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seic-20220419
0000350894FALSE00003508942022-04-192022-04-19

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________
FORM 8-K
________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
April 19, 2022
Date of report (Date of earliest event reported)
________________________________________
https://cdn.kscope.io/fa5df5a835d2a8105189d31334a7099c-seic-20220419_g1.jpg
________________________________________
SEI INVESTMENTS COMPANY
(Exact name of registrant as specified in charter)
________________________________________
Pennsylvania 0-10200 23-1707341
(State or Other Jurisdiction
of Incorporation)
 (Commission
File Number)		 (I.R.S. Employer
Identification No.)
1 Freedom Valley Drive
Oaks, Pennsylvania 19456
(Address of Principal Executive Offices and Zip Code)
(610) 676-1000
(Registrants’ Telephone Number, Including Area Code)
________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareSEICThe NASDAQ Stock Market LLC



Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.    Results of Operations and Financial Condition.
On Wednesday, April 20, 2022, SEI Investments Company (the "Company") issued a press release announcing its financial and operating results for the first quarter ended March 31, 2022. A copy of the press release is furnished as Exhibit 99.1 and incorporated in this Item 2.02 by reference. A recording of the earnings call referenced in the press release furnished as Exhibit 99.1 is available for replay on the Company’s website at discover.seic.com/investor-relations.
As provided in General Instruction B.2 to Form 8-K, the information furnished in this Item 2.02 and Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing with the Securities and Exchange Commission, except as shall be expressly provided by specific reference in such filing.

Item 5.02.    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 19, 2022, the Company’s Board of Directors (the “Board) adopted a resolution pursuant to Section 3.03 of Article III of the Company’s Amended and Restated By-Laws (the “By-Laws”), to increase to eight the number of directors constituting the Board, and elected Jonathan Brassington to the Board, effective immediately, to serve in the class of directors whose term expires at the Company’s Annual Meeting of Shareholders to be held in 2022. Additionally, Mr. Brassington was appointed to serve as a member of the Audit, Compensation and Nominating & Corporate Governance committees of the Board.
In connection with his appointment, Mr. Brassington received an option to purchase 10,000 shares of the Company’s common stock under the Company’s 2014 Omnibus Equity Compensation Plan (the “2014 Plan”) with an exercise price per share of $59.12. Mr. Brassington’s option grant vests as follows, subject to his continued service on the Board on the applicable vesting date:
•50% of the shares on the later of (1) December 31 of the year in which the Company has adjusted earnings before income taxes per share of $5.75 or more, or (2) December 31, 2023; and
•100% of the shares on the later of (1) December 31 of the year in which the Company has adjusted earnings before income taxes per share of $7.00 or more, or (2) December 31, 2025.
A press release relating to Mr. Brassington’s appointment, issued April 20, 2022, is filed as Exhibit 99.2 to this Current Report on Form 8-K.

Item 9.01.    Financial Statements and Exhibits.
Exhibit No.Description
104  Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SEI INVESTMENTS COMPANY
Date:April 20, 2022By:/s/ Dennis J. McGonigle
Dennis J. McGonigle
Chief Financial Officer






Document
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Investor Contact:                         Media Contact:
Lindsey Opsahl                        Leslie Wojcik
SEI                                SEI
+1 610-676-4052                        +1 610-676-4191
lopsahl@seic.com                        lwojcik@seic.com
Pages:        8

FOR IMMEDIATE RELEASE

SEI Reports First-Quarter 2022 Financial Results

OAKS, Pa., April 20, 2022 – SEI Investments Company (NASDAQ:SEIC) today announced financial results for the first-quarter 2022. Diluted earnings per share were $1.36 in first-quarter 2022 compared to $0.89 in first-quarter 2021. Diluted earnings per share reflect a one-time revenue event of $88.0 million, or $0.47 per share net of associated costs.
Consolidated Overview
(In thousands, except earnings per share)For the Three Months Ended March 31,
20222021%
Revenues$581,443 $455,686 28%
Net income 190,308 129,470 47%
Diluted earnings per share$1.36 $0.89 53%

