumulated Other Comprehensive Loss
Balance, January 1, 2021	$	(18,349)	$	1,551	$	(16,798)

Other comprehensive income before reclassifications	1,685		(543)		1,142
Amounts reclassified from accumulated other comprehensive loss	—		253		253
Net current-period other comprehensive income	1,685		(290)		1,395

Balance, March 31, 2021	$	(16,664)	$	1,261	$	(15,403)

Business Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Business Segment Information

The Company’s reportable business segments are:

Private Banks – Provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers and financial advisors worldwide;

Investment Advisors – Provides investment management and investment processing platforms to affluent investors through a network of independent registered investment advisors, financial planners and other investment professionals in the United States;

Institutional Investors – Provides OCIO solutions, including investment management and administrative outsourcing platforms to retirement plan sponsors, healthcare systems, higher education and other not-for-profit organizations worldwide;

Investment Managers – Provides investment operations outsourcing platforms to fund companies, banking institutions, traditional and non-traditional investment managers worldwide and family offices in the United States; and

Investments in New Businesses – Focuses on providing investment management solutions to ultra-high-net-worth families residing in the United States; developing network and data protection services; modularizing larger technology platforms into stand-alone components; entering new markets; and conducting other research and development activities.

The information in the following tables is derived from internal financial reporting used for corporate management purposes. There are no inter-segment revenues for the three months ended March 31, 2021 and 2020. Management evaluates Company assets on a consolidated basis during interim periods. The accounting policies of the reportable business segments are the same as those described in Note 1 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

The following tables highlight certain financial information about each of business segment for the three months ended March 31, 2021 and 2020:


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Three Months Ended March 31, 2021
Revenues	$	117,608	$	113,294	$	84,499	$	136,419	$	3,866	$	455,686
Expenses	110,724		55,027		39,158		83,020		13,404		301,333
Operating profit (loss)	$	6,884	$	58,267	$	45,341	$	53,399	$	(9,538)	$	154,353


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Three Months Ended March 31, 2020
Revenues	$	113,221	$	102,321	$	79,203	$	116,629	$	3,388	$	414,762
Expenses	110,653		52,432		38,267		74,289		10,910		286,551
Operating profit (loss)	$	2,568	$	49,889	$	40,936	$	42,340	$	(7,522)	$	128,211

A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 is as follows:


	2021		2020
Total operating profit from segments	$	154,353	$	128,211
Corporate overhead expenses	(21,516)		(17,983)
Income from operations	$	132,837	$	110,228

The following tables provide additional information for the three months ended March 31, 2021 and 2020 pertaining to the business segments:


	Capital Expenditures (1)				Depreciation
	2021		2020		2021		2020
Private Banks	$	5,829	$	9,925	$	4,132	$	3,882
Investment Advisors	2,308		5,390		1,289		1,151
Institutional Investors	511		1,358		358		302
Investment Managers	1,631		9,032		2,053		1,812
Investments in New Businesses	139		418		146		70
Total from business segments	$	10,418	$	26,123	$	7,978	$	7,217
Corporate overhead	160		997		331		256
	$	10,578	$	27,120	$	8,309	$	7,473

(1) Capital expenditures include additions to property and equipment and capitalized software.


	Amortization
	2021		2020
Private Banks	$	8,576	$	7,421
Investment Advisors	2,627		2,652
Institutional Investors	426		427
Investment Managers	2,480		2,335
Investments in New Businesses	185		185
Total from business segments	$	14,294	$	13,020
Corporate overhead	58		57
	$	14,352	$	13,077

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The gross liability for unrecognized tax benefits at March 31, 2021 and December 31, 2020 was $16,713 and $15,911, respectively, exclusive of interest and penalties, of which $16,598 and $15,761 would affect the effective tax rate if the Company were to recognize the tax benefit.

The Company classifies interest and penalties on unrecognized tax benefits as income tax expense. As of March 31, 2021 and December 31, 2020, the combined amount of accrued interest and penalties related to tax positions taken on tax returns was $2,248 and $2,105, respectively.


	March 31, 2021		December 31, 2020
Gross liability for unrecognized tax benefits, exclusive of interest and penalties	$	16,713	$	15,911
Interest and penalties on unrecognized benefits	2,248		2,105
Total gross uncertain tax positions	$	18,961	$	18,016
Amount included in Current liabilities	$	6,553	$	6,546
Amount included in Other long-term liabilities	12,408		11,470
	$	18,961	$	18,016

The effective income tax rate for the three months ended March 31, 2021 and 2020 differs from the federal income tax statutory rate due to the following:


	Three Months Ended March 31,
	2021		2020
Statutory rate	21.0	%	21.0	%
State taxes, net of federal tax benefit	3.1		3.1
Foreign tax expense and tax rate differential	(0.1)		(0.1)
Tax benefit from stock option exercises	(1.1)		(2.2)


Other, net	(0.3)		(0.3)
	22.6	%	21.5	%

The increase in the effective tax rate for the three months ended March 31, 2021 was primarily due to decreased tax benefits related to the lower volume of stock option exercises in 2021 compared to the prior year period.

The Company files income tax returns in the United States on a consolidated basis and in many U.S. state and foreign jurisdictions. The Company is subject to examination of income tax returns by the Internal Revenue Service (IRS) and other domestic and foreign tax authorities. The Company is no longer subject to U.S. federal income tax examination for years before 2017 and is no longer subject to state, local or foreign income tax examinations by authorities for years before 2015.

