Attached files
| file | filename |
|---|---|
| 8-K - SEI INVESTMENTS COMPANY--FORM 8-K - SEI INVESTMENTS CO | d290315d8k.htm |
Exhibit 99.1
NEWS FROM SEI
| Investor Contact: | Media Contact: | |
| Murray Louis | Dana Grosser | |
| SEI | SEI | |
| (610) 676-1932 | (610) 676-2459 | |
| mlouis@seic.com | dgrosser@seic.com | |
| Pages: 9 |
FOR IMMEDIATE RELEASE
SEI REPORTS FOURTH-QUARTER 2011 FINANCIAL RESULTS
OAKS, Pa., January 25, 2012 — SEI Investments Company (NASDAQ:SEIC) today announced financial results for fourth-quarter 2011. Diluted earnings per share were $.25 in fourth-quarter 2011 compared to $.33 in fourth-quarter 2010.
| Consolidated Overview (In thousands, except earnings per share) |
For the Three Months Ended December 31, |
For the Twelve Months Ended December 31, |
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| 2011 | 2010 | % | 2011 | 2010 | % | |||||||||||||||||||
| Revenues |
$ | 226,247 | $ | 231,399 | (2 | %) | $ | 929,727 | $ | 900,835 | 3 | % | ||||||||||||
| Net Income attributable to SEI |
44,396 | 62,400 | (29 | %) | 204,959 | 231,687 | (12 | %) | ||||||||||||||||
| Diluted Earnings Per Share |
$ | 0.25 | $ | 0.33 | (24 | %) | $ | 1.11 | $ | 1.22 | (9 | %) | ||||||||||||
“While the headwinds created by third-quarter 2011 market performance had a dampening effect on fourth-quarter results, we continued to make progress in our business development initiatives that will drive long-term growth,” said Alfred P. West, Jr., SEI Chairman and CEO.
“As we enter 2012, we continue to operate in challenging and dynamic markets. We are confident that the solutions we offer and the investments we have made will allow us to succeed in growing our company. In the short-term, we will continue to focus on improving productivity, maintaining a strong and talented workforce and producing strong sales results. In the long-term increasing shareholder value, through strong profit growth, remains our number one goal.”
Summary of Fourth-Quarter and Year to Date Results by Business Segment
| (In thousands) | For the Three Month Period Ended December 31, |
For the Twelve Month Period Ended December 31, |
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| 2011 | 2010 | % | 2011 | 2010 | % | |||||||||||||||||||
| Private Banks: |
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| Revenues |
$ | 85,843 | $ | 85,938 | 0 | % | $ | 348,122 | $ | 346,668 | 0 | % | ||||||||||||
| Expenses |
84,769 | 80,959 | 5 | % | 339,339 | 310,633 | 9 | % | ||||||||||||||||
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| Operating Profit |
$ | 1,074 | $ | 4,979 | (78 | %) | $ | 8,783 | $ | 36,035 | (76 | %) | ||||||||||||
| Operating Margin |
1 | % | 6 | % | 3 | % | 10 | % | ||||||||||||||||
| Investment Advisors: |
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| Revenues |
45,106 | 48,095 | (6 | %) | 189,780 | 183,378 | 3 | % | ||||||||||||||||
| Expenses |
27,613 | 28,259 | (2 | %) | 110,438 | 110,388 | 0 | % | ||||||||||||||||
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| Operating Profit |
17,493 | 19,836 | (12 | %) | 79,342 | 72,990 | 9 | % | ||||||||||||||||
| Operating Margin |
39 | % | 41 | % | 42 | % | 40 | % | ||||||||||||||||
| Institutional Investors: |
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| Revenues |
49,895 | 53,710 | (7 | %) | 210,027 | 206,531 | 2 | % | ||||||||||||||||
| Expenses |
26,702 | 28,038 | (5 | %) | 106,585 | 106,934 | 0 | % | ||||||||||||||||
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| Operating Profit |
23,193 | 25,672 | (10 | %) | 103,442 | 99,597 | 4 | % | ||||||||||||||||
| Operating Margin |
46 | % | 48 | % | 49 | % | 48 | % | ||||||||||||||||
| Investment Managers: |
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| Revenues |
44,497 | 42,561 | 5 | % | 177,975 | 160,159 | 11 | % | ||||||||||||||||
| Expenses |
29,270 | 27,503 | 6 | % | 115,963 | 103,421 | 12 | % | ||||||||||||||||
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| Operating Profit |
15,227 | 15,058 | 1 | % | 62,012 | 56,738 | 9 | % | ||||||||||||||||
| Operating Margin |
34 | % | 35 | % | 35 | % | 35 | % | ||||||||||||||||
| Investments in New Businesses: |
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| Revenues |
906 | 1,095 | (17 | %) | 3,823 | 4,099 | (7 | %) | ||||||||||||||||
| Expenses |
3,085 | 3,196 | (3 | %) | 11,559 | 12,676 | (9 | %) | ||||||||||||||||
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| Operating Loss |
(2,179 | ) | (2,101 | ) | 4 | % | (7,736 | ) | (8,577 | ) | (10 | %) | ||||||||||||
| Operating Margin |
N/A | N/A | N/A | N/A | ||||||||||||||||||||
| Totals: |
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| Revenues |
$ | 226,247 | $ | 231,399 | (2 | %) | $ | 929,727 | $ | 900,835 | 3 | % | ||||||||||||
| Expenses |
171,439 | 167,955 | 2 | % | 683,884 | 644,052 | 6 | % | ||||||||||||||||
| Corporate overhead expenses |
10,875 | 12,076 | (10 | %) | 43,398 | 40,715 | 7 | % | ||||||||||||||||
| Noncontrolling interest reflected in segments |
(442 | ) | (509 | ) | N/A | (1,620 | ) | (1,465 | ) | N/A | ||||||||||||||
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| Income from operations |
$ | 44,375 | $ | 51,877 | (14 | %) | $ | 204,065 | $ | 217,533 | (6 | %) | ||||||||||||
