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- **Record Earnings**: Q4 EPS of $1.33, highest in SEI's history, fueled by $44 million in sales events and broad-based segment growth.
- **Strategic Growth**: Stratos partnership expanded reach, with $5 million Q4 revenue and future updates expected.
- **Margin Strength**: Private Banking margins in high teens due to professional services, offsetting Q1 2026 expenses from pipeline investments.
- **Capital Discipline**: $616 million share buybacks in 2025, maintaining 90-100% free cash flow return commitment.
- **Pipeline Momentum**: IMS targeting large alternative managers, with updates by April 2026, and Stratos-driven expansion in RIA channels.

**【CEO Summary Section】**
- **Record Earnings Performance**: Q4 EPS of $1.33, highest quarterly earnings in SEI's history, driven by broad-based growth across all segments.
- **Sales Momentum**: $44 million in total sales events, with Private Banking contributing $28 million, marking one of the strongest quarters ever.
- **Strategic Partnerships**: Stratos partnership expanded SEI's reach in RIA and broker-dealer channels, with $5 million in Q4 revenue and potential for future growth.
- **Pipeline Strength**: IMS pipeline includes large alternative managers, with updates expected by April 2026 earnings call.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income of $420 million, Non-GAAP EPS of $1.08, and $101 million in share repurchases, ending the year with $400 million in cash and no debt.
- **Unusual Items**: $20 million in severance and M&A fees offset by $3 million tax benefit and $3 million revenue accrual true-up.
- **Capital Allocation**: Committed to returning 90-100% of free cash flow via dividends and buybacks, with $616 million repurchased in 2025.

**【Q&A Key Highlights】**
- **Sales Events Breakdown**: 2/3 of IMS sales from alternative managers, driven by new wins and cross-sells; Private Banking's $28 million from professional services and SWP wins.
- **Professional Services Impact**: Margins in Private Banking expected to stay in high teens due to higher-margin professional services, with projects spanning 12-18 months.
- **Expense Management**: Q1 2026 may see margin compression due to hiring for pipeline execution and amortization of Stratos intangibles.
- **Stratos Integration**: Full consolidation expected in Q1 2026, with ongoing acquisitions to expand Stratos's advisory network.
- **U.K. Institutional Business**: Strategic importance remains, with leadership changes and focus on improved operating model.

SEI Investments Company (SEIC) Q4 2025 Earnings Call Transcript

**【CEO Summary Section】**
- **Record EPS achievement**: Q3 EPS reached $1.30, excluding one-time items, marking an all-time high for SEI. 
- **Sales momentum in Investment Managers**: IMS posted $31 million in net sales, driven by alternative asset managers (2/3 of events) and client wallet share expansion (2/3 of wins). 
- **Strategic wins offset losses**: A $13 million private banking win with a regional bank outweighed a one-off client loss, maintaining net sales at $31 million. 
- **Pipeline confidence**: 2026 clarity on large alternative manager contracts, with 2025 sales events surpassing $100 million year-to-date. 
- **AI and tokenization initiatives**: Early-stage AI adoption in workflows and tokenization pilots to enhance efficiency and scalability. 

**【CFO Financial Commentary】**
- **Margin expansion**: IMS operating profit growth of 25%+ QoQ, Advisors margin improvement from $2 million earn-out and $10 million integrated cash program gains. 
- **Capital allocation**: $142 million in share buybacks (12-month total: $775M) and $50M strategic investment in a market-neutral hedge fund. 
- **Balance sheet strength**: $793M cash position, supporting Stratos acquisition and disciplined capital deployment. 

**【Q&A Highlights】**
- **Sales diversification**: Alternatives (60%+ AUA growth) and private banking backlog delivery, with no single client >10% impact. 
- **International strategy**: Early-stage focus on existing client expansion in U.K., Dublin, and Luxembourg, with 2026 segment disclosure planned. 
- **Risk mitigation**: Private credit servicer resilience, with fee-based revenue model insulated from market volatility. 
- **Buyback policy**: 90-100% free cash flow return via buybacks/dividends, with Stratos close anticipated in late 2025. 
- **Client retention**: Private banking engagement success (e.g., client campus event attendance), reinforcing pipeline confidence. 


