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seic-20240724
0000350894FALSE00003508942024-07-242024-07-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________
FORM 8-K
________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
July 24, 2024
Date of report (Date of earliest event reported)
________________________________________
https://cdn.kscope.io/890a2e7f99a51601800ec8331d55bdc4-GIF_sei_logo_final_black.gif
________________________________________
SEI INVESTMENTS COMPANY
(Exact name of registrant as specified in charter)
________________________________________
Pennsylvania 0-10200 23-1707341
(State or Other Jurisdiction
of Incorporation)
 (Commission
File Number)		 (I.R.S. Employer
Identification No.)
1 Freedom Valley Drive
Oaks, Pennsylvania 19456
(Address of Principal Executive Offices and Zip Code)
(610) 676-1000
(Registrants’ Telephone Number, Including Area Code)
________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareSEICThe NASDAQ Stock Market LLC



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


Item 2.02.    Results of Operations and Financial Condition.
On Wednesday, July 24, 2024, SEI Investments Company (the "Company") issued a press release announcing its financial and operating results for the second quarter ended June 30, 2024. A copy of the press release is furnished as Exhibit 99.1 and incorporated in this Item 2.02 by reference. A recording of the earnings call referenced in the press release furnished as Exhibit 99.1 is available for replay on the Company’s website at seic.com/investor-relations.
As provided in General Instruction B.2 to Form 8-K, the information furnished in this Item 2.02 and Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing with the Securities and Exchange Commission, except as shall be expressly provided by specific reference in such filing.

Item 9.01.    Financial Statements and Exhibits.
Exhibit No.Description
99.1
104  Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SEI INVESTMENTS COMPANY
Date:July 24, 2024By:/s/ Sean J. Denham
Sean J. Denham
Chief Financial Officer






Document
https://cdn.kscope.io/890a2e7f99a51601800ec8331d55bdc4-headerimage_v1-01a.jpg
Investor/media contact:                         
Leslie Wojcik
SEI                                
+1 610-676-4191
lwojcik@seic.com
Pages:        9

FOR IMMEDIATE RELEASE

SEI Reports Second-Quarter 2024 Financial Results

OAKS, Pa., July 24, 2024 – SEI Investments Company (NASDAQ:SEIC) today announced financial results for the second-quarter 2024. Diluted earnings per share were $1.05 in second-quarter 2024 compared to $0.89 in second-quarter 2023.
Consolidated Overview
(In thousands, except earnings per share)For the Three Months Ended June 30,For the Six Months Ended June 30,
20242023%20242023%
Revenues$518,986 $489,057 6%$1,030,565 $958,176 8%
Net income 139,120 118,851 17%270,520 225,866 20%
Diluted earnings per share$1.05 $0.89 18%$2.04 $1.68 21%

“Our second-quarter results reflect 6% profit growth quarter over quarter, as our focus on capital allocation, operational leverage, and revenue growth is seeing real traction and delivering results. We also have momentum across our markets, particularly with the increased adoption of our platforms in our technology and operational businesses,” said CEO Ryan Hicke.
“We are investing in areas we believe represent future growth opportunities, including talent, professional services, innovation, private assets, and emerging technology. Our people and the breadth of our capabilities set us apart in the industry, and we are uniquely positioned to capitalize on opportunities to deliver a world-class client experience and maximize return on invested capital for our stakeholders.”

