0000350894-24-000102 | 10-Q | XBRL Viewer

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Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 270,520	$ 225,866
Adjustments to reconcile net income to net cash provided by operating activities (See Note 1)	(43,490)	(43,412)
Net cash provided by operating activities	227,030	182,454
Cash flows from investing activities:
Additions to property and equipment	(20,809)	(16,470)
Additions to capitalized software	(12,670)	(18,036)
Purchases of marketable securities	(102,895)	(48,046)
Prepayments and maturities of marketable securities	82,241	60,829
Sales of marketable securities	0	893
Proceeds from fixed asset dispositions	1,180	0
Other investing activities	(8,129)	(4,979)
Net cash used in investing activities	(61,082)	(25,809)
Cash flows from financing activities:
Payment of contingent consideration	0	(904)
Purchase and retirement of common stock	(163,774)	(156,174)
Proceeds from issuance of common stock	54,425	32,442
Payment of dividends	(120,338)	(114,829)
Net cash used in financing activities	(229,687)	(239,465)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,667)	6,812
Net decrease in cash, cash equivalents and restricted cash	(66,406)	(76,008)
Cash, cash equivalents and restricted cash, beginning of period	834,998	853,359
Cash, cash equivalents and restricted cash, end of period	$ 768,592	$ 777,351

Business Segment Information

6 Months Ended

Jun. 30, 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 and six months ended June 30, 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 first quarter 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 June 30, 2024 and 2023:


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Three Months Ended June 30, 2024
Revenues	$	132,401	$	120,587	$	71,507	$	179,868	$	14,623	$	518,986
Expenses	111,890		68,953		38,426		111,287		18,580		349,136
Operating profit (loss)	$	20,511	$	51,634	$	33,081	$	68,581	$	(3,957)	$	169,850


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Three Months Ended June 30, 2023
Revenues	$	132,414	$	109,580	$	75,145	$	159,204	$	12,714	$	489,057
Expenses	114,165		64,178		45,516		103,213		17,015		344,087
Operating profit (loss)	$	18,249	$	45,402	$	29,629	$	55,991	$	(4,301)	$	144,970

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 June 30, 2024 and 2023 is as follows:


	2024		2023
Total operating profit from segments	$	169,850	$	144,970
Corporate overhead expenses	(33,336)		(32,369)
Income from operations	$	136,514	$	112,601

The following tables provide additional information for the three months ended June 30, 2024 and 2023 pertaining to the business segments:


	Capital Expenditures (1)				Depreciation
	2024		2023		2024		2023
Private Banks	$	4,586	$	8,001	$	2,832	$	5,450
Investment Advisors	1,987		3,615		2,190		549
Institutional Investors	730		457		598		303
Investment Managers	6,389		2,592		1,636		2,049
Investments in New Businesses	173		202		170		224
Total from business segments	$	13,865	$	14,867	$	7,426	$	8,575
Corporate overhead	265		362		941		206
	$	14,130	$	15,229	$	8,367	$	8,781

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


	Amortization
	2024		2023
Private Banks	$	5,089	$	4,718
Investment Advisors	2,148		1,945
Institutional Investors	1,876		1,829
Investment Managers	81		181
Investments in New Businesses	1,183		892
Total from business segments	$	10,377	$	9,565
Corporate overhead	108		65
	$	10,485	$	9,630

The following tables highlight certain financial information about each of business segment for the six months ended June 30, 2024 and 2023:


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Six Months Ended June 30, 2024
Revenues	$	262,538	$	243,305	$	143,285	$	352,521	$	28,916	$	1,030,565
Expenses	224,864		135,911		78,535		220,837		36,963		697,110
Operating profit (loss)	$	37,674	$	107,394	$	64,750	$	131,684	$	(8,047)	$	333,455


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Six Months Ended June 30, 2023
Revenues	$	253,316	$	216,118	$	149,435	$	313,701	$	25,606	$	958,176
Expenses	226,627		127,724		86,384		204,898		34,654		680,287
Operating profit (loss)	$	26,689	$	88,394	$	63,051	$	108,803	$	(9,048)	$	277,889

A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the six months ended June 30, 2024 and 2023:


	2024		2023
Total operating profit from segments	$	333,455	$	277,889
Corporate overhead expenses	(71,090)		(63,521)
Income from operations	$	262,365	$	214,368

The following tables provide additional information for the six months ended June 30, 2024 and 2023:


	Capital Expenditures (2)				Depreciation
	2024		2023		2024		2023
Private Banks	$	11,018	$	17,072	$	5,736	$	10,804
Investment Advisors	5,152		7,954		4,371		1,017
Institutional Investors	1,849		1,105		1,202		585
Investment Managers	14,064		7,158		3,215		4,041
Investments in New Businesses	589		584		342		455
Total from business segments	$	32,672	$	33,873	$	14,866	$	16,902
Corporate Overhead	807		977		1,890		410
	$	33,479	$	34,850	$	16,756	$	17,312

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


	Amortization
	2024		2023
Private Banks	$	10,200	$	9,364
Investment Advisors	4,270		3,763
Institutional Investors	3,768		3,653
Investment Managers	81		358
Investments in New Businesses	2,365		1,787
Total from business segments	$	20,684	$	18,925
Corporate Overhead	187		129
	$	20,871	$	19,054

- 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.

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+ Details

Business Segment Information (Reconciliation of Total Operating Profit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Total operating profit from segments	$ 169,850	$ 144,970	$ 333,455	$ 277,889
Corporate overhead expenses	(33,336)	(32,369)	(71,090)	(63,521)
Income from operations	$ 136,514	$ 112,601	$ 262,365	$ 214,368

- Definition

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

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+ Details

Investment In Unconsolidated Affiliate (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Total investment in LSV	$ 53,223		$ 53,223
Distributions received from LSV			71,478	$ 61,452
Company's share in the earnings of LSV	$ 34,219	$ 32,711	$ 65,862	$ 61,590
L S V Asset Management
Schedule of Equity Method Investments [Line Items]
Ownership interest in LSV	38.60%		38.60%

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 768,291	$ 834,697
Restricted cash	301	301
Receivables from investment products	47,963	55,886
Receivables, net of allowance for doubtful accounts of $1,545 and $663	589,708	501,434
Securities owned	30,338	31,334
Other current assets	61,472	54,464
Total Current Assets	1,498,073	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 Assets	30,564	22,477
Capitalized Software, net of accumulated amortization of $626,864 and $612,971	238,559	239,783
Available for Sale and Equity Securities	176,949	155,413
Investments in Affiliated Funds, at fair value	7,737	7,316
Investment in Unconsolidated Affiliate	53,223	110,781
Goodwill	137,254	137,333
Intangible Assets, net of accumulated amortization of $49,289 and $42,520	75,409	82,443
Deferred Contract Costs	39,975	40,221
Deferred Income Taxes	52,847	37,709
Other Assets, net	50,912	37,047
Total Assets	2,529,065	2,520,003
Current Liabilities:
Accounts payable	9,199	10,618
Accrued liabilities	208,122	318,945
Current portion of long-term operating lease liabilities	7,613	8,118
Deferred revenue	12,197	15,366
Total Current Liabilities	237,131	353,047
Long-term Income Taxes Payable	803	803
Long-term Operating Lease Liabilities	25,469	17,235
Other Long-term Liabilities	18,159	17,090
Total Liabilities	281,562	388,175
Commitments and Contingencies
Shareholders' Equity:
Common stock, $0.01 par value, 750,000,000 shares authorized; 129,855,332 and 131,177,513 shares issued and outstanding	1,299	1,312
Capital in excess of par value	1,465,037	1,404,962
Retained earnings	823,549	762,586
Accumulated other comprehensive loss, net	(42,382)	(37,032)
Total Shareholders' Equity	2,247,503	2,131,828
Total Liabilities and Shareholders' Equity	$ 2,529,065	$ 2,520,003

Income Taxes (Interest And Penalties) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Gross liability for unrecognized tax benefits, exclusive of interest and penalties	$ 17,233	$ 15,532
Interest and penalties on unrecognized benefits	1,989	1,385
Total gross uncertain tax positions	19,222	16,917
Amount included in Current liabilities	3,685	3,837
Amount included in Other long-term liabilities	15,537	13,080
Total gross uncertain tax positions	$ 19,222	$ 16,917

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 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 June 30, 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.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 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 June 30, 2024, the results of operations for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 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 six months ended June 30, 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 $1,263 and $5,320 in fees during the three months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024 and 2023, the Company waived $5,562 and $10,881, respectively, in fees.

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 $358,735 and $397,838 at June 30, 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 June 30, 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 June 30, 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 $12,670 and $18,036 of software development costs during the six months ended June 30, 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 $7,723 and $9,394 of software development costs for significant enhancements to SWP during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the net book value of SWP was $212,558. The net book value includes $2,614 of capitalized software development costs in-progress associated with future releases of SWP. SWP has a weighted average remaining life of 8.6 years. Amortization expense for SWP was $13,599 and $12,516 during the six months ended June 30, 2024 and 2023, respectively.

