0000350894-24-000084 | 10-Q | XBRL Viewer

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Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 1,165	$ 663
Property and Equipment, accumulated depreciation	475,832	474,034
Capitalized Software, accumulated amortization	619,875	612,971
Intangible Assets, accumulated amortization	$ 45,923	$ 42,520
Shareholders' Equity:
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	131,329,261	131,177,513
Common stock, shares outstanding (in shares)	131,329,261	131,177,513

Line of Credit	3 Months Ended
Line of Credit	Mar. 31, 2024
Line of Credit Facility [Abstract]
Line of Credit	Line of Credit The Company has a five-year $325,000 Credit Agreement (the Credit Facility) with Wells Fargo Bank, N.A., and a syndicate of other lenders. 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 Adjusted Term Secured Overnight Financing Rate (SOFR) 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 Prime Rate, b) the Federal Funds Rate plus 0.50% and c) the Adjusted Term SOFR for a one-month tenor in effect on such day plus 1.00%. 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 0.20% 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 was in compliance with all covenants of the Credit Facility during the three months ended March 31, 2024. As of April 11, 2024, the Company had outstanding letters of credit of $4,866 under the Credit Facility. The amount of the Credit Facility that is available for general corporate purposes as of April 11, 2024 was $320,134.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Business Segment Information (Reconciliation of Total Operating Profit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting [Abstract]
Total operating profit from segments	$ 163,605	$ 132,919
Corporate overhead expenses	(37,754)	(31,152)
Income from operations	$ 125,851	$ 101,767

- Definition

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

+ References

+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
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 recognized on the Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023 related to these indemnifications. Legal Proceedings The Company is a party to various disputes, actions and claims 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, if any, 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 upon which these beliefs are based may be incorrect and, if so, 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 (Schedule of Goodwill) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 137,333
Reclassification due to segment reorganization	0
Foreign currency translation adjustments	(129)
Goodwill, ending balance	137,204
Institutional Investors
Goodwill [Roll Forward]
Goodwill, beginning balance	61,884
Reclassification due to segment reorganization	0
Foreign currency translation adjustments	(128)
Goodwill, ending balance	61,756
Investment Managers
Goodwill [Roll Forward]
Goodwill, beginning balance	56,990
Reclassification due to segment reorganization	(1,711)
Foreign currency translation adjustments	(1)
Goodwill, ending balance	55,278
Investments In New Businesses
Goodwill [Roll Forward]
Goodwill, beginning balance	18,459
Reclassification due to segment reorganization	1,711
Foreign currency translation adjustments	0
Goodwill, ending balance	$ 20,170

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 2,131,828	$ 1,953,824
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive loss before reclassifications	(4,154)
Amounts reclassified from accumulated other comprehensive loss	(105)
Total other comprehensive (loss) income, net of tax	(4,259)	4,389
Ending balance	2,259,054	2,014,334
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(37,032)	(48,967)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Total other comprehensive (loss) income, net of tax	(4,259)	4,389
Ending balance	(41,291)	$ (44,578)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(30,157)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive loss before reclassifications	(2,923)
Amounts reclassified from accumulated other comprehensive loss	0
Total other comprehensive (loss) income, net of tax	(2,923)
Ending balance	(33,080)
Unrealized Gains (Losses) on Investments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(6,875)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive loss before reclassifications	(1,231)
Amounts reclassified from accumulated other comprehensive loss	(105)
Total other comprehensive (loss) income, net of tax	(1,336)
Ending balance	$ (8,211)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Business Segment Information (Schedule Of Additional Information Pertaining To Business Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Capital expenditure	$ 19,349	$ 19,621
Depreciation	8,389	8,531
Amortization	10,386	9,424
Operating Segments
Segment Reporting Information [Line Items]
Capital expenditure	18,807	19,006
Depreciation	7,440	8,327
Amortization	10,307	9,360
Operating Segments \| Private Banks
Segment Reporting Information [Line Items]
Capital expenditure	6,432	9,071
Depreciation	2,904	5,354
Amortization	5,111	4,646
Operating Segments \| Investment Advisors
Segment Reporting Information [Line Items]
Capital expenditure	3,165	4,339
Depreciation	2,181	468
Amortization	2,122	1,818
Operating Segments \| Institutional Investors
Segment Reporting Information [Line Items]
Capital expenditure	1,119	648
Depreciation	604	282
Amortization	1,892	1,824
Operating Segments \| Investment Managers
Segment Reporting Information [Line Items]
Capital expenditure	7,675	4,566
Depreciation	1,579	1,992
Amortization	0	177
Operating Segments \| Investments In New Businesses
Segment Reporting Information [Line Items]
Capital expenditure	416	382
Depreciation	172	231
Amortization	1,182	895
Corporate overhead
Segment Reporting Information [Line Items]
Capital expenditure	542	615
Depreciation	949	204
Amortization	$ 79	$ 64

Revenues from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 511,579	$ 469,119
United States
Disaggregation of Revenue [Line Items]
Revenues	438,121	400,200
United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	39,066	36,941
Canada
Disaggregation of Revenue [Line Items]
Revenues	11,270	11,459
Ireland
Disaggregation of Revenue [Line Items]
Revenues	16,334	15,130
Luxembourg
Disaggregation of Revenue [Line Items]
Revenues	6,788	5,389
Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues	103,510	105,002
Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues	107,609	103,409
Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues	175,850	147,540
Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues	70,818	63,368
Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues	30,663	29,091
Professional services fees
Disaggregation of Revenue [Line Items]
Revenues	5,715	5,802
Account fees and other
Disaggregation of Revenue [Line Items]
Revenues	17,414	14,907
Private Banks
Disaggregation of Revenue [Line Items]
Revenues	130,137	120,902
Private Banks \| United States
Disaggregation of Revenue [Line Items]
Revenues	85,775	78,469
Private Banks \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	29,848	27,846
Private Banks \| Canada
Disaggregation of Revenue [Line Items]
Revenues	9,799	10,090
Private Banks \| Ireland
Disaggregation of Revenue [Line Items]
Revenues	4,715	4,497
Private Banks \| Luxembourg
Disaggregation of Revenue [Line Items]
Revenues	0	0
Private Banks \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues	32,399	32,220
Private Banks \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues	931	498
Private Banks \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues	539	346
Private Banks \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues	67,846	60,865
Private Banks \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues	23,459	22,215
Private Banks \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues	4,115	3,792
Private Banks \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues	848	966
Investment Advisors
Disaggregation of Revenue [Line Items]
Revenues	122,718	106,538
Investment Advisors \| United States
Disaggregation of Revenue [Line Items]
Revenues	122,718	106,538
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 \| Luxembourg
Disaggregation of Revenue [Line Items]
Revenues	0	0
Investment Advisors \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues	58,597	60,605
Investment Advisors \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues	48,161	40,666
Investment Advisors \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues	9,644	0
Investment Advisors \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues	1,281	1,254
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	5,035	4,013
Institutional Investors
Disaggregation of Revenue [Line Items]
Revenues	71,778	74,290
Institutional Investors \| United States
Disaggregation of Revenue [Line Items]
Revenues	59,376	62,218
Institutional Investors \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	9,218	9,095
Institutional Investors \| Canada
Disaggregation of Revenue [Line Items]
Revenues	1,471	1,369
Institutional Investors \| Ireland
Disaggregation of Revenue [Line Items]
Revenues	1,713	1,608
Institutional Investors \| Luxembourg
Disaggregation of Revenue [Line Items]
Revenues	0	0
Institutional Investors \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues	12,074	11,713
Institutional Investors \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues	54,209	58,028
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	423	194
Institutional Investors \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues	2,088	2,651
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	2,984	1,704
Investment Managers
Disaggregation of Revenue [Line Items]
Revenues	172,653	154,497
Investment Managers \| United States
Disaggregation of Revenue [Line Items]
Revenues	155,959	140,083
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	9,906	9,025
Investment Managers \| Luxembourg
Disaggregation of Revenue [Line Items]
Revenues	6,788	5,389
Investment Managers \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues	84	126
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	164,189	145,639
Investment Managers \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues	1,258	1,044
Investment Managers \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues	19	18
Investment Managers \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues	1,017	1,661
Investment Managers \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues	6,086	6,009
Investments In New Businesses
Disaggregation of Revenue [Line Items]
Revenues	14,293	12,892
Investments In New Businesses \| United States
Disaggregation of Revenue [Line Items]
Revenues	14,293	12,892
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 \| Luxembourg
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	356	338
Investments In New Businesses \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues	4,308	4,217
Investments In New Businesses \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues	1,478	1,555
Investments In New Businesses \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues	10	11
Investments In New Businesses \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues	5,097	4,207
Investments In New Businesses \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues	583	349
Investments In New Businesses \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues	$ 2,461	$ 2,215