1


Summary of Second-Quarter Results by Business Segment

(In thousands)For the Three Months Ended June 30,For the Six Months Ended June 30,
20242023%20242023%
Private Banks:
Revenues$132,401 $132,414 —%$262,538 $253,316 4%
Expenses111,890 114,165 (2)%224,864 226,627 (1)%
Operating Profit20,511 18,249 12%37,674 26,689 41%
Operating Margin15 %14 %14 %11 %
Investment Advisors:
Revenues120,587 109,580 10%243,305 216,118 13%
Expenses68,953 64,178 7%135,911 127,724 6%
Operating Profit51,634 45,402 14%107,394 88,394 21%
Operating Margin43 %41 %44 %41 %
Institutional Investors:
Revenues71,507 75,145 (5)%143,285 149,435 (4)%
Expenses38,426 45,516 (16)%78,535 86,384 (9)%
Operating Profit33,081 29,629 12%64,750 63,051 3%
Operating Margin46 %39 %45 %42 %
Investment Managers:
Revenues179,868 159,204 13%352,521 313,701 12%
Expenses111,287 103,213 8%220,837 204,898 8%
Operating Profit68,581 55,991 22%131,684 108,803 21%
Operating Margin38 %35 %37 %35 %
Investments in New Businesses:
Revenues14,623 12,714 15%28,916 25,606 13%
Expenses18,580 17,015 9%36,963 34,654 7%
Operating Loss(3,957)(4,301)NM(8,047)(9,048)NM
Totals:
Revenues$518,986 $489,057 6%$1,030,565 $958,176 8%
Expenses349,136 344,087 1%697,110 680,287 2%
Corporate Overhead Expenses33,336 32,369 3%71,090 63,521 12%
Income from Operations$136,514 $112,601 21%$262,365 $214,368 22%
2


Second-Quarter Business Highlights:
•Revenues from Assets under management, administration, and distribution fees increased primarily from higher assets under administration due to cross sales to existing alternative investment clients of the Investment Managers segment as well as new sales in the segment. Additionally, second-quarter 2024 revenues included fees of $10.1 million from the SEI Integrated Cash Program of the Investment Advisors segment launched in December 2023.
•Market appreciation and positive cash flows into separately managed account programs and Strategist programs of the Investment Advisors segment also contributed to the increase in revenues. This was partially offset by negative cash flows from SEI fund programs and fee reductions in separately managed account programs. Revenue growth was also partially offset by client losses in the Institutional Investors segment.
•Average assets under administration increased $141.8 billion, or 16%, to $1.0 trillion during the second-quarter 2024, as compared to $863.6 billion during the second-quarter 2023 (see attached Average Asset Balances schedules for further details).
•Average assets under management in equity and fixed income programs, excluding LSV, increased $7.1 billion, or 4%, to $176.1 billion during the second-quarter 2024, as compared to $169.0 billion during the second-quarter 2023 (see attached Average Asset Balances schedule for further details).
•Revenues from Information processing and software servicing fees increased from new client conversions and growth from existing SEI Wealth PlatformSM (SWP) clients. A one-time early contractual buyout fee of $10.5 million recorded during second-quarter 2023 from an investment processing client of the Private Banks segment acquired by an existing client partially offset the increase in revenues.
•Net sales events in the Private Banks and Investment Managers segments during the second-quarter 2024 were $26.9 million and are expected to generate net annualized recurring revenues of approximately $21.5 million when contract values are completely realized.
•Net sales events in asset management-related businesses of the Investment Advisors and Institutional Investors segments and the Asset Management Distribution (AMD) business in the Private Banks segment during the second-quarter 2024 were negative $5.6 million.
•Net sales events for newer initiatives, which includes SEI Family Office Services, SEI Private Wealth Management and SEI Sphere, were $674 thousand during the second-quarter 2024.
•The increase in operational expenses was due to higher personnel costs from business growth, primarily in the Investment Managers segment, and the impact of inflation on wages and services. Cost containment measures related to consulting and other vendor costs partially offset the increase in operating expenses during the second-quarter 2024.
•Earnings from LSV increased to $34.2 million in the second-quarter 2024 as compared to $32.7 million in the second-quarter 2023 due to market appreciation. Net negative cash flows from existing clients and client losses partially offset the increase in earnings from LSV.
•Capitalized software development costs were $6.4 million in the second-quarter 2024, of which $3.9 million was for continued enhancements to SWP. Capitalized software development costs also include $2.5 million in the second-quarter 2024 for a new platform for the Investment Managers segment.
•Effective tax rates were 23.9% in the second-quarter 2024 and 23.4% in the second-quarter 2023.
•Repurchased shares of SEI common stock were 1.6 million for $111.2 million during the second-quarter 2024 at an average price of $67.44 per share.
3


