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Here are 1-2 brief analogies to describe SEI Investments (SEIC):

• Salesforce for investment managers and wealth advisors: SEI provides a comprehensive technology platform and services that help financial institutions manage their investment operations, processing, and client relationships, much like Salesforce does for customer relationship management across various industries.
• ADP for investment operations: SEI offers outsourced solutions for the complex back-office functions and investment processing for financial institutions, similar to how ADP handles outsourced payroll and HR services for businesses.

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• Investment Processing & Technology Solutions: Provides comprehensive technology platforms and operational outsourcing services to financial institutions, including private banks and independent wealth advisors.
• Institutional Fiduciary Management: Offers outsourced chief investment officer (OCIO) and fiduciary management services to institutional investors such as pension plans, endowments, and foundations.
• Asset Management Solutions: Manages and distributes a range of proprietary investment products, including mutual funds and other pooled investment vehicles, for individual and institutional clients.
• Wealth Management Platform: Delivers integrated wealth management solutions and services, including administrative and reporting tools, for high-net-worth individuals and families through financial advisors.

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SEI Investments (SEIC) primarily sells its services and technology solutions to **other companies** within the financial services industry.

Due to the nature of its business, which involves providing technology, operational, and investment management outsourcing services to a diverse client base, SEI does not publicly disclose specific "major customer" names. SEC filings indicate that no single client accounts for a material percentage (e.g., 10% or more) of its revenues, suggesting a highly diversified customer portfolio rather than reliance on a few large entities. Therefore, it is not possible to list specific named customer companies and their symbols.

Instead, SEI serves a broad range of financial institutions, which can be categorized as follows:

• Wealth Management Firms and Financial Advisors: This category includes banks, trust companies, independent wealth management firms, and family offices. These clients utilize SEI's technology platform, operational services, and asset management solutions to manage client assets and streamline their wealth management operations.
• Asset Management Companies: These are investment managers, mutual fund companies, hedge funds, and private equity firms. They leverage SEI for comprehensive fund administration, accounting, compliance, and operational outsourcing services, allowing them to focus on investment strategies.
• Institutional Investors: This category includes endowments, foundations, defined benefit and defined contribution pension plans, and other institutional clients. SEI offers outsourced chief investment officer (OCIO) solutions, providing comprehensive investment management, advice, and oversight for these organizations.

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Ryan P. Hicke, Chief Executive Officer

Ryan P. Hicke has a 25-year career at SEI, with experience split between asset management and technology across various parts of the business in both U.S. and global contexts. Prior to becoming CEO, he served as Chief Information Officer, overseeing the company's information technology strategy and investment operations. Hicke also previously led SEI's Technology Unit and was a Managing Director in its U.K. wealth management business. He holds a degree in finance from Saint Joseph's University.

Sean Denham, Executive Vice President and Chief Financial and Chief Operating Officer

Sean Denham joined SEI in March 2024. As Chief Financial and Chief Operating Officer, he is responsible for leading finance and accounting, corporate controllership, internal audit, investor relations, information technology, and operations. Before joining SEI, Denham spent 20 years at Grant Thornton, holding various leadership roles including regional managing partner for the Atlantic Coast, National Audit growth leader, and national Special Purpose Acquisition Company (SPAC) leader. His early career involved audit and mergers and acquisitions at Ernst & Young and Amper, Politziner & Mattia. He is a Certified Public Accountant and holds a bachelor's degree in accounting from Lehigh University.

Paul F. Klauder, Executive Vice President and Head of Advisor Business

Paul F. Klauder is a 30-year veteran at SEI, responsible for the business and growth strategies across the company's North American intermediary markets. He previously served as Head of the Institutional business, overseeing investment products and services for global institutional clients. Before his tenure at SEI, Klauder worked at Arthur Andersen and Company as a Certified Public Accountant (CPA), specializing in financial service audits and employee benefit plan reviews and consultations. He earned a Bachelor of Science degree in accounting and computer science from DeSales University.

Phil McCabe, Executive Vice President and Global Head of SEI's Investment Managers business

Phil McCabe joined SEI in 1989 and has over 35 years of experience with the company. In his role, he leads the global business strategy across operations, technology, sales, and service for the Investment Managers' business. He has held several senior leadership positions within SEI, including roles in the Investment Managers business, Private Banking and Wealth Management business, SEI Private Trust Company, and SEI Trust Company, and previously served as Global Head of Operations for the Investment Managers business. He holds a Bachelor of Science in accounting from DeSales University.