“Our first-quarter financial profits were challenged by negative capital markets, but we achieved solid sales results and successfully implemented new business. We continue investing in our future through new technology and business initiatives to deliver best-in-class platforms and service to our markets and create new growth opportunities,” said SEI Chairman and CEO Alfred P. West, Jr.
“SEI is uniquely positioned in the financial services industry for sustainable growth. I’m thrilled that Ryan Hicke will become SEI’s next CEO, and I’m excited to see him lead the company into the future. His diverse, global experience at SEI informs his commitment to our company’s strengths across our three pillars of expertise: investments, operations, and technology. With this change in leadership, I’m confident SEI has great days ahead.
“The strength of our leadership and talented workforce globally is key to driving SEI’s enduring success and helping our clients manage change with confidence. Looking toward the future, we will make sound decisions to improve our results and continue to capitalize on market opportunities to deliver long-term value to our shareholders and build brave futuresSM for our employees, clients, and communities.”

1


Summary of First-Quarter Results by Business Segment

(In thousands)For the Three Months Ended March 31,
20222021%
Private Banks:
Revenues$213,548 $117,608 82%
Expenses121,955 110,724 10%
Operating Profit91,593 6,884 NM
Operating Margin43 %6 %
Investment Advisors:
Revenues119,230 113,294 5%
Expenses64,520 55,027 17%
Operating Profit54,710 58,267 (6)%
Operating Margin46 %51 %
Institutional Investors:
Revenues86,839 84,499 3%
Expenses45,358 39,158 16%
Operating Profit41,481 45,341 (9)%
Operating Margin48 %54 %
Investment Managers:
Revenues156,901 136,419 15%
Expenses98,837 83,020 19%
Operating Profit58,064 53,399 9%
Operating Margin37 %39 %
Investments in New Businesses:
Revenues4,925 3,866 27%
Expenses11,950 13,404 (11)%
Operating Loss(7,025)(9,538)NM
Totals:
Revenues$581,443 $455,686 28%
Expenses342,620 301,333 14%
Corporate Overhead Expenses24,024 21,516 12%
Income from Operations$214,799 $132,837 62%
2


First-Quarter Business Highlights:
•Revenues from Asset management, administration, and distribution fees increased from higher assets under management and administration due to market appreciation during 2021 and positive cash flows from new and existing clients. The decline in market conditions during the first quarter 2022 negatively impacted our revenues from assets under management and administration and partially offset our revenue growth.
•A significant, uninstalled investment processing client terminated an agreement for convenience. As a result, we recorded one-time fees of $88.0 million during first-quarter 2022. This early termination fee is included in Information processing and software servicing fees of the Private Banks segment and reflects a diluted earnings per share impact of $0.47 net of associated costs.
•Our average assets under administration increased $71.8 billion, or 9%, to $893.4 billion in the first-quarter 2022, as compared to $821.6 billion during the first-quarter 2021 (see attached Average Asset Balances schedules for further details).
•Our average assets under management, excluding LSV, increased $13.2 billion, or 5%, to $293.6 billion in the first-quarter 2022, as compared to $280.4 billion during the first-quarter 2021 (see attached Average Asset Balances schedules for further details).
•Net sales events, excluding the cancelled contract item, in the Private Banks and Investment Managers segments during first-quarter 2022 were $26.6 million and are expected to generate net annualized recurring revenues of approximately $24.7 million when contract values are completely realized.
•Net sales events in asset management-related businesses of the Investment Advisors and Institutional Investors segments and the Asset Management Distribution (AMD) business in the Private Banks segment during first-quarter 2022 were $2.1 million.
•Revenues from our acquisition of SEI Novus were $3.1 million during the first-quarter 2022. SEI Novus was acquired during the fourth-quarter 2021 and is reported in the Institutional Investors segment. The Institutional Investors segment also includes personnel, amortization, and other costs related to SEI Novus.
•The increase in operational expenses was primarily due to increased direct costs related to increased revenues, as well as increased personnel costs due to business growth and competitive labor markets.
•Earnings from LSV decreased to $32.5 million in the first-quarter 2022 as compared to $33.4 million in the first-quarter 2021 due to negative cash flows from existing clients and client losses, which offset the positive impact from market appreciation during 2021.
•We capitalized $6.6 million of software development costs in first-quarter 2022 for continued enhancements to the SEI Wealth PlatformSM (SWP). Amortization expense related to SWP was $13.6 million in first-quarter 2022.
•Our effective tax rates were 23.1% in first-quarter 2022 and 22.6% in first-quarter 2021. The increase in the effective tax rate was primarily due to decreased tax benefits associated with a lower volume of stock option exercises.
•We repurchased 1.7 million shares of our common stock for $100.1 million during the first-quarter 2022 at an average price of $58.43 per share.
•Cash flow from operations was $260.4 million, or $1.86 per share, and free cash flow was $244.6 million during the first-quarter 2022.