Composition of Certain Financial Statement Captions (Tables)

3 Months Ended

Mar. 31, 2024

Items Included in Consolidated Statement of Financial Condition [Abstract]

Schedule of Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:


	March 31, 2024		December 31, 2023
Trade receivables	$	136,599	$	115,356
Fees earned, not billed	408,852		372,291
Other receivables	17,109		14,450
	562,560		502,097
Less: Allowance for doubtful accounts	(1,165)		(663)
	$	561,395	$	501,434

Schedule of Property And Equipment

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


	March 31, 2024		December 31, 2023
Buildings	$	216,968	$	216,968
Equipment	190,071		193,096
Land	26,450		26,450
Purchased software	166,848		165,348
Furniture and fixtures	23,053		23,025
Leasehold improvements	19,857		19,827
Construction in progress	789		684
	644,036		645,398
Less: Accumulated depreciation	(475,832)		(474,034)
Property and Equipment, net	$	168,204	$	171,364

Schedule of Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:


	March 31, 2024		December 31, 2023
Accrued employee compensation	$	54,872	$	107,495
Accrued employee benefits and other personnel	2,445		9,797
Accrued voluntary separation program	14,657		21,058
Accrued consulting, outsourcing and professional fees	31,780		32,285
Accrued sub-advisory, distribution and other asset management fees	52,169		49,405

Accrued dividend payable	715		61,104
Accrued income taxes	41,032		4,965
Other accrued liabilities	45,186		32,836
Total accrued liabilities	$	242,856	$	318,945

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Gross liability for unrecognized tax benefits, exclusive of interest and penalties	$ 16,383	$ 15,532
Unrecognized tax benefits that would affect effective tax rate	15,849	14,878
Interest and penalties on unrecognized benefits	1,655	$ 1,385
Settlement and Lapse of Statute
Income Tax Contingency [Line Items]
Unrecognized tax benefits within the next twelve months	$ 3,658

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Interest And Penalties


	March 31, 2024		December 31, 2023
Gross liability for unrecognized tax benefits, exclusive of interest and penalties	$	16,383	$	15,532
Interest and penalties on unrecognized benefits	1,655		1,385
Total gross uncertain tax positions	$	18,038	$	16,917
Amount included in Current liabilities	$	3,658	$	3,837
Amount included in Other long-term liabilities	14,380		13,080
	$	18,038	$	16,917

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate for the three months ended March 31, 2024 and 2023 differs from the federal income tax statutory rate due to the following:


	Three Months Ended March 31,
	2024		2023
Statutory rate	21.0	%	21.0	%
State taxes, net of federal tax benefit	2.9		2.9
Foreign tax expense and tax rate differential	0.1		(0.1)
Tax benefit from stock option exercises	(1.1)		(0.2)




	22.9	%	23.6	%

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024	$	(30,157)	$	(6,875)	$	(37,032)

Other comprehensive loss before reclassifications	(2,923)		(1,231)		(4,154)
Amounts reclassified from accumulated other comprehensive loss	—		(105)		(105)
Net current-period other comprehensive loss	(2,923)		(1,336)		(4,259)

Balance, March 31, 2024	$	(33,080)	$	(8,211)	$	(41,291)

Investment In Unconsolidated Affiliate (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total investment in LSV	$ 57,291
Distributions received from LSV	33,147	$ 29,219
Company's share in the earnings of LSV	$ 31,643	$ 28,879
L S V Asset Management
Schedule of Equity Method Investments [Line Items]
Ownership interest in LSV	38.60%

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The gross liability for unrecognized tax benefits at March 31, 2024 and December 31, 2023 was $16,383 and $15,532, respectively, exclusive of interest and penalties, of which $15,849 and $14,878 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, 2024 and December 31, 2023, the combined amount of accrued interest and penalties related to tax positions taken on tax returns was $1,655 and $1,385, respectively.


	March 31, 2024		December 31, 2023
Gross liability for unrecognized tax benefits, exclusive of interest and penalties	$	16,383	$	15,532
Interest and penalties on unrecognized benefits	1,655		1,385
Total gross uncertain tax positions	$	18,038	$	16,917
Amount included in Current liabilities	$	3,658	$	3,837
Amount included in Other long-term liabilities	14,380		13,080
	$	18,038	$	16,917

The effective income tax rate for the three months ended March 31, 2024 and 2023 differs from the federal income tax statutory rate due to the following:


	Three Months Ended March 31,
	2024		2023
Statutory rate	21.0	%	21.0	%
State taxes, net of federal tax benefit	2.9		2.9
Foreign tax expense and tax rate differential	0.1		(0.1)
Tax benefit from stock option exercises	(1.1)		(0.2)




	22.9	%	23.6	%

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 2020 and is no longer subject to state, local or foreign income tax examinations by authorities for years before 2018.

The Company estimates it will recognize $3,658 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.

The Organization for Economic Co-operation and Development (OECD) has a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar Two). Certain aspects of Pillar Two are effective January 1, 2024 and other aspects are effective January 1, 2025. While it is uncertain whether the U.S. will enact legislation to adopt Pillar Two, certain countries in which we operate have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar Two. We do not expect Pillar Two to have a material impact on our effective tax rate or our consolidated results of operation, financial position, or cash flows.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events (Details) - Subsequent Event - Forecast $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($)
Minimum
Subsequent Event [Line Items]
Net gain from sale of condominium	$ 8,000
Maximum
Subsequent Event [Line Items]
Net gain from sale of condominium	$ 8,500

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Revenues	$ 511,579	$ 469,119
Expenses:
Subadvisory, distribution and other asset management costs	46,768	47,379
Software royalties and other information processing costs	8,471	7,293
Compensation, benefits and other personnel	192,916	173,415
Stock-based compensation	11,059	8,074
Consulting, outsourcing and professional fees	51,976	61,104
Data processing and computer related	37,160	33,340
Facilities, supplies and other costs	18,603	18,792
Amortization	10,386	9,424
Depreciation	8,389	8,531
Total expenses	385,728	367,352
Income from operations	125,851	101,767
Net gain from investments	2,256	744
Interest and dividend income	10,819	8,778
Interest expense	(139)	(141)
Equity in earnings of unconsolidated affiliate	31,643	28,879
Income before income taxes	170,430	140,027
Income taxes	39,030	33,012
Net income	$ 131,400	$ 107,015
Basic earnings per common share (in USD per share)	$ 1.00	$ 0.80
Shares used to compute basic earnings per share (in shares)	131,417	134,020
Diluted earnings per common share (in USD per share)	$ 0.99	$ 0.79
Shares used to compute diluted earnings per share (in shares)	132,745	135,311
Asset management, administration and distribution fees
Revenues:
Revenues	$ 404,366	$ 371,829
Information processing and software servicing fees
Revenues:
Revenues	$ 107,213	$ 97,290

Investment In Unconsolidated Affiliate (Condensed Statements of Operations of LSV) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Revenues	$ 511,579	$ 469,119
Equity Method Investment, Nonconsolidated Investee
Schedule of Equity Method Investments [Line Items]
Revenues	107,349	98,192
Net income	$ 82,012	$ 74,774

- 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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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

+ Details

- 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).

+ References

+ Details

Shareholders' Equity (Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Stock-based compensation expense	$ 11,059	$ 8,074
Less: Deferred tax benefit	(2,213)	(1,492)
Stock-based compensation expense, net of tax	$ 8,846	$ 6,582

Shareholders' Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Stock-Based Compensation

The Company has non-qualified stock options and restricted stock units (RSUs) outstanding under its equity compensation plans. The Company recognized stock-based compensation expense in its Consolidated Financial Statements in the three months ended March 31, 2024 and 2023, respectively, as follows:


	Three Months Ended March 31,
	2024		2023
Stock-based compensation expense	$	11,059	$	8,074
Less: Deferred tax benefit	(2,213)		(1,492)
Stock-based compensation expense, net of tax	$	8,846	$	6,582

The vesting of the Company's RSUs are time-based and are not based on the achievement of performance targets. The majority of the Company's RSUs will vest on the third anniversary of the issuance date. 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 vest 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 revised its estimate of when some vesting targets are expected to be achieved. This change in management's estimate resulted in an increase of $310 in stock-based compensation expense during the three months ended March 31, 2024.

