SEI INVESTMENTS COSEIC
SEI INVESTMENTS CO Revenue Disclosure
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 Company’s business segments for 2025, 2024 and 2023:
| Investment Managers | Private Banks | Investment Advisors | Institutional Investors | Investments in New Businesses | Total | ||||||||||||||||||||||||||||||
| Major Product Lines: | For the Year Ended December 31, 2025 | ||||||||||||||||||||||||||||||||||
| Investment management fees from pooled investment products | $ | 602 | $ | 133,221 | $ | 225,196 | $ | 49,994 | $ | 1,632 | $ | 410,645 | |||||||||||||||||||||||
| Investment management fees from investment management agreements | — | 4,026 | 230,050 | 212,128 | 20,335 | 466,539 | |||||||||||||||||||||||||||||
| Investment operations fees | 767,883 | 2,508 | 86,453 | 68 | 1,999 | 858,911 | |||||||||||||||||||||||||||||
| Investment processing fees - PaaS | 5,379 | 317,062 | 6,371 | 2,113 | 41 | 330,966 | |||||||||||||||||||||||||||||
| Investment processing fees - SaaS | — | 88,339 | 5,319 | 7,344 | 13,340 | 114,342 | |||||||||||||||||||||||||||||
| Professional services fees | 5,917 | 24,938 | — | — | 1,614 | 32,469 | |||||||||||||||||||||||||||||
| Account fees and other | 35,224 | 2,845 | 24,008 | 10,851 | 10,581 | 83,509 | |||||||||||||||||||||||||||||
| Total revenues | $ | 815,005 | $ | 572,939 | $ | 577,397 | $ | 282,498 | $ | 49,542 | $ | 2,297,381 | |||||||||||||||||||||||
| Primary Geographic Markets: | |||||||||||||||||||||||||||||||||||
| United States | $ | 718,216 | $ | 379,967 | $ | 577,397 | $ | 234,911 | $ | 47,246 | $ | 1,957,737 | |||||||||||||||||||||||
| United Kingdom | 286 | 129,463 | — | 32,977 | 2,296 | 165,022 | |||||||||||||||||||||||||||||
| Canada | — | 42,547 | — | 6,086 | — | 48,633 | |||||||||||||||||||||||||||||
| Ireland | 59,399 | 20,962 | — | 8,524 | — | 88,885 | |||||||||||||||||||||||||||||
| Luxembourg | 37,104 | — | — | — | — | 37,104 | |||||||||||||||||||||||||||||
| Total revenues | $ | 815,005 | $ | 572,939 | $ | 577,397 | $ | 282,498 | $ | 49,542 | $ | 2,297,381 | |||||||||||||||||||||||
| Investment Managers | Private Banks | Investment Advisors | Institutional Investors | Investments in New Businesses | Total | ||||||||||||||||||||||||||||||
| Major Product Lines: | For the Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Investment management fees from pooled investment products | $ | 363 | $ | 133,210 | $ | 233,992 | $ | 48,215 | $ | 1,721 | $ | 417,501 | |||||||||||||||||||||||
| Investment management fees from investment management agreements | — | 4,302 | 197,638 | 215,464 | 18,513 | 435,917 | |||||||||||||||||||||||||||||
| Investment operations fees | 691,953 | 2,270 | 51,550 | 12 | 4,207 | 749,992 | |||||||||||||||||||||||||||||
| Investment processing fees - PaaS | 5,042 | 290,825 | 5,570 | 1,631 | 34 | 303,102 | |||||||||||||||||||||||||||||
| Investment processing fees - SaaS | 19 | 87,938 | 335 | 8,172 | 21,168 | 117,632 | |||||||||||||||||||||||||||||
| Professional services fees | 3,572 | 19,747 | — | — | 3,299 | 26,618 | |||||||||||||||||||||||||||||
| Account fees and other | 27,441 | 3,122 | 20,323 | 12,229 | 11,274 | 74,389 | |||||||||||||||||||||||||||||
| Total revenues | $ | 728,390 | $ | 541,414 | $ | 509,408 | $ | 285,723 | $ | 60,216 | $ | 2,125,151 | |||||||||||||||||||||||
| Primary Geographic Markets: | |||||||||||||||||||||||||||||||||||
| United States | $ | 655,051 | $ | 355,887 | $ | 509,408 | $ | 236,088 | $ | 60,216 | $ | 1,816,650 | |||||||||||||||||||||||
| United Kingdom | — | 125,745 | — | 36,999 | — | 162,744 | |||||||||||||||||||||||||||||
| Canada | — | 40,564 | — | 5,756 | — | 46,320 | |||||||||||||||||||||||||||||
