SEI Investments Company

07/27/2026 | Press release | Distributed by Public on 07/27/2026 13:01

Quarterly Report for Quarter Ending June 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations.
(In thousands, except asset balances and per-share data)
This discussion reviews and analyzes the consolidated financial condition, the consolidated results of operations and other key factors that may affect future performance. This discussion should be read in conjunction with the Consolidated Financial Statements, the Notes to the Consolidated Financial Statements and the Annual Report on Form 10-K for the year ended December 31, 2025.
Overview
Consolidated Summary
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 June 30, 2026, through our subsidiaries and partnerships in which we have a significant interest, we manage, advise or administer $2.1 trillion in hedge, private equity, mutual fund and pooled or separately managed assets.
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 were:
Three Months Ended June 30, Percent Change Six Months Ended June 30, Percent Change
2026 2025 2026 2025
Revenues $ 641,617 $ 559,601 15% $ 1,263,800 $ 1,110,945 14%
Expenses 444,601 410,966 8% 877,298 805,213 9%
Income from operations 197,016 148,635 33% 386,502 305,732 26%
Net gain from investments 3,550 1,759 102% 3,181 2,252 41%
Interest income, net of interest expense 6,450 9,191 (30)% 13,139 19,227 (32)%
Gain on sale of business - 94,412 NM - 94,412 NM
Other income - 4,500 NM 450 4,500 NM
Equity in earnings of unconsolidated affiliates 38,694 33,640 15% 71,170 62,387 14%
Net gain from consolidated variable interest entities 7,475 - NM 9,554 - NM
Income before income taxes 253,185 292,137 (13)% 483,996 488,510 (1)%
Income taxes 53,645 65,054 (18)% 107,669 109,910 (2)%
Net income 199,540 227,083 (12)% 376,327 378,600 (1)%
Less: Net income attributable to non-controlling interests 3,882 - NM 6,182 - NM
Net income attributable to SEI Investments Company $ 195,658 $ 227,083 (14)% $ 370,145 $ 378,600 (2)%
Diluted earnings per common share $ 1.59 $ 1.78 (11)% $ 2.99 $ 2.95 1%
The following items had a significant impact on our financial results for the three and six months ended June 30, 2026 and 2025:
•Revenue from Assets under management, administration, and distribution fees increased in the first six 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 $212.7 billion, or 19%, to $1.3 trillion during the first six months of 2026, as compared to $1.1 trillion during the first six months of 2025.
•Revenue from Assets under 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 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 $26.7 billion, or 15%, to $209.8 billion in the first six months of 2026 as compared to $183.1 billion during the first six months of 2025.
•Revenues from our strategic acquisition of Stratos in the first six months of 2026 were $40.1 million.
•Revenue from Information processing and software servicing fees increased in the first six months of 2026 primarily from new client conversions and growth from existing SEI Wealth PlatformSM (SWP) clients.
•Earnings from LSV increased to $70.4 million in the first six months of 2026 as compared to $62.4 million in the first six months of 2025 due to market appreciation of assets under management and increased performance fees. Negative cash flows from existing clients and client losses partially offset the increase in earnings from LSV.
•Operating expenses increased primarily from compensation, benefits and other personnel costs and higher direct costs reflected in subadvisory, distribution and other asset management costs. The increase in personnel costs was largely attributable to business growth, primarily in the Investment Managers segment. This increase was partially offset by lower costs for consulting and outsourced vendor costs supporting operations in the Investment Managers and Private Banks segments.
•Operating expenses also increased due to the Stratos acquisition in December 2025. The incremental expenses primarily consisted of personnel costs and amortization of acquired intangible assets.
•Capitalized software development costs were $11.1 million in the first six months of 2026, of which $7.5 million was for continued enhancements to SWP. Capitalized software development costs also include $3.7 million of software development costs in the first six months of 2026 for SEI Scope, a new platform for the Investment Managers segment placed into service during the third quarter 2025.
•Amortization expense of capitalized software development costs related to SWP was $15.2 million in the first six months of 2026 as compared to $14.3 million in the first six months of 2025. Amortization expense related to the SEI Scope platform was $3.0 million in the first six months of 2026.
•SEI repurchased 3.8 million shares of its common stock for $320.7 million in the first six months of 2026.
Stratos Wealth Holdings
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 six months of 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 $40.1 million to revenue and $6.1 million to operating profit, which includes $12.8 million of expense associated with acquired intangible amortization, before considering non-controlling interest (See Note 12 to the Notes to Consolidated Financial Statements).
Ending Asset Balances
(In millions)
As of June 30, Percent Change
2026 2025
Investment Managers:
Collective trust fund programs (A) $ 265,265 $ 225,690 18%
Liquidity funds 464 307 51%
Total assets under management $ 265,729 $ 225,997 18%
Client assets under administration 1,351,307 1,128,325 20%
Total assets $ 1,617,036 $ 1,354,322 19%
Private Banks:
Equity and fixed-income programs $ 32,520 $ 27,839 17%
Collective trust fund programs 4 3 33%
Liquidity funds 1,709 2,796 (39)%
Total assets under management $ 34,233 $ 30,638 12%
Client assets under administration 9,405 8,431 12%
Total assets $ 43,638 $ 39,069 12%
Investment Advisors:
Equity and fixed-income programs $ 94,390 $ 80,618 17%
Liquidity funds 3,391 3,457 (2)%
Total Platform assets under management $ 97,781 $ 84,075 16%
Platform-only assets 38,308 29,848 28%
Platform-only assets-deposit program 2,358 2,155 9%
Total Platform assets $ 138,447 $ 116,078 19%
Institutional Investors:
Equity and fixed-income programs $ 86,690 $ 80,112 8%
Liquidity funds 1,559 1,768 (12)%
Total assets under management $ 88,249 $ 81,880 8%
Client assets under advisement 3,790 6,090 (38)%
Total assets $ 92,039 $ 87,970 5%
Investments in New Businesses:
Equity and fixed-income programs $ 3,351 $ 2,867 17%
Liquidity funds 236 244 (3)%
Total assets under management $ 3,587 $ 3,111 15%
Client assets under advisement 2,506 2,593 (3)%
Total assets $ 6,093 $ 5,704 7%
LSV:
Equity and fixed-income programs (B) $ 117,146 $ 91,795 28%
Stratos (E) $ 41,889 $ - NM
Total:
Equity and fixed-income programs (C) $ 334,097 $ 283,231 18%
Collective trust fund programs 265,269 225,693 18%
Liquidity funds 7,359 8,572 (14)%
Total assets under management $ 606,725 $ 517,496 17%
Client assets under advisement 6,296 8,683 (27)%
Client assets under administration (D) 1,360,712 1,136,756 20%
Platform-only assets 40,666 32,003 27%
Stratos 41,889 - NM
Total assets $ 2,056,288 $ 1,694,938 21%
(A) Collective trust fund program assets are included in assets under management since SEI is the trustee. Fees earned on this product are less than fees earned on customized asset management programs.