As of March 31, 2024, there was approximately $115,038 of unrecognized compensation cost remaining related to unvested employee stock options and restricted stock units 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, 2024 was $18,831. The total options exercisable as of March 31, 2024 had an intrinsic value of $91,066. 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, 2024 and the weighted average exercise price of the options. The market value of the Company’s common stock as of March 31, 2024 was $71.90 as reported by the Nasdaq Stock Market, LLC. The weighted average exercise price of the options exercisable as of March 31, 2024 was $55.78. Total options that were outstanding as of March 31, 2024 were 15,968,000. Total options that were exercisable as of March 31, 2024 were 5,649,000.

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 808,000 shares at a total cost of $56,001 during the three months ended March 31, 2024, which reduced the total shares outstanding of common stock. The cost of stock purchases during the period includes the cost of excise taxes applicable to stock repurchases and certain transactions that settled in the following quarter. As of March 31, 2024, the Company had approximately $226,077 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.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 6
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 14
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Summary of Significant Accounting Policies [Line Items]
Cash and cash equivalents invested in SEI-sponsored money market funds	$ 846,628		$ 834,697
Restricted cash	301		301
Capitalized software development costs	6,277	$ 9,041
Net book value of capitalized software	$ 239,156		239,783
Anti-dilutive employee stock options (in shares)	10,912	11,273
Anti-dilutive employee stock options (in USD per share)	$ 61.05	$ 61.28
Investment Managers
Summary of Significant Accounting Policies [Line Items]
Capitalized software development costs	$ 2,482	$ 4,307
Capitalized software in progress	22,650		20,083
SEI Wealth Platform
Summary of Significant Accounting Policies [Line Items]
Capitalized software development costs	3,795	4,734
Net book value of capitalized software	215,474
Capitalized software in progress	3,795		5,916
Amortization expense related to the SEI Wealth Platform	$ 6,757	6,158
SEI Wealth Platform \| Weighted Average
Summary of Significant Accounting Policies [Line Items]
Estimated useful life of the SEI Wealth Platform	8 years 9 months 18 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	$ 436,130		397,838
SEI Investments (Europe) Limited
Summary of Significant Accounting Policies [Line Items]
Restricted cash	250		250
SEI Investments Distribution Co. (SIDCO)
Summary of Significant Accounting Policies [Line Items]
Restricted cash	51		$ 51
SEI-Sponsored Open-Ended Money Market Mutual Funds
Summary of Significant Accounting Policies [Line Items]
Fees waived	$ 4,299	$ 5,561

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Capital In Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022		134,162,000
Beginning balance at Dec. 31, 2022	$ 1,953,824	$ 1,342	$ 1,307,162	$ 694,287	$ (48,967)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	107,015			107,015
Other comprehensive (loss) income	4,389				4,389
Purchase and retirement of common stock (in shares)		(1,361,000)
Purchase and retirement of common stock	(80,332)	$ (14)	(9,004)	(71,314)
Issuance of common stock under employee stock purchase plan (in shares)		24,000
Issuance of common stock under employee stock purchase plan	1,203		1,203
Issuance of common stock under share-based award plans (in shares)		443,000
Issuance of common stock under share-based award plans	20,161	$ 5	20,156
Stock-based compensation	8,074		8,074
Ending balance (in shares) at Mar. 31, 2023		133,268,000
Ending balance at Mar. 31, 2023	$ 2,014,334	$ 1,333	1,327,591	729,988	(44,578)
Beginning balance (in shares) at Dec. 31, 2023	131,177,513	131,178,000
Beginning balance at Dec. 31, 2023	$ 2,131,828	$ 1,312	1,404,962	762,586	(37,032)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	131,400			131,400
Other comprehensive (loss) income	(4,259)				(4,259)
Purchase and retirement of common stock (in shares)		(808,000)
Purchase and retirement of common stock	(56,001)	$ (8)	(5,877)	(50,116)
Issuance of common stock under employee stock purchase plan (in shares)		22,000
Issuance of common stock under employee stock purchase plan	1,196		1,196
Issuance of common stock under share-based award plans (in shares)		937,000
Issuance of common stock under share-based award plans	43,831	$ 9	43,822
Stock-based compensation	$ 11,059		11,059
Ending balance (in shares) at Mar. 31, 2024	131,329,261	131,329,000
Ending balance at Mar. 31, 2024	$ 2,259,054	$ 1,313	$ 1,455,162	$ 843,870	$ (41,291)

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities	$ 126,185	$ 118,752
Fixed-income securities owned	31,958	31,334
Assets, fair value	204,134	194,063
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	37,842	36,661
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-income securities owned	31,958	31,334
Assets, fair value	158,143	150,086
Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities	37,842	36,661
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	37,842	36,661
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	126,185	118,752
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	126,185	118,752
Investment Funds sponsored by LSV
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds sponsored by LSV	$ 8,149	$ 7,316

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event The Company is currently in the process of entering into an agreement of sale pending finalization of certain administrative items related to a condominium owned by the Company located in New York, New York. The sale is expected to close during the second quarter 2024 subject to the completion of all terms and conditions of the agreement. If a transaction is finalized, the Company expects to recognize a net pre-tax gain of approximately $8,000 to $8,500 after associated costs and expenses once the sale is finalized.

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2024

Marketable Securities [Abstract]

Schedule of Available For Sale and Equity Securities

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


	At March 31, 2024
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available-for-sale debt securities	$	136,848	$	—	$	(10,663)	$	126,185
SEI-sponsored mutual funds	30,956		1,271		(5)		32,222
Equities and other mutual funds	5,335		285		—		5,620
	$	173,139	$	1,556	$	(10,668)	$	164,027


	At December 31, 2023
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available-for-sale debt securities	$	127,681	$	—	$	(8,929)	$	118,752
SEI-sponsored mutual funds	30,427		818		(19)		31,226
Equities and other mutual funds	5,301		134		—		5,435
	$	163,409	$	952	$	(8,948)	$	155,413

Schedule of Available-for-Sale Debt Securities by Maturity

The following tables provide the scheduled maturities of the Company's available-for-sale debt securities:


	At March 31, 2024
	Cost		Fair Value
Within one year	$	—	$	—
After one year through five years	5,118		4,661
After 5 years through 10 years	20,836		18,811
After 10 years	110,894		102,713
	$	136,848	$	126,185


	At December 31, 2023
	Cost		Fair Value
Within one year	$	—	$	—
After one year through five years	5,679		5,035
After 5 years through 10 years	31,162		28,084
After 10 years	90,840		85,633
	$	127,681	$	118,752

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The changes in the carrying amount of the Company's goodwill by segment are as follows:


	Institutional Investors		Investment Managers		Investments in New Businesses		Total

Balance, December 31, 2023	$	61,884	$	56,990	$	18,459	$	137,333

Reclassification due to segment reorganization	—		(1,711)		1,711		—
Foreign currency translation adjustments	(128)		(1)		—		(129)
Balance, March 31, 2024	$	61,756	$	55,278	$	20,170	$	137,204

The reclassification of the Company's goodwill by segment during the three months ended March 31, 2024 reflects the relative fair value allocation of the goodwill related to the businesses that were reclassified into the new segment (See Note 9).

In November 2023, the Company's wholly-owned operating subsidiary in the United Kingdom, SIEL, acquired all of the outstanding equity of XPS Pensions (Nexus) Limited, principal employer and scheme funder of the National Pensions Trust (NPT), from its parent company, XPS Pensions Group PLC (XPS). The total purchase price for XPS Pensions (Nexus) Limited included a contingent consideration payable to the sellers subject to the achievement of certain post-closing performance measurements determined during intervals occurring within two years immediately following the closing date. As of March 31, 2024, the current portion of the contingent consideration of $915 is included in Accrued liabilities on the accompanying Balance Sheet. The long-term portion of the contingent consideration of $2,618 is included in Other long-term liabilities on the accompanying Balance Sheet.