The Company also capitalized $4,947 and $8,642 of software development costs during the six months ended June 30, 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 $25,115 and $20,083 as of June 30, 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 and six months ended June 30, 2024 and 2023 are:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	139,120	$	118,851	$	270,520	$	225,866
Shares used to compute basic earnings per common share	130,815,000		132,854,000		131,116,000		133,437,000
Dilutive effect of stock awards	1,258,000		1,082,000		1,293,000		1,186,000
Shares used to compute diluted earnings per common share	132,073,000		133,936,000		132,409,000		134,623,000
Basic earnings per common share	$	1.06	$	0.89	$	2.06	$	1.69
Diluted earnings per common share	$	1.05	$	0.89	$	2.04	$	1.68

During the three months ended June 30, 2024 and 2023, employee stock options to purchase 10,722,000 and 11,006,000 shares of common stock with an average exercise price of $61.04 and $61.29, respectively, were outstanding but not included in the computation of diluted earnings per common share. During the six months ended June 30, 2024 and 2023,

employee stock options to purchase 10,817,000 and 11,140,000 shares of common stock with an average exercise price of $61.05 and $61.29, respectively, were outstanding but not included in the computation of diluted earnings per common share. These options for the three and six 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 continues to assess the impact of ASU 2023-07. As part of its preliminary assessment, the Company has identified the chief operating decision maker (CODM) and is in the process of identifying the significant segment expenses and other information regularly provided to the CODM and included with the reported measure of segment profit/loss. The Company is on schedule to complete its assessment of ASU 2023-07 and the impact on its consolidated financial statements and related disclosures as of January 1, 2025.

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 six months ended June 30:


	2024		2023
Net income	$	270,520	$	225,866
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	16,756		17,312
Amortization	20,871		19,054
Equity in earnings of unconsolidated affiliate	(65,862)		(61,590)
Distributions received from unconsolidated affiliate	71,478		61,452
Stock-based compensation	23,528		15,479
Provision for losses on receivables	882		35
Deferred income tax expense	(14,539)		(12,600)
Net gain from investments	(2,922)		(1,259)

Change in other long-term liabilities	2,452		1,946
Change in other assets	(5,960)		(71)
Contract costs capitalized, net of amortization	246		(633)
Other	(1,375)		2,443
Change in current assets and liabilities
(Increase) decrease in
Receivables from investment products	7,923		5,710
Receivables	(89,070)		(64,551)
Other current assets	(1,068)		(6,907)
Advances due from unconsolidated affiliate	51,942		50,493
(Decrease) increase in
Accounts payable	(1,415)		(6,063)
Accrued liabilities	(54,188)		(63,682)
Deferred revenue	(3,169)		20
Total adjustments	(43,490)		(43,412)
Net cash provided by operating activities	$	227,030	$	182,454

Revenues from Contracts with Customers

6 Months Ended

Jun. 30, 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 June 30, 2024 and 2023:


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Three Months Ended June 30, 2024
Investment management fees from pooled investment products	$	32,614	$	58,322	$	12,256	$	380	$	460	$	104,032
Investment management fees from investment management agreements	1,165		45,920		53,541		—		4,627		105,253
Investment operations fees	541		10,082		—		170,327		962		181,912
Investment processing fees - PaaS	70,871		1,379		399		1,247		9		73,905
Investment processing fees - SaaS	21,311		—		2,243		—		5,125		28,679
Professional services fees	5,121		—		—		1,101		704		6,926
Account fees and other	778		4,884		3,068		6,813		2,736		18,279
Total revenues	$	132,401	$	120,587	$	71,507	$	179,868	$	14,623	$	518,986

Primary Geographic Markets:
United States	$	86,562	$	120,587	$	58,887	$	162,411	$	14,623	$	443,070
United Kingdom	31,354		—		9,649		—		—		41,003
Canada	10,067		—		1,415		—		—		11,482
Ireland	4,418		—		1,556		10,465		—		16,439
Luxembourg	—		—		—		6,992		—		6,992

Total revenues	$	132,401	$	120,587	$	71,507	$	179,868	$	14,623	$	518,986


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Three Months Ended June 30, 2023
Investment management fees from pooled investment products	$	32,092	$	61,103	$	12,728	$	105	$	352	$	106,380
Investment management fees from investment management agreements	813		43,159		57,529		—		4,025		105,526
Investment operations fees	337		2		—		151,407		1,305		153,051
Investment processing fees - PaaS	61,877		1,261		304		1,044		9		64,495
Investment processing fees - SaaS	22,516		—		2,791		18		4,385		29,710
Professional services fees (1)	13,972		—		—		959		185		15,116
Account fees and other	807		4,055		1,793		5,671		2,453		14,779
Total revenues	$	132,414	$	109,580	$	75,145	$	159,204	$	12,714	$	489,057

Primary Geographic Markets:
United States	$	89,644	$	109,580	$	63,144	$	144,398	$	12,714	$	419,480
United Kingdom	27,946		—		8,696		—		—		36,642
Canada	10,147		—		1,447		—		—		11,594
Ireland	4,677		—		1,858		8,978		—		15,513
Luxembourg	—		—		—		5,828		—		5,828

Total revenues	$	132,414	$	109,580	$	75,145	$	159,204	$	12,714	$	489,057

(1) Professional services fees of the Private Banks segment includes a one-time early contractual buyout fee of $10,457 recorded during the three months ended June 30, 2023 from an investment processing client acquired by an existing client.

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 Company’s business segments for the six months ended June 30, 2024 and 2023:


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Six Months Ended June 30, 2024
Investment management fees from pooled investment products	$	65,014	$	116,661	$	24,331	$	464	$	815	$	207,285
Investment management fees from investment management agreements	2,096		94,339		107,750		—		8,934		213,119
Investment operations fees	1,080		19,727		—		334,516		2,440		357,763
Investment processing fees - PaaS	138,718		2,660		821		2,505		19		144,723
Investment processing fees - SaaS	44,769		—		4,331		19		10,222		59,341
Professional services fees	9,236		—		—		2,118		1,287		12,641
Account fees and other	1,625		9,918		6,052		12,899		5,199		35,693
Total revenues	$	262,538	$	243,305	$	143,285	$	352,521	$	28,916	$	1,030,565

Primary Geographic Markets:
United States	$	172,337	$	243,305	$	118,264	$	318,370	$	28,916	$	881,192
United Kingdom	61,202		—		18,867		—		—		80,069
Canada	19,866		—		2,886		—		—		22,752
Ireland	9,133		—		3,268		20,371		—		32,772
Luxembourg	—		—		—		13,780		—		13,780

Total revenues	$	262,538	$	243,305	$	143,285	$	352,521	$	28,916	$	1,030,565


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Six Months Ended June 30, 2023
Investment management fees from pooled investment products	$	64,312	$	121,708	$	24,441	$	231	$	690	$	211,382
Investment management fees from investment management agreements	1,311		83,825		115,557		—		8,242		208,935
Investment operations fees	683		2		—		297,046		2,860		300,591
Investment processing fees - PaaS	122,742		2,515		498		2,088		20		127,863
Investment processing fees - SaaS	44,731		—		5,442		36		8,592		58,801
Professional services fees (2)	17,764		—		—		2,620		534		20,918
Account fees and other	1,773		8,068		3,497		11,680		4,668		29,686
Total revenues	$	253,316	$	216,118	$	149,435	$	313,701	$	25,606	$	958,176

Primary Geographic Markets:
United States	$	168,113	$	216,118	$	125,362	$	284,481	$	25,606	$	819,680
United Kingdom	55,792		—		17,791		—		—		73,583
Canada	20,237		—		2,816		—		—		23,053
Ireland	9,174		—		3,466		18,003		—		30,643
Luxembourg	—		—		—		11,217		—		11,217

Total revenues	$	253,316	$	216,118	$	149,435	$	313,701	$	25,606	$	958,176

(2) Professional services fees of the Private Banks segment includes a one-time early contractual buyout fee of $10,457 recorded during the three months ended June 30, 2023 from an investment processing client acquired by an existing client.

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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Subsequent Event (Details) $ in Thousands	3 Months Ended
Subsequent Event (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Forecast
Subsequent Event [Line Items]
Gain on sale of condominium	$ 8,132