(B) Equity and fixed-income programs include $1.5 billion of assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee (as of June 30, 2026).
(C) Equity and fixed-income programs include $8.9 billion of assets invested in various asset allocation funds at June 30, 2026.
(D) In addition to the assets presented, SEI also administers an additional $14.3 billion in Funds of Funds assets on which SEI does not earn an administration fee (as of June 30, 2026).
(E) Stratos is a network of affiliated companies that provides financial services to $41.9 billion in client assets across business models and affiliation structures (as of June 30, 2026).
Average Asset Balances
(In millions)
Three Months Ended June 30, Percent Change Six Months Ended June 30, Percent Change
2026 2025 2026 2025
Investment Managers:
Collective trust fund programs (A) $ 259,655 $ 215,085 21% $ 254,253 $ 211,903 20%
Liquidity funds 506 288 76% 536 272 97%
Total assets under management $ 260,161 $ 215,373 21% $ 254,789 $ 212,175 20%
Client assets under administration 1,332,630 1,098,925 21% 1,306,606 1,080,104 21%
Total assets $ 1,592,791 $ 1,314,298 21% $ 1,561,395 $ 1,292,279 21%
Private Banks:
Equity and fixed-income programs $ 32,005 $ 26,533 21% $ 31,351 $ 26,214 20%
Collective trust fund programs 4 3 33% 4 4 -%
Liquidity funds 1,717 2,771 (38)% 1,934 2,866 (33)%
Total assets under management $ 33,726 $ 29,307 15% $ 33,289 $ 29,084 14%
Client assets under administration 9,455 8,266 14% 9,369 8,377 12%
Total assets $ 43,181 $ 37,573 15% $ 42,658 $ 37,461 14%
Investment Advisors:
Equity and fixed-income programs $ 92,424 $ 76,629 21% $ 90,414 $ 76,958 17%
Liquidity funds 3,338 3,464 (4)% 3,428 3,292 4%
Total Platform assets under management $ 95,762 $ 80,093 20% $ 93,842 $ 80,250 17%
Platform-only assets 36,768 27,288 35% 35,627 26,614 34%
Platform-only assets-deposit program 2,273 2,152 6% 2,291 2,170 6%
Total Platform assets $ 134,803 $ 109,533 23% $ 131,760 $ 109,034 21%
Institutional Investors:
Equity and fixed-income programs $ 85,302 $ 77,843 10% $ 84,848 $ 77,169 10%
Liquidity funds 1,702 1,853 (8)% 1,822 1,754 4%
Total assets under management $ 87,004 $ 79,696 9% $ 86,670 $ 78,923 10%
Client assets under advisement 3,703 5,841 (37)% 3,680 5,791 (36)%
Total assets $ 90,707 $ 85,537 6% $ 90,350 $ 84,714 7%
Investments in New Businesses:
Equity and fixed-income programs $ 3,260 $ 2,732 19% $ 3,183 $ 2,767 15%
Liquidity funds 258 244 6% 289 259 12%
Total assets under management $ 3,518 $ 2,976 18% $ 3,472 $ 3,026 15%
Client assets under administration (E) - 14,917 (100)% - 14,774 (100)%
Client assets under advisement 2,425 2,329 4% 2,380 2,267 5%
Total assets $ 5,943 $ 20,222 (71)% $ 5,852 $ 20,067 (71)%
LSV:
Equity and fixed-income programs (B) $ 115,862 $ 89,422 30% $ 110,241 $ 88,606 24%
Stratos (F) $ 40,559 $ - NM $ 39,938 $ - NM
Total:
Equity and fixed-income programs (C) $ 328,853 $ 273,159 20% $ 320,037 $ 271,714 18%
Collective trust fund programs 259,659 215,088 21% 254,257 211,907 20%
Liquidity funds 7,521 8,620 (13)% 8,009 8,443 (5)%
Total assets under management $ 596,033 $ 496,867 20% $ 582,303 $ 492,064 18%
Client assets under advisement 6,128 8,170 (25)% 6,060 8,058 (25)%
Client assets under administration (D) 1,342,085 1,122,108 20% 1,315,975 1,103,255 19%
Platform-only assets 39,041 29,440 33% 37,918 28,784 32%
Stratos 40,559 - NM 39,938 - NM
Total assets $ 2,023,846 $ 1,656,585 22% $ 1,982,194 $ 1,632,161 21%
(A) Collective trust fund program average assets are included in assets under management since SEI is the trustee. Fees earned on this product are less than fees earned on customized asset management programs.
(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 June 30, 2026 was $1.4 billion.
(C) Equity and fixed-income programs include $8.6 billion of average assets invested in various asset allocation funds for the three months ended June 30, 2026.