The Company recognized $3,403 and $3,055 of amortization expense related to acquired intangible assets during the three months ended March 31, 2024 and 2023, respectively.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

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. 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 and Enhanced Chief Investment Officer (ECIO) 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, 2024, the results of operations for the three months ended March 31, 2024 and 2023, and cash flows for the three months ended March 31, 2024 and 2023. 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, 2023.

There have been no significant changes in significant accounting policies during the three months ended March 31, 2024 as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

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 $4,299 and $5,561 in fees during the three months ended March 31, 2024 and 2023, 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 $436,130 and $397,838 at March 31, 2024 and December 31, 2023, respectively, invested in SEI-sponsored open-ended money market mutual funds. See Note 5 for information related to the Company's total investments in SEI-sponsored and non-SEI-sponsored money market mutual funds and commercial paper classified as cash equivalents.

Restricted Cash

Restricted cash includes $250 at March 31, 2024 and December 31, 2023 segregated for regulatory purposes related to trade-execution services conducted by SEI Investments (Europe) Limited. Restricted cash also includes $51 at March 31, 2024 and December 31, 2023 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 $6,277 and $9,041 of software development costs during the three months ended March 31, 2024 and 2023, respectively, to further develop the SEI Wealth PlatformSM (SWP) and for the development of a new platform for the Investment Managers segment. The Company capitalized $3,795 and $4,734 of software development costs for significant enhancements to SWP during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the net book value of SWP was $215,474. The net book value includes $3,795 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 $5,916 as of December 31, 2023. SWP has a weighted average remaining life of 8.8 years. Amortization expense for SWP was $6,757 and $6,158 during the three months ended March 31, 2024 and 2023, respectively.

The Company also capitalized $2,482 and $4,307 of software development costs during the three months ended March 31, 2024 and 2023, respectively, related to the development of a new platform for the Investment Managers segment. Capitalized software development costs in-progress associated with this platform were $22,650 and $20,083 as of March 31, 2024 and December 31, 2023, respectively. The platform is not yet ready for use.

Earnings per Share

The calculations of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 are:


	Three Months Ended March 31,
	2024		2023
Net income	$	131,400	$	107,015
Shares used to compute basic earnings per common share	131,417,000		134,020,000
Dilutive effect of stock options	1,328,000		1,291,000
Shares used to compute diluted earnings per common share	132,745,000		135,311,000
Basic earnings per common share	$	1.00	$	0.80
Diluted earnings per common share	$	0.99	$	0.79

During the three months ended March 31, 2024 and 2023, employee stock options to purchase 10,912,000 and 11,273,000 shares of common stock with an average exercise price of $61.05 and $61.28, 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.

New Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07) which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in ASU 2023-07 apply retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting ASU 2023-07 on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures (ASU 2023-09) to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements and related disclosures.

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:


	2024		2023
Net income	$	131,400	$	107,015
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,389		8,531
Amortization	10,386		9,424
Equity in earnings of unconsolidated affiliate	(31,643)		(28,879)
Distributions received from unconsolidated affiliate	33,147		29,219
Stock-based compensation	11,059		8,074
Provision for losses on receivables	502		(180)
Deferred income tax expense	(7,150)		(5,452)
Net (gain) loss from investments	(2,256)		(744)

Change in other long-term liabilities	850		938
Change in other assets	(7,800)		(783)
Contract costs capitalized, net of amortization	221		423
Other	(2,068)		123
Change in current assets and liabilities
(Increase) decrease in
Receivables from investment products	280		6,270
Receivables	(60,386)		(962)
Other current assets	1,268		(2,261)
Advances due from unconsolidated affiliate	51,986		49,292
(Decrease) increase in
Accounts payable	(328)		877
Accrued liabilities	(25,471)		(65,998)
Deferred revenue	(92)		(563)
Total adjustments	(19,106)		7,349
Net cash provided by operating activities	$	112,294	$	114,364

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2024

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, 2024	$	(30,157)	$	(6,875)	$	(37,032)

Other comprehensive loss before reclassifications	(2,923)		(1,231)		(4,154)
Amounts reclassified from accumulated other comprehensive loss	—		(105)		(105)
Net current-period other comprehensive loss	(2,923)		(1,336)		(4,259)

Balance, March 31, 2024	$	(33,080)	$	(8,211)	$	(41,291)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 131,400	$ 107,015

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Business Segment Information (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 511,579,000	$ 469,119,000
Intersegment
Segment Reporting Information [Line Items]
Revenues	$ 0	$ 0

- Definition

+ References

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

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), and 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 2027 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, 2024 were consistent with those as described in the Company's Annual Report on Form 10-K at December 31, 2023. The Company had no Level 3 financial assets at March 31, 2024 or December 31, 2023 that were required to be measured at fair value on a recurring basis. The Company's Level 3 financial liabilities at March 31, 2024 and December 31, 2023 consist entirely of the estimated fair value of the contingent consideration resulting from an acquisition (See Note 12). There were no transfers of financial assets between levels within the fair value hierarchy during the three months ended March 31, 2024.

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, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Equity securities	$	37,842	$	37,842	$	—
Available-for-sale debt securities	126,185		—		126,185
Fixed-income securities owned	31,958		—		31,958
Investment funds sponsored by LSV (1)	8,149
	$	204,134	$	37,842	$	158,143


			Fair Value Measurements at the End of the Reporting Period Using
Assets	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Equity securities	$	36,661	$	36,661	$	—
Available-for-sale debt securities	118,752		—		118,752
Fixed-income securities owned	31,334		—		31,334
Investment funds sponsored by LSV (1)	7,316
	$	194,063	$	36,661	$	150,086

(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).

Composition of Certain Financial Statement Captions (Property And Equipment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property and Equipment [Line Items]
Property and equipment, gross	$ 644,036		$ 645,398
Less: Accumulated depreciation	(475,832)		(474,034)
Property and Equipment, net	168,204		171,364
Depreciation expense	8,389	$ 8,531
Buildings
Property and Equipment [Line Items]
Property and equipment, gross	216,968		216,968
Equipment
Property and Equipment [Line Items]
Property and equipment, gross	190,071		193,096
Land
Property and Equipment [Line Items]
Property and equipment, gross	26,450		26,450
Purchased software
Property and Equipment [Line Items]
Property and equipment, gross	166,848		165,348
Furniture and fixtures
Property and Equipment [Line Items]
Property and equipment, gross	23,053		23,025
Leasehold improvements
Property and Equipment [Line Items]
Property and equipment, gross	19,857		19,827
Construction in progress
Property and Equipment [Line Items]
Property and equipment, gross	$ 789		$ 684

Business Segment Information (Schedule of Financial Information About Business Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 511,579	$ 469,119
Expenses	347,974	336,200
Operating profit (loss)	163,605	132,919
Private Banks
Segment Reporting Information [Line Items]
Revenues	130,137	120,902
Expenses	112,974	112,462
Operating profit (loss)	17,163	8,440
Investment Advisors
Segment Reporting Information [Line Items]
Revenues	122,718	106,538
Expenses	66,958	63,546
Operating profit (loss)	55,760	42,992
Institutional Investors
Segment Reporting Information [Line Items]
Revenues	71,778	74,290
Expenses	40,109	40,868
Operating profit (loss)	31,669	33,422
Investment Managers
Segment Reporting Information [Line Items]
Revenues	172,653	154,497
Expenses	109,550	101,685
Operating profit (loss)	63,103	52,812
Investments In New Businesses
Segment Reporting Information [Line Items]
Revenues	14,293	12,892
Expenses	18,383	17,639
Operating profit (loss)	$ (4,090)	$ (4,747)

- Definition

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

Summary of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Net income	$ 131,400	$ 107,015
Shares used to compute basic earnings per common share (in shares)	131,417	134,020
Dilutive effect of stock options (in shares)	1,328	1,291
Shares used to compute diluted earnings per common share (in shares)	132,745	135,311
Basic earnings per common share (in USD per share)	$ 1.00	$ 0.80
Diluted earnings per common share (in USD per share)	$ 0.99	$ 0.79

- 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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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Composition of Certain Financial Statement Captions (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Items Included in Consolidated Statement of Financial Condition [Abstract]
Accrued employee compensation	$ 54,872	$ 107,495
Accrued employee benefits and other personnel	2,445	9,797
Accrued voluntary separation program	14,657	21,058
Accrued consulting, outsourcing and professional fees	31,780	32,285
Accrued sub-advisory, distribution and other asset management fees	52,169	49,405
Accrued dividend payable	715	61,104
Accrued income taxes	41,032	4,965
Other accrued liabilities	45,186	32,836
Total accrued liabilities	$ 242,856	$ 318,945