SEI Investments Company (SEIC) Q3 2025 Earnings Call Transcript

- **Strategic Deal Spotlight**: $1.7B investment in Stratos to accelerate growth in advice-driven wealth management, with cultural and operational alignment.
- **Financial Resilience**: Adjusted EPS of $1.20 (+12% YoY) despite margin pressure from strategic hiring; $700M+ buybacks maintain shareholder focus.
- **Sales Momentum**: $30M net sales events (record pace) driven by IMS; AUM net flows stabilize after $2.5B outflows in H1 2024.
- **Growth Investments**: $30M+ annualized in IMS talent; technology upgrades to support scaling of alternative asset manager partnerships.
- **Leverage Management**: Target to reduce leverage from -1x to lower levels, balancing M&A opportunities with capital returns.

**【CEO Summary Section】**
- **Strategic Investment in Stratos**: Announced a transformative partnership with Stratos, a leader in independent advisory services, to integrate SEI's technology and custody capabilities with Stratos' client-centric model. This positions SEI to capture long-term value in advice-driven solutions.
- **Board Appointments**: Added Karin Risi (Vanguard veteran) and Tom Naratil (UBS wealth leader) to the Board, enhancing strategic insight and execution.
- **Net Sales Momentum**: Achieved $30 million in net sales events (record on a trailing 12-month basis), driven by Investment Manager segment growth. Private Banking delays due to April market volatility.
- **Margin Management**: Margins declined due to targeted investments in talent and technology, with a focus on surgical hiring and process streamlining.
- **Asset Management Progress**: AUM net flows improved to negligible year-to-date (vs. $2.5B outflows in H1 2024), with early signs of net growth across broader platform.

**【CFO Financial Commentary】**
- **EPS Performance**: GAAP EPS of $1.78 included $0.60 from one-time gains (sale of family office services, vendor negotiation). Adjusted EPS of $1.20 reflects 12% YoY growth.
- **Revenue Growth**: Private Banking revenue up YoY and QoQ; Investment Managers grew 8% YoY (10%+ in alternatives). Advisor/Institutional businesses offset April declines with May/June market gains.
- **Margin Dynamics**: Margins declined sequentially due to hiring ahead of expected wins (e.g., $30M in IMS pipeline). Private Banking margins pressured by growth investments.
- **AUM/AUA Growth**: AUM up due to market conditions and improved flows; AUA growth driven by Investment Manager services and market appreciation.
- **Capital Allocation**: $700M+ in buybacks over 12 months; Stratos investment to be funded with balance sheet cash, maintaining fortress balance sheet.

**【Q&A Key Highlights】**
- **Investments in Talent/Technology**: IMS hiring ahead of pipeline wins; technology investments to streamline systems for scalability. Margins expected to remain stable as costs align with revenue.
- **Private Banking Delays**: April market volatility delayed closings, but pipeline remains strong across regional banks, professional services, and existing clients.
- **Stratos Differentiation**: Attracted by Stratos' disciplined operating model, centralized investment platform, and cultural fit. Synergies to focus on scaling Stratos' investment management capabilities (e.g., direct indexing, SMA servicing).
- **Sales Cycle Strength**: IMS pipeline driven by large alternative managers; Phil McCabe highlights SEI's referenceability as a competitive advantage. Asset Management flows improving (e.g., $1B+ in advisor/institutional AUM net flows YTD).
- **Capital Return Plans**: Target free cash flow of $500-600M/year; leverage to be reduced from current -1x to lower levels over time.

SEI Investments Company (SEIC) Q2 2025 Earnings Call Transcript

- **Record Growth**: Q1 EPS $1.17 (+18% YoY), $47M net sales (new high), 28.5% margin (3-year peak).
- **Diversified Resilience**: AUM/AUA up despite S&P 500 down 4.6%, driven by 48% equity allocation (80% U.S.).
- **Client Expansion**: 60% of Private Banking growth from regional banks; 37% recurring sales YoY+20%.
- **Margin Sustainability**: 28.5% margin via cost control and sales onboarding; 2025 capex $150M for growth.
- **Strategic Moves**: Sold Family Office Services for strong returns; $500M buyback authorization.


**【CEO Overview】**
- Q1 2025 EPS of $1.17, up 18% YoY, driven by all business segments. 
- Record $47M net sales (37% recurring), surpassing Q3 2024's $45M.
- Global client symposium showcased SEI's cross-industry capabilities, leading to real-time client network expansion.
- $37M recurring sales reflect long-term client contracts, up 20% YoY.
- Sold Family Office Services to Aquiline for strong shareholder returns.