(D) In addition to the assets presented, SEI also administers an additional $13.8 billion of average assets in Funds of Funds assets for the three months ended June 30, 2026 on which SEI does not earn an administration fee.
(E) Client assets under administration related to the Family Office Services business divested on June 30, 2025.
(F) Stratos is a network of affiliated companies that provides financial services to $40.6 billion in average client assets across business models and affiliation structures during the three months ended June 30, 2026.
In the preceding tables, assets under management are total assets of our clients or their customers invested in our equity and fixed-income investment programs, collective trust fund programs, and liquidity funds for which we provide asset management services through our subsidiaries and partnerships in which we have a significant interest. Advised assets include assets for which we provide advisory services through a subsidiary to the accounts but do not manage the underlying assets. Assets under administration include total assets of our clients or their customers for which we provide administrative services, including client fund balances for which we provide administration and/or distribution services through our subsidiaries and partnerships in which we have a significant interest. Platform-only assets-deposit program include assets of our clients in the SEI Integrated Cash program for which we provide custody services through our federal thrift subsidiary. The assets presented in the preceding tables do not include assets processed on SWP and are not included in the accompanying Consolidated Balance Sheets because we do not own them.
Business Segments
Revenues, Expenses and Operating Profit (Loss) for our business segments for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 were as follows:
Three Months Ended June 30, Percent
Change 		Six Months Ended June 30, Percent
Change
2026 2025 2026 2025
Investment Managers:
Revenues $ 227,679 $ 195,067 17% $ 448,396 $ 387,115 16%
Expenses 136,078 121,636 12% 269,917 238,847 13%
Operating Profit $ 91,601 $ 73,431 25% $ 178,479 $ 148,268 20%
Operating Margin 40 % 38 % 40 % 38 %
Private Banks:
Revenues $ 156,879 $ 141,449 11% $ 309,141 $ 279,163 11%
Expenses 125,220 118,724 5% 245,251 233,473 5%
Operating Profit $ 31,659 $ 22,725 39% $ 63,890 $ 45,690 40%
Operating Margin 20 % 16 % 21 % 16 %
Investment Advisors:
Revenues $ 177,897 $ 137,193 30% $ 347,592 $ 273,769 27%
Expenses 101,866 75,801 34% 198,223 148,256 34%
Non-controlling interest and other, net 1,361 - NM 2,698 - NM
Operating Profit $ 74,670 $ 61,392 22% $ 146,671 $ 125,513 17%
Operating Margin 42 % 45 % 42 % 46 %
Institutional Investors:
Revenues $ 69,702 $ 69,343 1% $ 141,218 $ 137,849 2%
Expenses 36,826 35,857 3% 73,963 71,727 3%
Operating Profit $ 32,876 $ 33,486 (2)% $ 67,255 $ 66,122 2%
Operating Margin 47 % 48 % 48 % 48 %
Investments in New Businesses:
Revenues $ 9,460 $ 16,549 (43)% $ 17,453 $ 33,049 (47)%
Expenses 10,039 18,430 (46)% 19,232 36,926 (48)%
Operating Loss $ (579) $ (1,881) (69)% $ (1,779) $ (3,877) (54)%
For additional information pertaining to our business segments, see Note 9 to the Consolidated Financial Statements.
Investment Managers
Revenues increased $32.6 million, or 17%, in the three month period and increased $61.3 million, or 16%, in the six month period ended June 30, 2026 and were primarily affected by:
•Increased administration fees from additional services provided to our largest alternative fund clients; and
•Positive cash flows into alternative and traditional funds from new and existing clients; partially offset by
•Client losses and fund closures.
Operating margin increased to 40% compared to 38% in the three and six month periods. Operating income increased $18.2 million, or 25%, in the three month period and increased $30.2 million, or 20%, in the six month period and was primarily affected by:
•An increase in revenues as mentioned above; partially offset by
•Increased costs associated with new business, primarily personnel costs, technology and third-party vendor costs; and
•Costs to enhance, support and maintain technologies and investment service capabilities.
Private Banks
Three Months Ended June 30, Percent
Change 		Six Months Ended June 30, Percent
Change
2026 2025 2026 2025
Revenues:
Information processing and software servicing fees $ 118,161 $ 107,225 10% $ 233,504 $ 212,424 10%
Asset management, administration & distribution fees 38,718 34,224 13% 75,637 66,739 13%
Total revenues $ 156,879 $ 141,449 11% $ 309,141 $ 279,163 11%
Revenues increased $15.4 million, or 11%, in the three month period and increased $30.0 million, or 11%, in the six month period ended June 30, 2026 and were primarily affected by:
•Increased investment processing fees from new SWP client conversions and growth from existing SWP clients due to market appreciation and increased transaction volumes; and
•Increased investment management fees from existing international clients due to market appreciation; partially offset by
•Negative cash flows and fee reductions from existing international clients; and
•Lower investment processing fees from the recontracting of existing clients and client losses.
Operating margins increased to 20% compared to 16% in the three month period and increased to 21% compared to 16% in the six month period. Operating income increased $8.9 million, or 39%, in the three month period and increased $18.2 million, or 40%, in the six month period and was primarily affected by:
•An increase in revenues as mentioned above; partially offset by
•Increased costs, mainly personnel, technology and third-party vendor costs supporting operations.
Investment Advisors
Three Months Ended June 30, Percent
Change 		Six Months Ended June 30, Percent
Change
2026 2025 2026 2025
Revenues:
Investment management fees-SEI fund programs $ 59,967 $ 54,075 11% $ 118,203 $ 109,179 8%
Separately managed account fees 73,799 53,914 37% 141,053 105,991 33%
Other fees 44,131 29,204 51% 88,336 58,599 51%
Total revenues $ 177,897 $ 137,193 30% $ 347,592 $ 273,769 27%
Revenues increased $40.7 million, or 30%, in the three month period and increased $73.8 million, or 27%, in the six month period ended June 30, 2026 and were primarily affected by:
•Increased fees from separately managed account programs and Strategist programs due to growth from new and existing clients and market appreciation; and
•Revenues from Stratos acquisition of $40.1 million; partially offset by
•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
•Lower fee structures in SEI fund programs and fee reductions in our separately managed account programs.