3


Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern time on April 20, 2022. Investors may listen to the call at seic.com/ir-events. Investors may also listen to a replay by telephone at (USA) 866-207-1041; (International) 402-970-0847; Access Code: 8875578.

About SEI®
SEI (NASDAQ:SEIC) delivers technology and investment solutions that connect the financial services industry. With capabilities across investment processing, operations, and asset management, SEI works with corporations, financial institutions and professionals, and ultra-high-net-worth families to solve problems, manage change, and help protect assets—for growth today and in the future. As of March 31, 2022, SEI manages, advises, or administers approximately $1.3 trillion in assets. For more information, visit seic.com.

This release contains forward-looking statements within the meaning or the rules and regulations of the Securities and Exchange Commission. In some cases you can identify forward-looking statements by terminology, such as "may," "will," "expect," "believe" and "continue" or "appear." Our forward-looking statements include our current expectations as to:
•revenue that we believe will be generated by sales events that occurred during the quarter and the timing of the realization of such revenue, if any,
•whether our investments will create growth opportunities,
•whether we are positioned for sustainable growth, and
•the degree to which we will make good decisions or capitalize on market opportunities that will deliver long-term shareholder value.
We anticipate that we may deliver forward-looking statements during today’s earnings call that include our current expectations as to the matters in this release and set forth above as well as:
•the timing and success of client migrations, implementations and conversions,
•our ability to expand our relationships and revenue opportunities with new and existing clients,
•the margins that out businesses may generate,
•the degree to which one-time and transaction-based revenues during the quarter will be repeated,
•the competition for and cost of talent and the effect of these factors on our business,
•the headwinds we will face and our strategies for how we may respond to these headwinds,
•how we will manage our expenses,
•the degree to which our reported margins will decline, increase or normalize,
•the strategic initiatives and business segments that we will pursue and those in which we will invest,
•the success, if any, of the sales and strategic initiatives we pursue,
•the value of our backlog and the strength of our pipelines,
•our growth prospects,
•the timing of and our ability to integrate any acquisition targets that we may pursue, if any,
•the potential benefits we may derive from any of our acquisitions,
•the organic and inorganic opportunities that will drive our growth,
•the investments we may make in our technologies and personnel, and
•the success and benefits of our strategic investments.
You should not place undue reliance on our forward-looking statements, as they are based on the current beliefs and expectations of our management and subject to significant risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe the assumptions upon which we base our forward-looking statements are reasonable, they could be inaccurate. Some of the risks and important factors that could cause actual results to differ from those described in our forward-looking statements can be found in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended Dec. 31, 2021, filed with the Securities and Exchange Commission.
# # #

4


SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
For the Three Months Ended March 31,
20222021
Asset management, admin. and distribution fees$394,097 $367,646 
Information processing and software servicing fees187,346 88,040 
Total revenues581,443 455,686 
Subadvisory, distribution and other asset mgmt. costs53,128 50,164 
Software royalties and other information processing costs7,547 5,742 
Compensation, benefits and other personnel160,484 137,221 
Stock-based compensation10,566 9,752 
Consulting, outsourcing and professional fees62,491 54,340 
Data processing and computer related29,816 25,721 
Facilities, supplies and other costs17,627 17,248 
Amortization16,887 14,352 
Depreciation8,098 8,309 
Total expenses366,644 322,849 
Income from operations214,799 132,837 
Net (loss) gain on investments(489)332 
Interest and dividend income848 945 
Interest expense(250)(123)
Equity in earnings of unconsolidated affiliate32,459 33,350 
Income before income taxes247,367 167,341 
Income taxes57,059 37,871 
Net income$190,308 $129,470 
Basic earnings per common share$1.38 $0.90 
Shares used to calculate basic earnings per share137,935 143,201 
Diluted earnings per common share$1.36 $0.89 
Shares used to calculate diluted earnings per share139,712 145,306 
5