Sanjay Sharma, Executive Vice President, CEO of SEI International, and Global Head of SEI's Private Banking business

Sanjay Sharma is an Executive Vice President and Global Head of Private Banking, overseeing strategy and growth by delivering technology, operational, and investment solutions for U.S. and U.K. wealth management organizations. He previously served as Chief Technology Officer. With over 25 years of experience in the global financial services industry across four continents and 11 countries, Sharma also ran a successful consulting business prior to joining SEI. He held various key global delivery positions, including head of delivery for a global ITFS consulting company in Europe and North America.

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Key Risks to SEI Investments (SEIC)

SEI Investments (SEIC) faces several key risks that could impact its business, stemming primarily from market dynamics, competitive pressures, and challenges within specific business segments.

1. Market Volatility and Dependence on Market Conditions: SEIC's financial performance is significantly tied to the overall health of the financial markets. Its revenue streams, particularly those derived from asset management and administration fees, are highly susceptible to fluctuations in asset values and investment activity during economic downturns or periods of market instability. This dependence on market conditions poses a direct risk to the company's revenue stability.
2. Intense Competition and Pricing Pressures: The financial services industry in which SEIC operates is highly competitive. This environment leads to ongoing pricing pressures and potential fee reductions, requiring continuous innovation to maintain market share. SEIC competes with large technology and operations providers, and the ongoing consolidation trend within the Registered Investment Advisor (RIA) industry also presents a risk, as smaller firms acquired by larger entities may exit SEIC's platform.
3. Underperformance and Strategic Challenges in Business Segments: SEI has experienced struggles within certain business segments. The "Investments in New Businesses" segment, for instance, has shown significant year-over-year revenue declines and widening operating losses. Additionally, strategic decisions such as the divestiture of the Family Office Services business, while intended to streamline focus, also resulted in a reduction of assets under management (AUM) and associated fee-based revenue. The LSV Asset Management division has also seen a decrease in earnings, reflecting challenges in certain operational areas and growth initiatives.

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The rapid advancement and widespread adoption of Artificial Intelligence (AI) and Generative AI across the financial services industry present a clear emerging threat. SEI Investments' core business model is built around providing technology platforms, investment processing, and operational outsourcing for wealth managers, institutions, and financial advisors. AI's capability to automate complex back-office functions, enhance investment analysis, personalize client experiences, and streamline compliance and reporting processes could enable competitors to develop significantly more efficient, intelligent, and cost-effective solutions. This could potentially disintermediate parts of SEI's existing service offerings, reduce demand for human-intensive platform features, or allow new fintech entrants to offer superior operational efficiency and client engagement tools, thereby eroding SEI's competitive advantage and pricing power in its technology and asset management segments. The accelerating pace of AI development and its practical application in finance make this a distinct and emerging threat.

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SEI Investments (SEIC) operates within several large addressable markets, primarily focusing on wealth management, asset management, and investment processing solutions for institutions, financial advisors, and high-net-worth individuals. The market sizes for their main products and services vary by scope and region, with key figures highlighted below.

Wealth Management Market

• The global wealth management market was valued at $1.25 trillion in 2020 and is projected to more than double to $3.43 trillion by 2030, growing at a compound annual growth rate (CAGR) of 10.7% from 2021 to 2030. North America held the largest share of this market in 2020 and is expected to maintain its lead.
• Another report indicates the global wealth management market reached nearly $1.8 trillion in 2023, with projections to grow to $2.5 trillion in 2028 and $3.5 trillion in 2033.

Wealth Management Platform Market

• The global wealth management platform market was valued at USD 2.95 billion in 2023 and is projected to reach USD 8.50 billion by 2032, exhibiting a CAGR of 12.5% during the forecast period. North America dominated this market with a 34.58% share in 2023.
• Other estimates place the global wealth management platform market size at USD 5.5 billion in 2024, expected to reach USD 14.0 billion by 2033, with a CAGR of 10.88% from 2025 to 2033. North America is identified as the biggest region in this market.
• Further data suggests the global wealth management platform market is estimated at USD 4.0 billion in 2025 and is projected to reach USD 10.4 billion by 2035, with a CAGR of 10.0%.

Asset Management Market

• The global asset management market was valued at USD 432.77 billion in 2024 and is projected to grow from USD 489.40 billion in 2025 to USD 1,122.04 billion by 2032, exhibiting a CAGR of 12.6%.
• The U.S. asset management market alone is valued at USD 63.28 trillion in 2025 and is forecast to expand to USD 112.17 trillion by 2030, reflecting a 12.13% CAGR. This U.S. market is projected to reach $253.6 billion by 2030 with a CAGR of 21% from 2024 to 2030.
• Another report states the global asset management market size was valued at USD 371.62 billion in 2023 and is expected to reach USD 7124.41 billion by 2033, growing at a CAGR of 34.36%.