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of 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, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Equity securities	$	37,842	$	37,842	$	—
Available-for-sale debt securities	126,185		—		126,185
Fixed-income securities owned	31,958		—		31,958
Investment funds sponsored by LSV (1)	8,149
	$	204,134	$	37,842	$	158,143


			Fair Value Measurements at the End of the Reporting Period Using
Assets	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Equity securities	$	36,661	$	36,661	$	—
Available-for-sale debt securities	118,752		—		118,752
Fixed-income securities owned	31,334		—		31,334
Investment funds sponsored by LSV (1)	7,316
	$	194,063	$	36,661	$	150,086

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenues from Contracts with Customers

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023:


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Three Months Ended March 31, 2024
Investment management fees from pooled investment products	$	32,399	$	58,597	$	12,074	$	84	$	356	$	103,510
Investment management fees from investment management agreements	931		48,161		54,209		—		4,308		107,609
Investment operations fees	539		9,644		—		164,189		1,478		175,850
Investment processing fees - PaaS	67,846		1,281		423		1,258		10		70,818
Investment processing fees - SaaS	23,459		—		2,088		19		5,097		30,663
Professional services fees	4,115		—		—		1,017		583		5,715
Account fees and other	848		5,035		2,984		6,086		2,461		17,414
Total revenues	$	130,137	$	122,718	$	71,778	$	172,653	$	14,293	$	511,579

Primary Geographic Markets:
United States	$	85,775	$	122,718	$	59,376	$	155,959	$	14,293	$	438,121
United Kingdom	29,848		—		9,218		—		—		39,066
Canada	9,799		—		1,471		—		—		11,270
Ireland	4,715		—		1,713		9,906		—		16,334
Luxembourg	—		—		—		6,788		—		6,788

Total revenues	$	130,137	$	122,718	$	71,778	$	172,653	$	14,293	$	511,579


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Three Months Ended March 31, 2023
Investment management fees from pooled investment products	$	32,220	$	60,605	$	11,713	$	126	$	338	$	105,002
Investment management fees from investment management agreements	498		40,666		58,028		—		4,217		103,409
Investment operations fees	346		—		—		145,639		1,555		147,540
Investment processing fees - PaaS	60,865		1,254		194		1,044		11		63,368
Investment processing fees - SaaS	22,215		—		2,651		18		4,207		29,091
Professional services fees	3,792		—		—		1,661		349		5,802
Account fees and other	966		4,013		1,704		6,009		2,215		14,907
Total revenues	$	120,902	$	106,538	$	74,290	$	154,497	$	12,892	$	469,119

Primary Geographic Markets:
United States	$	78,469	$	106,538	$	62,218	$	140,083	$	12,892	$	400,200
United Kingdom	27,846		—		9,095		—		—		36,941
Canada	10,090		—		1,369		—		—		11,459
Ireland	4,497		—		1,608		9,025		—		15,130
Luxembourg	—		—		—		5,389		—		5,389

Total revenues	$	120,902	$	106,538	$	74,290	$	154,497	$	12,892	$	469,119

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. Also includes income from client cash balances held in the FDIC-insured accounts through the SEI Integrated Cash program. 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.

Revenues associated with clients of the mutual fund trading solution are fees recognized for shareholder services and related services through the use of the Company's proprietary platform or through third-party vendor agreements. Contractual fees are stated as a percentage of the value of total assets or positions processed on the Company's platform or subject to third-party vendor agreements each month. Fees are billed and collected on a monthly and quarterly basis. These revenues were previously classified under Account fees and other in 2023 and have been reclassified to conform to the current year presentation.

Investment processing fees - Software as a Service - Revenues associated with clients of the Private Banks segment for application software services. Clients 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 associated with clients of the Investments in New Businesses segment processed on the Archway PlatformSM are fees for hosted technology services to family offices and financial institutions. The Archway Platform is an integrated technology platform used for investment, operations, accounting and client reporting by these institutions. The contractual fee is based on a monthly subscription fee to access the Archway Platform along with additional fees on a per transaction basis.

Revenues associated with clients of the Institutional Investors segment processed on the SEI NovusSM portfolio intelligence tool are fees for data management, performance measurement, reporting, and risk analytics. The contractual fee is based on a fixed fee to access SEI Novus and includes fees for integration of historical fund data and custom reporting.

All revenues from investment processing fees 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
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Amortization expense		$ 3,403	$ 3,055
XPS Pensions (Nexus) Limited
Business Acquisition [Line Items]
Contingent consideration, earning period	2 years
Contingent consideration, current	$ 915
Contingent consideration, long-term	$ 2,618

Marketable Securities

3 Months Ended

Mar. 31, 2024

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 SEI-sponsored and non-SEI-sponsored money market funds and commercial paper classified as cash equivalents had a fair value of $598,118 and $565,588 at March 31, 2024 and December 31, 2023, respectively. There were no material unrealized or realized gains or losses from these investments during the three months ended March 31, 2024 and 2023. 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, 2024
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available-for-sale debt securities	$	136,848	$	—	$	(10,663)	$	126,185
SEI-sponsored mutual funds	30,956		1,271		(5)		32,222
Equities and other mutual funds	5,335		285		—		5,620
	$	173,139	$	1,556	$	(10,668)	$	164,027


	At December 31, 2023
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available-for-sale debt securities	$	127,681	$	—	$	(8,929)	$	118,752
SEI-sponsored mutual funds	30,427		818		(19)		31,226
Equities and other mutual funds	5,301		134		—		5,435
	$	163,409	$	952	$	(8,948)	$	155,413

Net unrealized losses at March 31, 2024 of available-for-sale debt securities were $8,211 (net of income tax benefit of $2,452). Net unrealized losses at December 31, 2023 of available-for-sale debt securities were $6,875 (net of income tax benefit of $2,054). These unrealized losses are associated with the Company’s investments in mortgage-backed securities issued by GNMA and were caused by interest rate increases (See Note 4). The contractual cash flows of these securities are guaranteed by an agency of the U.S. government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost bases of the Company's investments. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases. These net unrealized losses are reported as a separate component of Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets.

The following tables provide the scheduled maturities of the Company's available-for-sale debt securities:


	At March 31, 2024
	Cost		Fair Value
Within one year	$	—	$	—
After one year through five years	5,118		4,661
After 5 years through 10 years	20,836		18,811
After 10 years	110,894		102,713
	$	136,848	$	126,185


	At December 31, 2023
	Cost		Fair Value
Within one year	$	—	$	—
After one year through five years	5,679		5,035
After 5 years through 10 years	31,162		28,084
After 10 years	90,840		85,633
	$	127,681	$	118,752

There were no material realized gains or losses from available-for-sale debt securities during the three months ended March 31, 2024 and 2023, respectively.

There were gross realized gains of $595 and gross realized losses of $46 from mutual funds and equities during the three months ended March 31, 2024. There were no material realized gains or losses from mutual funds and equities during the three months ended March 31, 2023. Gains and losses from mutual funds and equities are reflected in Net gain 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 from investments on the accompanying Consolidated Statements of Operations.

The funds had a fair value of $8,149 and $7,316 at March 31, 2024 and December 31, 2023, respectively. The Company recognized unrealized gains of $833 and unrealized losses of $171 during the three months ended March 31, 2024 and 2023, 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 $31,958 and $31,334 at March 31, 2024 and December 31, 2023, respectively. There were no material net gains or losses related to the securities during the three months ended March 31, 2024 and 2023.

