SEI INVESTMENTS CO
For the period ended Mar 31, 2026. Filed Apr 27, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 27, 2026
SEIC$105.30+0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-27.
0000350894-25-000120
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-27.
0000350894-26-000030
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 207 previous paragraphs and 207 current paragraphs.
73 unchanged; 66 reworded; 67 added; 68 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 15 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (67)
Current report
•Revenues from our strategic acquisition of Stratos in the first three months of 2026 were $19.0 million.
Current report
•The increase in amortization expense was primarily due to intangible assets related to the Stratos acquisition.
Current report
•Effective tax rates were 23.4% during the first quarter 2026 and 22.8% during the first quarter 2025.
Current report
In December 2025, we completed the first stage of our strategic investment in the Stratos business (Stratos), a network of affiliated companies focused on supporting the success of financial advisors. During the first quarter 2026, we completed the purchases of 100% interest of nine entities and a majority interest in two additional entities. These purchases were funded by a cash deposit made in December 2025 and the issuance of promissory notes. Stratos contributed $19.0 million to revenue and $3.1 million to operating profit, which includes $6.0 million of expense associated with acquired intangible amortization, before considering non-controlling interest (See Note 12 to the Notes to Consolidated Financial Statements).
Current report
(F) Stratos is a network of affiliated companies that provides financial services to $39.9 billion in client assets across business models and affiliation structures (as of February 28, 2026).
Current report
(F) Stratos is a network of affiliated companies that provides financial services to $39.1 billion in average client assets across business models and affiliation structures during the three months ended March 31, 2026.
Current report
•Negative cash flows and fee reductions from existing international clients; and
Current report
Revenues increased $33.1 million, or 24%, in the three month period ended March 31, 2026 and were primarily affected by:
Current report
•Revenues from Stratos acquisition of $19.0 million; partially offset by
Current report
Operating margin decreased to 42% compared to 47% in the three month period. Operating income increased $7.9 million, or 12%, in the three month period and was primarily affected by:
Current report
•Increased amortization expense from intangible assets related to the Stratos acquisition;
Current report
•Decreased investment management fees from client losses.
Current report
•An increase in revenues as mentioned above; and
Current report
Revenues decreased $8.5 million, or 52%, in the three month period ended March 31, 2026 and were primarily affected by:
Current report
Net (loss) gain from investments
Current report
On April 1, 2026, LSV provided an interest in the partnership to select key employees which reduced the ownership percentage of each existing partner on a pro-rata basis. As a result, our total partnership interest in LSV was reduced slightly to approximately 38.4% from approximately 38.5% (See Note 2 to the Consolidated Financial Statements).
Current report
Intangible assets acquired through acquisitions and asset purchases
Current report
The increase in amortization expense related to intangible assets during the three months ended March 31, 2026 was due to intangible assets related to the Stratos acquisition (See Note 12 to the Consolidated Financial Statements).
Current report
The increase in the effective tax rate for the three months ended March 31, 2026 was primarily due to non-deductible executive compensation. Under Section 162(m) of the Internal Revenue Code, the our federal income tax deduction for compensation paid to certain covered employees is limited. Compensation expense that exceeds this limitation is not deductible for income tax purposes but is recognized as expense for financial reporting purposes. As a result, we incurred a permanent difference during the three months ended March 31, 2026, which increased the effective tax rate.
Current report
Non-GAAP Information and Reconciliation
Current report
We present certain non‑GAAP financial measures to supplement the consolidated financial statements prepared in accordance with GAAP. Management believes these measures provide useful information to investors by enhancing the understanding of our core operating performance and facilitating comparisons across reporting periods. These non‑GAAP measures are also used by our management to evaluate operating results, allocate resources, and assess performance against strategic objectives.
Current report
These non-GAAP financial measures should be viewed in addition to, and not as a substitute for, reported results prepared in accordance with GAAP.
Current report
The following schedules reconcile U.S. GAAP Net income attributable to SEI Investments Company and Income from operations on the accompanying Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025:
Current report
(1) This non-GAAP adjustment removes the impact of amortization expense associated with acquired intangible assets (e.g., customer relationships, technology, trade names). This adjustment removes only amortization recorded in the current period related to acquired intangibles from prior acquisitions. The Q1 2026 adjustment includes the amortization of intangibles related to the Stratos acquisition, which are offset by the NCI adjustment. The associated revenues are not adjusted. Management believes adjusting for these charges helps the reader's ability to understand our core operating results and increases comparability quarter to quarter.