Operating margin decreased to 42% compared to 45% in the three month period and decreased to 42% compared to 46% in the six month period. Operating income increased $13.3 million, or 22%, in the three month period and increased $21.2 million, or 17%, in the six month period and was primarily affected by:
•An increase in revenues as mentioned above; partially offset by
•Increased amortization expense from intangible assets related to the Stratos acquisition;
•Increased direct expenses associated with the increase in separately managed account fees; and
•Increased personnel costs from business growth.
Institutional Investors
Revenues increased $359 thousand, or 1%, in the three month period and increased $3.4 million, or 2%, in the six month period ended June 30, 2026 and were primarily affected by:
•Increased investment management fees from existing clients due to higher assets under management due to market appreciation; and
•Increased fees from new and existing Outsourced Chief Investment Officer (OCIO) platform clients; partially offset by
•Decreased investment management fees from client losses.
Operating margin decreased to 47% compared to 48% in the three month period and remained at 48% in the six month period. Operating income decreased $610 thousand, or 2%, in the three month period and increased $1.1 million, or 2%, in the six month period and was primarily affected by:
•An increase in revenues as mentioned above; and
•Decreased personnel costs; partially offset by
•Increased direct expenses associated with investment management fees.
Investments in New Businesses
Three Months Ended June 30, Percent
Change 		Six Months Ended June 30, Percent
Change
2026 2025 2026 2025
Revenues:
SEI Private Wealth Management $ 6,085 $ 5,423 12% $ 12,055 $ 10,672 13%
SEI Family Office Services - 8,912 (100)% - 18,002 (100)%
Other 3,375 2,214 52% 5,398 4,375 23%
Total revenues $ 9,460 $ 16,549 (43)% $ 17,453 $ 33,049 (47)%
Revenues decreased $7.1 million, or 43%, in the three month period and decreased $15.6 million, or 47%, in the six month period ended June 30, 2026 and were primarily affected by:
•The divestiture of the SEI Family Office Services business in June 2025; partially offset by
•Increased revenues from SEI Private Wealth Management through higher assets under advisement due to market appreciation and new business.
Other
Corporate overhead expenses
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 $34.6 million and $40.5 million in the three months ended June 30, 2026 and 2025, respectively, and $70.7 million and $76.0 million in the six months ended June 30, 2026 and 2025, respectively.
Other income and expense
Other income and expense items on the accompanying Consolidated Statements of Operations consist of:
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Net gain from investments $ 3,550 $ 1,759 $ 3,181 $ 2,252
Interest and dividend income 7,012 9,283 14,174 19,504
Interest expense (562) (92) (1,035) (277)
Gain on sale of business - 94,412 - 94,412
Other income - 4,500 450 4,500
Equity in earnings of unconsolidated affiliates 38,694 33,640 71,170 62,387
Net gain from consolidated variable interest entities 7,475 - 9,554 -
Total other income and expense items, net $ 56,169 $ 143,502 $ 97,494 $ 182,778
Net gain from investments
Net gain from investments in the three and six months ended June 30, 2026 was primarily due to unrealized mark-to-market gains recorded in current earnings associated with Company-sponsored investment funds and other investments from market appreciation in 2026 (See Notes 2 and 5 to the Consolidated Financial Statements).
Interest and dividend income
Interest and dividend income is earned based upon the amount of cash that is invested daily. The decrease in interest and dividend income in the three and six months ended June 30, 2026 was due to lower invested cash balances and, to a lesser extent, an overall decline in interest rates.
Equity in earnings of unconsolidated affiliates
Equity in earnings of unconsolidated affiliates primarily includes the earnings from our ownership interest in LSV. The table below presents the revenues and net income of LSV and the proportionate share in LSV's earnings.
Three Months Ended June 30, Percent Change Six Months Ended June 30, Percent Change
2026 2025 2026 2025
Revenues of LSV $ 140,854 $ 114,215 23% $ 256,308 $ 214,143 20%
Net income of LSV 99,502 87,311 14% 182,799 161,825 13%
SEI's proportionate share in earnings of LSV $ 38,264 $ 33,640 14% $ 70,356 $ 62,387 13%
The increase in earnings from LSV in the three and six months ended June 30, 2026 was primarily due to market appreciation of assets under management. An increase in performance fees in the second quarter 2026 also positively impacted our earnings from LSV. Negative cash flows from existing clients and client losses partially offset the increase in earnings. Average assets under management by LSV increased $21.6 billion to $110.2 billion during the six months ended June 30, 2026 as compared to $88.6 billion during the six months ended June 30, 2025, an increase of 24%.
Our total partnership interest in LSV was approximately 38.4% as of June 30, 2026 (See Note 2 to the Consolidated Financial Statements).
Net gain from consolidated variable interest entities
Net gain from consolidated variable interest entities in the three and six months ended June 30, 2026 reflects the total net gains of the LSV Global Market Neutral Fund LP consolidated into our financial statements. The portion of this gain associated with our investment in the fund was $6.9 million during the six months ended June 30, 2026 (See Notes 1 and 15 to the Consolidated Financial Statements).
Amortization
Amortization expense on the accompanying Consolidated Statements of Operations consists of:
Three Months Ended June 30, Percent Change Six Months Ended June 30, Percent Change
2026 2025 2026 2025
Capitalized software development costs $ 9,117 $ 7,198 27% $ 18,189 $ 14,395 26%
Intangible assets acquired through acquisitions and asset purchases 9,935 3,157 215% 19,132 6,606 190%
Other $ 85 $ 94 (10)% 170 158 8%
Total amortization expense $ 19,137 $ 10,449 83% $ 37,491 $ 21,159 77%
Capitalized software development costs
The increase in amortization expense related to capitalized software development costs during the three and six months ended June 30, 2026 was due to significant enhancements to SWP and the placement into service of SEI Scope during the third quarter 2025 (See Note 1 to the Consolidated Financial Statements).