Investment in Unconsolidated Affiliate (Condensed Balance Sheets of LSV) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Current assets	$ 1,555,024	$ 1,478,116
Total Assets	2,568,437	2,520,003
Current liabilities	275,982	353,047
Total Liabilities and Shareholders' Equity	2,568,437	2,520,003
Equity Method Investment, Nonconsolidated Investee
Schedule of Equity Method Investments [Line Items]
Current assets	127,930	169,867
Non-current assets	6,198	6,568
Total Assets	134,128	176,435
Current liabilities	36,673	74,853
Non-current liabilities	1,955	2,182
Partners’ capital	95,500	99,400
Total Liabilities and Shareholders' Equity	$ 134,128	$ 176,435

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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+ Details

Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule Of Financial Information About Business Segments

The following tables highlight certain financial information about each of the business segments for the three months ended March 31, 2024 and 2023:


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Three Months Ended March 31, 2024
Revenues	$	130,137	$	122,718	$	71,778	$	172,653	$	14,293	$	511,579
Expenses	112,974		66,958		40,109		109,550		18,383		347,974
Operating profit (loss)	$	17,163	$	55,760	$	31,669	$	63,103	$	(4,090)	$	163,605


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Three Months Ended March 31, 2023
Revenues	$	120,902	$	106,538	$	74,290	$	154,497	$	12,892	$	469,119
Expenses	112,462		63,546		40,868		101,685		17,639		336,200
Operating profit (loss)	$	8,440	$	42,992	$	33,422	$	52,812	$	(4,747)	$	132,919

Schedule of Reconciliation of Total Operating Profit Reported for Business Segments to Income from Operations in Consolidated Statements of Operations

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, 2024 and 2023 is as follows:


	2024		2023
Total operating profit from segments	$	163,605	$	132,919
Corporate overhead expenses	(37,754)		(31,152)
Income from operations	$	125,851	$	101,767

Schedule of Additional Information Pertaining to Business Segments

The following tables provide additional information for the three months ended March 31, 2024 and 2023 pertaining to the business segments:


	Capital Expenditures (1)				Depreciation
	2024		2023		2024		2023
Private Banks	$	6,432	$	9,071	$	2,904	$	5,354
Investment Advisors	3,165		4,339		2,181		468
Institutional Investors	1,119		648		604		282
Investment Managers	7,675		4,566		1,579		1,992
Investments in New Businesses	416		382		172		231
Total from business segments	$	18,807	$	19,006	$	7,440	$	8,327
Corporate overhead	542		615		949		204
	$	19,349	$	19,621	$	8,389	$	8,531

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


	Amortization
	2024		2023
Private Banks	$	5,111	$	4,646
Investment Advisors	2,122		1,818
Institutional Investors	1,892		1,824
Investment Managers	—		177
Investments in New Businesses	1,182		895
Total from business segments	$	10,307	$	9,360
Corporate overhead	79		64
	$	10,386	$	9,424

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 131,400	$ 107,015
Adjustments to reconcile net income to net cash provided by operating activities (See Note 1)	(19,106)	7,349
Net cash provided by operating activities	112,294	114,364
Cash flows from investing activities:
Additions to property and equipment	(13,072)	(10,640)
Additions to capitalized software	(6,277)	(9,041)
Purchases of marketable securities	(41,650)	(21,777)
Prepayments and maturities of marketable securities	32,116	28,387
Proceeds from fixed asset dispositions	1,180	0
Other investing activities	(9,931)	(3,917)
Net cash used in investing activities	(37,634)	(16,988)
Cash flows from financing activities:
Payment of contingent consideration	0	(904)
Purchase and retirement of common stock	(46,825)	(81,214)
Proceeds from issuance of common stock	45,027	21,364
Payment of dividends	(60,359)	(57,835)
Net cash used in financing activities	(62,157)	(118,589)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(572)	2,561
Net increase (decrease) in cash, cash equivalents and restricted cash	11,931	(18,652)
Cash, cash equivalents and restricted cash, beginning of period	834,998	853,359
Cash, cash equivalents and restricted cash, end of period	$ 846,929	$ 834,707

Composition of Certain Financial Statement Captions

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023
Trade receivables	$	136,599	$	115,356
Fees earned, not billed	408,852		372,291
Other receivables	17,109		14,450
	562,560		502,097
Less: Allowance for doubtful accounts	(1,165)		(663)
	$	561,395	$	501,434

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, 2024		December 31, 2023
Buildings	$	216,968	$	216,968
Equipment	190,071		193,096
Land	26,450		26,450
Purchased software	166,848		165,348
Furniture and fixtures	23,053		23,025
Leasehold improvements	19,857		19,827
Construction in progress	789		684
	644,036		645,398
Less: Accumulated depreciation	(475,832)		(474,034)
Property and Equipment, net	$	168,204	$	171,364

The Company recognized $8,389 and $8,531 in depreciation expense related to property and equipment for the three months ended March 31, 2024 and 2023, respectively.

Deferred Contract Costs

Deferred contract costs, which primarily consist of deferred sales commissions, were $40,000 and $40,221 as of March 31, 2024 and December 31, 2023, respectively. The Company deferred expenses related to contract costs of $2,391 and $1,744 during the three months ended March 31, 2024 and 2023, respectively. Amortization expense related to deferred contract costs were $2,612 and $2,167 during the three months ended March 31, 2024 and 2023, respectively. Amortization expense related to deferred contract costs is included in Compensation, benefits and other personnel on the accompanying Consolidated Statements of Operations. There were no material impairment losses in relation to deferred contract costs during the three months ended March 31, 2024.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:


	March 31, 2024		December 31, 2023
Accrued employee compensation	$	54,872	$	107,495
Accrued employee benefits and other personnel	2,445		9,797
Accrued voluntary separation program	14,657		21,058
Accrued consulting, outsourcing and professional fees	31,780		32,285
Accrued sub-advisory, distribution and other asset management fees	52,169		49,405

Accrued dividend payable	715		61,104
Accrued income taxes	41,032		4,965
Other accrued liabilities	45,186		32,836
Total accrued liabilities	$	242,856	$	318,945

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized (losses) gains during period, tax benefit (expense)	$ 367	$ (385)
Reclassification adjustment for (gains) losses realized in net income, tax expense (benefit)	$ 31	$ (11)

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Calculation of Basic and Diluted Earnings Per Share

The calculations of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 are:


	Three Months Ended March 31,
	2024		2023
Net income	$	131,400	$	107,015
Shares used to compute basic earnings per common share	131,417,000		134,020,000
Dilutive effect of stock options	1,328,000		1,291,000
Shares used to compute diluted earnings per common share	132,745,000		135,311,000
Basic earnings per common share	$	1.00	$	0.80
Diluted earnings per common share	$	0.99	$	0.79

Schedule of 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:


	2024		2023
Net income	$	131,400	$	107,015
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,389		8,531
Amortization	10,386		9,424
Equity in earnings of unconsolidated affiliate	(31,643)		(28,879)
Distributions received from unconsolidated affiliate	33,147		29,219
Stock-based compensation	11,059		8,074
Provision for losses on receivables	502		(180)
Deferred income tax expense	(7,150)		(5,452)
Net (gain) loss from investments	(2,256)		(744)

Change in other long-term liabilities	850		938
Change in other assets	(7,800)		(783)
Contract costs capitalized, net of amortization	221		423
Other	(2,068)		123
Change in current assets and liabilities
(Increase) decrease in
Receivables from investment products	280		6,270
Receivables	(60,386)		(962)
Other current assets	1,268		(2,261)
Advances due from unconsolidated affiliate	51,986		49,292
(Decrease) increase in
Accounts payable	(328)		877
Accrued liabilities	(25,471)		(65,998)
Deferred revenue	(92)		(563)
Total adjustments	(19,106)		7,349
Net cash provided by operating activities	$	112,294	$	114,364

Investment In Unconsolidated Affiliate (Tables)

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

These tables contain condensed financial information of LSV:


Condensed Statement of Operations	Three Months Ended March 31,
	2024		2023
Revenues	$	107,349	$	98,192
Net income	82,012		74,774


Condensed Balance Sheets	March 31, 2024		December 31, 2023
Current assets	$	127,930	$	169,867
Non-current assets	6,198		6,568
Total assets	$	134,128	$	176,435

Current liabilities	$	36,673	$	74,853
Non-current liabilities	1,955		2,182
Partners’ capital	95,500		99,400
Total liabilities and partners’ capital	$	134,128	$	176,435

Revenues from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of 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, 2024
Investment management fees from pooled investment products	$	32,399	$	58,597	$	12,074	$	84	$	356	$	103,510
Investment management fees from investment management agreements	931		48,161		54,209		—		4,308		107,609
Investment operations fees	539		9,644		—		164,189		1,478		175,850
Investment processing fees - PaaS	67,846		1,281		423		1,258		10		70,818
Investment processing fees - SaaS	23,459		—		2,088		19		5,097		30,663
Professional services fees	4,115		—		—		1,017		583		5,715
Account fees and other	848		5,035		2,984		6,086		2,461		17,414
Total revenues	$	130,137	$	122,718	$	71,778	$	172,653	$	14,293	$	511,579