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	225,866			225,866
Other comprehensive (loss) income	8,988				8,988
Purchase and retirement of common stock (in shares)		(2,651,000)
Purchase and retirement of common stock	(155,869)	$ (27)	(17,538)	(138,304)
Issuance of common stock under employee stock purchase plan (in shares)		45,000
Issuance of common stock under employee stock purchase plan	2,244		2,244
Issuance of common stock under share-based award plans (in shares)		674,000
Issuance of common stock under share-based award plans	30,198	$ 7	30,191
Stock-based compensation	15,479		15,479
Dividends declared	(57,177)			(57,177)
Ending balance (in shares) at Jun. 30, 2023		132,230,000
Ending balance at Jun. 30, 2023	2,023,553	$ 1,322	1,337,538	724,672	(39,979)
Beginning balance (in shares) at Mar. 31, 2023		133,268,000
Beginning balance at Mar. 31, 2023	2,014,334	$ 1,333	1,327,591	729,988	(44,578)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	118,851			118,851
Other comprehensive (loss) income	4,599				4,599
Purchase and retirement of common stock (in shares)		(1,290,000)
Purchase and retirement of common stock	(75,537)	$ (13)	(8,534)	(66,990)
Issuance of common stock under employee stock purchase plan (in shares)		21,000
Issuance of common stock under employee stock purchase plan	1,041		1,041
Issuance of common stock under share-based award plans (in shares)		231,000
Issuance of common stock under share-based award plans	10,037	$ 2	10,035
Stock-based compensation	7,405		7,405
Dividends declared	(57,177)			(57,177)
Ending balance (in shares) at Jun. 30, 2023		132,230,000
Ending balance at Jun. 30, 2023	$ 2,023,553	$ 1,322	1,337,538	724,672	(39,979)
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	270,520			270,520
Other comprehensive (loss) income	(5,350)				(5,350)
Purchase and retirement of common stock (in shares)		(2,456,000)
Purchase and retirement of common stock	(167,163)	$ (24)	(17,867)	(149,272)
Issuance of common stock under employee stock purchase plan (in shares)		42,000
Issuance of common stock under employee stock purchase plan	2,383		2,383
Issuance of common stock under share-based award plans (in shares)		1,091,000
Issuance of common stock under share-based award plans	52,042	$ 11	52,031
Stock-based compensation	23,528		23,528
Dividends declared	$ (60,285)			(60,285)
Ending balance (in shares) at Jun. 30, 2024	129,855,332	129,855,000
Ending balance at Jun. 30, 2024	$ 2,247,503	$ 1,299	1,465,037	823,549	(42,382)
Beginning balance (in shares) at Mar. 31, 2024		131,329,000
Beginning balance at Mar. 31, 2024	2,259,054	$ 1,313	1,455,162	843,870	(41,291)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	139,120			139,120
Other comprehensive (loss) income	(1,091)				(1,091)
Purchase and retirement of common stock (in shares)		(1,648,000)
Purchase and retirement of common stock	(111,162)	$ (16)	(11,990)	(99,156)
Issuance of common stock under employee stock purchase plan (in shares)		20,000
Issuance of common stock under employee stock purchase plan	1,187		1,187
Issuance of common stock under share-based award plans (in shares)		154,000
Issuance of common stock under share-based award plans	8,211	$ 2	8,209
Stock-based compensation	12,469		12,469
Dividends declared	$ (60,285)			(60,285)
Ending balance (in shares) at Jun. 30, 2024	129,855,332	129,855,000
Ending balance at Jun. 30, 2024	$ 2,247,503	$ 1,299	$ 1,465,037	$ 823,549	$ (42,382)

Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
	May 29, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase (decrease) in stock-based compensation from change in management's estimate				$ 1,238
Unrecognized compensation cost		$ 98,909		98,909
Total intrinsic value of options exercised				21,230
Aggregate intrinsic value of options exercisable		$ 52,518		$ 52,518
Market value of Company's common stock (in USD per share)		$ 64.69		$ 64.69
Weighted average exercise price per share (in USD per share)		$ 55.79		$ 55.79
Total options outstanding (in shares)		15,621		15,621
Total options exercisable (in shares)		5,471		5,471
Dividends declared per common share (in USD per share)	$ 0.46	$ 0.46	$ 0.43	$ 0.46	$ 0.43
Cash dividends declared		$ 60,285	$ 57,177	$ 60,285	$ 57,177
Common Stock Buyback
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased and retired (in shares)				2,456
Company purchased, cost				$ 167,163
Remaining stock repurchase authorization amount		$ 114,914		$ 114,914
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

Composition of Certain Financial Statement Captions

6 Months Ended

Jun. 30, 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:


	June 30, 2024		December 31, 2023
Trade receivables	$	165,068	$	115,356
Fees earned, not billed	409,752		372,291
Other receivables	16,433		14,450
	591,253		502,097
Less: Allowance for doubtful accounts	(1,545)		(663)
	$	589,708	$	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:


	June 30, 2024		December 31, 2023
Buildings	$	217,678	$	216,968
Equipment	193,801		193,096
Land	26,450		26,450
Purchased software	167,315		165,348
Furniture and fixtures	23,104		23,025
Leasehold improvements	22,278		19,827
Construction in progress	1,024		684
	651,650		645,398
Less: Accumulated depreciation	(484,087)		(474,034)
Property and Equipment, net	$	167,563	$	171,364

The Company recognized $16,756 and $17,312 in depreciation expense related to property and equipment for the six months ended June 30, 2024 and 2023, respectively.

Deferred Contract Costs

Deferred contract costs, which primarily consist of deferred sales commissions, were $39,975 and $40,221 as of June 30, 2024 and December 31, 2023, respectively. The Company deferred expenses related to contract costs of $2,520 and $3,225 during the three months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024 and 2023, the Company deferred expenses related to contract costs of $4,911 and $4,969, respectively. Amortization expense related to deferred contract costs were $5,157 and $4,336 during the six months ended June 30, 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 six months ended June 30, 2024.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:


	June 30, 2024		December 31, 2023
Accrued employee compensation	$	67,059	$	107,495
Accrued employee benefits and other personnel	2,773		9,797
Accrued voluntary separation program	9,388		21,058
Accrued consulting, outsourcing and professional fees	31,899		32,285
Accrued sub-advisory, distribution and other asset management fees	50,536		49,405

Accrued dividend payable	1,051		61,104
Accrued income taxes	11,017		4,965
Other accrued liabilities	34,399		32,836
Total accrued liabilities	$	208,122	$	318,945

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Gross liability for unrecognized tax benefits, exclusive of interest and penalties	$ 17,233	$ 15,532
Unrecognized tax benefits that would affect effective tax rate	16,869	14,878
Interest and penalties on unrecognized benefits	1,989	$ 1,385
Settlement and Lapse of Statute
Income Tax Contingency [Line Items]
Unrecognized tax benefits within the next twelve months	$ 3,685

Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Investments [Line Items]
Cash equivalents at fair value	$ 519,897		$ 519,897		$ 565,588
Net unrealized gains (loss)	(8,883)		(8,883)		(6,875)
Net unrealized gains (losses) income tax expense (benefit)	(2,653)		(2,653)		(2,054)
Mutual funds and equities, gross realized gains			1,182
Mutual funds and equities, gross realized loss			133
Other long-term investments	53,223		53,223		110,781
Securities owned	30,338		30,338		31,334
Investment Funds Sponsored by LSV
Schedule of Investments [Line Items]
Other long-term investments	7,737		7,737		$ 7,316
Unrealized gains (losses) on investments	$ (412)	$ 235	$ 421	$ 406

Income Taxes (Effective Income Tax Rate Reconciliation) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Statutory rate	21.00%	21.00%	21.00%	21.00%
State taxes, net of federal tax benefit	2.90%	2.80%	2.90%	2.80%
Foreign tax expense and tax rate differential	0.10%	(0.20%)	0.10%	(0.20%)
Tax benefit from stock option exercises	(0.10%)	(0.10%)	(0.60%)	(0.20%)
Other, net	0.00%	(0.10%)	0.00%	0.10%
Effective income tax rate	23.90%	23.40%	23.40%	23.50%

Marketable Securities

6 Months Ended

Jun. 30, 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 $519,897 and $565,588 at June 30, 2024 and December 31, 2023, respectively. There were no material unrealized or realized gains or losses from these investments during the six months ended June 30, 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 June 30, 2024
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available-for-sale debt securities	$	149,579	$	—	$	(11,536)	$	138,043
SEI-sponsored mutual funds	31,665		1,533		(3)		33,195
Equities and other mutual funds	5,366		345		—		5,711
	$	186,610	$	1,878	$	(11,539)	$	176,949


	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 June 30, 2024 of available-for-sale debt securities were $8,883 (net of income tax benefit of $2,653). 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 June 30, 2024
	Cost		Fair Value
Within one year	$	—	$	—
After one year through five years	5,176		4,708
After 5 years through 10 years	18,888		17,078
After 10 years	125,515		116,257
	$	149,579	$	138,043


	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 six months ended June 30, 2024 and 2023, respectively.

There were gross realized gains of $1,182 and gross realized losses of $133 from mutual funds and equities during the six months ended June 30, 2024. There were no material realized gains or losses from mutual funds and equities during the six months ended June 30, 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 $7,737 and $7,316 at June 30, 2024 and December 31, 2023, respectively. The Company recognized unrealized losses of $412 and unrealized gains of $235 during the three months ended June 30, 2024 and 2023, respectively, from the change in fair value of the funds. The Company recognized unrealized gains of $421 and $406 during the six months ended June 30, 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 $30,338 and $31,334 at June 30, 2024 and December 31, 2023, respectively. There were no material net gains or losses related to the securities during the three and six months ended June 30, 2024 and 2023.