| Ireland | 43,231 | 19,218 | — | 6,880 | — | 69,329 | |||||||||||||||||||||||||||||
| Luxembourg | 30,108 | — | — | — | — | 30,108 | |||||||||||||||||||||||||||||
| Total revenues | $ | 728,390 | $ | 541,414 | $ | 509,408 | $ | 285,723 | $ | 60,216 | $ | 2,125,151 | |||||||||||||||||||||||
| Investment Managers | Private Banks | Investment Advisors | Institutional Investors | Investments in New Businesses | Total | ||||||||||||||||||||||||||||||
| Major Product Lines: | For the Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||
| Investment management fees from pooled investment products | $ | 401 | $ | 127,388 | $ | 239,244 | $ | 47,943 | $ | 1,382 | $ | 416,358 | |||||||||||||||||||||||
| Investment management fees from investment management agreements | — | 3,091 | 174,418 | 223,212 | 16,647 | 417,368 | |||||||||||||||||||||||||||||
| Investment operations fees | 611,126 | 1,572 | 1,490 | — | 5,702 | 619,890 | |||||||||||||||||||||||||||||
| Investment processing fees - PaaS | 4,261 | 244,910 | 5,035 | 1,000 | 42 | 255,248 | |||||||||||||||||||||||||||||
| Investment processing fees - SaaS | 73 | 89,708 | — | 10,118 | 17,557 | 117,456 | |||||||||||||||||||||||||||||
Professional services fees (1) | 3,885 | 26,291 | — | — | 1,199 | 31,375 | |||||||||||||||||||||||||||||
| Account fees and other | 25,508 | 3,357 | 16,111 | 7,435 | 9,687 | 62,098 | |||||||||||||||||||||||||||||
| Total revenues | $ | 645,254 | $ | 496,317 | $ | 436,298 | $ | 289,708 | $ | 52,216 | $ | 1,919,793 | |||||||||||||||||||||||
| Primary Geographic Markets: | |||||||||||||||||||||||||||||||||||
United States (1) | $ | 583,107 | $ | 325,543 | $ | 436,298 | $ | 242,945 | $ | 52,216 | $ | 1,640,109 | |||||||||||||||||||||||
| United Kingdom | 94 | 113,221 | — | 34,485 | — | 147,800 | |||||||||||||||||||||||||||||
| Canada | — | 39,974 | — | 5,652 | — | 45,626 | |||||||||||||||||||||||||||||
| Ireland | 38,319 | 17,579 | — | 6,626 | — | 62,524 | |||||||||||||||||||||||||||||
| Luxembourg | 23,734 | — | — | — | — | 23,734 | |||||||||||||||||||||||||||||
| Total revenues | $ | 645,254 | $ | 496,317 | $ | 436,298 | $ | 289,708 | $ | 52,216 | $ | 1,919,793 | |||||||||||||||||||||||
(1) Professional services fees of the Private Banks segment includes a one-time early contractual buyout fee of $10,457 recorded during 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 fees from client cash balances held in the FDIC-insured accounts through the SEI Integrated Cash program. Fees are based on client cash balances held in FDIC insured deposit accounts through a network of independent banks and are dependent on the prevailing market interest rates. The amount recognized is net of amounts paid to clients for their swept deposits.
Stratos provides a suite of infrastructure and operational support services to independent advisors. These services include practice management coaching, compliance and regulatory oversight, billing and administrative support, technology access, and marketing resources. Fees are primarily earned based on an agreed-upon percentage of qualified assets under management.
Revenues associated with Investment operations fees 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.
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 former clients of the Investments in New Businesses segment processed on the Archway PlatformSM were fees for hosted technology services formerly offered 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 was 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.
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 Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.