Current report
(2) Income tax effects are presented as a separate reconciling item (not netted within each adjustment). For performance measures, the tax effect reflects current and deferred tax expense commensurate with the adjusted measure of profitability. The methodology used (e.g., statutory rate, effective rate, or discrete item approach) is consistently applied. All of the above items use a systematic approach.
Current report
•Market-driven risks related to capital market conditions, asset values, interest rates, market volatility, and investor sentiment;
Current report
•Client and relationship risks, including client attrition, unfavorable contract renewals, and loss of large clients;
Current report
•Fee compression and competitive pricing pressure across investment management and technology services;
Current report
•Product development and innovation risks, including delays, cost overruns, system issues, and failure of new offerings to gain market acceptance Business model innovation and expansion risks, including entry into new markets or channels (e.g., direct-to-consumer);
Current report
•Market consolidation and competitive disruption from traditional competitors, fintechs, and large technology firms;
Current report
•Key personnel and broader human capital risks, including retention, workforce reductions, and talent availability;
Current report
•Outsourcing and offshoring strategy risks associated with the Global Capability Center in India;
Current report
•M&A execution and integration risks, including the Stratos acquisition and other strategic transactions;
Current report
•Process errors in fund accounting, investment operations, pricing, and other judgment-based or manual activities;
Current report
•Operational resilience risks, including business continuity and disaster recovery failures;
Current report
•Rapid growth and capacity constraints impacting cost structure, compliance, controls, cybersecurity, and scalability;
Current report
•Cybersecurity threats, including cyberattacks, data breaches, system failures, and third-party technology risks;
Current report
•Risks related to artificial intelligence, machine learning, and automation, including model risk, bias, and regulatory uncertainty;
Current report
•Tokenization risks, including regulatory uncertainty, cybersecurity, custody, valuation, liquidity, and smart contract risks;
Current report
•Open-source software risks, including security vulnerabilities and license compliance;
Showing the first 40 of 67 passages. Open the source sections for the rest.
Removed paragraphs (68)
Previous report
•The sale of the Family Office Services business was completed on June 30, 2025 resulting in a net gain of $94.4 million, or $0.58 diluted earnings per share recorded in the second quarter 2025. The gain from the sale is reflected in Gain on sale of business on the accompanying Consolidated Statement of Operations (See caption titled "Divestiture of Family Office Services Business" later in this discussion).
Previous report
•Fees from the SEI Integrated Cash Program of the Investment Advisors segment increased to $62.3 million during the first nine months of 2025 as compared to $30.4 million during the first nine months of 2024 due to the expansion of the program in late 2024.
Previous report
•Effective tax rates were 21.9% during the third quarter 2025 and 23.5% during the third quarter 2024. During the first nine months of 2025 and 2024, effective tax rates were 22.3% and 23.4%, respectively.
Previous report
On July 17, 2025, we entered into an agreement with Stratos Wealth Holdings (Stratos), a family of companies focused on supporting the success of financial advisors across business models and affiliation structures. According to the agreement, we will pay a total cash consideration of approximately $527.0 million for 57.5% of the equity of Stratos. Certain legacy Stratos equity holders will continue to own 42.5%, which is subject to three equal put/call options at 36 months, 54 months and 72 months post-closing that, if fully exercised, will result in SEI owning 100.0% of Stratos. Subject to applicable regulatory approval and other customary closing conditions, the transaction is expected to close in two stages: the U.S.-based Stratos business, representing approximately 80.0% of the transaction value, and the Mexico-based NSC business. Professional fees and consulting costs incurred to date for the acquisition of Stratos have been recognized in corporate overhead. We expect to continue to incur these acquisition costs during the fourth quarter 2025.
Previous report
•Increased revenues from services provided to collective investment trusts; and
Previous report
•The positive impact from foreign currency exchange rate fluctuations between the U.S. dollar and the British pound on our foreign operations; partially offset by
Previous report
•Lower investment management fees from the recontracting of an existing client.
Previous report
•Increased fee revenue of $31.9 million from the SEI Integrated Cash Program due to the expansion of the program in late 2024; and
Previous report
•Decreased average basis points earned on assets in SEI mutual funds.
Previous report
Operating margin increased to 46% compared to 45% in the three month period and increased to 46% compared to 44% in the nine month period. Operating income increased $11.7 million, or 21%, in the three month period and increased $29.8 million, or 18%, in the nine month period and was primarily affected by:
Previous report
•Increased stock-based compensation costs.