Cover page - shares	6 Months Ended
Cover page - shares	Jun. 30, 2024	Jul. 17, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		129,892,888
Entity Central Index Key	0000350894
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Composition of Certain Financial Statement Captions (Deferred Contract Costs) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Items Included in Consolidated Statement of Financial Condition [Abstract]
Deferred contract costs	$ 39,975,000		$ 39,975,000		$ 40,221,000
Capitalized contract cost, amount capitalized during period	$ 2,520,000	$ 3,225,000	4,911,000	$ 4,969,000
Amortization of deferred contract costs			5,157,000	$ 4,336,000
Capitalized contract cost impairment			$ 0

Line of Credit (Details) - 2021 Credit Facility	6 Months Ended
Line of Credit (Details) - 2021 Credit Facility	Jun. 30, 2024 USD ($) fiscalQuarter	Jul. 17, 2024 USD ($)
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 \| Secured Overnight Financing Rate (SOFR)
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 \| Secured Overnight Financing Rate (SOFR)
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 \| Secured Overnight Financing Rate (SOFR)
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 Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 139,120	$ 118,851	$ 270,520	$ 225,866
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(419)	5,684	(3,342)	8,751
Unrealized (loss) gain on investments:
Unrealized (losses) gains during the period, net of income taxes of $177, $342, $544 and $(43)	(596)	(1,143)	(1,827)	144
Reclassification adjustment for (gains) losses realized in net income, net of income taxes of $24, $(18), $55 and $(29)	(76)	58	(181)	93
Total other comprehensive (loss) income, net of tax	(1,091)	4,599	(5,350)	8,988
Comprehensive income	$ 138,029	$ 123,450	$ 265,170	$ 234,854

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- 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
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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+ Details

Revenues from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 518,986	$ 489,057	$ 1,030,565	$ 958,176
United States
Disaggregation of Revenue [Line Items]
Revenues	443,070	419,480	881,192	819,680
United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	41,003	36,642	80,069	73,583
Canada
Disaggregation of Revenue [Line Items]
Revenues	11,482	11,594	22,752	23,053
Ireland
Disaggregation of Revenue [Line Items]
Revenues	16,439	15,513	32,772	30,643
Luxembourg
Disaggregation of Revenue [Line Items]
Revenues	6,992	5,828	13,780	11,217
Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues	104,032	106,380	207,285	211,382
Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues	105,253	105,526	213,119	208,935
Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues	181,912	153,051	357,763	300,591
Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues	73,905	64,495	144,723	127,863
Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues	28,679	29,710	59,341	58,801
Professional services fees
Disaggregation of Revenue [Line Items]
Revenues	6,926	15,116	12,641	20,918
Account fees and other
Disaggregation of Revenue [Line Items]
Revenues	18,279	14,779	35,693	29,686
Private Banks
Disaggregation of Revenue [Line Items]
Revenues	132,401	132,414	262,538	253,316
Private Banks \| United States
Disaggregation of Revenue [Line Items]
Revenues	86,562	89,644	172,337	168,113
Private Banks \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	31,354	27,946	61,202	55,792
Private Banks \| Canada
Disaggregation of Revenue [Line Items]
Revenues	10,067	10,147	19,866	20,237
Private Banks \| Ireland
Disaggregation of Revenue [Line Items]
Revenues	4,418	4,677	9,133	9,174
Private Banks \| Luxembourg
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Private Banks \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues	32,614	32,092	65,014	64,312
Private Banks \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues	1,165	813	2,096	1,311
Private Banks \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues	541	337	1,080	683
Private Banks \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues	70,871	61,877	138,718	122,742
Private Banks \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues	21,311	22,516	44,769	44,731
Private Banks \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues	5,121	13,972	9,236	17,764
Private Banks \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues	778	807	1,625	1,773
Private Banks \| Professional services fees, one-time early termination fees
Disaggregation of Revenue [Line Items]
Revenues		10,457		10,457
Investment Advisors
Disaggregation of Revenue [Line Items]
Revenues	120,587	109,580	243,305	216,118
Investment Advisors \| United States
Disaggregation of Revenue [Line Items]
Revenues	120,587	109,580	243,305	216,118
Investment Advisors \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Investment Advisors \| Canada
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Investment Advisors \| Ireland
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Investment Advisors \| Luxembourg
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Investment Advisors \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues	58,322	61,103	116,661	121,708
Investment Advisors \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues	45,920	43,159	94,339	83,825
Investment Advisors \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues	10,082	2	19,727	2
Investment Advisors \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues	1,379	1,261	2,660	2,515
Investment Advisors \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Investment Advisors \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Investment Advisors \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues	4,884	4,055	9,918	8,068
Institutional Investors
Disaggregation of Revenue [Line Items]
Revenues	71,507	75,145	143,285	149,435
Institutional Investors \| United States
Disaggregation of Revenue [Line Items]
Revenues	58,887	63,144	118,264	125,362
Institutional Investors \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	9,649	8,696	18,867	17,791
Institutional Investors \| Canada
Disaggregation of Revenue [Line Items]
Revenues	1,415	1,447	2,886	2,816
Institutional Investors \| Ireland
Disaggregation of Revenue [Line Items]
Revenues	1,556	1,858	3,268	3,466
Institutional Investors \| Luxembourg
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Institutional Investors \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues	12,256	12,728	24,331	24,441
Institutional Investors \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues	53,541	57,529	107,750	115,557
Institutional Investors \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Institutional Investors \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues	399	304	821	498
Institutional Investors \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues	2,243	2,791	4,331	5,442
Institutional Investors \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Institutional Investors \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues	3,068	1,793	6,052	3,497
Investment Managers
Disaggregation of Revenue [Line Items]
Revenues	179,868	159,204	352,521	313,701
Investment Managers \| United States
Disaggregation of Revenue [Line Items]
Revenues	162,411	144,398	318,370	284,481
Investment Managers \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Investment Managers \| Canada
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Investment Managers \| Ireland
Disaggregation of Revenue [Line Items]
Revenues	10,465	8,978	20,371	18,003
Investment Managers \| Luxembourg
Disaggregation of Revenue [Line Items]
Revenues	6,992	5,828	13,780	11,217
Investment Managers \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues	380	105	464	231
Investment Managers \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Investment Managers \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues	170,327	151,407	334,516	297,046
Investment Managers \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues	1,247	1,044	2,505	2,088
Investment Managers \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues	0	18	19	36
Investment Managers \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues	1,101	959	2,118	2,620
Investment Managers \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues	6,813	5,671	12,899	11,680
Investments In New Businesses
Disaggregation of Revenue [Line Items]
Revenues	14,623	12,714	28,916	25,606
Investments In New Businesses \| United States
Disaggregation of Revenue [Line Items]
Revenues	14,623	12,714	28,916	25,606
Investments In New Businesses \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Investments In New Businesses \| Canada
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Investments In New Businesses \| Ireland
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Investments In New Businesses \| Luxembourg
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Investments In New Businesses \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues	460	352	815	690
Investments In New Businesses \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues	4,627	4,025	8,934	8,242
Investments In New Businesses \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues	962	1,305	2,440	2,860
Investments In New Businesses \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues	9	9	19	20
Investments In New Businesses \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues	5,125	4,385	10,222	8,592
Investments In New Businesses \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues	704	185	1,287	534
Investments In New Businesses \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues	$ 2,736	$ 2,453	$ 5,199	$ 4,668

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 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 June 30, 2024, the results of operations for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 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 $358,735 and $397,838 at June 30, 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 June 30, 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 June 30, 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 continues to assess the impact of ASU 2023-07. As part of its preliminary assessment, the Company has identified the chief operating decision maker (CODM) and is in the process of identifying the significant segment expenses and other information regularly provided to the CODM and included with the reported measure of segment profit/loss. The Company is on schedule to complete its assessment of ASU 2023-07 and the impact on its consolidated financial statements and related disclosures as of January 1, 2025. 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 six months ended June 30, 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 June 30, 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.

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The gross liability for unrecognized tax benefits at June 30, 2024 and December 31, 2023 was $17,233 and $15,532, respectively, exclusive of interest and penalties, of which $16,869 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 June 30, 2024 and December 31, 2023, the combined amount of accrued interest and penalties related to tax positions taken on tax returns was $1,989 and $1,385, respectively.


	June 30, 2024		December 31, 2023
Gross liability for unrecognized tax benefits, exclusive of interest and penalties	$	17,233	$	15,532
Interest and penalties on unrecognized benefits	1,989		1,385
Total gross uncertain tax positions	$	19,222	$	16,917
Amount included in Current liabilities	$	3,685	$	3,837
Amount included in Other long-term liabilities	15,537		13,080
	$	19,222	$	16,917

The effective income tax rate for the three and six months ended June 30, 2024 and 2023 differs from the federal income tax statutory rate due to the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Statutory rate	21.0	%	21.0	%	21.0	%	21.0	%
State taxes, net of federal tax benefit	2.9		2.8		2.9		2.8
Foreign tax expense and tax rate differential	0.1		(0.2)		0.1		(0.2)
Tax benefit from stock option exercises	(0.1)		(0.1)		(0.6)		(0.2)



Other, net	—		(0.1)		—		0.1
	23.9	%	23.4	%	23.4	%	23.5	%

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 $3,685 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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 231
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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	June 30, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Equity securities	$	38,906	$	38,906	$	—
Available-for-sale debt securities	138,043		—		138,043
Fixed-income securities owned	30,338		—		30,338
Investment funds sponsored by LSV (1)	7,737
	$	215,024	$	38,906	$	168,381


			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).