Primary Geographic Markets:
United States	$	85,775	$	122,718	$	59,376	$	155,959	$	14,293	$	438,121
United Kingdom	29,848		—		9,218		—		—		39,066
Canada	9,799		—		1,471		—		—		11,270
Ireland	4,715		—		1,713		9,906		—		16,334
Luxembourg	—		—		—		6,788		—		6,788

Total revenues	$	130,137	$	122,718	$	71,778	$	172,653	$	14,293	$	511,579


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Three Months Ended March 31, 2023
Investment management fees from pooled investment products	$	32,220	$	60,605	$	11,713	$	126	$	338	$	105,002
Investment management fees from investment management agreements	498		40,666		58,028		—		4,217		103,409
Investment operations fees	346		—		—		145,639		1,555		147,540
Investment processing fees - PaaS	60,865		1,254		194		1,044		11		63,368
Investment processing fees - SaaS	22,215		—		2,651		18		4,207		29,091
Professional services fees	3,792		—		—		1,661		349		5,802
Account fees and other	966		4,013		1,704		6,009		2,215		14,907
Total revenues	$	120,902	$	106,538	$	74,290	$	154,497	$	12,892	$	469,119

Primary Geographic Markets:
United States	$	78,469	$	106,538	$	62,218	$	140,083	$	12,892	$	400,200
United Kingdom	27,846		—		9,095		—		—		36,941
Canada	10,090		—		1,369		—		—		11,459
Ireland	4,497		—		1,608		9,025		—		15,130
Luxembourg	—		—		—		5,389		—		5,389

Total revenues	$	120,902	$	106,538	$	74,290	$	154,497	$	12,892	$	469,119

Summary of Significant Accounting Policies (Net Cash Provided by Operating Activities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Net income	$ 131,400	$ 107,015
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,389	8,531
Amortization	10,386	9,424
Equity in earnings of unconsolidated affiliate	(31,643)	(28,879)
Distributions received from unconsolidated affiliate	33,147	29,219
Stock-based compensation	11,059	8,074
Provision for losses on receivables	502	(180)
Deferred income tax expense	(7,150)	(5,452)
Net (gain) loss from investments	(2,256)	(744)
Change in other long-term liabilities	850	938
Change in other assets	(7,800)	(783)
Contract costs capitalized, net of amortization	221	423
Other	(2,068)	123
Change in current assets and liabilities (Increase) decrease in
Receivables from investment products	280	6,270
Receivables	(60,386)	(962)
Other current assets	1,268	(2,261)
Advances due from unconsolidated affiliate	51,986	49,292
(Decrease) increase in
Accounts payable	(328)	877
Accrued liabilities	(25,471)	(65,998)
Deferred revenue	(92)	(563)
Total adjustments	(19,106)	7,349
Net cash provided by operating activities	$ 112,294	$ 114,364

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 131,400	$ 107,015
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(2,923)	3,067
Unrealized (loss) gain on investments:
Unrealized (losses) gains during the period, net of income taxes of $367 and $(385)	(1,231)	1,287
Reclassification adjustment for (gains) losses realized in net income, net of income taxes of $31 and $(11)	(105)	35
Total other comprehensive (loss) income, net of tax	(4,259)	4,389
Comprehensive income	$ 127,141	$ 111,404

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023, respectively, as follows:


	Three Months Ended March 31,
	2024		2023
Stock-based compensation expense	$	11,059	$	8,074
Less: Deferred tax benefit	(2,213)		(1,492)
Stock-based compensation expense, net of tax	$	8,846	$	6,582

Business Segment Information

3 Months Ended

Mar. 31, 2024

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 Outsourced Chief Investment Officer 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

Investments in New Businesses – Focuses on providing investment management solutions to ultra-high-net-worth families residing in the United States, hosted technology services to family offices and financial institutions; developing network and data protection services; 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, 2024 and 2023. Assets are not allocated to segments for internal reporting purposes. 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, 2023.

During the three months ended March 31, 2024 and made effective January 1, 2024, the Company made a determination to reorganize some of its business segments based on how its current Chief Operating Decision Maker (CODM) manages its businesses, including with respect to resource allocation and performance assessment. As a result, one of the Company's client relationships formerly reported in the Private Banks segment will be reported in the Investment Managers segment and the Company’s family office services business, formerly reported in the Investment Managers segment, will be reported in the Investments in New Businesses segment. The business segment financial presentation was reclassified in 2024 to conform to this reorganization. Prior year amounts have been reclassified to conform to current year presentation.

The following tables highlight certain financial information about each of the business segments for the three months ended March 31, 2024 and 2023:


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Three Months Ended March 31, 2024
Revenues	$	130,137	$	122,718	$	71,778	$	172,653	$	14,293	$	511,579
Expenses	112,974		66,958		40,109		109,550		18,383		347,974
Operating profit (loss)	$	17,163	$	55,760	$	31,669	$	63,103	$	(4,090)	$	163,605


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Three Months Ended March 31, 2023
Revenues	$	120,902	$	106,538	$	74,290	$	154,497	$	12,892	$	469,119
Expenses	112,462		63,546		40,868		101,685		17,639		336,200
Operating profit (loss)	$	8,440	$	42,992	$	33,422	$	52,812	$	(4,747)	$	132,919


	2024		2023
Total operating profit from segments	$	163,605	$	132,919
Corporate overhead expenses	(37,754)		(31,152)
Income from operations	$	125,851	$	101,767

The following tables provide additional information for the three months ended March 31, 2024 and 2023 pertaining to the business segments:


	Capital Expenditures (1)				Depreciation
	2024		2023		2024		2023
Private Banks	$	6,432	$	9,071	$	2,904	$	5,354
Investment Advisors	3,165		4,339		2,181		468
Institutional Investors	1,119		648		604		282
Investment Managers	7,675		4,566		1,579		1,992
Investments in New Businesses	416		382		172		231
Total from business segments	$	18,807	$	19,006	$	7,440	$	8,327
Corporate overhead	542		615		949		204
	$	19,349	$	19,621	$	8,389	$	8,531

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


	Amortization
	2024		2023
Private Banks	$	5,111	$	4,646
Investment Advisors	2,122		1,818
Institutional Investors	1,892		1,824
Investment Managers	—		177
Investments in New Businesses	1,182		895
Total from business segments	$	10,307	$	9,360
Corporate overhead	79		64
	$	10,386	$	9,424

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 31
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 21
-Subparagraph (a)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 21
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Income Taxes (Effective Income Tax Rate Reconciliation) (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Statutory rate	21.00%	21.00%
State taxes, net of federal tax benefit	2.90%	2.90%
Foreign tax expense and tax rate differential	0.10%	(0.10%)
Tax benefit from stock option exercises	(1.10%)	(0.20%)
Effective income tax rate	22.90%	23.60%

Income Taxes (Interest And Penalties) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Gross liability for unrecognized tax benefits, exclusive of interest and penalties	$ 16,383	$ 15,532
Interest and penalties on unrecognized benefits	1,655	1,385
Total gross uncertain tax positions	18,038	16,917
Amount included in Current liabilities	3,658	3,837
Amount included in Other long-term liabilities	14,380	13,080
Total gross uncertain tax positions	$ 18,038	$ 16,917

Composition of Certain Financial Statement Captions (Receivables) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Items Included in Consolidated Statement of Financial Condition [Abstract]
Trade receivables	$ 136,599	$ 115,356
Fees earned, not billed	408,852	372,291
Other receivables	17,109	14,450
Gross receivables	562,560	502,097
Less: Allowance for doubtful accounts	(1,165)	(663)
Receivables, net	$ 561,395	$ 501,434

Investment In Unconsolidated Affiliate

3 Months Ended

Mar. 31, 2024

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, 2024 was 38.6%. 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, 2024, the Company’s total investment in LSV was $57,291. The Company receives partnership distributions from LSV on a quarterly basis. The Company received partnership distributions from LSV of $33,147 and $29,219 in the three months ended March 31, 2024 and 2023, 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 $31,643 and $28,879 during the three months ended March 31, 2024 and 2023, respectively.