Investment Management Software Market

• The global investment management software market is projected to grow from USD 7,640 million in 2024 to USD 18,383 million by 2032, registering a CAGR of 11.6%. North America leads this market with a 40% share.
• The global investment management software market is also projected to reach a market value of 7.59 USD billion in 2024 and an anticipated increase to 25.9 USD billion by 2035, with a CAGR of 11.82% from 2025 to 2035.
• The global portfolio management software market was valued at $3.2 billion in 2022 and is projected to reach $11.8 billion by 2032, growing at a CAGR of 14.2%. North America dominated this market in 2022.

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SEI Investments (NASDAQ: SEIC) is expected to drive future revenue growth through several key initiatives and market trends over the next two to three years.

1. Expansion of Alternative Investment Platforms and Offerings: SEI's launch and continued development of platforms like SEI Access, an alternative investment product marketplace, are significant drivers. This platform broadens access to private market investments, hedge funds, and other alternative assets for wealth managers and financial advisors, a sector experiencing increasing demand for personalization and investment choice. As of December 31, 2024, SEI Access supported over 250 wealth management firms and 165 fund managers, processing approximately $4.9 billion in alternative transactions. Additionally, SEI's strategic investment in Stratos further demonstrates its commitment to innovation in wealth management solutions.
2. Growth in New Product Launches and Model Portfolios: The introduction of new investment products, such as three active exchange-traded funds (ETFs) in October 2024 (SEI Select Small Cap ETF, SEI Select International Equity ETF, and SEI Select Emerging Markets Equity ETF), aims to provide diversified building block solutions for investor portfolios. Furthermore, the launch of SEI Strategies with Capital Group in March 2025, a lineup of all-ETF model portfolios offered in a unified managed account (UMA) framework, addresses the growing industry demand for such solutions. The company is also focused on tax-sensitive ETFs and models businesses.
3. Increased Adoption of Technology Platforms and Client Growth: SEI is experiencing strong sales momentum and increased adoption of its technology and operational platforms. Record net sales events have been reported across various segments, geographies, and with both existing and new clients in recent quarters. Notably, the Investment Managers business has shown strong sales momentum, particularly among alternative and global managers, driven by surging demand for outsourcing and client expansions. Sales in Private Banking are also bolstered by new and existing client wins, M&A activity, and robust renewal rates.
4. Strategic Investments in Innovation and Operational Efficiency: SEI is making intentional investments in talent, technology, and infrastructure to enhance its capabilities and scale. This focus on innovation and operational leverage, coupled with cost discipline, is contributing to improved operating margins and revenue growth. Continued enhancements to the SEI Wealth Platform (SWP) and the development of new platforms for segments like Investment Managers further underscore this commitment.

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Share Repurchases

• In October 2025, SEI Investments' Board of Directors approved a $650 million increase to its stock repurchase program, bringing the total available authorization to approximately $773.2 million, which includes $123.2 million remaining under the existing authorization as of October 20, 2025.
• The company repurchased 3.1 million shares for $260 million during Q4 2024.
• During Q1 2025, SEI repurchased $193 million of stock, and in Q2 2025, it repurchased 2.2 million shares for $180.8 million.

Share Issuance

• SEI Investments has shown a trend of decreasing shares outstanding over the last few years, largely due to its repurchase programs.
• As of December 2025, the company had 124,470,000 shares outstanding.
• The number of shares outstanding declined by 3.63% year-over-year to 0.127 billion (127 million) as of June 30, 2025.

Outbound Investments

• In July 2025, SEI made a strategic investment and business partnership with Stratos Wealth Holdings, acquiring a 57.5% stake for approximately $527 million to expand its wealth management capabilities.
• In December 2024, SEI acquired LifeYield, a tax-smart technology provider, to offer real-time, automated unified managed household (UMH) capabilities.
• In November 2021, SEI acquired Novus Partners, a global portfolio intelligence platform company, to enhance capabilities for institutional investors and the investment management market. (Note: The sale of its Family Office Services business to Aquiline in July 2025 was a divestment, not an outbound investment in another company.)

Capital Expenditures

• SEI consistently invests in its talent, technology, and infrastructure to enhance its capabilities and scale, aligning capital to execute its growth vision and maximize enterprise value.
• The company emphasizes optimizing its operating model and is committed to innovation to accelerate growth.
• These investments are aimed at supporting expected growth and client evolving needs.