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2024 and 2023 are:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	139,120	$	118,851	$	270,520	$	225,866
Shares used to compute basic earnings per common share	130,815,000		132,854,000		131,116,000		133,437,000
Dilutive effect of stock awards	1,258,000		1,082,000		1,293,000		1,186,000
Shares used to compute diluted earnings per common share	132,073,000		133,936,000		132,409,000		134,623,000
Basic earnings per common share	$	1.06	$	0.89	$	2.06	$	1.69
Diluted earnings per common share	$	1.05	$	0.89	$	2.04	$	1.68

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 six months ended June 30:


	2024		2023
Net income	$	270,520	$	225,866
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	16,756		17,312
Amortization	20,871		19,054
Equity in earnings of unconsolidated affiliate	(65,862)		(61,590)
Distributions received from unconsolidated affiliate	71,478		61,452
Stock-based compensation	23,528		15,479
Provision for losses on receivables	882		35
Deferred income tax expense	(14,539)		(12,600)
Net gain from investments	(2,922)		(1,259)

Change in other long-term liabilities	2,452		1,946
Change in other assets	(5,960)		(71)
Contract costs capitalized, net of amortization	246		(633)
Other	(1,375)		2,443
Change in current assets and liabilities
(Increase) decrease in
Receivables from investment products	7,923		5,710
Receivables	(89,070)		(64,551)
Other current assets	(1,068)		(6,907)
Advances due from unconsolidated affiliate	51,942		50,493
(Decrease) increase in
Accounts payable	(1,415)		(6,063)
Accrued liabilities	(54,188)		(63,682)
Deferred revenue	(3,169)		20
Total adjustments	(43,490)		(43,412)
Net cash provided by operating activities	$	227,030	$	182,454

Revenues from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024
Investment management fees from pooled investment products	$	32,614	$	58,322	$	12,256	$	380	$	460	$	104,032
Investment management fees from investment management agreements	1,165		45,920		53,541		—		4,627		105,253
Investment operations fees	541		10,082		—		170,327		962		181,912
Investment processing fees - PaaS	70,871		1,379		399		1,247		9		73,905
Investment processing fees - SaaS	21,311		—		2,243		—		5,125		28,679
Professional services fees	5,121		—		—		1,101		704		6,926
Account fees and other	778		4,884		3,068		6,813		2,736		18,279
Total revenues	$	132,401	$	120,587	$	71,507	$	179,868	$	14,623	$	518,986

Primary Geographic Markets:
United States	$	86,562	$	120,587	$	58,887	$	162,411	$	14,623	$	443,070
United Kingdom	31,354		—		9,649		—		—		41,003
Canada	10,067		—		1,415		—		—		11,482
Ireland	4,418		—		1,556		10,465		—		16,439
Luxembourg	—		—		—		6,992		—		6,992

Total revenues	$	132,401	$	120,587	$	71,507	$	179,868	$	14,623	$	518,986


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Three Months Ended June 30, 2023
Investment management fees from pooled investment products	$	32,092	$	61,103	$	12,728	$	105	$	352	$	106,380
Investment management fees from investment management agreements	813		43,159		57,529		—		4,025		105,526
Investment operations fees	337		2		—		151,407		1,305		153,051
Investment processing fees - PaaS	61,877		1,261		304		1,044		9		64,495
Investment processing fees - SaaS	22,516		—		2,791		18		4,385		29,710
Professional services fees (1)	13,972		—		—		959		185		15,116
Account fees and other	807		4,055		1,793		5,671		2,453		14,779
Total revenues	$	132,414	$	109,580	$	75,145	$	159,204	$	12,714	$	489,057

Primary Geographic Markets:
United States	$	89,644	$	109,580	$	63,144	$	144,398	$	12,714	$	419,480
United Kingdom	27,946		—		8,696		—		—		36,642
Canada	10,147		—		1,447		—		—		11,594
Ireland	4,677		—		1,858		8,978		—		15,513
Luxembourg	—		—		—		5,828		—		5,828

Total revenues	$	132,414	$	109,580	$	75,145	$	159,204	$	12,714	$	489,057

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 Company’s business segments for the six months ended June 30, 2024 and 2023:


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Six Months Ended June 30, 2024
Investment management fees from pooled investment products	$	65,014	$	116,661	$	24,331	$	464	$	815	$	207,285
Investment management fees from investment management agreements	2,096		94,339		107,750		—		8,934		213,119
Investment operations fees	1,080		19,727		—		334,516		2,440		357,763
Investment processing fees - PaaS	138,718		2,660		821		2,505		19		144,723
Investment processing fees - SaaS	44,769		—		4,331		19		10,222		59,341
Professional services fees	9,236		—		—		2,118		1,287		12,641
Account fees and other	1,625		9,918		6,052		12,899		5,199		35,693
Total revenues	$	262,538	$	243,305	$	143,285	$	352,521	$	28,916	$	1,030,565

Primary Geographic Markets:
United States	$	172,337	$	243,305	$	118,264	$	318,370	$	28,916	$	881,192
United Kingdom	61,202		—		18,867		—		—		80,069
Canada	19,866		—		2,886		—		—		22,752
Ireland	9,133		—		3,268		20,371		—		32,772
Luxembourg	—		—		—		13,780		—		13,780

Total revenues	$	262,538	$	243,305	$	143,285	$	352,521	$	28,916	$	1,030,565


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Six Months Ended June 30, 2023
Investment management fees from pooled investment products	$	64,312	$	121,708	$	24,441	$	231	$	690	$	211,382
Investment management fees from investment management agreements	1,311		83,825		115,557		—		8,242		208,935
Investment operations fees	683		2		—		297,046		2,860		300,591
Investment processing fees - PaaS	122,742		2,515		498		2,088		20		127,863
Investment processing fees - SaaS	44,731		—		5,442		36		8,592		58,801
Professional services fees (2)	17,764		—		—		2,620		534		20,918
Account fees and other	1,773		8,068		3,497		11,680		4,668		29,686
Total revenues	$	253,316	$	216,118	$	149,435	$	313,701	$	25,606	$	958,176

Primary Geographic Markets:
United States	$	168,113	$	216,118	$	125,362	$	284,481	$	25,606	$	819,680
United Kingdom	55,792		—		17,791		—		—		73,583
Canada	20,237		—		2,816		—		—		23,053
Ireland	9,174		—		3,466		18,003		—		30,643
Luxembourg	—		—		—		11,217		—		11,217

Total revenues	$	253,316	$	216,118	$	149,435	$	313,701	$	25,606	$	958,176

Summary of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Net income	$ 139,120	$ 118,851	$ 270,520	$ 225,866
Shares used to compute basic earnings per common share (in shares)	130,815	132,854	131,116	133,437
Dilutive effect of stock awards (in shares)	1,258	1,082	1,293	1,186
Shares used to compute diluted earnings per common share (in shares)	132,073	133,936	132,409	134,623
Basic earnings per common share (in USD per share)	$ 1.06	$ 0.89	$ 2.06	$ 1.69
Diluted earnings per common share (in USD per share)	$ 1.05	$ 0.89	$ 2.04	$ 1.68

- Definition

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

+ References

+ Details

- Definition

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.

+ References

+ Details

- Definition

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

+ References

+ Details

Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2024 and 2023, respectively, as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Stock-based compensation expense	$	12,469	$	7,405	$	23,528	$	15,479
Less: Deferred tax benefit	(2,372)		(1,347)		(4,584)		(2,839)
Stock-based compensation expense, net of tax	$	10,097	$	6,058	$	18,944	$	12,640

Shareholders' Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Stock-Based Compensation

On April 2, 2024, the Company’s Board of Directors approved the 2024 Omnibus Equity Compensation Plan (the 2024 Plan), which was later approved by the shareholders of the Company on May 29, 2024. The 2024 Plan became effective upon receipt of the shareholders' approval on May 29, 2024 and is the successor equity compensation plan to the 2014 Equity Compensation Plan (the 2014 Plan) which was merged with and into the 2024 Plan. The 2024 Plan provides for the grant of stock options, stock units, stock awards, stock appreciation rights and other stock-based awards. No further grants will be made under the 2014 Plan, and shares with respect to all grants outstanding under the 2014 Plan will be issued or transferred under the 2024 Plan. Permitted grantees under the 2024 Plan include employees, non-employee

directors and consultants who perform services for the Company. The plan is administered by the Compensation Committee of the Board of Directors of the Company. There were no grants of stock options, stock units, stock awards, stock appreciation rights or other stock-based awards made under the 2024 Plan as of June 30, 2024.

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 and six months ended June 30, 2024 and 2023, respectively, as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Stock-based compensation expense	$	12,469	$	7,405	$	23,528	$	15,479
Less: Deferred tax benefit	(2,372)		(1,347)		(4,584)		(2,839)
Stock-based compensation expense, net of tax	$	10,097	$	6,058	$	18,944	$	12,640

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 $1,238 in stock-based compensation expense during the six months ended June 30, 2024.

As of June 30, 2024, there was approximately $98,909 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 six months ended June 30, 2024 was $21,230. The total options exercisable as of June 30, 2024 had an intrinsic value of $52,518. The total intrinsic value for options exercisable is calculated as the difference between the market value of the Company’s common stock as of June 30, 2024 and the weighted average exercise price of the options. The market value of the Company’s common stock as of June 30, 2024 was $64.69 as reported by the Nasdaq Stock Market, LLC. The weighted average exercise price of the options exercisable as of June 30, 2024 was $55.79. Total options that were outstanding as of June 30, 2024 were 15,621,000. Total options that were exercisable as of June 30, 2024 were 5,471,000.

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 2,456,000 shares at a total cost of $167,163 during the six months ended June 30, 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 June 30, 2024, the Company had approximately $114,914 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.