•Cash flow from operations was $114.7 million, and free cash flow was $100.6 million during the second-quarter 2024.
4


Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern time on July 24, 2024. Investors may listen to the call at seic.com/ir-events. Investors may also listen to a replay by telephone at (USA) 866-207-1041; (International) 402-970-0847; Access Code: 9919219.

About SEI®
SEI (NASDAQ:SEIC) delivers technology and investment solutions that connect the financial services industry. With capabilities across investment processing, operations, and asset management, SEI works with corporations, financial institutions and professionals, and ultra-high-net-worth families to help drive growth, make confident decisions, and protect futures. As of June 30, 2024, SEI manages, advises, or administers approximately $1.5 trillion in assets. For more information, visit seic.com.

This release contains forward-looking statements within the meaning or the rules and regulations of the Securities and Exchange Commission. In some cases you can identify forward-looking statements by terminology, such as "may," "will," "expect," "believe" and "continue" or "appear." Our forward-looking statements include our current expectations as to:
•the momentum generated across our markets;
•the adoption of our platforms in our technology and operational businesses;
•the areas in which we invest and the degree to which these areas represent growth opportunities;
•whether we are positioned to capitalize on opportunities to deliver a world-class client experience and maximize return on invested capital for our stakeholders; and
•when and if we will generate net annualized recurring revenues from sales events that occurred during the quarter, as well as the amount of any such revenue.
We anticipate that we may deliver forward-looking statements during today’s earnings call that include our current expectations as to the matters in this release and set forth above as well as:
•our strategic priorities and the strength of our execution against these priorities;
•the elements of our optimization focus;
•our investment priorities;
•platform adoption in the RIA space;
•the expansion opportunities available to us in the markets in which we currently, and seek to, participate;
•the opportunities and benefits our Artificial Intelligence initiatives may afford us;
•opportunities for earnings growth;
•the degree to which we are proactively addressing industry headwinds and capitalizing on tailwinds to position ourselves for long-term success;
•whether the shift in market preference in product types, asset allocation, and investment choice presents opportunity;
•if we are positioned to expand our footprint and capitalize on the trend across technology, operations and asset management towards private assets;
•the opportunity for our Professional Services offering;
•the degree to which we are well-positioned to drive growth and continue delivering value for our shareholders;
•whether we will build upon our success;
•the strength of our pipelines;
•our momentum in helping RIAs achieve scale and business growth;
•our ability to execute against our strategic priorities;
•our ability to align our cost structure to talent and the benefits of such alignment;
•the benefits we will derive from the businesses and/or assets we acquire and our ability to successful integrate these assets in order to drive the expected benefits, strategic and otherwise;
•the headwinds our businesses face and our ability to respond to these headwinds;
•the amount, if any, of our current backlog of sold but expected to be installed revenue and recurring revenue in the next 18 months that will actually be installed during such period, if ever;
•the amount, if any, of recurring revenue that will be generated by our net sales;
•the strength of our second half sales events and the benefits of such events;
•our momentum in helping RIAs achieve scale, business growth, and value creation for their clients;
•the degree to which our enterprise approach and availing more capabilities to increase AUA, AUM and Services revenue will create greater shareholder value;
•the market dynamics affecting our market units; and
•our tax rate for the remainder of 2024.
You should not place undue reliance on our forward-looking statements, as they are based on the current beliefs and expectations of our management and subject to significant risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe the assumptions upon which we base our forward-looking statements are reasonable, they could be inaccurate. Some of the risks and important factors that could cause actual results to differ from those described in our forward-looking statements can be found in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended Dec. 31, 2023, filed with the Securities and Exchange Commission.
# # #
5


SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
For the Three Months Ended June 30,For the Six Months Ended June 30,
2024202320242023
Asset management, admin. and distribution fees$409,398 $378,821 $813,764 $750,650 
Information processing and software servicing fees109,588 110,236 216,801 207,526 
Total revenues518,986 489,057 1,030,565 958,176 
Subadvisory, distribution and other asset mgmt. costs46,542 47,247 93,310 94,626 
Software royalties and other information processing costs8,096 8,396 16,567 15,689 
Compensation, benefits and other personnel185,878 175,706 378,794 349,121 
Stock-based compensation12,469 7,405 23,528 15,479 
Consulting, outsourcing and professional fees53,991 61,312 105,967 122,416 
Data processing and computer related38,074 34,945 75,234 68,285 
Facilities, supplies and other costs18,570 23,034 37,173 41,826 
Amortization10,485 9,630 20,871 19,054 
Depreciation8,367 8,781 16,756 17,312 
Total expenses382,472 376,456 768,200 743,808 
Income from operations136,514 112,601 262,365 214,368 
Net gain from investments666 515 2,922 1,259 
Interest and dividend income11,552 9,550 22,371 18,328 
Interest expense(139)(139)(278)(280)
Equity in earnings of unconsolidated affiliate34,219 32,711 65,862 61,590 
Income before income taxes182,812 155,238 353,242 295,265 
Income taxes43,692 36,387 82,722 69,399 
Net income$139,120 $118,851 $270,520 $225,866 
Basic earnings per common share$1.06 $0.89 $2.06 $1.69 
Shares used to calculate basic earnings per share130,815 132,854 131,116 133,437 
Diluted earnings per common share$1.05 $0.89 $2.04 $1.68 
Shares used to calculate diluted earnings per share132,073 133,936 132,409 134,623 
Dividends declared per common share$0.46 $0.43 $0.46 $0.43 
6


SEI INVESTMENTS COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
June 30,December 31,
20242023
Assets
Current Assets:
Cash and cash equivalents$768,291 $834,697 
Restricted cash301 301 
Receivables from investment products47,963 55,886 
Receivables, net of allowance for doubtful accounts of $1,545 and $663
589,708 501,434 
Securities owned30,338 31,334 
Other current assets61,472 54,464 
Total Current Assets1,498,073 1,478,116 
Property and Equipment, net of accumulated depreciation of $484,087 and $474,034
167,563 171,364 
Operating Lease Right-of-Use Assets30,564 22,477 
Capitalized Software, net of accumulated amortization of $626,864 and $612,971
238,559 239,783 
Available for Sale and Equity Securities176,949 155,413 
Investments in Affiliated Funds, at fair value7,737 7,316 
Investment in Unconsolidated Affiliate53,223 110,781 
Goodwill137,254 137,333 
Intangible Assets, net of accumulated amortization of $49,289 and $42,520
75,409 82,443 
Deferred Contract Costs39,975 40,221 
Deferred Income Taxes52,847 37,709 
Other Assets, net50,912 37,047 
Total Assets$2,529,065 $2,520,003 
Liabilities and Equity
Current Liabilities:
Accounts payable$9,199 $10,618 
Accrued liabilities208,122 318,945 
Current portion of long-term operating lease liabilities7,613 8,118 
Deferred revenue12,197 15,366 
Total Current Liabilities237,131 353,047 
Long-term Income Taxes Payable803 803 
Long-term Operating Lease Liabilities25,469 17,235 
Other Long-term Liabilities18,159 17,090 
Total Liabilities281,562 388,175 
Shareholders' Equity:
Common stock, $0.01 par value, 750,000 shares authorized; 129,855 and 131,178 shares issued and outstanding
1,299 1,312 
Capital in excess of par value1,465,037 1,404,962 
Retained earnings823,549 762,586 
Accumulated other comprehensive loss, net(42,382)(37,032)
Total Shareholders' Equity2,247,503 2,131,828 
Total Liabilities and Shareholders' Equity$2,529,065 $2,520,003 
7