Intangible assets acquired through acquisitions and asset purchases
The increase in amortization expense related to intangible assets during the three and six months ended June 30, 2026 was due to intangible assets related to the Stratos acquisition (See Note 12 to the Consolidated Financial Statements).
Income Taxes
Three Months Ended June 30, Percent Change Six Months Ended June 30, Percent Change
2026 2025 2026 2025
Provision for income taxes $ 53,645 $ 65,054 (18)% $ 107,669 $ 109,910 (2)%
Effective income tax rate 21.2 % 22.3 % 22.3 % 22.5 %
The decrease in the effective tax rate for the three and six months ended June 30, 2026 was primarily due to higher excess tax benefits recognized on employee stock option exercises and the favorable impact of purchased energy tax credits, both of which reduced the Company's income tax expense.
Stock-Based Compensation
We recognized $30.8 million and $28.0 million in stock-based compensation expense during the six months ended June 30, 2026 and 2025, respectively. The amount of stock-based compensation expense recognized is primarily based upon management's estimate of when the financial vesting targets of outstanding stock options may be achieved. Any change in the estimate could result in the 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 earnings (See Note 7 to the Consolidated Financial Statements).
We expect to recognize approximately $32.4 million in stock-based compensation expense during the remainder of 2026.
Regulatory Matters
Like many firms operating within the financial services industry, we are experiencing a complex and changing regulatory environment across our markets. Our current scale and reach as a provider to the financial services industry, the introduction and implementation of new solutions for our financial services industry clients, the increased regulatory oversight of the financial services industry generally, new laws and regulations affecting the financial services industry and ever-changing regulatory interpretations of existing laws and regulations, and a greater propensity of regulators to pursue enforcement actions and other sanctions against regulated entities, have made this an increasingly challenging and costly regulatory environment in which to operate.
SEI and some of our regulated subsidiaries have undergone or been scheduled to undergo a range of periodic or thematic reviews, examinations or investigations by numerous regulatory authorities around the world, including the Office of the Comptroller of the Currency, the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the
Financial Conduct Authority of the United Kingdom (FCA), the Central Bank of Ireland (CBI), the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg (CSSF), and others. These regulatory activities typically result in the identification of matters or practices to be addressed by us or our subsidiaries and, in certain circumstances, the regulatory authorities require remediation activities or pursue enforcement proceedings against us or our subsidiaries. As described under the caption "Regulatory Considerations" in our Annual Report on Form 10-K, the range of possible sanctions that are available to regulatory authorities include limitations on our ability to engage in business for specified periods of time or with certain restrictions, the revocation of registration, censures and fines. The direct and indirect costs of responding to these regulatory activities and of complying with new or modified regulations, as well as the potential financial costs and potential reputational impact against us of any enforcement proceedings that might result, is uncertain but could have a material adverse impact on our operating results or financial position.
Non-GAAP Information and Reconciliation
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.
These non-GAAP financial measures should be viewed in addition to, and not as a substitute for, reported results prepared in accordance with GAAP.
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 and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Net income attributable to SEI Investments Company (U.S. GAAP basis) $ 195,658 $ 227,083 $ 370,145 $ 378,600
Non-GAAP adjustments:
Acquisition-related:
Third party costs(1)
- 820 - 820
Intangible assets amortization & impairments(2)
7,057 3,157 13,691 6,606
Total acquisition-related 7,057 3,977 13,691 7,426
Gain on sale of asset/business(3)
- (94,412) - (94,412)
Litigation settlements and insurance proceeds(4)
3,808 (4,500) 3,808 (4,500)
Income tax effect(5)
(2,338) 21,142 (3,891) 20,354
Adjusted net income attributable to SEI Investments Company (non-GAAP basis) $ 204,185 $ 153,290 $ 383,753 $ 307,468
Diluted earnings per common share (U.S. GAAP basis) $ 1.59 $ 1.78 $ 2.99 $ 2.95
Adjusted diluted earnings per common share (non-GAAP basis) $ 1.66 $ 1.20 3.10 2.40
Diluted weighted average shares outstanding 123,334 127,278 123,914 128,364
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Income from operations (U.S. GAAP Basis) 197,016 148,635 386,502 305,732
Non-GAAP adjustments:
Acquisition-related:
Third party costs(1)
- 820 - 820
Intangible assets amortization & impairments(2)
9,935 3,157 19,132 6,606
Total acquisition-related 9,935 3,977 19,132 7,426
Adjusted income from operations (non-GAAP Basis) $ 206,951 $ 152,612 $ 405,634 $ 313,158
(1) This non-GAAP adjustment removes incremental and directly attributable costs incurred to execute acquisitions, such as third-party advisory, legal, accounting, valuation, and due diligence. For the three and six months ended June 30, 2025, this non-GAAP adjustment
consisted of the legal costs, advisory fees, and due diligence fees in relation to the Stratos acquisition. Management believes adjusting for these charges helps the reader's ability to understand our core operating results and increases comparability quarter to quarter.
(2) This non-GAAP adjustment removes the impact of amortization expense associated with acquired intangible assets (e.g., customer relationships, technology, trade names). This non-GAAP adjustment removes only amortization recorded in the current period related to acquired intangibles from prior acquisitions. The non-GAAP adjustments in 2026 include the amortization of the acquired intangibles from the Stratos acquisition, which closed in December 2025. Management included the Stratos related amortization expense net of the 42.5% NCI adjustment for the adjusted EPS calculation. However, this adjustment is not inclusive of the NCI portion for adjusted income from operations. 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.