Cash Dividend

On May 29, 2024, the Board of Directors declared a cash dividend of $0.46 per share on the Company's common stock, which was paid on June 18, 2024, to shareholders of record on June 10, 2024. Cash dividends declared during the six months ended June 30, 2024 and 2023 were $60,285 and $57,177, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 2,259,054	$ 2,014,334	$ 2,131,828	$ 1,953,824
Total other comprehensive (loss) income, net of tax	(1,091)	4,599	(5,350)	8,988
Ending balance	2,247,503	2,023,553	2,247,503	2,023,553
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(41,291)	(44,578)	(37,032)	(48,967)
Other comprehensive loss before reclassifications			(5,169)
Amounts reclassified from accumulated other comprehensive loss			(181)
Total other comprehensive (loss) income, net of tax	(1,091)	4,599	(5,350)	8,988
Ending balance	(42,382)	$ (39,979)	(42,382)	$ (39,979)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			(30,157)
Other comprehensive loss before reclassifications			(3,342)
Amounts reclassified from accumulated other comprehensive loss			0
Total other comprehensive (loss) income, net of tax			(3,342)
Ending balance	(33,499)		(33,499)
Unrealized Gains (Losses) on Investments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			(6,875)
Other comprehensive loss before reclassifications			(1,827)
Amounts reclassified from accumulated other comprehensive loss			(181)
Total other comprehensive (loss) income, net of tax			(2,008)
Ending balance	$ (8,883)		$ (8,883)

- Definition

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

+ References

+ Details

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On July 8, 2024, the Company sold a condominium located in New York, New York. The Company expects to recognize a net pre-tax gain of approximately $8,132 after associated costs and expenses during the third quarter 2024 as a result of the sale.

Composition of Certain Financial Statement Captions (Receivables) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Items Included in Consolidated Statement of Financial Condition [Abstract]
Trade receivables	$ 165,068	$ 115,356
Fees earned, not billed	409,752	372,291
Other receivables	16,433	14,450
Gross receivables	591,253	502,097
Less: Allowance for doubtful accounts	(1,545)	(663)
Receivables, net	$ 589,708	$ 501,434

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 139,120	$ 118,851	$ 270,520	$ 225,866

- Definition

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

+ References

+ Details

Business Segment Information (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 518,986,000	$ 489,057,000	$ 1,030,565,000	$ 958,176,000
Intersegment
Segment Reporting Information [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 0

- Definition

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

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+ Details

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Summary of Significant Accounting Policies [Line Items]
Cash and cash equivalents invested in SEI-sponsored money market funds	$ 768,291		$ 768,291		$ 834,697
Restricted cash	301		301		301
Capitalized software development costs			12,670	$ 18,036
Net book value of capitalized software	$ 238,559		$ 238,559		239,783
Anti-dilutive employee stock options (in shares)	10,722	11,006	10,817	11,140
Anti-dilutive employee stock options (in USD per share)	$ 61.04	$ 61.29	$ 61.05	$ 61.29
Investment Managers
Summary of Significant Accounting Policies [Line Items]
Capitalized software development costs			$ 4,947	$ 8,642
Capitalized software in progress	$ 25,115		25,115		20,083
SEI Wealth Platform
Summary of Significant Accounting Policies [Line Items]
Capitalized software development costs			7,723	9,394
Net book value of capitalized software	212,558		212,558
Capitalized software in progress	$ 2,614		2,614
Amortization expense related to the SEI Wealth Platform			$ 13,599	12,516
SEI Wealth Platform \| Weighted Average
Summary of Significant Accounting Policies [Line Items]
Estimated useful life of the SEI Wealth Platform	8 years 7 months 6 days		8 years 7 months 6 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	$ 358,735		$ 358,735		397,838
SEI Investments (Europe) Limited
Summary of Significant Accounting Policies [Line Items]
Restricted cash	250		250		250
SEI Investments Distribution Co. (SIDCO)
Summary of Significant Accounting Policies [Line Items]
Restricted cash	51		51		$ 51
SEI-Sponsored Open-Ended Money Market Mutual Funds
Summary of Significant Accounting Policies [Line Items]
Fees waived	$ 1,263	$ 5,320	$ 5,562	$ 10,881

Fair Value Measurements

6 Months Ended

Jun. 30, 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 six months ended June 30, 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 June 30, 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 June 30, 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 six months ended June 30, 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	June 30, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Equity securities	$	38,906	$	38,906	$	—
Available-for-sale debt securities	138,043		—		138,043
Fixed-income securities owned	30,338		—		30,338
Investment funds sponsored by LSV (1)	7,737
	$	215,024	$	38,906	$	168,381


			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

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 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
Measurement period adjustments	25		—		—		25
Reclassification due to segment reorganization	—		(1,711)		1,711		—
Foreign currency translation adjustments	(103)		(1)		—		(104)
Balance, June 30, 2024	$	61,806	$	55,278	$	20,170	$	137,254

- Definition

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

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+ Details

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Interest And Penalties


	June 30, 2024		December 31, 2023
Gross liability for unrecognized tax benefits, exclusive of interest and penalties	$	17,233	$	15,532
Interest and penalties on unrecognized benefits	1,989		1,385
Total gross uncertain tax positions	$	19,222	$	16,917
Amount included in Current liabilities	$	3,685	$	3,837
Amount included in Other long-term liabilities	15,537		13,080
	$	19,222	$	16,917

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate for the three and six months ended June 30, 2024 and 2023 differs from the federal income tax statutory rate due to the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Statutory rate	21.0	%	21.0	%	21.0	%	21.0	%
State taxes, net of federal tax benefit	2.9		2.8		2.9		2.8
Foreign tax expense and tax rate differential	0.1		(0.2)		0.1		(0.2)
Tax benefit from stock option exercises	(0.1)		(0.1)		(0.6)		(0.2)



Other, net	—		(0.1)		—		0.1
	23.9	%	23.4	%	23.4	%	23.5	%

Composition of Certain Financial Statement Captions (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Items Included in Consolidated Statement of Financial Condition [Abstract]
Accrued employee compensation	$ 67,059	$ 107,495
Accrued employee benefits and other personnel	2,773	9,797
Accrued voluntary separation program	9,388	21,058
Accrued consulting, outsourcing and professional fees	31,899	32,285
Accrued sub-advisory, distribution and other asset management fees	50,536	49,405
Accrued dividend payable	1,051	61,104
Accrued income taxes	11,017	4,965
Other accrued liabilities	34,399	32,836
Total accrued liabilities	$ 208,122	$ 318,945

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 1,545	$ 663
Property and Equipment, accumulated depreciation	484,087	474,034
Capitalized Software, accumulated amortization	626,864	612,971
Intangible Assets, accumulated amortization	$ 49,289	$ 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)	129,855,332	131,177,513
Common stock, shares outstanding (in shares)	129,855,332	131,177,513

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Unrealized (losses) gains during period, tax benefit (expense)	$ 177	$ 342	$ 544	$ (43)
Reclassification adjustment for (gains) losses realized in net income, tax expense (benefit)	$ 24	$ (18)	$ 55	$ (29)

Investment In Unconsolidated Affiliate

6 Months Ended

Jun. 30, 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 June 30, 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 June 30, 2024, the Company’s total investment in LSV was $53,223. The Company receives partnership distributions from LSV on a quarterly basis. The Company received partnership distributions from LSV of $71,478 and $61,452 in the six months ended June 30, 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 $34,219 and $32,711 during the three months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024 and 2023, the Company’s proportionate share in the earnings of LSV was $65,862 and $61,590, respectively.

These tables contain condensed financial information of LSV:


Condensed Statement of Operations	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues	$	113,820	$	108,836	$	221,169	$	207,028
Net income	88,689		84,779		170,701		159,553


Condensed Balance Sheets	June 30, 2024		December 31, 2023
Current assets	$	130,209	$	169,867
Non-current assets	5,894		6,568
Total assets	$	136,103	$	176,435

Current liabilities	$	49,534	$	74,853
Non-current liabilities	1,726		2,182
Partners’ capital	84,843		99,400
Total liabilities and partners’ capital	$	136,103	$	176,435

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 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

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 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	(3,342)		(1,827)		(5,169)
Amounts reclassified from accumulated other comprehensive loss	—		(181)		(181)
Net current-period other comprehensive loss	(3,342)		(2,008)		(5,350)

Balance, June 30, 2024	$	(33,499)	$	(8,883)	$	(42,382)

Investment In Unconsolidated Affiliate (Condensed Statements of Operations of LSV) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Revenues	$ 518,986	$ 489,057	$ 1,030,565	$ 958,176
Equity Method Investment, Nonconsolidated Investee
Schedule of Equity Method Investments [Line Items]
Revenues	113,820	108,836	221,169	207,028
Net income	$ 88,689	$ 84,779	$ 170,701	$ 159,553

- 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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+ Details

Line of Credit	6 Months Ended
Line of Credit	Jun. 30, 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 six months ended June 30, 2024. As of July 17, 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 July 17, 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 (Schedule of Financial Information About Business Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 518,986	$ 489,057	$ 1,030,565	$ 958,176
Expenses	349,136	344,087	697,110	680,287
Operating profit (loss)	169,850	144,970	333,455	277,889
Private Banks
Segment Reporting Information [Line Items]
Revenues	132,401	132,414	262,538	253,316
Expenses	111,890	114,165	224,864	226,627
Operating profit (loss)	20,511	18,249	37,674	26,689
Investment Advisors
Segment Reporting Information [Line Items]
Revenues	120,587	109,580	243,305	216,118
Expenses	68,953	64,178	135,911	127,724
Operating profit (loss)	51,634	45,402	107,394	88,394
Institutional Investors
Segment Reporting Information [Line Items]
Revenues	71,507	75,145	143,285	149,435
Expenses	38,426	45,516	78,535	86,384
Operating profit (loss)	33,081	29,629	64,750	63,051
Investment Managers
Segment Reporting Information [Line Items]
Revenues	179,868	159,204	352,521	313,701
Expenses	111,287	103,213	220,837	204,898
Operating profit (loss)	68,581	55,991	131,684	108,803
Investments In New Businesses
Segment Reporting Information [Line Items]
Revenues	14,623	12,714	28,916	25,606
Expenses	18,580	17,015	36,963	34,654
Operating profit (loss)	$ (3,957)	$ (4,301)	$ (8,047)	$ (9,048)

- Definition

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

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+ Details

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 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
Measurement period adjustments	25		—		—		25
Reclassification due to segment reorganization	—		(1,711)		1,711		—
Foreign currency translation adjustments	(103)		(1)		—		(104)
Balance, June 30, 2024	$	61,806	$	55,278	$	20,170	$	137,254

The reclassification of the Company's goodwill by segment during the six months ended June 30, 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 June 30, 2024, the current portion of the contingent consideration of $379 is included in Accrued liabilities on the accompanying Balance Sheet. The long-term portion of the contingent consideration of $2,623 is included in Other long-term liabilities on the accompanying Balance Sheet.