The Company estimates it will recognize $6,553 of gross unrecognized tax benefits. This amount is expected to be paid within one year or to be removed at the expiration of the statute of limitations and resolution of income tax audits and is netted against the current payable account. These unrecognized tax benefits are related to tax positions taken on certain federal, state, and foreign tax returns. However, the timing of the resolution of income tax examinations is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each year. While it is reasonably possible that some issues under examination could be resolved in the next twelve months, based upon the current facts and circumstances, the Company cannot reasonably estimate the timing of such resolution or the total range of potential changes as it relates to the current unrecognized tax benefits that are recorded as part of the Company’s financial statements.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, the Company from time to time enters into contracts containing indemnification obligations of the Company. These obligations may require the Company to make payments to another party upon the occurrence of certain events including the failure by the Company to meet its performance obligations under the contract. These contractual indemnification provisions are often standard contractual terms of the nature customarily found in the type of contracts entered into by the Company. In many cases, there are no stated or notional amounts included in the indemnification provisions. There are no amounts reflected on the Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 related to these indemnifications. Stanford Trust Company Litigation SEI has been named in seven lawsuits filed in Louisiana courts; four of the cases also name SPTC as a defendant. The underlying allegations in all actions relate to the purported role of SPTC in providing back-office services to Stanford Trust Company. The complaints allege that SEI and SPTC participated in some manner in the sale of “certificates of deposit” issued by Stanford International Bank so as to be a “seller” of the certificates of deposit for purposes of primary liability under the Louisiana Securities Law or so as to be secondarily liable under that statute for sales of certificates of deposit made by Stanford Trust Company. Two of the actions also include claims for violations of the Louisiana Racketeering Act and possibly conspiracy, and a third also asserts claims of negligence, breach of contract, breach of fiduciary duty, violations of the uniform fiduciaries law, negligent misrepresentation, detrimental reliance, violations of the Louisiana Racketeering Act, and conspiracy. The procedural status of the seven cases varies. The Lillie case, filed originally in the 19th Judicial District Court for the Parish of East Baton Rouge, was brought as a class action. A group of plaintiffs who opted out of the Lillie class filed a complaint against SEI and SPTC in the United States District Court in the Middle District of Louisiana, alleging claims essentially the same as those in Lillie. In both cases, as a result of the proceedings in the Northern District of Texas, only the plaintiffs’ secondary liability claims under Section 714(B) of the Louisiana Securities Law remain. On January 31, 2019, the Judicial Panel on Multidistrict Litigation remanded the Lillie and Ahders proceedings to the Middle District of Louisiana. With respect to the Lillie proceeding, on July 9, 2019, the District Court issued an order granting SEI’s Summary Judgment Motion to dismiss the remaining Section 714(B) claim and denying Plaintiffs’ Motion for Continuance of SEI and SPTC’s Motion for Summary Judgment pursuant to Rule 56(d). On August 27, 2019, Plaintiffs-Appellants filed a Notice of Appeal to the United States Court of Appeals for the Fifth Circuit of the District Court's dismissal of the Lillie matter. The parties are currently scheduled to present oral arguments on the Plaintiffs-Appellants' motion for appeal on April 26, 2021. With respect to the Ahders proceeding, on January 24, 2020, the District Court issued an order granting SEI’s Summary Judgment Motion to dismiss the remaining Section 714(B) claim. On March 17, 2020, Plaintiffs-Appellants filed a Notice of Appeal to the United States Court of Appeals for the Fifth Circuit of the District Court's dismissal of the Ahders matter. On December 3, 2020, the United States Court of Appeals for the Fifth Circuit unanimously affirmed the District Court’s order granting summary judgment in favor of SEI and the Insurer Defendants in the Adhers matter. Another case, filed in the 23rd Judicial District Court for the Parish of Ascension, also was removed to federal court and transferred by the Judicial Panel on Multidistrict Litigation to the Northern District of Texas and the Stanford Multidistrict Litigation (MDL). The schedule for responding to that Complaint has not yet been established. Two additional cases remain in the Parish of East Baton Rouge. Plaintiffs filed petitions in 2010 and have granted SEI and SPTC indefinite extensions to respond. No material activity has taken place since. In two additional cases, filed in East Baton Rouge and brought by the same counsel who filed the Lillie action, virtually all of the litigation to date has involved motions practice and appellate litigation regarding the existence of federal subject matter jurisdiction under the federal Securities Litigation Uniform Standards Act (SLUSA). The matters were removed to the United States District Court for the Northern District of Texas and consolidated. The court then dismissed the action under SLUSA. The Court of Appeals for the Fifth Circuit reversed that order, and the Supreme Court of the United States affirmed the Court of Appeals judgment on February 26, 2014. The matters were remanded to state court and no material activity has taken place since that date. While the outcome of this litigation remains uncertain, SEI and SPTC believe that they have valid defenses to plaintiffs' claims and intend to defend the lawsuits vigorously. Because of uncertainty in the make-up of the Lillie class, the specific theories of liability that may survive a motion for summary judgment or other dispositive motion, the relative lack of discovery regarding damages, causation, mitigation and other aspects that may ultimately bear upon loss, the Company is not reasonably able to provide an estimate of loss, if any, with respect to the foregoing lawsuits. SS&C Advent Litigation On February 28, 2020, SEI Global Services, Inc. (SGSI), a wholly-owned subsidiary of the Company, filed a complaint under seal in the United States District Court for the Eastern District of Pennsylvania against SS&C Advent (Advent) and SS&C Technologies Holdings, Inc. (SS&C) alleging that SS&C and Advent breached the terms of the contract between the parties and asking the Court to hold SS&C and Advent to their bargained-for obligations (the Advent Matter). In addition to Breach of Contract, the complaint also includes counts for Declaratory Judgment, Tortious Interference with Existing and Prospective Contractual Relations, Violation of the New York General Business Law Section 349, Violations of Section 2 of the Sherman Antitrust Act, Promissory Estoppel and Breach of the Covenant of Good Faith and Fair Dealing. SGSI seeks various forms of relief, including declaratory judgment, specific performance under the contract, and monetary damages, including treble damages and attorney’s fees. Following various procedural actions, including an amendment of SGSI’s complaint to include additional breach of contract claims, Advent filed a motion to dismiss SGSI’s compliant. On October 23, 2020, the United States District Court for the Eastern District of Pennsylvania dismissed SEI’s federal anti-trust claims and declined to rule on the state law claims on the basis that in the absence of the anti-trust claim, the court had no jurisdiction over the state law claims. SGSI has appealed the dismissal of the federal anti-trust claims to the Third Circuit Court of Appeals, which is currently pending. Upon the dismissal of the federal anti-trust claim, on October 23, 2020, each of Advent and SGSI filed competing lawsuits in New York and Pennsylvania, respectively, to litigate the remaining breach of contract and tortious interference with contract claims. Additionally, SGSI made motions for injunctive relief to insure that Advent provided SGSI with access to the Geneva, Moxy and APX software modules as SGSI believes is required pursuant to the terms of a valid contract. Although SGSI had the right to litigate the matter in the Pennsylvania Commonwealth courts, critical timing imperatives related to access to the relevant software led SGSI to consent to the jurisdiction of the New York courts and litigate the matter as the defendant in New York State courts. There is no material difference in the claims, defenses, or burdens of proof for either of Advent, as the plaintiff, or SGSI, as defendant, in New York courts, or in Pennsylvania with the roles of plaintiff and defendant reversed. On January 13, 2021, Judge Borrok of the Supreme Court of the State of New York, granted SGSI’s motion for injunctive relief and issued an Order in which he characterized the basis for Advent’s claim for breach of contract as appearing to be “pre-textual” and found that SGSI’s claims for breach of contract would likely succeed on the merits. Judge Borrok granted SGSI’s motion for injunctive relief, on a preliminary basis, and precluded SS&C Advent from: •Dishonoring their contractual obligations and commitments under the SLSA, including, denying SEI’s licenses, rights, and privileges under the SLSA; •Failing to provide new license keys for the license keys due to Geneva, Moxy, and APX, and other software products licensed by SEI pursuant to the SLSA (such new license keys to be provided no later than January 15, 2021 at 10 A.M.); •Denying to SEI any and all access to the Geneva, Moxy, and APX software and related modules as are reasonably necessary to provide access to such software to SEI’s clients; and •Denying to SEI any and all support, maintenance and technical support services for Geneva, Moxy, and APX. SS&C Advent provided SEI with the necessary access to the Geneva, Moxy and APX software modules on January 14, 2021. These have been tested, verified and are now running in the SEI production environment. On January 15, 2021, SS&C Advent appealed Judge Borrok’s order granting SEI’s motion for preliminary injunctive relief to the Appellate Division of the Supreme Court of the State of New York, First Department. The parties are beginning discovery and participating in a voluntary mediation moderated by Judge Borrok that is scheduled for May 27, 2021. SEI does not believe that it will have to change providers under the current terms of its contract with SS&C Advent and that the process of litigating its rights under this contract may be a multi-year process. Consequently, SEI does not believe that the Advent Matter will create any consequence to the services SGSI provides to its clients in the near term. SEI believes that it has alternatives available to it that will enable it to continue to provide currently provided services to its clients in all material respects in the unlikely event that there ultimately is a negative outcome in the Advent Matter. SEI believes SGSI has a strong basis for proving the actions it alleges in the Advent Matter and looks forward to the opportunity to continue to assert its rights under contract. SEI expects the financial impact of litigating the Advent Matter to be immaterial. Other Matters The Company is also a party to various other actions and claims arising in the normal course of business that the Company does not believe are material. The Company believes that the ultimate resolution of these matters will not have a material adverse effect on the Company's financial position or the manner in which the Company conducts its business. Currently, the Company does not believe the amount of losses associated with these matters can be estimated. While the Company does not believe that the amount of such losses will, when liquidated or estimable, be material to its financial position, the assumptions may be incorrect and any such loss could have a material adverse effect on the Company's results of operations or the manner in which the Company conducts its business in the period(s) during which the underlying matters are resolved.