**【CFO Financial Highlights】**
- Q1 GAAP EPS $1.17 vs. $0.99 YoY, +18%.
- Operating profit margin 28.5%, highest in 3 years, up 200bps YoY.
- Investment Managers +15% revenue, Private Banking +12%, driven by alternative managers and M&A wins.
- AUM/AUA up sequentially despite S&P 500 down 4.6%, due to diversification across geographies and asset classes.
- $193M share buybacks Q1, $450M over 2Q-1Q25, with $500M new authorization.

**【Q&A Key Takeaways】**
- **Sales Momentum**: No pipeline slowdown despite macro uncertainty; Private Banking sees 60% growth from regional banks.
- **AUM Resilience**: 48% equity allocation (80% U.S.), offsetting market decline with net inflows in SMA and alts.
- **Margin Sustainability**: 28.5% margin driven by sales onboarding and cost control; 2025 capex ~$150M for growth.
- **Strategic Focus**: Doubling down on alternatives, wealth tech, and global expansion via Luxembourg depositary services.
- **Balance Sheet Strength**: $700M cash, 0 debt; fortress balance sheet enables opportunistic M&A and buybacks.


SEI Investments (SEIC)-23 Apr 25-2025 Q1 Earnings call transcript

- **Record Sales Growth**: Q4 net sales events of $38M (up 60% YoY) driven by private banking and alternatives, with no single client or pricing change.
- **EPS Beats Expectations**: Full-year EPS of $4.41 (+27%) despite $0.02 headwind from one-time incentive comp.
- **Margin Expansion**: Operating margins improved 210bps sequentially, with private banking leading at +300bps.
- **Strategic Investments Paying Off**: Global expansion (U.K., Close Brothers), regional banking, and Whitefield acquisition drive 2025 growth.
- **Capital Discipline**: Record $259M buyback in Q4, with $620M total capital returns (6% of market cap).

**【CEO Summary Section】**
- Q4 2024 net sales events reached $38 million, with $28 million recurring, marking the second consecutive quarter of significant growth. Full-year net sales events totaled nearly $130 million, up 60% year-over-year.
- EPS for the quarter was $1.19, up 27% year-over-year to $4.41 annually. A one-time $0.02 headwind from incentive compensation was offset by strong cost control and broad-based revenue growth across all business units.
- The company maintained momentum despite institutional asset outflows, driven by planned terminations and structural pressures in active management. Alternative investment products, particularly in private credit, showed strong demand.
- Strategic investments in global expansion (e.g., U.K. regulatory compliance, Close Brothers partnership) and regional banking are paying off, with a focus on enterprise-wide client engagement.

**【CFO Financial Commentary】**
- GAAP EPS of $1.19 reflected a 31% year-over-year increase, with contributions from all business units. Excluding one-time items (e.g., $0.04 incentive comp, $0.05 stock comp timing), EPS growth would have been stronger.
- Operating margins improved sequentially, with private banking margins up 300 basis points. Cost discipline and revenue leverage drove margin expansion despite upfront costs for new business wins.
- SCI sales events were broad-based, with private banking (regional banks) and investment managers (alternatives) leading. The $29 million Whitefield acquisition will integrate tax-smart technology into multicustody solutions.
- Capital returns totaled $620 million annually, including record $259 million in Q4 buybacks. The balance sheet remains strong with $840 million in cash and no long-term debt.

**【Q&A Highlights】**
- **Sales Momentum**: CEO emphasized no single driver for growth; wins were broad-based across geographies and client types. No pricing changes, with focus on delivery excellence and client retention.
- **Margin Pressure**: CFO noted near-term margin headwinds from upfront costs to onboard new clients (e.g., 3-18 month ramp for institutional wins). However, 2025 margin expansion is expected as revenue catches up.
- **Private Banking Growth**: 2025 retention rates near 99%, driven by digital onboarding, professional services support, and cross-selling alternatives. Global expansion (e.g., U.K. private credit) is a key growth lever.
- **M&A Strategy**: Open to selective acquisitions to enhance multicustody, alternatives, or regional banking. Recent Whitefield deal exemplifies this approach.
- **Incentive Comp**: One-time 2024 bonus was a recognition of record performance; no plans for annualization but open to future discretionary rewards.


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