The Company recognized $6,790 and $6,113 of amortization expense related to acquired intangible assets during the six months ended June 30, 2024 and 2023, respectively.

Marketable Securities (Schedule of Available-for-Sale Debt Securities by Maturity) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cost
Within one year	$ 0	$ 0
After one year through five years	5,176	5,679
After 5 years through 10 years	18,888	31,162
After 10 years	125,515	90,840
Available for sale debt securities, cost	149,579	127,681
Fair Value
Within one year	0	0
After one year through five years	4,708	5,035
After 5 years through 10 years	17,078	28,084
After 10 years	116,257	85,633
Available for sale debt securities, fair value	$ 138,043	$ 118,752

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available-for-sale debt securities	$	149,579	$	—	$	(11,536)	$	138,043
SEI-sponsored mutual funds	31,665		1,533		(3)		33,195
Equities and other mutual funds	5,366		345		—		5,711
	$	186,610	$	1,878	$	(11,539)	$	176,949


	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 June 30, 2024
	Cost		Fair Value
Within one year	$	—	$	—
After one year through five years	5,176		4,708
After 5 years through 10 years	18,888		17,078
After 10 years	125,515		116,257
	$	149,579	$	138,043


	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).

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+ Details

Investment in Unconsolidated Affiliate (Condensed Balance Sheets of LSV) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Current assets	$ 1,498,073	$ 1,478,116
Total Assets	2,529,065	2,520,003
Current liabilities	237,131	353,047
Total Liabilities and Shareholders' Equity	2,529,065	2,520,003
Equity Method Investment, Nonconsolidated Investee
Schedule of Equity Method Investments [Line Items]
Current assets	130,209	169,867
Non-current assets	5,894	6,568
Total Assets	136,103	176,435
Current liabilities	49,534	74,853
Non-current liabilities	1,726	2,182
Partners’ capital	84,843	99,400
Total Liabilities and Shareholders' Equity	$ 136,103	$ 176,435

- Definition

Amount of asset recognized for present right to economic benefit.

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Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.

+ References + Details

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Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

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Amount of obligation due after one year or beyond the normal operating cycle, if longer.

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+ Details

Composition of Certain Financial Statement Captions (Tables)

6 Months Ended

Jun. 30, 2024

Items Included in Consolidated Statement of Financial Condition [Abstract]

Schedule of Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:


	June 30, 2024		December 31, 2023
Trade receivables	$	165,068	$	115,356
Fees earned, not billed	409,752		372,291
Other receivables	16,433		14,450
	591,253		502,097
Less: Allowance for doubtful accounts	(1,545)		(663)
	$	589,708	$	501,434

Schedule of Property And Equipment

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


	June 30, 2024		December 31, 2023
Buildings	$	217,678	$	216,968
Equipment	193,801		193,096
Land	26,450		26,450
Purchased software	167,315		165,348
Furniture and fixtures	23,104		23,025
Leasehold improvements	22,278		19,827
Construction in progress	1,024		684
	651,650		645,398
Less: Accumulated depreciation	(484,087)		(474,034)
Property and Equipment, net	$	167,563	$	171,364

Schedule of Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:


	June 30, 2024		December 31, 2023
Accrued employee compensation	$	67,059	$	107,495
Accrued employee benefits and other personnel	2,773		9,797
Accrued voluntary separation program	9,388		21,058
Accrued consulting, outsourcing and professional fees	31,899		32,285
Accrued sub-advisory, distribution and other asset management fees	50,536		49,405

Accrued dividend payable	1,051		61,104
Accrued income taxes	11,017		4,965
Other accrued liabilities	34,399		32,836
Total accrued liabilities	$	208,122	$	318,945

Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares		3 Months Ended		6 Months Ended
	May 29, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in USD per share)	$ 0.46	$ 0.46	$ 0.43	$ 0.46	$ 0.43

Business Segment Information (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and 2023:


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Three Months Ended June 30, 2024
Revenues	$	132,401	$	120,587	$	71,507	$	179,868	$	14,623	$	518,986
Expenses	111,890		68,953		38,426		111,287		18,580		349,136
Operating profit (loss)	$	20,511	$	51,634	$	33,081	$	68,581	$	(3,957)	$	169,850


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Three Months Ended June 30, 2023
Revenues	$	132,414	$	109,580	$	75,145	$	159,204	$	12,714	$	489,057
Expenses	114,165		64,178		45,516		103,213		17,015		344,087
Operating profit (loss)	$	18,249	$	45,402	$	29,629	$	55,991	$	(4,301)	$	144,970

The following tables highlight certain financial information about each of business segment for the six months ended June 30, 2024 and 2023:


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Six Months Ended June 30, 2024
Revenues	$	262,538	$	243,305	$	143,285	$	352,521	$	28,916	$	1,030,565
Expenses	224,864		135,911		78,535		220,837		36,963		697,110
Operating profit (loss)	$	37,674	$	107,394	$	64,750	$	131,684	$	(8,047)	$	333,455


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
	For the Six Months Ended June 30, 2023
Revenues	$	253,316	$	216,118	$	149,435	$	313,701	$	25,606	$	958,176
Expenses	226,627		127,724		86,384		204,898		34,654		680,287
Operating profit (loss)	$	26,689	$	88,394	$	63,051	$	108,803	$	(9,048)	$	277,889

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


	2024		2023
Total operating profit from segments	$	169,850	$	144,970
Corporate overhead expenses	(33,336)		(32,369)
Income from operations	$	136,514	$	112,601


	2024		2023
Total operating profit from segments	$	333,455	$	277,889
Corporate overhead expenses	(71,090)		(63,521)
Income from operations	$	262,365	$	214,368

Schedule of Additional Information Pertaining to Business Segments

The following tables provide additional information for the three months ended June 30, 2024 and 2023 pertaining to the business segments:


	Capital Expenditures (1)				Depreciation
	2024		2023		2024		2023
Private Banks	$	4,586	$	8,001	$	2,832	$	5,450
Investment Advisors	1,987		3,615		2,190		549
Institutional Investors	730		457		598		303
Investment Managers	6,389		2,592		1,636		2,049
Investments in New Businesses	173		202		170		224
Total from business segments	$	13,865	$	14,867	$	7,426	$	8,575
Corporate overhead	265		362		941		206
	$	14,130	$	15,229	$	8,367	$	8,781

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


	Amortization
	2024		2023
Private Banks	$	5,089	$	4,718
Investment Advisors	2,148		1,945
Institutional Investors	1,876		1,829
Investment Managers	81		181
Investments in New Businesses	1,183		892
Total from business segments	$	10,377	$	9,565
Corporate overhead	108		65
	$	10,485	$	9,630

The following tables provide additional information for the six months ended June 30, 2024 and 2023:


	Capital Expenditures (2)				Depreciation
	2024		2023		2024		2023
Private Banks	$	11,018	$	17,072	$	5,736	$	10,804
Investment Advisors	5,152		7,954		4,371		1,017
Institutional Investors	1,849		1,105		1,202		585
Investment Managers	14,064		7,158		3,215		4,041
Investments in New Businesses	589		584		342		455
Total from business segments	$	32,672	$	33,873	$	14,866	$	16,902
Corporate Overhead	807		977		1,890		410
	$	33,479	$	34,850	$	16,756	$	17,312

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


	Amortization
	2024		2023
Private Banks	$	10,200	$	9,364
Investment Advisors	4,270		3,763
Institutional Investors	3,768		3,653
Investment Managers	81		358
Investments in New Businesses	2,365		1,787
Total from business segments	$	20,684	$	18,925
Corporate Overhead	187		129
	$	20,871	$	19,054

Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 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	(3,342)		(1,827)		(5,169)
Amounts reclassified from accumulated other comprehensive loss	—		(181)		(181)
Net current-period other comprehensive loss	(3,342)		(2,008)		(5,350)

Balance, June 30, 2024	$	(33,499)	$	(8,883)	$	(42,382)

Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Nov. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Amortization expense		$ 6,790	$ 6,113
XPS Pensions (Nexus) Limited
Business Acquisition [Line Items]
Contingent consideration, earning period	2 years
Contingent consideration, current		379
Contingent consideration, long-term		$ 2,623