(3) This non-GAAP adjustment removes realized gains on the sale of assets owned or entities under our control, out of the normal course of business. For the three and six months ended June 30, 2025, the adjustment consisted of the realized gain from the sale of Family Office Services (FOS). Management believes adjusting for these gains helps the reader's ability to understand our core operating results and increases comparability quarter to quarter.
(4) This non-GAAP adjustment removes individually significant litigation settlements and insurance proceeds. For the three and six months ended June 30, 2025, this non-GAAP adjustment consisted of a $4.5M settlement related to a vendor matter. For the three and six months ended June 30, 2026, this non-GAAP adjustment was related to litigation settlements. Management included these transactions as non-GAAP adjustments since they were out of the normal course of business. Management believes adjusting for these items helps the reader's ability to understand our core operating results and increases comparability quarter to quarter.
(5) 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.
Liquidity and Capital Resources
Six Months Ended June 30,
2026 2025
Net cash provided by operating activities $ 347,367 $ 243,005
Net cash provided by investing activities 16,863 65,268
Net cash used in financing activities (356,918) (419,220)
Effect of exchange rate changes on cash and cash equivalents (5,406) 17,103
Net change in cash and cash equivalents and cash and cash equivalents held at consolidated variable interest entities 1,906 (93,844)
Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, beginning of period 470,595 840,193
Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, end of period $ 472,501 $ 746,349
Our credit facility provides for borrowings up to $500.0 million and is scheduled to expire in August 2030 (See Note 6 to the Consolidated Financial Statements). As of July 10, 2026, we had outstanding letters of credit of $4.6 million which reduced the amount available under the credit facility. These letters of credit were primarily issued for the expansion of the corporate headquarters and are due to expire in 2026. As of July 10, 2026, the amount of the credit facility available for corporate purposes was $495.4 million.
The availability of the credit facility is subject to compliance with certain covenants set forth in the agreement. The credit facility contains covenants which restrict our ability to engage in 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, we would also be restricted from paying dividends on, or repurchasing our common stock. Currently, our ability to borrow from the credit facility is not limited by any covenant of the agreement (See Note 6 to the Consolidated Financial Statements).
The majority of excess cash reserves are primarily placed in accounts located in the United States that invest in commercial paper and SEI-sponsored money market mutual funds denominated in the U.S. dollar. We also utilize demand deposit accounts or money market accounts at several well-established financial institutions located in the United States. Accounts used to manage these excess cash reserves do not impose any restrictions or limitations that would prevent us from being able to access such cash amounts immediately. As of July 10, 2026, the amount of cash and cash equivalents considered free and immediately accessible for other general corporate purposes was $239.2 million.
Cash and cash equivalents include cash of $76.8 million held in accounts of the LSV Global Equity Market Neutral Fund, LP consolidated into our financial statements and may only be used to settle obligations of the fund (See Note 15 to the Consolidated Financial Statements).
Cash and cash equivalents also include accounts managed by subsidiaries that are used in their operations or to cover specific business and regulatory requirements. The availability of this cash for other purposes beyond the operations of these subsidiaries may be limited. We therefore do not include accounts of foreign subsidiaries in the calculation of free and immediately accessible cash for other general corporate purposes. A portion of the undistributed earnings of foreign subsidiaries are deemed repatriated. Any subsequent transfer of available cash related to the repatriated earnings of foreign subsidiaries could significantly increase free and immediately accessible cash.
Cash flows from operations increased $104.4 million in the first six months of 2026 compared to the first six months of 2025 primarily from the positive change in working capital accounts, increased distributions received from unconsolidated affiliates and non-cash adjustments.
Net cash from investing activities includes:
•Purchases, sales and maturities of marketable securities. Purchases, sales and maturities of marketable securities in the first six months of 2026 and 2025 were as follows:
Six Months Ended June 30,
2026 2025
Purchases $ (81,568) $ (85,681)
Sales and maturities 105,985 65,168
Net investing activities from marketable securities $ 24,417 $ (20,513)
See Note 5 to the Consolidated Financial Statements for more information related to marketable securities.
•The capitalization of costs incurred in developing computer software. We capitalized $11.1 million of software development costs in the first six months of 2026 as compared to $14.5 million in the first six months of 2025 related to significant enhancements for the expanded functionality of the SEI Wealth Platform and a new platform for the Investment Managers segment.
•Capital expenditures. Capital expenditures in the first six months of 2026 were $15.0 million as compared to $12.5 million in the first six months of 2025. Expenditures in 2026 and 2025 include capital outlays for purchased software and equipment for data center operations.
Net cash from financing activities includes:
•The repurchase of common stock. We had total capital outlays of $320.7 million during the first six months of 2026 and $383.3 million during the first six months of 2025 for the repurchase of common stock.
•Proceeds from the issuance of common stock. We received $90.5 million and $87.4 million in proceeds from the issuance of common stock during the first six months of 2026 and 2025, respectively, through our equity compensation plans. These proceeds were primarily from stock option exercise activity.
•Dividend payments. Cash dividends paid were $126.3 million in the first six months of 2026 as compared to $123.3 million in the first six months of 2025.
Cash Requirements
Cash requirements and liquidity needs are primarily funded through cash flow from operations and our capacity for additional borrowing. At June 30, 2026, unused sources of liquidity consisted of cash and cash equivalents and the amount available under our credit facility.
We are obligated to make payments in connection with the credit facility, operating leases, maintenance contracts, promissory notes and other commitments. We believe our operating cash flow, available borrowing capacity, and existing cash and cash equivalents will provide adequate funds for these obligations and ongoing operations. We currently anticipate that our available funds and cash flow from operations will be sufficient to meet our operational cash needs, expected M&A activity, and fund our stock repurchase program for at least the next 12 months and for the foreseeable future.