Previous report
Revenues increased slightly in the three month period and decreased $5.2 million, or 2%, in the nine month period ended September 30, 2025 and were primarily affected by:
Previous report
•Decreased investment management fees from fee reductions and client losses; partially offset by
Previous report
•A decrease in revenues in the nine month period as mentioned above.
Previous report
Revenues decreased $7.4 million, or 48%, in the three month period and decreased $3.3 million, or 7%, in the nine month period ended September 30, 2025 and were primarily affected by:
Previous report
•Increased revenues from network and data protection services offered through SEI Sphere due to new business;
Previous report
Net gain from investments
Previous report
Gain on sale of business
Previous report
We recognized a gain of $94.4 million during the second quarter 2025 from the divestiture of the Family Office Services business (See caption titled "Divestiture of Family Office Services Business" later in this discussion).
Previous report
Other income
Previous report
We recognized a gain of $4.4 million from an insurance recovery during the third quarter 2025 and a gain of $4.5 million during the second quarter 2025 from the settlement of a matter with a third-party vendor.
Previous report
The effective income tax rates for the three and nine months ended September 30, 2025 and 2024 differ from the federal income tax statutory rate due to the following:
Previous report
The decrease in the effective tax rates for the three and nine months ended September 30, 2025 was primarily due to higher tax benefits related to stock option exercises and a decline in state effective tax rates.
Previous report
On July 4, 2025, President Donald J. Trump signed new tax legislation known as the One Big Beautiful Bill Act (OBBBA) into law which makes permanent many of the provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were scheduled to expire at the end of 2025. The enactment of the OBBBA primarily impacted the deferred tax liability and income tax payable related to the provisions for the elimination of the capitalization of onshore research and development costs (Section 174) and the reintroduction of 100% bonus depreciation (Section 168) and did not have a significant impact to the effective tax rate.
Previous report
Divestiture of Family Office Services Business
Previous report
On February 27, 2025, we announced the entry into a definitive agreement with Aquiline, a private investment firm specializing in financial services and technology, to acquire our Family Office Services business. We completed the sale on June 30, 2025 and recognized a gain of $94.4 million, net of transaction costs and certain other purchase price adjustments, during the second quarter 2025. Prior to the divestiture, the Family Office Services business was reported in our Investments in New Businesses segment.
Previous report
•Proceeds from business divestiture. We received gross proceeds of $116.0 million at the closing of the sale of the Family Office Services business on June 30, 2025.
Previous report
•Other investing activities. We made strategic investments of $3.5 million and $10.0 million during the first nine months of 2025 and 2024, respectively, in innovation platforms for wealth management.
Previous report
•changes in capital markets and significant changes in the value of financial instruments that may affect our revenues and earnings;
Previous report
•product development risk;
Previous report
•risk of failure by a third-party service provider;
Previous report
•pricing pressure from increased competition, disruptive technology and poor investment performance;
Previous report
•the implementation of our outsourcing strategy leveraging a Global Capability Center;
Previous report
•the affect on our earnings and cashflows from the performance of LSV Asset Management;
Previous report
•consolidation within our target markets;
Previous report
•external factors affecting the fiduciary management market;
Previous report
•software defects, development delays or installation difficulties, which would harm our business and reputation and expose us to potential liability;
Previous report
•data and cyber security risks;
Previous report
•risk of the disclosure and misuse of personal data;
Previous report
•risk of outages, data losses, and disruptions of services;
Showing the first 40 of 68 passages. Open the source sections for the rest.
Reworded paragraphs (66)
Previous wording
SEI Investments Company is a leading global provider of financial technology, operations, and asset management services within the financial services industry. Investment processing fees are earned as either monthly fees for contracted services or as a percentage of the market value of our clients' assets processed on our platforms. Investment operations and investment management fees are earned as a percentage of assets under management, administration or advised assets. As of September 30, 2025, through our subsidiaries and partnerships in which we have a significant interest, we manage, advise or administer $1.8 trillion in hedge, private equity, mutual fund and pooled or separately managed assets.
Current wording
SEI Investments Company is a leading global provider of financial technology, operations, and asset management services within the financial services industry. Investment processing fees are earned as either monthly fees for contracted services or as a percentage of the market value of our clients' assets processed on our platforms. Investment operations and investment management fees are earned as a percentage of assets under management, administration or advised assets. As of March 31, 2026, through our subsidiaries and partnerships in which we have a significant interest, we manage, advise or administer $1.9 trillion in hedge, private equity, mutual fund and pooled or separately managed assets.