Goodwill and Intangible Assets	3 Months Ended
Goodwill and Intangible Assets	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible AssetsOn April 2, 2018, the Company acquired all ownership interests of Huntington Steele, LLC (Huntington Steele). The total purchase price was allocated to Huntington Steele’s net tangible and intangible assets based upon their estimated fair values at the date of purchase. The excess purchase price over the value of the identifiable intangible assets was recorded as goodwill. The total amount of goodwill from this transaction amounted to $11,499 and is included on the accompanying Consolidated Balance Sheets. The total purchase price for Huntington Steele included a contingent purchase price payable to the sellers upon the attainment of specified financial measures determined at various intervals occurring between 2019 and 2023. The Company made payments of $702 and $633 during the three months ended March 31, 2021 and 2020, respectively, to the sellers. As of March 31, 2021, the current portion of the contingent consideration of $3,229 is included in Accrued liabilities on the accompanying Balance Sheet. The long-term portion of the contingent consideration of $8,689 is included in Other long-term liabilities on the accompanying Balance Sheet. In July 2017, the Company acquired all ownership interests of Archway Technology Partners, LLC, Archway Finance & Operations, Inc. and Keystone Capital Holdings, LLC (collectively, Archway), a provider of operating technologies and services to the family office industry. The total purchase price was allocated to Archway’s net tangible and intangible assets based upon their estimated fair values at the date of purchase. The excess purchase price over the value of the net tangible and identifiable intangible assets was recorded as goodwill. The total amount of goodwill from this transaction amounted to $52,990 and is included on the accompanying Consolidated Balance Sheets. There were no changes to goodwill during the three months ended March 31, 2021. The Company recognized $921 of amortization expense related to the intangible assets acquired through the acquisitions of Huntington Steele and Archway during the three months ended March 31, 2021 and 2020.

Revenues from Contracts with Customers

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

The Company’s principal sources of revenues are: (1) asset management, administration and distribution fees primarily earned based upon a contractual percentage of net assets under management or administration; and (2) information processing and software servicing fees that are either recurring and primarily earned based upon the number of trust accounts being serviced or a percentage of the market value of the clients' assets processed on the Company's platforms, or non-recurring and based upon project-oriented contractual agreements related to client implementations.

Disaggregation of Revenue

The following tables provide additional information pertaining to our revenues disaggregated by major product line and primary geographic market based on the location of the use of the products or services for each of the business segments for the three months ended March 31, 2021 and 2020:


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Three Months Ended March 31, 2021
Investment management fees from pooled investment products	$	32,564	$	72,654	$	14,088	$	59	$	329	$	119,694
Investment management fees from investment management agreements	473		34,714		69,943		—		3,386		108,516
Investment operations fees	369		—		—		125,161		—		125,530
Investment processing fees - PaaS	50,876		—		—		—		—		50,876
Investment processing fees - SaaS	27,810		—		—		3,706		—		31,516
Professional services fees	4,407		—		—		1,147		—		5,554
Account fees and other	1,109		5,926		468		6,346		151		14,000
Total revenues	$	117,608	$	113,294	$	84,499	$	136,419	$	3,866	$	455,686

Primary Geographic Markets:
United States	$	75,095	$	113,294	$	66,720	$	127,016	$	3,866	$	385,991
United Kingdom	26,665		—		13,729		—		—		40,394
Canada	11,482		—		1,302		—		—		12,784
Ireland	4,366		—		2,619		9,403		—		16,388
Other	—		—		129		—		—		129
Total revenues	$	117,608	$	113,294	$	84,499	$	136,419	$	3,866	$	455,686


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Three Months Ended March 31, 2020
Investment management fees from pooled investment products	$	32,844	$	70,180	$	13,317	$	193	$	359	$	116,893
Investment management fees from investment management agreements	347		27,420		65,710		—		2,963		96,440
Investment operations fees	475		—		—		106,201		—		106,676
Investment processing fees - PaaS	46,153		—		—		—		—		46,153
Investment processing fees - SaaS	29,169		—		—		3,251		—		32,420
Professional services fees	2,715		—		—		1,274		—		3,989
Account fees and other	1,518		4,721		176		5,710		66		12,191
Total revenues	$	113,221	$	102,321	$	79,203	$	116,629	$	3,388	$	414,762

Primary Geographic Markets:
United States	$	74,014	$	102,321	$	62,089	$	108,443	$	3,388	$	350,255
United Kingdom	24,359		—		12,824		—		—		37,183
Canada	10,401		—		1,598		—		—		11,999
Ireland	4,447		—		2,530		8,186		—		15,163
Other	—		—		162		—		—		162
Total revenues	$	113,221	$	102,321	$	79,203	$	116,629	$	3,388	$	414,762

Investment management fees from pooled investment products - Revenues associated with clients' assets invested in Company-sponsored pooled investment products. Contractual fees are stated as a percentage of the market value of assets under management and collected on a monthly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Investment management fees from investment management agreements - Revenues based on assets of clients of the Institutional Investors segment primarily invested in Company-sponsored products. Each client is charged an investment management fee that is stated as a percentage of the market value of all assets under management. The client is billed directly on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Revenues associated with the separately managed account program offered through registered investment advisors located throughout the United States. The contractual fee is stated as a percentage of the market value of all assets invested in the separately managed account and collected on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Investment operations fees - Revenues earned from accounting and administrative services, distribution support services and regulatory and compliance services to investment management firms and family offices. The Company contracts directly with the investment management firm or family office. The contractual fees are stated as a percentage of net assets under administration and billed when asset valuations are finalized. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Investment processing fees - Platform as a Service - Revenues associated with clients that outsource their entire investment operation and back-office processing functions. Through the use of the Company's proprietary platforms, the Company assumes all back-office investment processing services including investment processing, custody and safekeeping of assets, income collections, securities settlement and other related trust activities. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. Contractual fees can also be stated as a percentage of the value of assets processed on the Company's platforms each month as long as the fee is in excess of a monthly contractual minimum. The client is billed directly on a monthly basis. Revenues are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.

Investment processing fees - Software as a Service - Revenues associated with clients that outsource investment processing technology software and computer processing by accessing our proprietary software and data center remotely but retain responsibility for all investment operations, client administration and other back-office trust operations. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. The client is billed directly on a monthly basis. Revenues are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.

Professional services fees - Revenues associated with the business services migration for investment processing clients of the Private Banks segment and investment operations clients of the Investment Managers segment. In addition, Professional services include other services such as business transformation consulting. Typically, fees are stated as a contractual fixed fee. The client is billed directly and fees are collected according to the terms of the agreement.