These tables contain condensed financial information of LSV:


Condensed Statement of Operations	Three Months Ended March 31,
	2024		2023
Revenues	$	107,349	$	98,192
Net income	82,012		74,774


Condensed Balance Sheets	March 31, 2024		December 31, 2023
Current assets	$	127,930	$	169,867
Non-current assets	6,198		6,568
Total assets	$	134,128	$	176,435

Current liabilities	$	36,673	$	74,853
Non-current liabilities	1,955		2,182
Partners’ capital	95,500		99,400
Total liabilities and partners’ capital	$	134,128	$	176,435

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	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, 2024, the results of operations for the three months ended March 31, 2024 and 2023, and cash flows for the three months ended March 31, 2024 and 2023. 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, 2023.
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 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). 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents includes $436,130 and $397,838 at March 31, 2024 and December 31, 2023, respectively, 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 Cash Restricted cash includes $250 at March 31, 2024 and December 31, 2023 segregated for regulatory purposes related to trade-execution services conducted by SEI Investments (Europe) Limited. Restricted cash also includes $51 at March 31, 2024 and December 31, 2023 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.
New Accounting Pronouncements	New Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07) which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in ASU 2023-07 apply retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting ASU 2023-07 on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures (ASU 2023-09) to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements and related disclosures.
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), and 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 2027 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, 2024 were consistent with those as described in the Company's Annual Report on Form 10-K at December 31, 2023. The Company had no Level 3 financial assets at March 31, 2024 or December 31, 2023 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 losses are reported as a separate component of Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets.
Securities Owned	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.

Cover page - shares	3 Months Ended
Cover page - shares	Mar. 31, 2024	Apr. 11, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	19456-1100
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		131,388,447
Entity Central Index Key	0000350894
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Marketable Securities (Available for Sale and Equity Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Available for sale debt securities, cost	$ 136,848	$ 127,681
Available for sale debt securities, fair value	126,185	118,752
Available for sale and equity securities, cost	173,139	163,409
Available for sale and equity securities, gross unrealized gains	1,556	952
Available for sale and equity securities, gross unrealized (losses)	(10,668)	(8,948)
Available for sale and equity securities, fair value	164,027	155,413
Available-for-sale debt securities
Debt Securities, Available-for-sale [Line Items]
Available for sale debt securities, cost	136,848	127,681
Available for sale debt securities, gross unrealized gains	0	0
Available for sale debt securities, gross unrealized (losses)	(10,663)	(8,929)
Available for sale debt securities, fair value	126,185	118,752
SEI-sponsored mutual funds
Debt Securities, Available-for-sale [Line Items]
Equity securities, FV-NI, cost	30,956	30,427
Equity securities, FV-NI, gross unrealized gains	1,271	818
Equity securities, FV-NI, gross unrealized (losses)	(5)	(19)
Equity securities, FV-NI, fair value	32,222	31,226
Equities and other mutual funds
Debt Securities, Available-for-sale [Line Items]
Equity securities, FV-NI, cost	5,335	5,301
Equity securities, FV-NI, gross unrealized gains	285	134
Equity securities, FV-NI, gross unrealized (losses)	0	0
Equity securities, FV-NI, fair value	$ 5,620	$ 5,435

Marketable Securities (Schedule of Available-for-Sale Debt Securities by Maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cost
Within one year	$ 0	$ 0
After one year through five years	5,118	5,679
After 5 years through 10 years	20,836	31,162
After 10 years	110,894	90,840
Available for sale debt securities, cost	136,848	127,681
Fair Value
Within one year	0	0
After one year through five years	4,661	5,035
After 5 years through 10 years	18,811	28,084
After 10 years	102,713	85,633
Available for sale debt securities, Fair Value	$ 126,185	$ 118,752

Shareholders' Equity (Narrative) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase (decrease) in stock-based compensation from change in management's estimate	$ 310
Unrecognized compensation cost	115,038
Total intrinsic value of options exercised	18,831
Aggregate intrinsic value of options exercisable	$ 91,066
Market value of Company's common stock (in USD per share) \| $ / shares	$ 71.90
Weighted average exercise price per share (in USD per share) \| $ / shares	$ 55.78
Total options outstanding (in shares) \| shares	15,968
Total options exercisable (in shares) \| shares	5,649
Common Stock Buyback
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased and retired (in shares) \| shares	808
Company purchased, cost	$ 56,001
Remaining stock repurchase authorization amount	$ 226,077
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

Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Investments [Line Items]
Cash equivalents at fair value	$ 598,118		$ 565,588
Net unrealized gains (loss)	(8,211)		(6,875)
Net unrealized gains (losses) income tax expense (benefit)	(2,452)		(2,054)
Mutual funds and equities, gross realized gains	595
Mutual funds and equities, gross realized loss	46
Other long-term investments	57,291		110,781
Securities owned	31,958		31,334
Investment Funds Sponsored by LSV
Schedule of Investments [Line Items]
Other long-term investments	8,149		$ 7,316
Unrealized gains (losses) on investments	$ 833	$ (171)

Composition of Certain Financial Statement Captions (Deferred Contract Costs) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Items Included in Consolidated Statement of Financial Condition [Abstract]
Deferred contract costs	$ 40,000,000		$ 40,221,000
Capitalized contract cost, amount capitalized during period	2,391,000	$ 1,744,000
Amortization of deferred contract costs	2,612,000	$ 2,167,000
Capitalized contract cost impairment	$ 0

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of the Company's goodwill by segment are as follows:


	Institutional Investors		Investment Managers		Investments in New Businesses		Total

Balance, December 31, 2023	$	61,884	$	56,990	$	18,459	$	137,333

Reclassification due to segment reorganization	—		(1,711)		1,711		—
Foreign currency translation adjustments	(128)		(1)		—		(129)
Balance, March 31, 2024	$	61,756	$	55,278	$	20,170	$	137,204

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Line of Credit (Details) - 2021 Credit Facility	3 Months Ended
Line of Credit (Details) - 2021 Credit Facility	Mar. 31, 2024 USD ($) fiscalQuarter	Apr. 11, 2024 USD ($)
Line of Credit Facility [Line Items]
Debt interest rate accrual term, number of preceding fiscal quarters \| fiscalQuarter	4
Subsequent Event
Line of Credit Facility [Line Items]
Letters of credit outstanding amount		$ 4,866,000
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 accordion feature, increase limit	$ 100,000,000
Line of Credit \| Subsequent Event
Line of Credit Facility [Line Items]
Credit facility remaining borrowing capacity		$ 320,134,000
Line of Credit \| 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 \| 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 \| 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%

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 846,628	$ 834,697
Restricted cash	301	301
Receivables from investment products	55,606	55,886
Receivables, net of allowance for doubtful accounts of $1,165 and $663	561,395	501,434
Securities owned	31,958	31,334
Other current assets	59,136	54,464
Total Current Assets	1,555,024	1,478,116
Property and Equipment, net of accumulated depreciation of $475,832 and $474,034	168,204	171,364
Operating Lease Right-of-Use Assets	20,687	22,477
Capitalized Software, net of accumulated amortization of $619,875 and $612,971	239,156	239,783
Available for Sale and Equity Securities	164,027	155,413
Investments in Affiliated Funds, at fair value	8,149	7,316
Investment in Unconsolidated Affiliate	57,291	110,781
Goodwill	137,204	137,333
Intangible Assets, net of accumulated amortization of $45,923 and $42,520	78,739	82,443
Deferred Contract Costs	40,000	40,221
Deferred Income Taxes	45,257	37,709
Other Assets, net	54,699	37,047
Total Assets	2,568,437	2,520,003
Current Liabilities:
Accounts payable	10,290	10,618
Accrued liabilities	242,856	318,945
Current portion of long-term operating lease liabilities	7,562	8,118
Deferred revenue	15,274	15,366
Total Current Liabilities	275,982	353,047
Long-term Income Taxes Payable	803	803
Long-term Operating Lease Liabilities	15,599	17,235
Other Long-term Liabilities	16,999	17,090
Total Liabilities	309,383	388,175
Commitments and Contingencies
Shareholders' Equity:
Common stock, $0.01 par value, 750,000,000 shares authorized; 131,329,261 and 131,177,513 shares issued and outstanding	1,313	1,312
Capital in excess of par value	1,455,162	1,404,962
Retained earnings	843,870	762,586
Accumulated other comprehensive loss, net	(41,291)	(37,032)
Total Shareholders' Equity	2,259,054	2,131,828
Total Liabilities and Shareholders' Equity	$ 2,568,437	$ 2,520,003