Previous wording
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 were:
Current wording
Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 were:
Previous wording
The following items had a significant impact on our financial results for the three and nine months ended September 30, 2025 and 2024:
Current wording
The following items had a significant impact on our financial results for the three months ended March 31, 2026 and 2025:
Previous wording
•Revenue from Assets under management, administration, and distribution fees increased in the first nine months of 2025 primarily from higher assets under administration due to cross sales to existing alternative investment clients of the Investment Managers segment as well as new sales within the segment. Average assets under administration increased $131.6 billion, or 13%, to $1.1 trillion during the first nine months of 2025, as compared to $998.4 billion during the first nine months of 2024.
Current wording
•Revenue from Assets under management, administration, and distribution fees increased in the first three months of 2026 primarily from higher assets under administration due to cross sales to existing alternative investment clients of the Investment Managers segment as well as new sales within the segment. Average assets under administration increased $276.6 billion, or 27%, to $1.3 trillion during the first three months of 2026, as compared to $1.0 trillion during the first three months of 2025.
Previous wording
•Revenue from Asset management, administration and distribution fees also increased from market appreciation and positive cash flows into separately managed account programs and Strategist programs of the Investment Advisors segment. This was partially offset by negative cash flows from SEI fund programs and fee reductions in separately managed account programs during 2024. Revenue growth was also partially offset by client losses in the Institutional Investors segment. Average assets under management in equity and fixed income programs, excluding LSV, increased $9.0 billion, or 5%, to $186.9 billion in the first nine months of 2025 as compared to $177.9 billion during the first nine months of 2024.
Current wording
•Revenue from Asset management, administration and distribution fees also increased from market appreciation during 2025 and positive cash flows into separately managed account programs and Strategist programs of the Investment Advisors segment. This was partially offset by negative cash flows and lower fee structures from SEI fund programs and fee reductions in separately managed account programs. Revenue growth was also partially offset by client losses in the Institutional Investors segment. Average assets under management in equity and fixed income programs, excluding LSV, increased $27.1 billion, or 15%, to $206.6 billion in the first three months of 2026 as compared to $179.5 billion during the first three months of 2025.
Previous wording
•Revenue from Information processing and software servicing fees increased in the first nine months of 2025 primarily from new client conversions and growth from existing SEI Wealth Platform SM (SWP) clients.
Current wording
•Revenue from Information processing and software servicing fees increased in the first three months of 2026 primarily from new client conversions and growth from existing SEI Wealth Platform SM (SWP) clients.
Previous wording
•Earnings from LSV decreased to $94.3 million in the first nine months of 2025 as compared to $102.4 million in the first nine months of 2024 due to negative cash flows from existing clients and client losses. Market appreciation of assets under management partially offset the decrease in earnings from LSV.
Current wording
•Earnings from LSV increased to $32.1 million in the first three months of 2026 as compared to $28.7 million in the first three months of 2025 due to market appreciation of assets under management during 2025. Negative cash flows from existing clients and client losses partially offset the increase in earnings from LSV.
Previous wording
•Capitalized software development costs were $22.8 million in the first nine months of 2025, of which $14.5 million was for continued enhancements to SWP. Capitalized software development costs also include $8.3 million of software development costs in the first nine months of 2025 for SEI Scope, a new platform for the Investment Managers segment placed into service during the third quarter 2025.
Current wording
•Capitalized software development costs were $5.5 million in the first three months of 2026, of which $4.0 million was for continued enhancements to SWP. Capitalized software development costs also include $1.6 million of software development costs in the first three months of 2026 for SEI Scope, a new platform for the Investment Managers segment placed into service during the third quarter 2025.
Previous wording
•Amortization expense related to SWP was $21.6 million in the first nine months of 2025 as compared to $20.5 million in the first nine months of 2024. Amortization expense related to the SEI Scope platform was $1.1 million in the first nine months of 2025.
Current wording
•Amortization expense related to SWP was $7.6 million in the first three months of 2026 as compared to $7.1 million in the first three months of 2025. Amortization expense related to the SEI Scope platform was $1.5 million in the first three months of 2026.
Previous wording
•SEI repurchased 6.2 million shares of its common stock for $515.2 million in the first nine months of 2025.