Account fees and other - Revenues associated with custody account servicing, account terminations, reimbursements received for out-of-pocket expenses, and other fees for the provision of ancillary services.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Summary of Significant Accounting Policies (Policy)	3 Months Ended
Summary of Significant Accounting Policies (Policy)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America.
Variable Interest Entities	Variable Interest Entities The Company or its affiliates have created numerous investment products for its clients in various types of legal entity structures. The Company serves as the Manager, Administrator and Distributor for these investment products and may also serve as the Trustee for some of the investment products. The Company receives asset management, distribution, administration and custodial fees for these services. Clients are the equity investors and participate in proportion to their ownership percentage in the net income or loss and net capital gains or losses of the products, and, on liquidation, will participate in proportion to their ownership percentage in the remaining net assets of the products after satisfaction of outstanding liabilities. The Company has concluded that it is not the primary beneficiary of the entities and, therefore, is not required to consolidate any of the pooled investment vehicles for which it receives asset management, distribution, administration and custodial fees under the VIE model. The Company is a party to expense limitation agreements with certain SEI-sponsored money market funds subject to Rule 2a-7 of the Investment Company Act of 1940 which establish a maximum level of ordinary operating expenses incurred by the fund in any fiscal year including, but not limited to, fees of the administrator or its affiliates.
Revenue Recognition	Revenue RecognitionRevenue is recognized when the transfer of control of promised goods or services under the terms of a contract with customers are satisfied in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services. Certain portions of the Company’s revenues involve a third party in providing goods or services to its customers. In such circumstances, the Company must determine whether the nature of its promise to the customer is to provide the underlying goods or services (the Company is the principal in the transaction and reports the transaction gross) or to arrange for a third party to provide the underlying goods or services (the entity is the agent in the transaction and reports the transaction net).
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents includes $323,941 and $347,082 at March 31, 2021 and December 31, 2020, respectively, primarily invested in SEI-sponsored open-ended money market mutual funds. Statements of Cash Flows For purposes of the Consolidated Statements of Cash Flows, the Company considers investment instruments purchased with an original maturity of three months or less to be cash equivalents.
Restricted Cash	Restricted CashRestricted cash includes $3,000 at March 31, 2021 and December 31, 2020 segregated for regulatory purposes related to trade-execution services conducted by SEI Investments (Europe) Limited. Restricted cash also includes $101 at March 31, 2021 and December 31, 2020 segregated in special reserve accounts for the benefit of customers of the Company’s broker-dealer subsidiary, SEI Investments Distribution Co. (SIDCO), in accordance with certain rules established by the Securities and Exchange Commission (SEC) for broker-dealers.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to current year presentation.
Equity Method Investments	The Company accounts for its interest in LSV using the equity method because of its less than 50% ownership. The Company’s interest in the net assets of LSV is reflected in Investment in unconsolidated affiliate on the accompanying Consolidated Balance Sheets and its interest in the earnings of LSV is reflected in Equity in earnings of unconsolidated affiliate on the accompanying Consolidated Statements of Operations.
Fair Value of Financial Instruments	The fair value of the Company’s financial assets and liabilities, except for the Company's investment funds sponsored by LSV, is determined in accordance with the fair value hierarchy. The fair value of the Company’s Level 1 financial assets consist mainly of investments in open-ended mutual funds that are quoted daily. Level 2 financial assets consist of GNMA mortgage-backed securities held by the Company's wholly-owned limited purpose federal thrift subsidiary, SEI Private Trust Company (SPTC), Federal Home Loan Bank (FHLB) and other U.S. government agency short-term notes held by SIDCO. The financial assets held by SIDCO were purchased as part of a cash management program requiring only short term, top-tier investment grade government and corporate securities. The financial assets held by SPTC are debt securities issued by GNMA and are backed by the full faith and credit of the U.S. government. These securities were purchased for the sole purpose of satisfying applicable regulatory requirements and have maturity dates which range from 2023 to 2041. The fair value of the Company's investment funds sponsored by LSV is measured using the net asset value per share (NAV) as a practical expedient. The NAVs of the funds are calculated by the funds' independent custodian and are derived from the fair values of the underlying investments as of the reporting date. The funds allow for investor redemptions at the end of each calendar month. This investment has not been classified in the fair value hierarchy but is presented in the tables below to permit reconciliation to the amounts presented on the accompanying Consolidated Balance Sheets. The valuation of the Company's Level 2 financial assets held by SIDCO and SPTC are based upon securities pricing policies and procedures utilized by third-party pricing vendors. The pricing policies and procedures applied for our Level 1 and Level 2 financial assets during the three months ended March 31, 2021 were consistent with those as described in the Company's Annual Report on Form 10-K at December 31, 2020. The Company had no Level 3 financial assets at March 31, 2021 or December 31, 2020 that were required to be measured at fair value on a recurring basis.
Investments in Affiliated Funds	The fair value of the Company's investment funds sponsored by LSV is measured using the net asset value per share (NAV) as a practical expedient. The NAVs of the funds are calculated by the funds' independent custodian and are derived from the fair values of the underlying investments as of the reporting date. The funds allow for investor redemptions at the end of each calendar month. This investment has not been classified in the fair value hierarchy but is presented in the tables below to permit reconciliation to the amounts presented on the accompanying Consolidated Balance Sheets.
Available-for-sale Securities	These net unrealized gains are reported as a separate component of Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets.
Securities Owned	The Company’s broker-dealer subsidiary, SIDCO, has investments in U.S. government agency securities with maturity dates less than one year. These investments are reflected as Securities owned on the accompanying Consolidated Balance Sheets. Due to specialized accounting practices applicable to investments by broker-dealers, the securities are reported at fair value and changes in fair value are recorded in current period earnings.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Calculation Of Basic And Diluted Earnings Per Share

The calculations of basic and diluted earnings per share for the three months ended March 31, 2021 and 2020 are:


	Three Months Ended March 31,
	2021		2020
Net income	$	129,470	$	109,242
Shares used to compute basic earnings per common share	143,201,000		149,468,000
Dilutive effect of stock options	2,105,000		2,900,000
Shares used to compute diluted earnings per common share	145,306,000		152,368,000
Basic earnings per common share	$	0.90	$	0.73
Diluted earnings per common share	$	0.89	$	0.72

Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities

The following table provides the details of the adjustments to reconcile net income to net cash provided by operating activities for the three months ended March 31:


	2021		2020
Net income	$	129,470	$	109,242
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,309		7,473
Amortization	14,352		13,077
Equity in earnings of unconsolidated affiliate	(33,350)		(29,907)
Distributions received from unconsolidated affiliate	28,774		40,226
Stock-based compensation	9,752		6,929
Provision for losses on receivables	1,207		80
Deferred income tax expense	(3,915)		(1,879)
Net (gain) loss from investments	(332)		3,989

Change in other long-term liabilities	1,043		360
Change in other assets	507		(4,658)
Contract costs capitalized, net of amortization	351		(1,769)
Other	992		(1,612)
Change in current assets and liabilities
(Increase) decrease in
Receivables from investment products	(2,020)		2,553
Receivables	(22,016)		(17,852)
Other current assets	(4,113)		(9,728)
Advances due from unconsolidated affiliate	51,266		11,810
(Decrease) increase in
Accounts payable	(2,237)		8,663
Accrued liabilities	(41,717)		(36,818)
Deferred revenue	250		(1,207)
Total adjustments	7,103		(10,270)
Net cash provided by operating activities	$	136,573	$	98,972

Investment In Unconsolidated Affiliate (Tables)

3 Months Ended

Mar. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Condensed Financial Information of LSV

These tables contain condensed financial information of LSV:


Condensed Statement of Operations	Three Months Ended March 31,
	2021		2020
Revenues	$	110,837	$	99,996
Net income	85,920		76,897


Condensed Balance Sheets	March 31, 2021		December 31, 2020
Current assets	$	126,324	$	151,515
Non-current assets	4,098		4,296
Total assets	$	130,422	$	155,811

Current liabilities	$	40,084	$	77,077
Non-current liabilities	4,435		4,620
Partners’ capital	85,903		74,114
Total liabilities and partners’ capital	$	130,422	$	155,811

Composition of Certain Financial Statement Captions (Tables)

3 Months Ended

Mar. 31, 2021

Items Included in Consolidated Statement of Financial Condition [Abstract]

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:


	March 31, 2021		December 31, 2020
Trade receivables	$	115,343	$	99,106
Fees earned, not billed	279,919		262,167
Other receivables	13,073		25,046
	408,335		386,319
Less: Allowance for doubtful accounts	(2,307)		(1,100)
	$	406,028	$	385,219

Property And Equipment

Property and Equipment on the accompanying Consolidated Balance Sheets consists of:


	March 31, 2021		December 31, 2020
Buildings	$	206,799	$	206,151
Equipment	143,155		141,820
Land	24,226		24,179
Purchased software	149,172		147,838
Furniture and fixtures	21,488		21,439
Leasehold improvements	21,838		21,604
Construction in progress	3,894		4,660
	570,572		567,691
Less: Accumulated depreciation	(386,319)		(378,639)
Property and Equipment, net	$	184,253	$	189,052

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:


	March 31, 2021		December 31, 2020
Accrued employee compensation	$	36,632	$	95,656
Accrued employee benefits and other personnel	13,023		18,770
Accrued consulting, outsourcing and professional fees	32,032		31,907
Accrued sub-advisory, distribution and other asset management fees	49,155		49,924

Accrued dividend payable	—		53,127
Accrued income taxes	33,001		3,507
Other accrued liabilities	35,392		46,954
Total accrued liabilities	$	199,235	$	299,845

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Of Certain Financial Assets And Liabilities

The fair value of certain financial assets of the Company was determined using the following inputs:


			Fair Value Measurements at the End of the Reporting Period Using
Assets	March 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Equity securities	$	12,355	$	12,355	$	—
Available-for-sale debt securities	102,618		—		102,618
Fixed-income securities owned	33,040		—		33,040
Investment funds sponsored by LSV (1)	6,623
	$	154,636	$	12,355	$	135,658


			Fair Value Measurements at the End of the Reporting Period Using
Assets	December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Equity securities	$	12,142	$	12,142	$	—
Available-for-sale debt securities	93,277		—		93,277
Fixed-income securities owned	34,064		—		34,064
Investment funds sponsored by LSV (1)	6,166
	$	145,649	$	12,142	$	127,341

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2021

Marketable Securities [Abstract]

Investments Available For Sale

Available For Sale and Equity Securities on the accompanying Consolidated Balance Sheets consist of:


	At March 31, 2021
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available-for-sale debt securities	$	100,980	$	1,638	$	—	$	102,618
SEI-sponsored mutual funds	6,872		446		—		7,318
Equities and other mutual funds	4,494		543		—		5,037
	$	112,346	$	2,627	$	—	$	114,973


	At December 31, 2020
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available-for-sale debt securities	$	91,262	$	2,015	$	—	$	93,277
SEI-sponsored mutual funds	6,866		382		—		7,248
Equities and other mutual funds	4,421		473		—		4,894
	$	102,549	$	2,870	$	—	$	105,419

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

The Company recognized stock-based compensation expense in its Consolidated Financial Statements in the three months ended March 31, 2021 and 2020, respectively, as follows:


	Three Months Ended March 31,
	2021		2020
Stock-based compensation expense	$	9,752	$	6,929
Less: Deferred tax benefit	(1,854)		(1,381)
Stock-based compensation expense, net of tax	$	7,898	$	5,548

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule Of Accumulated Other Comprehensive Income (Loss), Net Of Tax

The components of Accumulated other comprehensive loss, net of tax, are as follows:


	Foreign Currency Translation Adjustments		Unrealized Gains (Losses) on Investments		Accumulated Other Comprehensive Loss
Balance, January 1, 2021	$	(18,349)	$	1,551	$	(16,798)

Other comprehensive income before reclassifications	1,685		(543)		1,142
Amounts reclassified from accumulated other comprehensive loss	—		253		253
Net current-period other comprehensive income	1,685		(290)		1,395

Balance, March 31, 2021	$	(16,664)	$	1,261	$	(15,403)

Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule Of Financial Information About Business Segments

The following tables highlight certain financial information about each of business segment for the three months ended March 31, 2021 and 2020:


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Three Months Ended March 31, 2021
Revenues	$	117,608	$	113,294	$	84,499	$	136,419	$	3,866	$	455,686
Expenses	110,724		55,027		39,158		83,020		13,404		301,333
Operating profit (loss)	$	6,884	$	58,267	$	45,341	$	53,399	$	(9,538)	$	154,353


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Three Months Ended March 31, 2020
Revenues	$	113,221	$	102,321	$	79,203	$	116,629	$	3,388	$	414,762
Expenses	110,653		52,432		38,267		74,289		10,910		286,551
Operating profit (loss)	$	2,568	$	49,889	$	40,936	$	42,340	$	(7,522)	$	128,211

Reconciliation Of Total Operating Profit Reported For Business Segments To Income From Operations In Consolidated Statements Of Operations


	2021		2020
Total operating profit from segments	$	154,353	$	128,211
Corporate overhead expenses	(21,516)		(17,983)
Income from operations	$	132,837	$	110,228

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated

The following tables provide additional information for the three months ended March 31, 2021 and 2020 pertaining to the business segments:


	Capital Expenditures (1)				Depreciation
	2021		2020		2021		2020
Private Banks	$	5,829	$	9,925	$	4,132	$	3,882
Investment Advisors	2,308		5,390		1,289		1,151
Institutional Investors	511		1,358		358		302
Investment Managers	1,631		9,032		2,053		1,812
Investments in New Businesses	139		418		146		70
Total from business segments	$	10,418	$	26,123	$	7,978	$	7,217
Corporate overhead	160		997		331		256
	$	10,578	$	27,120	$	8,309	$	7,473

(1) Capital expenditures include additions to property and equipment and capitalized software.


	Amortization
	2021		2020
Private Banks	$	8,576	$	7,421
Investment Advisors	2,627		2,652
Institutional Investors	426		427
Investment Managers	2,480		2,335
Investments in New Businesses	185		185
Total from business segments	$	14,294	$	13,020
Corporate overhead	58		57
	$	14,352	$	13,077

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Schedule Of Interest And Penalties


	March 31, 2021		December 31, 2020
Gross liability for unrecognized tax benefits, exclusive of interest and penalties	$	16,713	$	15,911
Interest and penalties on unrecognized benefits	2,248		2,105
Total gross uncertain tax positions	$	18,961	$	18,016
Amount included in Current liabilities	$	6,553	$	6,546
Amount included in Other long-term liabilities	12,408		11,470
	$	18,961	$	18,016

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate for the three months ended March 31, 2021 and 2020 differs from the federal income tax statutory rate due to the following:


	Three Months Ended March 31,
	2021		2020
Statutory rate	21.0	%	21.0	%
State taxes, net of federal tax benefit	3.1		3.1
Foreign tax expense and tax rate differential	(0.1)		(0.1)
Tax benefit from stock option exercises	(1.1)		(2.2)


Other, net	(0.3)		(0.3)
	22.6	%	21.5	%

Revenues from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Three Months Ended March 31, 2021
Investment management fees from pooled investment products	$	32,564	$	72,654	$	14,088	$	59	$	329	$	119,694
Investment management fees from investment management agreements	473		34,714		69,943		—		3,386		108,516
Investment operations fees	369		—		—		125,161		—		125,530
Investment processing fees - PaaS	50,876		—		—		—		—		50,876
Investment processing fees - SaaS	27,810		—		—		3,706		—		31,516
Professional services fees	4,407		—		—		1,147		—		5,554
Account fees and other	1,109		5,926		468		6,346		151		14,000
Total revenues	$	117,608	$	113,294	$	84,499	$	136,419	$	3,866	$	455,686

Primary Geographic Markets:
United States	$	75,095	$	113,294	$	66,720	$	127,016	$	3,866	$	385,991
United Kingdom	26,665		—		13,729		—		—		40,394
Canada	11,482		—		1,302		—		—		12,784
Ireland	4,366		—		2,619		9,403		—		16,388
Other	—		—		129		—		—		129
Total revenues	$	117,608	$	113,294	$	84,499	$	136,419	$	3,866	$	455,686


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Three Months Ended March 31, 2020
Investment management fees from pooled investment products	$	32,844	$	70,180	$	13,317	$	193	$	359	$	116,893
Investment management fees from investment management agreements	347		27,420		65,710		—		2,963		96,440
Investment operations fees	475		—		—		106,201		—		106,676
Investment processing fees - PaaS	46,153		—		—		—		—		46,153
Investment processing fees - SaaS	29,169		—		—		3,251		—		32,420
Professional services fees	2,715		—		—		1,274		—		3,989
Account fees and other	1,518		4,721		176		5,710		66		12,191
Total revenues	$	113,221	$	102,321	$	79,203	$	116,629	$	3,388	$	414,762

