Here are 1-3 brief analogies for SEI Investments (SEIC):

• It's like **Northern Trust or State Street for a wider array of financial advisors and institutions**, offering comprehensive investment management, administration, and tech solutions.

• Think of it as a blend of **BlackRock's asset management and Fiserv's financial technology**, but tailored specifically for other wealth managers, banks, and institutional clients.

• Wealth Management: Comprehensive services for managing and planning financial assets for individuals and institutions.
• Retirement Solutions: Products and services designed for retirement planning and managing retirement funds.
• Investment Management: Managing diverse investment portfolios for clients, including mutual funds and separate client-focused portfolios.
• Investment Advisory Services: Providing expert advice on investment strategies and financial decisions.
• Asset Administration: Providing back-office and administrative support services for client assets.
• Investment Processing Outsourcing Solutions: Offering outsourced services for the operational processing of investments.

Major Customers of SEI Investments (SEIC)

SEI Investments primarily sells its services to other companies and organizations, rather than directly to individual consumers. The company serves a broad range of clients within the financial industry and institutional sectors. While specific named customer companies are not disclosed in the provided information, SEI's major customers fall into the following categories:

• Financial Intermediaries & Asset Managers: This includes private banks, independent financial advisers, investment managers, investment advisors, wealth management organizations, hedge fund managers, registered investment advisers, independent broker-dealers, financial planners, and life insurance agents.
• Institutional Clients: This category encompasses institutional investors, corporations, retirement scheme sponsors (including defined-benefit and defined-contribution schemes), not-for-profit organizations, endowments, foundations, and board-designated funds.

Ryan P. Hicke

Chief Executive Officer

Ryan Hicke is responsible for SEI's global business strategy and execution across technology, operations, and asset management. He has a 27-year career at SEI, with experience spanning asset management and technology, split evenly between U.S. and global roles. Before becoming CEO, he served as Chief Information Officer, overseeing the company's information technology strategy and investment operations. He also previously led SEI's Technology Unit and was a Managing Director in its U.K. wealth management business. Hicke holds a degree in finance from Saint Joseph's University. He succeeded founder Alfred P. West, Jr. as CEO on June 1, 2022.

Sean J. Denham

Executive Vice President and Chief Financial and Chief Operating Officer

Sean Denham is responsible for leading SEI's finance and accounting, corporate controllership, internal audit, business management, enterprise risk management, and investor relations functions. His expanded role as CFO/COO also includes oversight of information technology, operations, and human resources functions. Denham joined SEI in March 2024. Prior to SEI, he spent 20 years at Grant Thornton, holding various leadership positions such as regional managing partner for the Atlantic Coast, National Audit growth leader, and national Special Purpose Acquisition Company (SPAC) leader. He began his career focused on audit and mergers and acquisitions at Ernst & Young and Amper, Politziner & Mattia. Denham is a Certified Public Accountant and earned a bachelor's degree in accounting from Lehigh University.

Paul F. Klauder

Executive Vice President and Head of SEI's Advisor business

Paul Klauder leads SEI's Advisor business and is responsible for its business and growth strategies across North American intermediary markets. A 30-year veteran at SEI, he previously served as Head of the Institutional business, overseeing investment products and services for global institutional clients. Before that, he was Vice President and Managing Director in the Institutional Group, focusing on new business development. Klauder joined SEI in 1993 and was instrumental in developing the company's investment outsourcing business. Prior to SEI, he worked at Arthur Andersen and Company as a Certified Public Accountant (CPA), specializing in financial service audits and employee benefit plan reviews and consultations.

Michael F. Lane

Executive Vice President, Head of Asset Management

Michael Lane is responsible for the business and growth strategy for SEI's Advisor and Institutional businesses in North America, and also leads SEI's global investment management teams. He brings 35 years of experience to his role. Before joining SEI, Michael served as Chair of U.S. Wealth at BlackRock, and prior to that, he was head of iShares for U.S. Wealth Advisory. He also held several leadership positions at Dimensional Fund Advisors, where he led the development of their retirement, broker-dealer, bank, and TAMP businesses.

Phil N. McCabe

Executive Vice President, Head of SEI's Investment Managers business

Phil McCabe is responsible for leading the global business strategy across operations, technology, sales, and service for SEI's Investment Managers' business. He joined SEI in 1989 and has held various senior leadership roles within SEI, including in the Investment Managers' business, the Private Banking and Wealth Management business, the SEI Private Trust Company, and SEI Trust Company. Most recently, he was Global Head of Operations for SEI's Investment Managers business. He has extensive expertise in new business development, client relationship management, global operations, and solution and product development.

The increasing adoption of Distributed Ledger Technology (DLT) and blockchain for asset tokenization, trade settlement, and record-keeping within the financial services industry. If these technologies mature and become widely adopted as the new standard for financial infrastructure, they could automate many functions currently performed by SEI's asset administration and investment processing outsourcing businesses, potentially disintermediating their role or significantly reducing the value of their services.