Business Segment Information (Schedule Of Additional Information Pertaining To Business Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Capital expenditure	$ 14,130	$ 15,229	$ 33,479	$ 34,850
Depreciation	8,367	8,781	16,756	17,312
Amortization	10,485	9,630	20,871	19,054
Operating Segments
Segment Reporting Information [Line Items]
Capital expenditure	13,865	14,867	32,672	33,873
Depreciation	7,426	8,575	14,866	16,902
Amortization	10,377	9,565	20,684	18,925
Operating Segments \| Private Banks
Segment Reporting Information [Line Items]
Capital expenditure	4,586	8,001	11,018	17,072
Depreciation	2,832	5,450	5,736	10,804
Amortization	5,089	4,718	10,200	9,364
Operating Segments \| Investment Advisors
Segment Reporting Information [Line Items]
Capital expenditure	1,987	3,615	5,152	7,954
Depreciation	2,190	549	4,371	1,017
Amortization	2,148	1,945	4,270	3,763
Operating Segments \| Institutional Investors
Segment Reporting Information [Line Items]
Capital expenditure	730	457	1,849	1,105
Depreciation	598	303	1,202	585
Amortization	1,876	1,829	3,768	3,653
Operating Segments \| Investment Managers
Segment Reporting Information [Line Items]
Capital expenditure	6,389	2,592	14,064	7,158
Depreciation	1,636	2,049	3,215	4,041
Amortization	81	181	81	358
Operating Segments \| Investments In New Businesses
Segment Reporting Information [Line Items]
Capital expenditure	173	202	589	584
Depreciation	170	224	342	455
Amortization	1,183	892	2,365	1,787
Corporate overhead
Segment Reporting Information [Line Items]
Capital expenditure	265	362	807	977
Depreciation	941	206	1,890	410
Amortization	$ 108	$ 65	$ 187	$ 129

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities	$ 138,043	$ 118,752
Fixed-income securities owned	30,338	31,334
Assets, fair value	215,024	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	38,906	36,661
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-income securities owned	30,338	31,334
Assets, fair value	168,381	150,086
Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities	38,906	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	38,906	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	138,043	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	138,043	118,752
Investment Funds sponsored by LSV
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds sponsored by LSV	$ 7,737	$ 7,316

Summary of Significant Accounting Policies (Net Cash Provided by Operating Activities) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Net income	$ 139,120	$ 118,851	$ 270,520	$ 225,866
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,367	8,781	16,756	17,312
Amortization	10,485	9,630	20,871	19,054
Equity in earnings of unconsolidated affiliate	(34,219)	(32,711)	(65,862)	(61,590)
Distributions received from unconsolidated affiliate			71,478	61,452
Stock-based compensation	12,469	7,405	23,528	15,479
Provision for losses on receivables			882	35
Deferred income tax expense			(14,539)	(12,600)
Net gain from investments	$ (666)	$ (515)	(2,922)	(1,259)
Change in other long-term liabilities			2,452	1,946
Change in other assets			(5,960)	(71)
Contract costs capitalized, net of amortization			246	(633)
Other			(1,375)	2,443
Change in current assets and liabilities (Increase) decrease in
Receivables from investment products			7,923	5,710
Receivables			(89,070)	(64,551)
Other current assets			(1,068)	(6,907)
Advances due from unconsolidated affiliate			51,942	50,493
(Decrease) increase in
Accounts payable			(1,415)	(6,063)
Accrued liabilities			(54,188)	(63,682)
Deferred revenue			(3,169)	20
Total adjustments			(43,490)	(43,412)
Net cash provided by operating activities			$ 227,030	$ 182,454

Investment In Unconsolidated Affiliate (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues	$	113,820	$	108,836	$	221,169	$	207,028
Net income	88,689		84,779		170,701		159,553


Condensed Balance Sheets	June 30, 2024		December 31, 2023
Current assets	$	130,209	$	169,867
Non-current assets	5,894		6,568
Total assets	$	136,103	$	176,435

Current liabilities	$	49,534	$	74,853
Non-current liabilities	1,726		2,182
Partners’ capital	84,843		99,400
Total liabilities and partners’ capital	$	136,103	$	176,435

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Revenues	$ 518,986	$ 489,057	$ 1,030,565	$ 958,176
Expenses:
Subadvisory, distribution and other asset management costs	46,542	47,247	93,310	94,626
Software royalties and other information processing costs	8,096	8,396	16,567	15,689
Compensation, benefits and other personnel	185,878	175,706	378,794	349,121
Stock-based compensation	12,469	7,405	23,528	15,479
Consulting, outsourcing and professional fees	53,991	61,312	105,967	122,416
Data processing and computer related	38,074	34,945	75,234	68,285
Facilities, supplies and other costs	18,570	23,034	37,173	41,826
Amortization	10,485	9,630	20,871	19,054
Depreciation	8,367	8,781	16,756	17,312
Total expenses	382,472	376,456	768,200	743,808
Income from operations	136,514	112,601	262,365	214,368
Net gain from investments	666	515	2,922	1,259
Interest and dividend income	11,552	9,550	22,371	18,328
Interest expense	(139)	(139)	(278)	(280)
Equity in earnings of unconsolidated affiliate	34,219	32,711	65,862	61,590
Income before income taxes	182,812	155,238	353,242	295,265
Income taxes	43,692	36,387	82,722	69,399
Net income	$ 139,120	$ 118,851	$ 270,520	$ 225,866
Basic earnings per common share (in USD per share)	$ 1.06	$ 0.89	$ 2.06	$ 1.69
Shares used to compute basic earnings per share (in shares)	130,815	132,854	131,116	133,437
Diluted earnings per common share (in USD per share)	$ 1.05	$ 0.89	$ 2.04	$ 1.68
Shares used to compute diluted earnings per share (in shares)	132,073	133,936	132,409	134,623
Dividends declared per common share (in USD per share)	$ 0.46	$ 0.43	$ 0.46	$ 0.43
Asset management, administration and distribution fees
Revenues:
Revenues	$ 409,398	$ 378,821	$ 813,764	$ 750,650
Information processing and software servicing fees
Revenues:
Revenues	$ 109,588	$ 110,236	$ 216,801	$ 207,526

Composition of Certain Financial Statement Captions (Property And Equipment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property and Equipment [Line Items]
Property and equipment, gross	$ 651,650		$ 651,650		$ 645,398
Less: Accumulated depreciation	(484,087)		(484,087)		(474,034)
Property and Equipment, net	167,563		167,563		171,364
Depreciation expense	8,367	$ 8,781	16,756	$ 17,312
Buildings
Property and Equipment [Line Items]
Property and equipment, gross	217,678		217,678		216,968
Equipment
Property and Equipment [Line Items]
Property and equipment, gross	193,801		193,801		193,096
Land
Property and Equipment [Line Items]
Property and equipment, gross	26,450		26,450		26,450
Purchased software
Property and Equipment [Line Items]
Property and equipment, gross	167,315		167,315		165,348
Furniture and fixtures
Property and Equipment [Line Items]
Property and equipment, gross	23,104		23,104		23,025
Leasehold improvements
Property and Equipment [Line Items]
Property and equipment, gross	22,278		22,278		19,827
Construction in progress
Property and Equipment [Line Items]
Property and equipment, gross	$ 1,024		$ 1,024		$ 684

Goodwill and Intangible Assets (Schedule of Goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 137,333
Measurement period adjustments	25
Reclassification due to segment reorganization	0
Foreign currency translation adjustments	(104)
Goodwill, ending balance	137,254
Institutional Investors
Goodwill [Roll Forward]
Goodwill, beginning balance	61,884
Measurement period adjustments	25
Reclassification due to segment reorganization	0
Foreign currency translation adjustments	(103)
Goodwill, ending balance	61,806
Investment Managers
Goodwill [Roll Forward]
Goodwill, beginning balance	56,990
Measurement period adjustments	0
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
Measurement period adjustments	0
Reclassification due to segment reorganization	1,711
Foreign currency translation adjustments	0
Goodwill, ending balance	$ 20,170

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Shareholders' Equity (Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Stock-based compensation expense	$ 12,469	$ 7,405	$ 23,528	$ 15,479
Less: Deferred tax benefit	(2,372)	(1,347)	(4,584)	(2,839)
Stock-based compensation expense, net of tax	$ 10,097	$ 6,058	$ 18,944	$ 12,640

Marketable Securities (Available for Sale and Equity Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Available for sale debt securities, cost	$ 149,579	$ 127,681
Available for sale debt securities, fair value	138,043	118,752
Available for sale and equity securities, cost	186,610	163,409
Available for sale and equity securities, gross unrealized gains	1,878	952
Available for sale and equity securities, gross unrealized (losses)	(11,539)	(8,948)
Available for sale and equity securities, fair value	176,949	155,413
Available-for-sale debt securities
Debt Securities, Available-for-sale [Line Items]
Available for sale debt securities, cost	149,579	127,681
Available for sale debt securities, gross unrealized gains	0	0
Available for sale debt securities, gross unrealized (losses)	(11,536)	(8,929)
Available for sale debt securities, fair value	138,043	118,752
SEI-sponsored mutual funds
Debt Securities, Available-for-sale [Line Items]
Equity securities, FV-NI, cost	31,665	30,427
Equity securities, FV-NI, gross unrealized gains	1,533	818
Equity securities, FV-NI, gross unrealized (losses)	(3)	(19)
Equity securities, FV-NI, fair value	33,195	31,226
Equities and other mutual funds
Debt Securities, Available-for-sale [Line Items]
Equity securities, FV-NI, cost	5,366	5,301
Equity securities, FV-NI, gross unrealized gains	345	134
Equity securities, FV-NI, gross unrealized (losses)	0	0
Equity securities, FV-NI, fair value	$ 5,711	$ 5,435