Primary Geographic Markets:
United States	$	74,014	$	102,321	$	62,089	$	108,443	$	3,388	$	350,255
United Kingdom	24,359		—		12,824		—		—		37,183
Canada	10,401		—		1,598		—		—		11,999
Ireland	4,447		—		2,530		8,186		—		15,163
Other	—		—		162		—		—		162
Total revenues	$	113,221	$	102,321	$	79,203	$	116,629	$	3,388	$	414,762

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Summary of Significant Accounting Policies [Line Items]
Cash and cash equivalents invested in SEI-sponsored money market funds	$ 782,582		$ 784,626
Restricted cash	3,101		3,101
Capitalized software development costs	6,360	$ 6,458
Net book value of capitalized software	$ 263,964		270,977
Anti-dilutive employee stock options (in shares)	11,715	7,408
Anti-dilutive employee stock options (in USD per share)	$ 57.99	$ 58.76
SEI Wealth Platform
Summary of Significant Accounting Policies [Line Items]
Capitalized software development costs	$ 6,261	$ 6,229
Net book value of capitalized software	252,047
Capitalized software in progress	17,455		13,409
Amortization expense of capitalized software	$ 11,923	10,797
SEI Wealth Platform \| Weighted Average
Summary of Significant Accounting Policies [Line Items]
Weighted average remaining life	9 years 10 months 24 days
SEI-Sponsored Open-Ended Money Market Mutual Funds
Summary of Significant Accounting Policies [Line Items]
Cash and cash equivalents invested in SEI-sponsored money market funds	$ 323,941		347,082
SEI Investments (Europe) Limited
Summary of Significant Accounting Policies [Line Items]
Restricted cash	3,000		3,000
SEI Investments Distribution Co. (SIDCO)
Summary of Significant Accounting Policies [Line Items]
Restricted cash	101		$ 101
SEI-Sponsored Open-Ended Money Market Mutual Funds
Summary of Significant Accounting Policies [Line Items]
Fees waived	$ 10,233	$ 6,641

Summary of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Net income	$ 129,470	$ 109,242
Shares used to compute basic earnings per common share (in shares)	143,201	149,468
Dilutive effect of stock options (in shares)	2,105	2,900
Shares used to compute diluted earnings per common share (in shares)	145,306	152,368
Basic earnings per common share (in USD per share)	$ 0.90	$ 0.73
Diluted earnings per common share (in USD per share)	$ 0.89	$ 0.72

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

Summary of Significant Accounting Policies (Net Cash Provided by Operating Activities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Net income	$ 129,470	$ 109,242
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,309	7,473
Amortization	14,352	13,077
Equity in earnings of unconsolidated affiliate	(33,350)	(29,907)
Distributions received from unconsolidated affiliate	28,774	40,226
Stock-based compensation	9,752	6,929
Provision for losses on receivables	1,207	80
Deferred income tax expense	(3,915)	(1,879)
Net (gain) loss from investments	(332)	3,989
Change in other long-term liabilities	1,043	360
Change in other assets	507	(4,658)
Contract costs capitalized, net of amortization	351	(1,769)
Other	992	(1,612)
Change in current assets and liabilities (Increase) decrease in
Receivables from investment products	(2,020)	2,553
Receivables	(22,016)	(17,852)
Other current assets	(4,113)	(9,728)
Advances due from unconsolidated affiliate	51,266	11,810
(Decrease) increase in
Accounts payable	(2,237)	8,663
Accrued liabilities	(41,717)	(36,818)
Deferred revenue	250	(1,207)
Total adjustments	7,103	(10,270)
Net cash provided by operating activities	$ 136,573	$ 98,972

Investment In Unconsolidated Affiliate (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Apr. 01, 2021
Investments in and Advances to Affiliates [Line Items]
Distributions received from unconsolidated affiliate	$ 28,774	$ 40,226
Company's share in the earnings of equity method investee	$ 33,350	29,907
LSV Asset Management
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	38.80%
Total investment in equity method investee	$ 51,743
Distributions received from unconsolidated affiliate	28,774	40,226
Company's share in the earnings of equity method investee	$ 33,350	$ 29,907
LSV Asset Management \| Subsequent Event
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage			38.70%

Investment In Unconsolidated Affiliate (Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Revenues	$ 455,686	$ 414,762
Equity Method Investment, Nonconsolidated Investee \| LSV Asset Management
Schedule of Equity Method Investments [Line Items]
Revenues	110,837	99,996
Net income	$ 85,920	$ 76,897

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Investment in Unconsolidated Affiliate (Balance Sheets) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Current assets	$ 1,324,851	$ 1,300,977
Total Assets	2,150,901	2,167,256
Current liabilities	215,912	317,275
Total Liabilities and Shareholders' Equity	2,150,901	2,167,256
Equity Method Investment, Nonconsolidated Investee \| LSV Asset Management
Schedule of Equity Method Investments [Line Items]
Current assets	126,324	151,515
Non-current assets	4,098	4,296
Total Assets	130,422	155,811
Current liabilities	40,084	77,077
Non-current liabilities	4,435	4,620
Partners’ capital	85,903	74,114
Total Liabilities and Shareholders' Equity	$ 130,422	$ 155,811

Composition of Certain Financial Statement Captions (Receivables) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Items Included in Consolidated Statement of Financial Condition [Abstract]
Trade receivables	$ 115,343	$ 99,106
Fees earned, not billed	279,919	262,167
Other receivables	13,073	25,046
Receivables, Gross, Current	408,335	386,319
Less: Allowance for doubtful accounts	(2,307)	(1,100)
Receivables, net	$ 406,028	$ 385,219

Composition of Certain Financial Statement Captions (Property And Equipment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property and Equipment [Line Items]
Property and Equipment, gross	$ 570,572		$ 567,691
Less: Accumulated depreciation	(386,319)		(378,639)
Property and Equipment, net	184,253		189,052
Depreciation expense	8,309	$ 7,473
Buildings
Property and Equipment [Line Items]
Property and Equipment, gross	206,799		206,151
Equipment
Property and Equipment [Line Items]
Property and Equipment, gross	143,155		141,820
Land
Property and Equipment [Line Items]
Property and Equipment, gross	24,226		24,179
Purchased software
Property and Equipment [Line Items]
Property and Equipment, gross	149,172		147,838
Furniture and fixtures
Property and Equipment [Line Items]
Property and Equipment, gross	21,488		21,439
Leasehold improvements
Property and Equipment [Line Items]
Property and Equipment, gross	21,838		21,604
Construction in progress
Property and Equipment [Line Items]
Property and Equipment, gross	$ 3,894		$ 4,660

Composition of Certain Financial Statement Captions (Deferred Contract Costs) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Items Included in Consolidated Statement of Financial Condition [Abstract]
Deferred contract costs	$ 33,430,000		$ 33,781,000
Capitalized contract cost, amount capitalized during period	2,372,000	$ 2,997,000
Amortization of deferred contract costs	2,723,000	$ 1,228,000
Capitalized contract cost impairment	$ 0

Composition of Certain Financial Statement Captions (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Items Included in Consolidated Statement of Financial Condition [Abstract]
Accrued employee compensation	$ 36,632	$ 95,656
Accrued employee benefits and other personnel	13,023	18,770
Accrued consulting, outsourcing and professional fees	32,032	31,907
Accrued sub-advisory, distribution and other asset management fees	49,155	49,924
Accrued dividend payable	0	53,127
Accrued income taxes	33,001	3,507
Other accrued liabilities	35,392	46,954
Total accrued liabilities	$ 199,235	$ 299,845