ENDING ASSET BALANCES
(In millions) (Unaudited)
Jun. 30,Sept. 30,Dec. 31,Mar. 31,Jun. 30,
20232023202320242024
Private Banks:
Equity and fixed-income programs$24,091 $23,039 $24,496 $25,282 $25,031 
Collective trust fund programs7 6 4 5 5 
Liquidity funds3,433 3,636 3,916 2,733 2,699 
Total assets under management$27,531 $26,681 $28,416 $28,020 $27,735 
Client assets under administration4,154 4,399 7,267 8,024 7,813 
Total assets$31,685 $31,080 $35,683 $36,044 $35,548 
Investment Advisors:
Equity and fixed-income programs$69,439 $66,911 $71,634 $74,715 $74,556 
Liquidity funds4,968 5,175 4,812 4,722 4,301 
Total Platform assets under management$74,407 $72,086 $76,446 $79,437 $78,857 
Platform-only assets16,103 16,232 18,324 20,516 21,908 
Platform-only assets-deposit program— — 843 897 894 
Total Platform assets$90,510 $88,318 $95,613 $100,850 $101,659 
Institutional Investors:
Equity and fixed-income programs$75,854 $72,387 $77,208 $75,969 $75,542 
Collective trust fund programs4 4 1 1 1 
Liquidity funds1,353 2,119 1,734 2,179 2,309 
Total assets under management$77,211 $74,510 $78,943 $78,149 $77,852 
Client assets under advisement4,368 4,085 6,120 6,862 7,886 
Total assets$81,579 $78,595 $85,063 $85,011 $85,738 
Investment Managers:
Collective trust fund programs (A)$149,779 $146,991 $156,376 $161,660 $192,747 
Liquidity funds249 180 114 202 221 
Total assets under management$150,028 $147,171 $156,490 $161,862 $192,968 
Client assets under administration857,801 871,385 920,757 959,904 998,315 
Total assets$1,007,829 $1,018,556 $1,077,247 $1,121,766 $1,191,283 
Investments in New Businesses:
Equity and fixed-income programs$2,104 $2,017 $2,174 $2,269 $2,285 
Liquidity funds217 202 209 223 631 
Total assets under management$2,321 $2,219 $2,383 $2,492 $2,916 
Client assets under advisement1,098 1,070 1,150 1,248 1,886 
Client assets under administration15,769 14,997 14,807 15,411 14,848 
Total assets$19,188 $18,286 $18,340 $19,151 $19,650 
LSV Asset Management:
Equity and fixed-income programs (B)$86,469 $83,684 $89,312 $93,616 $90,197 
Total:
Equity and fixed-income programs (C)$257,957 $248,038 $264,824 $271,851 $267,611 
Collective trust fund programs149,790 147,001 156,381 161,666 192,753 
Liquidity funds10,220 11,312 10,785 10,059 10,161 
Total assets under management$417,967 $406,351 $431,990 $443,576 $470,525 
Client assets under advisement5,466 5,155 7,270 8,110 9,772 
Client assets under administration (D)877,724 890,781 942,831 983,339 1,020,976 
Platform-only assets16,103 16,232 19,167 21,413 22,802 
Total assets$1,317,260 $1,318,519 $1,401,258 $1,456,438 $1,524,075 
(A)Collective trust fund program assets in the Investment Managers segment are included in assets under management since SEI is the trustee. Fees earned on this product are less than fees earned on customized asset management programs.
(B)Equity and fixed-income programs include $1.8 billion of assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee (as of June 30, 2024).
(C)Equity and fixed-income programs include $6.2 billion of assets invested in various asset allocation funds (as of June 30, 2024).
(D)    In addition to the assets presented, SEI also administers an additional $8.5 billion in Funds of Funds assets on which SEI does not earn an administration fee (as of June 30, 2024).
8


