SEI INVESTMENTS CO Goodwill & Intangibles Disclosure
| Investment Managers | Investment Advisors | Institutional Investors | Investments in New Businesses | Total | ||||||||||||||||||||||||||||
| Balance, January 1, 2024 | $ | 56,990 | $ | — | $ | 61,884 | 18,459 | $ | 137,333 | |||||||||||||||||||||||
| Acquisitions | — | 33,131 | — | — | 33,131 | |||||||||||||||||||||||||||
| Measurement period adjustments | — | — | 25 | — | 25 | |||||||||||||||||||||||||||
| Reclassification due to segment reorganization | (1,711) | — | — | 1,711 | — | |||||||||||||||||||||||||||
| Foreign currency translation adjustments | (12) | — | (190) | — | (202) | |||||||||||||||||||||||||||
| Balance, December 31, 2024 | $ | 55,267 | $ | 33,131 | $ | 61,719 | $ | 20,170 | $ | 170,287 | ||||||||||||||||||||||
Acquisition of Stratos (See Note 14) | — | 186,549 | — | — | 186,549 | |||||||||||||||||||||||||||
| Divestiture of Family Office Services business | — | — | — | (1,711) | (1,711) | |||||||||||||||||||||||||||
| Measurement period adjustments | — | (1,109) | — | — | (1,109) | |||||||||||||||||||||||||||
| Foreign currency translation adjustments | (20) | — | 993 | — | 973 | |||||||||||||||||||||||||||
| Balance, December 31, 2025 | $ | 55,247 | $ | 218,571 | $ | 62,712 | $ | 18,459 | $ | 354,989 | ||||||||||||||||||||||
| 2025 | Weighted Average Estimated Useful Life | 2024 | Weighted Average Estimated Useful Life | ||||||||||||||||||||
| Client relationships | $ | 356,635 | 18.7 years | $ | 63,785 | 9.8 years | |||||||||||||||||
| Acquired technology | 49,186 | 7.9 years | 61,060 | 7.5 years | |||||||||||||||||||
| Trade name | 5,205 | 7.8 years | 4,890 | 15.3 years | |||||||||||||||||||
| Non-competition agreements | 6,780 | 6.0 years | 3,470 | 5.0 years | |||||||||||||||||||
| 417,806 | 133,205 | ||||||||||||||||||||||
| Less: Accumulated amortization | (49,534) | (55,835) | |||||||||||||||||||||
| Intangible assets, net | $ | 368,272 | $ | 77,370 | |||||||||||||||||||
| Year | Expected Amortization Expense Related to Intangible Assets | ||||
| 2026 | $ | 31,387 | |||
| 2027 | 27,769 | ||||
| 2028 | 27,380 | ||||
| 2029 | 22,853 | ||||
| 2030 | 22,423 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 25, 2019 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.