SEI INVESTMENTS COSEIC
SEI INVESTMENTS CO Segments Disclosure
Business Segment Information
The Company's business segments are generally organized around its target markets. The Company’s reportable business segments are:
Investment Managers – Provides an outsourced investment management operating platform to alternative and traditional asset managers, fund companies, and sovereign wealth funds;
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; and
Investments in New Businesses – Focuses on providing investment management solutions to ultra-high-net-worth families residing in the United States; developing network and data protection services; the modularization of larger technology platforms; entering new markets; and conducting other research and development activities.
The Company's CODM is the chief executive officer who uses the reported measures of each business segment's profit or loss to allocate resources and assess performance by comparing historical, actual and forecasted amounts. The Company's CODM does not evaluate business segments using asset information.
In 2025, 2024 and 2023, no single customer accounted for more than 10% of revenues in any business segment.
The following tables highlight certain financial information about each of the Company’s business segments for the years ended December 31, 2025, 2024 and 2023:
| Investment Managers | Private Banks | Investment Advisors | Institutional Investors | Investments in New Businesses | Total | |||||||||||||||||||||||||||||||||
| For the Year Ended December 31, 2025 | ||||||||||||||||||||||||||||||||||||||
| Total revenue | $ | 815,005 | $ | 572,939 | $ | 577,397 | $ | 282,498 | $ | 49,542 | $ | 2,297,381 | ||||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||||||||||||
| Operations & services | 355,027 | 211,193 | 177,822 | 83,846 | 14,887 | 842,775 | ||||||||||||||||||||||||||||||||
| Sales, marketing & client service | 42,488 | 40,587 | 35,437 | 39,035 | 16,707 | 174,254 | ||||||||||||||||||||||||||||||||
| Technology services & infrastructure | 52,154 | 114,209 | 35,572 | 6,378 | 6,036 | 214,349 | ||||||||||||||||||||||||||||||||
| Strategic initiatives & new business development | 29,878 | 85,398 | 52,263 | 13,039 | 16,992 | 197,570 | ||||||||||||||||||||||||||||||||
Other segment expenses (1) | 14,749 | 23,548 | 10,568 | 5,834 | 5,600 | 60,299 | ||||||||||||||||||||||||||||||||
| Segment profit (loss) | $ | 320,709 | $ | 98,004 | $ | 265,735 | $ | 134,366 | $ | (10,680) | $ | 808,134 | ||||||||||||||||||||||||||
| Investment Managers | Private Banks | Investment Advisors | Institutional Investors | Investments in New Businesses | Total | |||||||||||||||||||||||||||||||||
| For the Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||||||||
| Total revenue | $ | 728,390 | $ | 541,414 | $ | 509,408 | $ | 285,723 | $ | 60,216 | $ | 2,125,151 | ||||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||||||||||||
| Operations & services | 324,602 | 200,250 | 162,396 | 85,807 | 19,454 | 792,509 | ||||||||||||||||||||||||||||||||
| Sales, marketing & client service | 40,143 | 41,463 | 31,872 | 41,612 | 19,408 | 174,498 | ||||||||||||||||||||||||||||||||
| Technology services & infrastructure | 43,293 | 110,154 | 33,812 | 5,998 | 5,531 | 198,788 | ||||||||||||||||||||||||||||||||
| Strategic initiatives & new business development | 33,804 | 85,662 | 48,526 | 14,241 | 23,427 | 205,660 | ||||||||||||||||||||||||||||||||
Other segment expenses (1) | 11,243 | 22,846 | 6,296 | 7,043 | 6,879 | 54,307 | ||||||||||||||||||||||||||||||||
| Segment profit (loss) | $ | 275,305 | $ | 81,039 | $ | 226,506 | $ | 131,022 | $ | (14,483) | $ | 699,389 | ||||||||||||||||||||||||||
| Investment Managers | Private Banks | Investment Advisors | Institutional Investors | Investments in New Businesses | Total | |||||||||||||||||||||||||||||||||
| For the Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
| Total revenue | $ | 645,254 | $ | 496,317 | $ | 436,298 | $ | 289,708 | $ | 52,216 | $ | 1,919,793 | ||||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||||||||||||
| Operations & services | 289,348 | 200,946 | 145,094 | 87,778 | 17,553 | 740,719 | ||||||||||||||||||||||||||||||||
| Sales, marketing & client service | 35,914 | 37,271 | 28,547 | 52,056 | 17,171 | 170,959 | ||||||||||||||||||||||||||||||||
| Technology services & infrastructure | 42,001 | 105,698 | 31,246 | 5,284 | 5,307 | 189,536 | ||||||||||||||||||||||||||||||||
| Strategic initiatives & new business development | 42,811 | 86,888 | 49,657 | 14,567 | 27,227 | 221,150 | ||||||||||||||||||||||||||||||||
Other segment expenses (1) | 9,122 | 17,687 | 4,598 | 5,770 | 3,487 | 40,664 | ||||||||||||||||||||||||||||||||
| Segment profit (loss) | $ | 226,058 | $ | 47,827 | $ | 177,156 | $ | 124,253 | $ | (18,529) | $ | 556,765 | ||||||||||||||||||||||||||
(1) Other segment expenses for each reportable segment includes professional services, occupancy and certain overhead expenses.