Current wording
•SEI repurchased 2.6 million shares of its common stock for $208.3 million in the first three months of 2026.
Previous wording
(C) Equity and fixed-income programs include $6.9 billion of assets invested in various asset allocation funds at September 30, 2025.
Current wording
(C) Equity and fixed-income programs include $8.3 billion of assets invested in various asset allocation funds at March 31, 2026.
Previous wording
(D) In addition to the assets presented, SEI also administers an additional $11.5 billion in Funds of Funds assets on which SEI does not earn an administration fee (as of September 30, 2025).
Current wording
(D) In addition to the assets presented, SEI also administers an additional $13.3 billion in Funds of Funds assets on which SEI does not earn an administration fee (as of March 31, 2026).
Previous wording
(B) Equity and fixed-income programs include assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee. The average value of these assets for the three months ended September 30, 2025 was $1.4 billion.
Current wording
(B) Equity and fixed-income programs include assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee. The average value of these assets for the three months ended March 31, 2026 was $1.5 billion.
Previous wording
(C) Equity and fixed-income programs include $6.8 billion of average assets invested in various asset allocation funds for the three months ended September 30, 2025.
Current wording
(C) Equity and fixed-income programs include $8.2 billion of average assets invested in various asset allocation funds for the three months ended March 31, 2026.
Previous wording
(D) In addition to the assets presented, SEI also administers an additional $11.5 billion of average assets in Funds of Funds assets for the three months ended September 30, 2025 on which SEI does not earn an administration fee.
Current wording
(D) In addition to the assets presented, SEI also administers an additional $13.2 billion of average assets in Funds of Funds assets for the three months ended March 31, 2026 on which SEI does not earn an administration fee.
Previous wording
Revenues, Expenses and Operating Profit (Loss) for our business segments for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 were as follows:
Current wording
Revenues, Expenses and Operating Profit (Loss) for our business segments for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 were as follows:
Previous wording
Operating margin increased to 39% in the three and nine month periods compared to 38% in both prior year periods. Operating income increased $10.6 million, or 15%, in the three month period and increased $27.2 million, or 13%, in the nine month period and was primarily affected by:
Current wording
Revenues increased $28.7 million, or 15%, in the three month period ended March 31, 2026 and were primarily affected by:
Previous wording
•Increased administration fees from additional services provided to our largest alternative fund clients;
Current wording
•Increased administration fees from additional services provided to our largest alternative fund clients; and
Previous wording
Revenues increased $20.6 million, or 16%, in the three month period and increased $51.1 million, or 14%, in the nine month period ended September 30, 2025 and were primarily affected by:
Current wording
Operating margin remained at 39% in the three month period. Operating income increased $12.0 million, or 16%, in the three month period and was primarily affected by:
Previous wording
•Increased costs associated with new business, primarily personnel costs and third-party vendor costs; and
Current wording
•Increased costs associated with new business, primarily personnel costs, technology and third-party vendor costs; and
Previous wording
Revenues increased $22.4 million, or 12%, in the three month period and increased $57.0 million, or 11%, in the nine month period ended September 30, 2025 and were primarily affected by:
Current wording
Revenues increased $14.5 million, or 11%, in the three month period ended March 31, 2026 and were primarily affected by:
Previous wording
•Increased investment processing fees from new SWP client conversions and growth from existing SWP clients due to market appreciation and increased transaction volumes;
Current wording
•Increased investment processing fees from new SWP client conversions and growth from existing SWP clients due to market appreciation during 2025 and increased transaction volumes; and
Previous wording
•Increased investment management fees from existing international clients due to market appreciation; and
Current wording
•Increased investment management fees from existing international clients due to market appreciation during 2025; partially offset by
Previous wording
•Lower investment processing fees from the recontracting of existing clients and a client loss; and
Current wording
•Lower investment processing fees from the recontracting of existing clients and client losses.
Previous wording
Operating margins decreased to 16% compared to 17% in the three month period and increased to 16% compared to 15% in the nine month period. Operating income decreased by $406 thousand, or 2%, in the three month period and increased $7.6 million, or 12%, in the nine month period and was primarily affected by:
Current wording
Operating margins increased to 21% compared to 17% in the three month period. Operating income increased by $9.3 million, or 40%, in the three month period and was primarily affected by:
Previous wording
•Increased costs, mainly personnel, consulting and outsourced vendor costs supporting operations.
Current wording
•Increased costs, mainly personnel, technology and third-party vendor costs supporting operations.