SEI Investments (NASDAQ: SEIC) operates in several large addressable markets globally, including wealth management, asset management, retirement solutions, and investment processing/administration outsourcing.

The addressable markets for SEI Investments' main products and services are as follows:

• Wealth Management: The global wealth management market was valued at approximately USD 1.83 trillion in 2024 and is projected to grow to USD 5.95 trillion by 2033.
• Asset Management: The global asset management industry, in terms of assets under management (AuM), reached a record-breaking $128 trillion in 2024. This figure is projected to surge from US $139 trillion in 2024 to $200 trillion by 2030. Separately, the global asset management market size (revenue) was valued at USD 469 billion in 2024 and is projected to grow to USD 6 trillion by 2034.
• Retirement Solutions/Pension Funds: Global retirement assets reached $58.5 trillion in 2024. More specifically, the global pension funds market size was valued at USD 71.35 trillion in 2024 and is poised to grow to USD 115.52 trillion by 2033. The global retirement planning market was accounted for $127.8 billion in 2025 and is expected to reach $198.6 billion by 2032.
• Investment Processing Outsourcing/Asset Administration (Business Process Outsourcing and Asset Servicing): The global outsourcing services market size was estimated at USD 3.8 trillion in 2024 and is projected to reach USD 7.11 trillion by 2030. The asset servicing market size grew from $1.43 trillion in 2025 to $1.53 trillion in 2026. The global business process outsourcing (BPO) market size was valued at USD 347.95 billion in 2025 and is anticipated to reach around USD 906.27 billion by 2035.

SEI Investments (NASDAQ: SEIC) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives and market expansion:

1. Strategic Acquisitions and Partnerships: SEI is actively pursuing strategic acquisitions and partnerships to enhance its capabilities and market reach. Notable examples include the acquisition of a 57.5% stake in Stratos Wealth Holdings to bolster advisor support and the acquisition of LifeYield to enhance tax-smart investing capabilities. Additionally, the acquisition of Altigo aims to expand opportunities in alternative investments through a SaaS model.
2. Expansion and Sales in Technology and Investment Processing Services: The company anticipates continued revenue growth from its technology and investment processing businesses. This includes significant sales and implementation activity within private banking and investment managers segments, which are expected to generate recurring revenue.
3. Increased Penetration in Advisor and Institutional Markets: SEI is focused on expanding its presence in key client segments. This involves increasing penetration into the Registered Investment Advisor (RIA) space and driving global expansion within its investment managers business. The company has achieved record net sales events in these areas, indicating strong market engagement.
4. Development and Adoption of Alternative Investment Products: Investing in alternative investment products is a key driver for future growth. SEI is actively expanding its offerings and capabilities in alternatives, evidenced by the acquisition of Altigo to support this growth area.

Capital Allocation Decisions for SEI Investments (SEIC)

Share Repurchases

• SEI Investments demonstrated a consistent share repurchase program, with annual share buybacks totaling $628.135 million in 2025, $500.061 million in 2024, and $308.854 million in 2023.
• In October 2025, the Board of Directors approved a $650 million increase to the stock repurchase program, raising the total available authorization to approximately $773.2 million, which included $123.2 million remaining from previous authorizations as of October 20, 2025.
• The company plans to continue its aggressive share buyback program, aiming to return up to 100% of its free cash flow to shareholders.

Share Issuance

• SEI Investments has not shown significant share issuances in the last 3-5 years. Instead, the number of outstanding shares has consistently declined due to active share repurchase programs.
• Shares outstanding for SEI Investments decreased from 0.134 billion in 2023 to 0.127 billion in 2025, reflecting a 3.53% decline from 2024 to 2025.

Inbound Investments

• No significant inbound investments by third-parties such as strategic partners or private equity firms into SEI Investments were identified within the last 3-5 years.

Outbound Investments

• In July 2025, SEI made a strategic investment in Stratos Wealth Holdings, a network of financial advisors, for approximately $527 million. The first stage of this investment was completed in December 2025, with SEI paying approximately $544 million for a 57.5% equity stake in the newly formed SEI-Eclipse Holding Company.
• In December 2024, SEI acquired LifeYield to enhance its multi-account tax management capabilities.
• SEI agreed to divest its Family Office Services business to Aquiline Capital Partners LP for $120 million, with the transaction expected to close in late Q2 2025.

Capital Expenditures

• Capital expenditures for SEI Investments were $21.1 million in the first nine months of 2025, compared to $27.2 million in the first nine months of 2024.
• These expenditures in 2024 and 2025 primarily focused on capital outlays for purchased software and equipment for data center operations.
• The company also capitalized $22.8 million in software development costs in the first nine months of 2025, with significant portions allocated to enhancing the SEI Wealth Platform and developing SEI Scope, a new platform for the Investment Managers segment.