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-income securities owned	$ 33,040	$ 34,064
Assets, fair value	154,636	145,649
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-income securities owned	0	0
Assets, fair value	12,355	12,142
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-income securities owned	33,040	34,064
Assets, fair value	135,658	127,341
Fair Value Measured at Net Asset Value Per Share
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds sponsored by LSV	6,623	6,166
Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities	12,355	12,142
Equity securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities	12,355	12,142
Equity securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities	0	0
Available-for-sale debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities	102,618	93,277
Available-for-sale debt securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities	0	0
Available-for-sale debt securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities	$ 102,618	$ 93,277

Marketable Securities (Investments Available For Sale) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Available For Sale and Equity Securities, Cost	$ 112,346	$ 102,549
Available For Sale and Equity Securities, Gross Unrealized Gains	2,627	2,870
Available For Sale and Equity Securities, Gross Unrealized (Losses)	0	0
Available For Sale and Equity Securities, Fair Value	114,973	105,419
Available-for-sale debt securities
Debt Securities, Available-for-sale [Line Items]
Available for sale debt securities, Cost	100,980	91,262
Available for sale debt securities, Gross Unrealized Gains	1,638	2,015
Available for sale debt securities, Gross Unrealized (Losses)	0	0
Available for sale debt securities, Fair Value	102,618	93,277
SEI-sponsored mutual funds
Debt Securities, Available-for-sale [Line Items]
Equity securities, FV-NI, Cost	6,872	6,866
Equity securities, FV-NI, Gross Unrealized Gains	446	382
Equity securities, FV-NI, Gross Unrealized (Losses)	0	0
Equity securities, FV-NI, Fair Value	7,318	7,248
Equities and other mutual funds
Debt Securities, Available-for-sale [Line Items]
Equity securities, FV-NI, Cost	4,494	4,421
Equity securities, FV-NI, Gross Unrealized Gains	543	473
Equity securities, FV-NI, Gross Unrealized (Losses)	0	0
Equity securities, FV-NI, Fair Value	$ 5,037	$ 4,894

Marketable Securities (Narrative) (Details) - USD ($)	3 Months Ended
Marketable Securities (Narrative) (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule of Investments [Line Items]
Net unrealized gains (losses) of available-for-sale debt securities	$ 1,261,000		$ 1,551,000
Unrealized gains (losses) during the period, income tax expense (benefit)	377,000		464,000
Available-for-sale securities, gross realized gains	0	$ 0
Mutual funds and equities, gross realized gains	157,000	189,000
Mutual funds and equities, gross realized loss	31,000	235,000
Other long-term investments	51,743,000		98,433,000
Securities owned	33,040,000		34,064,000
Cash Equivalents
Schedule of Investments [Line Items]
Cash equivalents at fair value	435,709,000		462,624,000
Available-for-sale debt securities
Schedule of Investments [Line Items]
Available-for-sale securities, gross realized losses	327,000	128,000
Investment Funds Sponsored by LSV
Schedule of Investments [Line Items]
Other long-term investments	6,623,000		$ 6,166,000
Unrealized gain (loss) on investments	$ 457,000	$ (2,235,000)

Line of Credit (Details) - 2021 Credit Facility - Subsequent Event	Apr. 23, 2021 USD ($) fiscalQuarter
Line of Credit Facility [Line Items]
Debt interest rate accrual term, number of preceding fiscal quarters \| fiscalQuarter	4
Letters of credit outstanding amount	$ 4,630,000
Line of Credit
Line of Credit Facility [Line Items]
Credit facility term of agreement	5 years
Credit facility maximum borrowing capacity	$ 325,000,000
Credit facility stated percentage	0.00%
Credit facility accordion feature, increase limit	$ 100,000,000
Line of credit outstanding	0
Credit facility remaining borrowing capacity	$ 320,370,000
Line of Credit \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread	1.00%
Line of Credit \| Federal Funds Rate
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread	0.50%
Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Credit facility commitment fee per annum on daily unused portion	0.15%
Line of Credit \| Minimum \| Lender's Base Rate Plus Market Spread
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread	0.25%
Line of Credit \| Minimum \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread	1.25%
Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Credit facility commitment fee per annum on daily unused portion	0.30%
Line of Credit \| Maximum \| Lender's Base Rate Plus Market Spread
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread	1.00%
Line of Credit \| Maximum \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread	2.00%
Letter of Credit
Line of Credit Facility [Line Items]
Credit facility maximum borrowing capacity	$ 15,000,000
Credit facility, commitment fee percentage	1.25%
Credit facility, fronting fee percentage	0.20%

Shareholders' Equity (Narrative) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 101,002
Total intrinsic value of options exercised	11,511
Aggregate intrinsic value of options exercisable	$ 131,300
Market value of Company's common stock (in USD per share) \| $ / shares	$ 60.93
Weighted average exercise price per share (in USD per share) \| $ / shares	$ 39.78
Total options outstanding (in shares) \| shares	17,923
Total options exercisable (in shares) \| shares	6,207
Common Stock Buyback
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased and retired (in shares) \| shares	1,152
Company purchased, cost	$ 66,939
Remaining stock repurchase authorization amount	$ 125,888
2014 Plan \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate	50.00%
2014 Plan \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate	50.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award waiting period	2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award waiting period	4 years

Shareholders' Equity (Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Stock-based compensation expense	$ 9,752	$ 6,929
Less: Deferred tax benefit	(1,854)	(1,381)
Stock-based compensation expense, net of tax	$ 7,898	$ 5,548

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 1,739,907	$ 1,738,778
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income before reclassifications	1,142
Amounts reclassified from accumulated other comprehensive loss	253
Total other comprehensive income (loss), net of tax	1,395	(11,844)
Ending balance	1,829,108	1,734,266
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(18,349)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income before reclassifications	1,685
Amounts reclassified from accumulated other comprehensive loss	0
Total other comprehensive income (loss), net of tax	1,685
Ending balance	(16,664)
Unrealized Gains (Losses) on Investments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	1,551
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income before reclassifications	(543)
Amounts reclassified from accumulated other comprehensive loss	253
Total other comprehensive income (loss), net of tax	(290)
Ending balance	1,261
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(16,798)	(23,504)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Total other comprehensive income (loss), net of tax	1,395	(11,844)
Ending balance	$ (15,403)	$ (35,348)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Business Segment Information (Schedule of Financial Information About Business Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 455,686	$ 414,762
Expenses	301,333	286,551
Operating profit (loss)	154,353	128,211
Private Banks
Segment Reporting Information [Line Items]
Revenues	117,608	113,221
Expenses	110,724	110,653
Operating profit (loss)	6,884	2,568
Investment Advisors
Segment Reporting Information [Line Items]
Revenues	113,294	102,321
Expenses	55,027	52,432
Operating profit (loss)	58,267	49,889
Institutional Investors
Segment Reporting Information [Line Items]
Revenues	84,499	79,203
Expenses	39,158	38,267
Operating profit (loss)	45,341	40,936
Investment Managers
Segment Reporting Information [Line Items]
Revenues	136,419	116,629
Expenses	83,020	74,289
Operating profit (loss)	53,399	42,340
Investments In New Businesses
Segment Reporting Information [Line Items]
Revenues	3,866	3,388
Expenses	13,404	10,910
Operating profit (loss)	$ (9,538)	$ (7,522)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Business Segment Information (Reconciliation of Total Operating Profit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total operating profit from segments	$ 154,353	$ 128,211
Income from operations	132,837	110,228
Operating Segments
Segment Reporting Information [Line Items]
Total operating profit from segments	154,353	128,211
Corporate
Segment Reporting Information [Line Items]
Corporate overhead expenses	$ (21,516)	$ (17,983)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