AVERAGE ASSET BALANCES
(In millions) (Unaudited)
2nd Qtr.3rd Qtr.4th Qtr.1st Qtr.2nd Qtr.
20232023202320242024
Private Banks:
Equity and fixed-income programs$23,748 $23,920 $23,309 $24,593 $24,859 
Collective trust fund programs7 6 5 4 5 
Liquidity funds3,500 3,585 3,808 3,902 2,734 
Total assets under management$27,255 $27,511 $27,122 $28,499 $27,598 
Client assets under administration4,282 4,221 7,083 7,753 7,884 
Total assets$31,537 $31,732 $34,205 $36,252 $35,482 
Investment Advisors:
Equity and fixed-income programs$68,371 $69,309 $68,369 $72,689 $73,793 
Liquidity funds4,808 4,990 5,046 4,649 4,348 
Total Platform assets under management$73,179 $74,299 $73,415 $77,338 $78,141 
Platform-only assets15,548 16,544 17,201 19,198 20,897 
Platform-only assets-deposit program— — 281 849 886 
Total Platform assets$88,727 $90,843 $90,897 $97,385 $99,924 
Institutional Investors:
Equity and fixed-income programs$74,865 $75,023 $73,644 $76,414 $75,203 
Collective trust fund programs4 4 3 1 1 
Liquidity funds1,537 1,611 1,682 1,812 1,893 
Total assets under management$76,406 $76,638 $75,329 $78,227 $77,097 
Client assets under advisement4,583 4,294 4,607 6,498 7,508 
Total assets$80,989 $80,932 $79,936 $84,725 $84,605 
Investment Managers:
Collective trust fund programs (A)$147,543 $150,379 $149,551 $156,737 $189,884 
Liquidity funds286 237 205 207 227 
Total assets under management$147,829 $150,616 $149,756 $156,944 $190,111 
Client assets under administration843,065 873,821 901,487 938,804 982,806 
Total assets$990,894 $1,024,437 $1,051,243 $1,095,748 $1,172,917 
Investments in New Businesses:
Equity and fixed-income programs$2,057 $2,096 $2,069 $2,200 $2,234 
Liquidity funds199 211 197 214 471 
Total assets under management$2,256 $2,307 $2,266 $2,414 $2,705 
Client assets under advisement1,075 1,101 1,080 1,194 2,014 
Client assets under administration16,231 15,682 14,781 15,147 14,713 
Total assets$19,562 $19,090 $18,127 $18,755 $19,432 
LSV Asset Management:
Equity and fixed-income programs (B)$84,492 $86,671 $84,492 $90,708 $90,849 
Total:
Equity and fixed-income programs (C)$253,533 $257,019 $251,883 $266,604 $266,938 
Collective trust fund programs147,554 150,389 149,559 156,742 189,890 
Liquidity funds10,330 10,634 10,938 10,784 9,673 
Total assets under management$411,417 $418,042 $412,380 $434,130 $466,501 
Client assets under advisement5,658 5,395 5,687 7,692 9,522 
Client assets under administration (D)863,578 893,724 923,351 961,704 1,005,403 
Platform-only assets15,548 16,544 17,482 20,047 21,783 
Total assets$1,296,201 $1,333,705 $1,358,900 $1,423,573 $1,503,209 
(A)    Collective trust fund program average assets in the Investment Managers segment are included in assets under management since SEI is the trustee. Fees earned on this product are less than fees earned on customized asset management programs.
(B)    Equity and fixed-income programs during second-quarter 2024 include $1.9 billion of average assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee.
(C)    Equity and fixed-income programs include $6.3 billion of average assets invested in various asset allocation funds during second-quarter 2024.
(D)    In addition to the assets presented, SEI also administers an additional $8.6 billion of average assets in Funds of Funds assets during second-quarter 2024 on which SEI does not earn an administration fee.
9