SEI INVESTMENTS COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 31,December 31,
20222021
Assets
Current Assets:
Cash and cash equivalents$907,831 $831,407 
Restricted cash351 351 
Receivables from investment products57,584 59,036 
Receivables, net of allowance for doubtful accounts of $1,388 and $1,602
437,844 441,609 
Securities owned31,258 28,267 
Other current assets46,115 43,559 
Total Current Assets1,480,983 1,404,229 
Property and Equipment, net of accumulated depreciation of $417,041 and $409,248
180,458 178,869 
Operating Lease Right-of-Use Assets31,024 33,614 
Capitalized Software, net of accumulated amortization of $558,861 and $545,307
236,481 243,446 
Available for Sale and Equity Securities134,717 129,541 
Investments in Affiliated Funds, at fair value7,270 6,916 
Investment in Unconsolidated Affiliate52,778 107,918 
Goodwill117,434 117,232 
Intangible Assets, net of accumulated amortization of $20,969 and $17,716
65,339 68,782 
Deferred Contract Costs35,847 36,236 
Deferred Income Taxes2,706 2,983 
Other Assets, net27,569 24,936 
Total Assets$2,372,606 $2,354,702 
Liabilities and Equity
Current Liabilities:
Accounts payable$8,037 $10,312 
Accrued liabilities250,468 324,382 
Current portion of long-term operating lease liabilities11,219 11,328 
Deferred revenue15,422 9,721 
Total Current Liabilities285,146 355,743 
Borrowings Under Revolving Credit Facility30,000 40,000 
Long-term Income Taxes Payable803 803 
Deferred Income Taxes36,561 48,876 
Long-term Operating Lease Liabilities24,997 27,639 
Other Long-term Liabilities22,016 20,878 
Total Liabilities399,523 493,939 
Shareholders' Equity:
Common stock, $0.01 par value, 750,000 shares authorized; 137,219 and 138,449 shares issued and outstanding
1,372 1,384 
Capital in excess of par value1,266,320 1,246,608 
Retained earnings733,572 632,614 
Accumulated other comprehensive loss, net(28,181)(19,843)
Total Shareholders' Equity1,973,083 1,860,763 
Total Liabilities and Shareholders' Equity$2,372,606 $2,354,702 
6


ENDING ASSET BALANCES
(In millions) (Unaudited)
Mar. 31,Jun. 30,Sept. 30,Dec. 31,Mar. 31,
20212021202120212022
Private Banks:
Equity and fixed-income programs$25,098 $26,264 $25,618 $26,281 $25,335 
Collective trust fund programs7 7 6 6 7 
Liquidity funds3,793 3,654 3,988 4,724 4,225 
Total assets under management$28,898 $29,925 $29,612 $31,011 $29,567 
Client assets under administration4,379 4,412 4,675 4,481 4,449 
Total assets$33,277 $34,337 $34,287 $35,492 $34,016 
Investment Advisors:
Equity and fixed-income programs$73,819 $78,053 $78,560 $81,686 $77,614 
Liquidity funds3,584 3,550 3,477 4,317 4,610 
Total Platform assets under management$77,403 $81,603 $82,037 $86,003 $82,224 
Platform-only assets (E)12,538 13,566 13,728 14,564 14,151 
Total Platform assets (E)$89,941 $95,169 $95,765 $100,567 $96,375 
Institutional Investors:
Equity and fixed-income programs$92,040 $93,010 $89,441 $91,719 $87,358 
Collective trust fund programs95 5 5 5 6 
Liquidity funds2,909 2,516 2,599 2,118 2,150 
Total assets under management$95,044 $95,531 $92,045 $93,842 $89,514 
Client assets under advisement4,333 4,566 4,698 4,857 4,778 
Total assets$99,377 $100,097 $96,743 $98,699 $94,292 
Investment Managers:
Collective trust fund programs$78,304 $87,012 $87,488 $92,549 $85,411 
Liquidity funds449 473 568 423 284 
Total assets under management$78,753 $87,485 $88,056 $92,972 $85,695 
Client assets under administration (A)831,819 875,942 861,605 907,377 895,181 
Total assets$910,572 $963,427 $949,661 $1,000,349 $980,876 
Investments in New Businesses:
Equity and fixed-income programs$1,777 $1,924 $1,964 $2,096 $2,057 
Liquidity funds289 191 202 240 305 
Total assets under management$2,066 $2,115 $2,166 $2,336 $2,362 
Client assets under administration1,355 1,422 1,378 1,410 1,401 
Total assets$3,421 $3,537 $3,544 $3,746 $3,763 
LSV Asset Management:
Equity and fixed-income programs (B)$101,565 $102,404 $97,604 $98,984 $95,962 
Total:
Equity and fixed-income programs (C)$294,299 $301,655 $293,187 $300,766 $288,326 
Collective trust fund programs78,406 87,024 87,499 92,560 85,424 
Liquidity funds11,024 10,384 10,834 11,822 11,574 
Total assets under management$383,729 $399,063 $391,520 $405,148 $385,324 
Client assets under advisement5,688 5,988 6,076 6,267 6,179 
Client assets under administration (D)836,198 880,354 866,280 911,858 899,630 
Platform-only assets12,538 13,566 13,728 14,564 14,151 
Total assets$1,238,153 $1,298,971 $1,277,604 $1,337,837 $1,305,284 
(A)Client assets under administration in the Investment Managers segment include $12.9 billion of assets that are at fee levels below our normal full-service assets (as of March 31, 2022).
(B)Equity and fixed-income programs include $2.3 billion of assets managed by LSV in which fees are based on performance only (as of March 31, 2022).
(C)Equity and fixed-income programs include $7.4 billion of assets invested in various asset allocation funds at March 31, 2022.
(D)In addition to the numbers presented, SEI also administers an additional $13.3 billion in Funds of Funds assets (as of
March 31, 2022) on which SEI does not earn an administration fee.
(E)    Platform assets under management and Platform-only assets combined are total Platform assets in the Investment Advisors segment.
7