+ Details

Business Segment Information (Schedule Of Additional Information Pertaining To Business Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Capital Expenditures	$ 10,578	$ 27,120
Depreciation	8,309	7,473
Amortization	14,352	13,077
Operating Segments
Segment Reporting Information [Line Items]
Capital Expenditures	10,418	26,123
Depreciation	7,978	7,217
Amortization	14,294	13,020
Operating Segments \| Private Banks
Segment Reporting Information [Line Items]
Capital Expenditures	5,829	9,925
Depreciation	4,132	3,882
Amortization	8,576	7,421
Operating Segments \| Investment Advisors
Segment Reporting Information [Line Items]
Capital Expenditures	2,308	5,390
Depreciation	1,289	1,151
Amortization	2,627	2,652
Operating Segments \| Institutional Investors
Segment Reporting Information [Line Items]
Capital Expenditures	511	1,358
Depreciation	358	302
Amortization	426	427
Operating Segments \| Investment Managers
Segment Reporting Information [Line Items]
Capital Expenditures	1,631	9,032
Depreciation	2,053	1,812
Amortization	2,480	2,335
Operating Segments \| Investments In New Businesses
Segment Reporting Information [Line Items]
Capital Expenditures	139	418
Depreciation	146	70
Amortization	185	185
Corporate
Segment Reporting Information [Line Items]
Capital Expenditures	160	997
Depreciation	331	256
Amortization	$ 58	$ 57

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Gross liability for unrecognized tax benefits, exclusive of interest and penalties	$ 16,713	$ 15,911
Unrecognized tax benefits that would affect effective tax rate	16,598	15,761
Interest and penalties on unrecognized benefits	2,248	$ 2,105
Settlement and Lapse of Statute
Income Tax Contingency [Line Items]
Unrecognized tax benefits within the next twelve months	$ 6,553

Income Taxes (Interest And Penalties) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Gross liability for unrecognized tax benefits, exclusive of interest and penalties	$ 16,713	$ 15,911
Interest and penalties on unrecognized benefits	2,248	2,105
Total gross uncertain tax positions	18,961	18,016
Amount included in Current liabilities	6,553	6,546
Amount included in Other long-term liabilities	$ 12,408	$ 11,470

Income Taxes (Effective Income Tax Rate Reconciliation) (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Statutory rate	21.00%	21.00%
State taxes, net of federal tax benefit	3.10%	3.10%
Foreign tax expense and tax rate differential	(0.10%)	(0.10%)
Tax benefit from stock option exercises	(1.10%)	(2.20%)
Other, net	(0.30%)	(0.30%)
Effective income tax rate	22.60%	21.50%

Commitments and Contingencies (Details)	Mar. 31, 2021 lawsuit
Loss Contingencies [Line Items]
Number of lawsuits filed	7
Cases with SPTC as Defendant
Loss Contingencies [Line Items]
Number of lawsuits filed	4
Claims for Violations of Louisiana Racketeering Act
Loss Contingencies [Line Items]
Number of lawsuits filed	2
Cases Remaining in Parish of East Baton Rouge Granted Indefinite Extensions to Respond
Loss Contingencies [Line Items]
Number of lawsuits filed	2
Cases Filed in East Baton Rouge
Loss Contingencies [Line Items]
Number of lawsuits filed	2

Goodwill and Intangible Assets (Details) - USD ($)	3 Months Ended
Goodwill and Intangible Assets (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Apr. 30, 2018	Jul. 31, 2017
Goodwill [Line Items]
Goodwill	$ 64,489,000		$ 64,489,000
Payment of contingent consideration	702,000	$ 633,000
Goodwill change during period	0
Amortization expense	921,000	921,000
Huntington Steele, LLC
Goodwill [Line Items]
Goodwill				$ 11,499,000
Payment of contingent consideration	702,000	$ 633,000
Contingent consideration, current	3,229,000
Contingent consideration, long-term	$ 8,689,000
Archway
Goodwill [Line Items]
Goodwill					$ 52,990,000

Revenues from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 455,686	$ 414,762
United States
Disaggregation of Revenue [Line Items]
Revenues	385,991	350,255
United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	40,394	37,183
Canada
Disaggregation of Revenue [Line Items]
Revenues	12,784	11,999
Ireland
Disaggregation of Revenue [Line Items]
Revenues	16,388	15,163
Other
Disaggregation of Revenue [Line Items]
Revenues	129	162
Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues	119,694	116,893
Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues	108,516	96,440
Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues	125,530	106,676
Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues	50,876	46,153
Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues	31,516	32,420
Professional services fees
Disaggregation of Revenue [Line Items]
Revenues	5,554	3,989
Account fees and other
Disaggregation of Revenue [Line Items]
Revenues	14,000	12,191
Private Banks
Disaggregation of Revenue [Line Items]
Revenues	117,608	113,221
Private Banks \| United States
Disaggregation of Revenue [Line Items]
Revenues	75,095	74,014
Private Banks \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	26,665	24,359
Private Banks \| Canada
Disaggregation of Revenue [Line Items]
Revenues	11,482	10,401
Private Banks \| Ireland
Disaggregation of Revenue [Line Items]
Revenues	4,366	4,447
Private Banks \| Other
Disaggregation of Revenue [Line Items]
Revenues	0	0
Private Banks \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues	32,564	32,844
Private Banks \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues	473	347
Private Banks \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues	369	475
Private Banks \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues	50,876	46,153
Private Banks \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues	27,810	29,169
Private Banks \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues	4,407	2,715
Private Banks \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues	1,109	1,518
Investment Advisors
Disaggregation of Revenue [Line Items]
Revenues	113,294	102,321
Investment Advisors \| United States
Disaggregation of Revenue [Line Items]
Revenues	113,294	102,321
Investment Advisors \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investment Advisors \| Canada
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investment Advisors \| Ireland
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investment Advisors \| Other
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investment Advisors \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues	72,654	70,180
Investment Advisors \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues	34,714	27,420
Investment Advisors \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investment Advisors \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investment Advisors \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investment Advisors \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investment Advisors \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues	5,926	4,721
Institutional Investors
Disaggregation of Revenue [Line Items]
Revenues	84,499	79,203
Institutional Investors \| United States
Disaggregation of Revenue [Line Items]
Revenues	66,720	62,089
Institutional Investors \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	13,729	12,824
Institutional Investors \| Canada
Disaggregation of Revenue [Line Items]
Revenues	1,302	1,598
Institutional Investors \| Ireland
Disaggregation of Revenue [Line Items]
Revenues	2,619	2,530
Institutional Investors \| Other
Disaggregation of Revenue [Line Items]
Revenues	129	162
Institutional Investors \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues	14,088	13,317
Institutional Investors \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues	69,943	65,710
Institutional Investors \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues	0	0
Institutional Investors \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues	0	0
Institutional Investors \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues	0	0
Institutional Investors \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues	0	0
Institutional Investors \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues	468	176
Investment Managers
Disaggregation of Revenue [Line Items]
Revenues	136,419	116,629
Investment Managers \| United States
Disaggregation of Revenue [Line Items]
Revenues	127,016	108,443
Investment Managers \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investment Managers \| Canada
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investment Managers \| Ireland
Disaggregation of Revenue [Line Items]
Revenues	9,403	8,186
Investment Managers \| Other
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investment Managers \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues	59	193
Investment Managers \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investment Managers \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues	125,161	106,201
Investment Managers \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investment Managers \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues	3,706	3,251
Investment Managers \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues	1,147	1,274
Investment Managers \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues	6,346	5,710
Investments In New Businesses
Disaggregation of Revenue [Line Items]
Revenues	3,866	3,388
Investments In New Businesses \| United States
Disaggregation of Revenue [Line Items]
Revenues	3,866	3,388
Investments In New Businesses \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investments In New Businesses \| Canada
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investments In New Businesses \| Ireland
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investments In New Businesses \| Other
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investments In New Businesses \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues	329	359
Investments In New Businesses \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues	3,386	2,963
Investments In New Businesses \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investments In New Businesses \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investments In New Businesses \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investments In New Businesses \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investments In New Businesses \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues	$ 151	$ 66