Forward-Looking Information and Risk Factors
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information contained in this discussion is or may be considered forward-looking. Forward-looking statements relate to future operations, strategies, financial results or other developments. Forward-looking statements are based upon estimates and assumptions that involve certain risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe our assumptions are reasonable, they could be inaccurate. Our actual future revenues and income could differ materially from our expected results. We have no obligation to publicly update or revise any forward-looking statements.
Among the risks and uncertainties which may affect our future operations, strategies, financial results or other developments are those risks described in our latest Annual Report on Form 10-K in Part I, Item 1A. These risks include the following:
•Market-driven risks related to capital market conditions, asset values, interest rates, market volatility, and investor sentiment;
•Client and relationship risks, including client attrition, unfavorable contract renewals, and loss of large clients;
•Fee compression and competitive pricing pressure across investment management and technology services;
•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);
•Market consolidation and competitive disruption from traditional competitors, fintechs, and large technology firms;
•Key personnel and broader human capital risks, including retention, workforce reductions, and talent availability;
•Outsourcing and offshoring strategy risks associated with the Global Capability Center in India;
•M&A execution and integration risks, including the Stratos acquisition and other strategic transactions;
•Dependence on third-party service providers, vendors, market infrastructure, sub-advisers, and pricing services;
•Process errors in fund accounting, investment operations, pricing, and other judgment-based or manual activities;
•Operational resilience risks, including business continuity and disaster recovery failures;
•Rapid growth and capacity constraints impacting cost structure, compliance, controls, cybersecurity, and scalability;
•Cybersecurity threats, including cyberattacks, data breaches, system failures, and third-party technology risks;
•Risks related to artificial intelligence, machine learning, and automation, including model risk, bias, and regulatory uncertainty;
•Tokenization risks, including regulatory uncertainty, cybersecurity, custody, valuation, liquidity, and smart contract risks;
•Open-source software risks, including security vulnerabilities and license compliance;
•Data privacy and protection risks related to handling sensitive personal and client data;
•Intellectual property risks involving protection of proprietary technology and infringement claims;
•System outages and downtime affecting platform availability, processing, and data integrity;
•Technology disruption, software defects, and development or implementation delays;
•Earnings volatility and cash flow exposure, including reliance on LSV Asset Management and strategic investments;
•Interest rate, currency, and tax law change risks affecting revenues, margins, and asset values;
•Covenant compliance risks under revolving credit facilities;
•Holding company structure risks, including restrictions on subsidiary cash distributions;
•Liquidity risk, particularly during market stress and in alternative investments;
•Investment performance risk and continued fee pressure across investment products;
•Insourcing of investment functions and increased operational complexity;
•Proprietary capital deployment risks and conflicts of interest;
•Fiduciary risk related to retirement plans, OCIO services, and competitive pressures;
•Regulatory changes and evolving compliance obligations across U.S. and global jurisdictions;
•Financial crime, sanctions, AML, and anti-corruption compliance risks;
•Privacy and data protection regulatory risk;
•Conflicts of interest involving clients, affiliates, directors, executives, and acquisitions;
•Litigation, regulatory examinations, and investigations;
•Shareholder activism and ESG-related scrutiny;
•Geopolitical instability, including wars, global tensions, and state-sponsored cyber activity;
•Unforeseen or catastrophic events, including pandemics, extreme weather, and natural disasters; and
•Climate change and ESG-related risks, including regulatory, reputational, and transition risks.
We conduct operations through many regulated wholly-owned subsidiaries. These subsidiaries include:
•SEI Investments Distribution Co., or SIDCO, a broker-dealer registered with the SEC under the Securities Exchange Act of 1934 and a member of the Financial Industry Regulatory Authority, Inc., or FINRA;
•SEI Investments Management Corporation, or SIMC, an investment advisor registered with the SEC under the Investment Advisers Act of 1940 and with the Commodity Futures Trading Commission, or CFTC, under the Commodity Exchange Act;
•SEI Private Trust Company, or SPTC, a limited purpose federal thrift chartered and regulated by the Office of the Comptroller of the Currency;
•SEI Trust Company, or STC, a Pennsylvania trust company, regulated by the Pennsylvania Department of Banking and Securities;
•SEI Institutional Transfer Agent, Inc., or SITA, a transfer agent registered with the SEC under the Securities Exchange Act of 1934.
•SEI Investments (Europe) Limited, or SIEL, an investment manager and financial institution subject to regulation by the Financial Conduct Authority of the United Kingdom, or FCA;
•SEI Investments Canada Company, or SEI Canada, an investment fund manager that has various other capacities that is regulated by the Ontario Securities Commission and various provincial authorities;
•SEI Investments Global, Limited, or SIGL, a management company for Undertakings for Collective Investment in Transferable Securities, or UCITS, and for Alternative Investment Funds, or AIFs, that is regulated primarily by the Central Bank of Ireland, or CBI;
•SEI Investments - Global Fund Services, Ltd., or GFSL, an authorized provider of administration services for Irish and non-Irish collective investment schemes that is regulated by the CBI;
•SEI Investments - Depositary and Custodial Services (Ireland) Limited, or D&C, an authorized provider of depositary and custodial services that is regulated by the CBI;
•SEI Investments - Luxembourg S.A., or SEI Lux, a professional of the specialized financial sector subject to regulation by the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg;
•SEI Investments Global (Cayman), Ltd., a full mutual fund administrator that is regulated by the Cayman Island Monetary Authority;
•SEI Investments (South Africa) (PTY) Limited, a Private Company that is a licensed Financial Service Provider regulated by the Financial Sector Conduct Authority; and
•SEI Investments - Guernsey Limited, a provider of custody, administration and reporting services that is regulated by the Guernsey Financial Services Commission.