AVERAGE ASSET BALANCES
(In millions) (Unaudited)
1st Qtr.2nd Qtr.3rd Qtr.4th Qtr.1st Qtr.
20212021202120212022
Private Banks:
Equity and fixed-income programs$25,139 $26,056 $26,232 $25,999 $25,637 
Collective trust fund programs6 7 6 6 6 
Liquidity funds3,876 3,833 3,916 4,452 4,403 
Total assets under management$29,021 $29,896 $30,154 $30,457 $30,046 
Client assets under administration4,317 4,405 4,476 4,607 4,500 
Total assets$33,338 $34,301 $34,630 $35,064 $34,546 
Investment Advisors:
Equity and fixed-income programs$73,240 $76,840 $79,602 $80,703 $77,576 
Liquidity funds3,619 3,370 3,403 3,644 5,151 
Total Platform assets under management$76,859 $80,210 $83,005 $84,347 $82,727 
Platform-only assets (E)12,206 13,292 13,863 14,341 13,978 
Total Platform assets (E)$89,065 $93,502 $96,868 $98,688 $96,705 
Institutional Investors:
Equity and fixed-income programs$91,349 $93,458 $91,965 $90,557 $89,250 
Collective trust fund programs96 68 5 5 5 
Liquidity funds2,621 2,681 2,742 2,391 2,223 
Total assets under management$94,066 $96,207 $94,712 $92,953 $91,478 
Client assets under advisement4,146 4,516 4,658 4,812 4,889 
Total assets$98,212 $100,723 $99,370 $97,765 $96,367 
Investment Managers:
Collective trust fund programs$78,035 $84,553 $89,441 $90,457 $86,633 
Liquidity funds490 469 532 491 432 
Total assets under management$78,525 $85,022 $89,973 $90,948 $87,065 
Client assets under administration (A)817,330 853,810 851,183 879,718 888,854 
Total assets$895,855 $938,832 $941,156 $970,666 $975,919 
Investments in New Businesses:
Equity and fixed-income programs$1,743 $1,870 $1,958 $2,053 $2,025 
Liquidity funds169 236 205 197 286 
Total assets under management$1,912 $2,106 $2,163 $2,250 $2,311 
Client assets under advisement1,327 1,406 1,423 1,423 1,397 
Total assets$3,239 $3,512 $3,586 $3,673 $3,708 
LSV Asset Management:
Equity and fixed-income programs (B)$97,476 $103,583 $99,924 $97,381 $96,449 
Total:
Equity and fixed-income programs (C)$288,947 $301,807 $299,681 $296,693 $290,937 
Collective trust fund programs78,137 84,628 89,452 90,468 86,644 
Liquidity funds10,775 10,589 10,798 11,175 12,495 
Total assets under management$377,859 $397,024 $399,931 $398,336 $390,076 
Client assets under advisement5,473 5,922 6,081 6,235 6,286 
Client assets under administration (D)821,647 858,215 855,659 884,325 893,354 
Platform-only assets12,206 13,292 13,863 14,341 13,978 
Total assets$1,217,185 $1,274,453 $1,275,534 $1,303,237 $1,303,694 
(A)    Average client assets under administration in the Investment Managers segment during first-quarter 2022 include $12.7 billion that are at fee levels below our normal full-service assets.
(B)    Equity and fixed-income programs include $2.4 billion of average assets managed by LSV in which fees are based on performance only during first-quarter 2022.
(C)    Equity and fixed-income programs include $7.6 billion of average assets invested in various asset allocation funds during first-quarter 2022.
(D)    In addition to the numbers presented, SEI also administers an additional $13.8 billion of average assets in Funds of Funds assets during first-quarter 2022 on which SEI does not earn an administration fee.
(E)    Platform assets under management and Platform-only assets combined are total Platform assets in the Investment Advisors segment.