A reconciliation of the total segment profit to income from operations on the Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 is as follows:
| Year Ended December 31, | 2025 | 2024 | 2023 | |||||||||||||||||
| Total segment profit | $ | 808,134 | $ | 699,389 | $ | 556,765 | ||||||||||||||
| Corporate overhead expenses | (180,878) | (147,648) | (132,241) | |||||||||||||||||
Segment reclassification (2) | 55 | — | — | |||||||||||||||||
| Income from operations | 627,311 | 551,741 | 424,524 | |||||||||||||||||
(2) Primarily includes non-controlling interest and earnings from equity method investments.
Other income and expense items to reconcile income from operations to income before income taxes on the Consolidated Statements of Operations include net gain from investments, interest and dividend income, interest expense, gain on sale of business, other income, the Company's portion of the earnings of LSV included in equity in earnings of unconsolidated affiliates and net gain from consolidated variable interest entities. These items are not allocated to the Company's segments.
The following tables provide additional information for the years ended December 31, 2025, 2024 and 2023 pertaining to the Company's business segments:
| Capital Expenditures (3) | Depreciation | |||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||
| Investment Managers | $ | 19,594 | $ | 25,115 | $ | 26,603 | $ | 5,306 | $ | 6,527 | $ | 8,327 | ||||||||||||||||||||||||||
| Private Banks | 20,133 | 18,118 | 19,331 | 10,418 | 11,129 | 21,887 | ||||||||||||||||||||||||||||||||
| Investment Advisors | 9,209 | 8,332 | 9,329 | 7,621 | 8,754 | 2,040 | ||||||||||||||||||||||||||||||||
| Institutional Investors | 1,949 | 2,895 | 1,639 | 1,759 | 2,411 | 1,207 | ||||||||||||||||||||||||||||||||
| Investments in New Businesses | 695 | 878 | 857 | 544 | 712 | 971 | ||||||||||||||||||||||||||||||||
| Total from business segments | $ | 51,580 | $ | 55,338 | $ | 57,759 | $ | 25,648 | $ | 29,533 | $ | 34,432 | ||||||||||||||||||||||||||
| Corporate Overhead | 1,088 | 1,228 | 1,384 | 4,786 | 3,825 | 868 | ||||||||||||||||||||||||||||||||
| $ | 52,668 | $ | 56,566 | $ | 59,143 | $ | 30,434 | $ | 33,358 | $ | 35,300 | |||||||||||||||||||||||||||
(3) Capital expenditures include additions to property and equipment and capitalized software.
| Amortization | ||||||||||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | |||||||||||||||||
| Investment Managers | $ | 3,002 | $ | 362 | $ | 771 | ||||||||||||||
| Private Banks | 21,544 | 20,514 | 19,094 | |||||||||||||||||
| Investment Advisors | 11,676 | 8,540 | 7,620 | |||||||||||||||||
| Institutional Investors | 7,715 | 7,576 | 7,324 | |||||||||||||||||
| Investments in New Businesses | 2,122 | 4,556 | 3,579 | |||||||||||||||||
| Total from business segments | $ | 46,059 | $ | 41,548 | $ | 38,388 | ||||||||||||||
| Corporate Overhead | 582 | 321 | 281 | |||||||||||||||||
| $ | 46,641 | $ | 41,869 | $ | 38,669 | |||||||||||||||
The following table presents revenues based on the location of the use of the products or services:
| For the Year Ended December 31, | 2025 | 2024 | 2023 | |||||||||||||||||
| United States | $ | 1,957,737 | $ | 1,816,650 | $ | 1,640,109 | ||||||||||||||
| International operations | 339,644 | 308,501 | 279,684 | |||||||||||||||||
| $ | 2,297,381 | $ | 2,125,151 | $ | 1,919,793 | |||||||||||||||
The following table presents assets based on their location:
| 2025 | 2024 | |||||||||||||
| United States | $ | 2,894,261 | $ | 2,223,489 | ||||||||||
| International operations | 365,583 | 461,117 | ||||||||||||
| $ | 3,259,844 | $ | 2,684,606 | |||||||||||
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 | |
| 2017 | Feb 22, 2018 | |
| 2015 | Feb 22, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.