In addition to the regulatory authorities listed above, our subsidiaries are subject to the jurisdiction of regulatory authorities in other foreign countries or jurisdictions. Further, in connection with our strategic investment in Stratos, we own 57.5% of the holding company that holds the equity of Stratos Wealth Securities, LLC, a limited purpose broker-dealer registered with the SEC under the Securities Exchange Act of 1934 and a member of FINRA, and the following SEC registered investment advisors:
•Stratos Wealth Advisors, LLC;
•Stratos Wealth Partners, Ltd.;
•Stratos Investment Management, LLC;
•Renaissance Investment Group, LLC; and
•Norland LLC.
In addition to our wholly-owned or majority-owned subsidiaries, we also own a minority interest of approximately 38.4% in LSV, which is also an investment advisor registered with the SEC.
The Company, its regulated subsidiaries, their regulated services and solutions and their customers are all subject to extensive legislation, regulation, and supervision that recently has been subject to, and continues to experience, significant change and increased regulatory activity. These changes and regulatory activities could have a material adverse effect on us and our clients.
The various governmental agencies and self-regulatory authorities that regulate or supervise the Company and its subsidiaries have broad administrative powers. In the event of a failure to comply with laws, regulations, and requirements of these agencies and authorities, or to meet regulator expectations, the possible business process changes required or sanctions that may be imposed include the suspension of individual employees, limitations on our ability to engage in business for specified periods of time or a direction that we comply with certain restrictions, the revocation of applicable
registration as a broker-dealer, investment advisor or other regulated entity, and, as the case may be, censures and fines. Currently, our subsidiary in the United Kingdom, SIEL, is working with the FCA to determine the nature and scope of remedial actions in which SIEL will engage in order to meet the FCA's expectations and to enable SIEL to continue to grow and execute on its development and offering of new products and solutions. Additionally, certain securities and banking laws applicable to us and our subsidiaries provide for certain private rights of action that could give rise to civil litigation. Any litigation could have significant financial and non-financial consequences including monetary judgments and the requirement to take action or limit activities that could ultimately affect our business.
Governmental scrutiny from regulators, legislative bodies, and law enforcement agencies with respect to matters relating to our regulated subsidiaries and their activities, services and solutions, our business practices, our past actions and other matters has increased dramatically in the past several years. Responding to these examinations, investigations, actions, and lawsuits, regardless of the ultimate outcome of the proceeding, is time consuming and expensive and can divert the time and effort of our senior management from our business. Penalties, fines and changes to business processes sought by regulatory authorities have increased substantially over the last several years, and certain regulators have been more likely in recent years to commence enforcement actions or to advance or support legislation targeted at the financial services industry. We continue to be subject to inquiries from examinations and investigations by supervisory and enforcement divisions of regulatory authorities and expect this to continue in the future. We believe this is also the case with many of our regulated clients. Governmental scrutiny and legal and enforcement proceedings can also have a negative impact on our reputation, our relationship with clients and prospective clients, and on the morale and performance of our employees, which could adversely affect our businesses and results of operations.
We are subject to U.S. and foreign anti-money laundering and financial transparency laws that require implementation of regulations applicable to financial services companies, including standards for verifying client identification and monitoring client transactions and detecting and reporting suspicious activities. We offer investment and banking solutions that also are subject to regulation by the federal and state securities and banking authorities, as well as foreign regulatory authorities, where applicable. Existing or future regulations that affect these solutions could lead to a reduction in sales of these solutions or require modifications of these solutions.
We must comply with economic sanctions and embargo programs administered by the Office of Foreign Assets Control (OFAC) and similar national and multinational bodies and governmental agencies outside the United States, as well as anti-corruption and anti-money laundering laws and regulations throughout the world. We can incur higher costs and face greater compliance risks in structuring and operating our businesses to comply with these requirements. Furthermore, a violation of a sanction or embargo program or anti-corruption or anti-money laundering laws and regulations could subject us and our subsidiaries, and individual employees, to regulatory enforcement actions as well as significant civil and criminal penalties.
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 Protection Law, and various other laws. Privacy and data security legislation is a priority issue in many states and localities in the United States, as well as foreign jurisdictions outside of the EU. For example, California enacted the California Consumer Privacy Act (CCPA) which broadly regulates the sale of the consumer information of California residents and grants California residents certain rights to, among other things, access and delete data about them in certain circumstances. Other states are considering similar proposals. Such attempts by the states to regulate have the potential to create a patchwork of differing and/or conflicting state regulations. Ensuring compliance under ever-evolving privacy legislation, such as GDPR and CCPA, is an ongoing commitment, which involves substantial costs.
Compliance with existing and future regulations and responding to and complying with recent increased regulatory activity affecting broker-dealers, investment advisors, investment companies, financial institutions, and their service providers could have a significant impact on us. We periodically undergo regulatory examinations and respond to regulatory inquiries and document requests. In addition, recent and continuing legislative activity in the United States and in other jurisdictions (including the European Union and the United Kingdom) have made and continue to make extensive changes to the laws regulating financial services firms. As a result of these examinations, inquiries, and requests, as a result of increased civil litigation activity, and as a result of these new laws and regulations, we engage legal counsel and other subject matter experts, review our compliance procedures, solution and service offerings, and business operations, and make changes as we deem necessary or as may be required by the applicable authority. These additional activities and required changes may result in increased expense or may reduce revenues.
Our bank clients are subject to supervision by federal, state, and foreign banking and financial services authorities concerning the manner in which such clients purchase and receive our products and services. Our plan sponsor clients and our subsidiaries providing services to those clients are subject to supervision by the Department of Labor and
compliance with employee benefit regulations. Investment advisor and broker-dealer clients are regulated by the SEC, state securities authorities, or FINRA. Existing or future regulations applicable to our clients may affect our clients' purchase of our products and services.
In addition, see the discussion of governmental regulations in Item 1A "Risk Factors" in our latest Annual Report on Form 10-K for a description of the risks that the current regulatory regimes and proposed regulatory changes may present for our business.
SEI Investments Company published this content on July 27, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 27, 2026 at 19:01 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]