Previous wording
•Increased fees from separately managed account programs and Strategist programs due to growth from existing clients and market appreciation; partially offset by
Current wording
•Increased fees from separately managed account programs and Strategist programs due to growth from new and existing clients and market appreciation during 2025; and
Previous wording
•Decreased investment management fees from SEI fund programs resulting from the continued shift out of SEI fund programs into separately managed accounts and other investment products;
Current wording
•Decreased investment management fees from SEI fund programs resulting from the continued shift out of SEI fund programs into separately managed accounts and other investment products; and
Previous wording
•Fee reductions in our separately managed account programs; and
Current wording
•Lower fee structures in SEI fund programs and fee reductions in our separately managed account programs.
Previous wording
•Increased direct expenses associated with the increase in separately managed account fees;
Current wording
•Increased direct expenses associated with the increase in separately managed account fees; and
Previous wording
•Increased personnel costs from business growth, and
Current wording
•Increased personnel costs from business growth.
Previous wording
Revenues increased $5.3 million, or 4%, in the three month period and increased $21.9 million, or 5%, in the nine month period ended September 30, 2025 and were primarily affected by:
Current wording
Revenues increased $3.0 million, or 4%, in the three month period ended March 31, 2026 and were primarily affected by:
Previous wording
•Increased investment management fees from existing clients due to higher assets under management due to market appreciation; and
Current wording
•Increased investment management fees from existing clients due to higher assets under management due to market appreciation during 2025; and
Previous wording
•Revenues from new Outsourced Chief Investment Officer (OCIO) platform clients.
Current wording
•Increased fees from new and existing Outsourced Chief Investment Officer (OCIO) platform clients; partially offset by
Previous wording
Operating margin remained at 47% in the three month period and increased to 48% compared to 46% in the nine month period. Operating income decreased slightly in the three month period and increased $1.4 million, or 1%, in the nine month period and was primarily affected by:
Current wording
Operating margin remained at 48% in the three month period. Operating income increased $1.7 million, or 5%, in the three month period and was primarily affected by:
Previous wording
•Decreased direct expenses associated with investment management fees; and
Current wording
•Increased direct expenses associated with investment management fees.
Previous wording
•The divestiture of SEI Family Office Services during the second quarter 2025; partially offset by
Current wording
•The divestiture of the SEI Family Office Services business in June 2025; partially offset by
Previous wording
•Increased revenues from SEI Private Wealth Management through higher assets under advisement due to market appreciation and new business.
Current wording
•Increased revenues from SEI Private Wealth Management through higher assets under advisement due to market appreciation during 2025 and new business.
Previous wording
Corporate overhead expenses primarily consist of general and administrative expenses and other costs not directly attributable to a reportable business segment. Corporate overhead expenses were $42.8 million and $37.9 million in the three months ended September 30, 2025 and 2024, respectively, and $118.8 million and $109.0 million in the nine months ended September 30, 2025 and 2024, respectively. The increases in corporate overhead expenses is primarily due to increases in personnel costs, professional fees related to M&A activity, consulting and stock-based compensation costs and investments in upgrading and enhancing various technologies utilized by corporate overhead units. We expect professional fees from the expected acquisition of Stratos to continue into the fourth quarter 2025.
Current wording
Corporate overhead expenses primarily consist of general and administrative expenses and other costs not directly attributable to a reportable business segment. Corporate overhead expenses were $36.1 million and $35.5 million in the three months ended March 31, 2026 and 2025, respectively.
Previous wording
Net gain from investments in the three and nine months ended September 30, 2025 were primarily due to unrealized mark-to-market gains recorded in current earnings associated with LSV-sponsored investment funds and Company-sponsored investment funds from market appreciation (See Note 5 to the Consolidated Financial Statements).
Current wording
Net loss from investments in the three months ended March 31, 2026 was primarily due to unrealized mark-to-market losses recorded in current earnings associated with Company-sponsored investment funds from market depreciation in 2026 (See Note 5 to the Consolidated Financial Statements).
Showing the first 40 of 66 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Our businesses are also subject to privacy and data protection information security legal requirements concerning the use and protection of certain personal information. These include those adopted pursuant to the Gramm-Leach-Bliley Act and the Fair and Accurate Credit Transactions Act of 2003 in the United States, the General Data Protection Regulation (GDPR) in the EU, Canada’s Personal Information Protection and Electronic Documents Act, the Cayman Islands' Data