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1 © 2022 SEI Media Contact: Investor Contact: Leslie Wojcik Lindsey Opsahl SEI SEI +1 610-676-4191 +1 610-676-4052 lwojcik@seic.com lopsahl@seic.com Pages: 2 FOR IMMEDIATE RELEASE SEI Appoints Jonathan Brassington to Board of Directors Senior Technology Leader Brings Deep Expertise in Digital Transformation for Wealth Management OAKS, Pa., April 20, 2022 – SEI® (NASDAQ: SEIC) today announced that Jonathan Brassington has been appointed to its Board of Directors. He joins Chairman and CEO Alfred P. West, Jr.; current directors Sarah Blumenstein, William Doran, Carl Guarino, Kathryn McCarthy, and Carmen Romeo; and Ryan Hicke, future director and SEI’s next CEO, effective June 1. In addition to his board responsibilities, Brassington will serve as a member of the Audit, Compensation, and Nominating Committees. As Executive Vice President and Digital Customer Experience (DCX) Business Line Leader of Capgemini, Inc. in North America, Brassington focuses on DCX transformation for Global 1000 clients. From March 2018 to December 2019, he led Capgemini Invent in North America, the management consulting division of Capgemini, Inc. Prior to Capgemini, Brassington was the CEO, Partner, and Co- founder of LiquidHub, a digital transformation company focused on re-imagining customer engagement. West commented: “We’re thrilled to welcome Jonathan to SEI’s Board of Directors. His deep expertise in the use of digital technologies to transform the wealth management sector will provide great insight into the opportunities that lie ahead for SEI. We’re confident he will be a significant asset to the board, and we will benefit from his experience providing strategic advisory to asset and wealth management firms. We look forward to working with him, as SEI continues to deliver technology and investment solutions that connect the financial services industry.” Brassington said: “SEI has a rich history of innovation in the fintech and asset management spaces that has always stood out to me, and I’m excited to join during an energizing time of change for the company. The financial services landscape is in a state of constant evolution, creating challenges and opportunities for SEI’s markets. I have admired Al and Ryan for some time, and I look forward to using my Press release.

 
2 © 2021 SEI experience to support Ryan and the board with a continued focus on strategic growth and building brave futuresSM for SEI, our clients, and communities.” Brassington is a member of the Board of Overseers at the University of Pennsylvania’s School of Engineering and Applied Science. He also serves on the board and Executive Committee of Philadelphia Alliance for Capital and Technology and on the Board of Trustees at Misericordia University. He earned a bachelor’s degree in computer science and mathematics from Misericordia University and a master’s degree in telecommunications from the University of Pennsylvania. About SEI® SEI (NASDAQ:SEIC) delivers technology and investment solutions that connect the financial services industry. With capabilities across investment processing, operations, and asset management, SEI works with corporations, financial institutions and professionals, and ultra-high-net-worth families to solve problems, manage change, and help protect assets—for growth today and in the future. As of Dec. 31, 2021, SEI manages, advises, or administers approximately $1.3 trillion in assets. For more information, visit seic.com. ###