Fourth-Quarter Business Commentary:
| • | Revenues declined in fourth-quarter 2011 as compared to fourth-quarter 2010 and to third-quarter 2011 due to a decrease in Asset management, administration, and distribution fee revenues from the market decline experienced at the end of third-quarter 2011. Although ending assets increased during the fourth-quarter 2011, SEI’s average assets under management (which SEI uses to calculate revenue) decreased during fourth-quarter 2011 compared to fourth-quarter 2010 as well as to third-quarter 2011 (See attached Ending and Average Asset Balances schedules for further details). |
| • | Revenues in fourth-quarter 2011 compared to fourth-quarter 2010 also declined due to lower information processing fees due to a decline in one-time revenues. |
| • | Sales events, net of client losses, during fourth-quarter 2011 totaled approximately $20.0 million and are expected to generate net annualized recurring revenues of approximately $16.0 million when contract values are fully realized. |
| • | Net income attributable to SEI includes losses from SIV securities of $0.7 million in fourth-quarter 2011 compared to gains of $14.3 million in fourth-quarter 2010. In addition fourth-quarter 2010 included gains of $3.8 million relating to sales of other assets. |
| • | Diluted earnings per share in fourth-quarter 2011 declined versus third-quarter 2011 due mainly to the revenue decreases mentioned above. Diluted earnings per share declined versus fourth-quarter 2010 due to the revenue decreases above, in addition to SIV and other gains recorded on investments in fourth-quarter 2010. |
| • | The effective tax rates were 34.7 percent in the fourth-quarter 2011 as well as in the fourth-quarter 2010. The tax rate in the fourth-quarter 2011 benefited from tax planning strategies while fourth-quarter 2010 benefited from a year-to-date adjustment to reflect the reinstatement of the research and development tax credit. |
| • | In the fourth-quarter 2011, SEI purchased 3.2 million shares of its common stock for $52.5 million. |
| • | In the fourth-quarter 2011, SEI made a $20.0 million payment on its outstanding debt. As of December 31, 2011, SEI no longer carries any debt. |
Earnings Conference Call
A conference call to review earnings is scheduled for 2:00 PM ET on January 25, 2012. Investors may listen to the call at www.seic.com/investors or listen at www.earnings.com, a service of Thomson Streetevents. The call may also be accessed at numerous financial services web sites including AOL and Yahoo. Investors may also listen to replays at these web sites, or by telephone at (USA) 1-866-206-5917; (International) 703-639-1106, access code 234129.
About SEI
SEI (NASDAQ:SEIC) is a leading global provider of investment processing, fund processing, and investment management business outsourcing solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of December 31, 2011, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $404 billion in mutual fund and pooled or separately managed assets, including $172 billion in assets under management and $232 billion in client assets under administration. For more information, visit www.seic.com.
Many of the statements in this release may be considered “forward looking statements” and include discussions about future operations, strategies and financial results. Forward-looking statements are based upon estimates and assumptions that involve 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.
SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
| Three Months Ended December 31, |
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| 2011 | 2010 | |||||||
| Asset management, admin. and distribution fees |
$ | 162,126 | $ | 165,024 | ||||
| Information processing and software servicing fees |
54,882 | 56,381 | ||||||
| Transaction-based and trade execution fees |
9,239 | 9,994 | ||||||
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| Total revenues |
226,247 | 231,399 | ||||||
| Subadvisory, distribution and other asset mgmt costs |
25,921 | 26,302 | ||||||
| Software royalties and other information processing costs |
6,529 | 5,923 | ||||||
| Brokerage commissions |
6,816 | 6,221 | ||||||
| Compensation, benefits and other personnel |
74,609 | 70,243 | ||||||
| Stock-based compensation |
3,146 | 10,380 | ||||||
| Consulting, outsourcing and professional fees |
27,592 | 23,783 | ||||||
| Data processing and computer related |
11,774 | 10,552 | ||||||
| Facilities, supplies and other costs |
13,105 | 14,455 | ||||||
| Amortization |
7,257 | 6,153 | ||||||
| Depreciation |
5,123 | 5,510 | ||||||
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| Total expenses |
181,872 | 179,522 | ||||||
| Income from operations |
44,375 | 51,877 | ||||||
| Net (loss) gain on investments |
(552 | ) | 18,098 | |||||
| Interest and dividend income |
1,449 | 1,503 | ||||||
| Interest expense |
(100 | ) | (256 | ) | ||||
| Other expense, net |
— | (1,660 | ) | |||||
| Equity in earnings of unconsolidated affiliate |
23,431 | 26,618 | ||||||
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| Net income before income taxes |
68,603 | 96,180 | ||||||
| Income taxes |
23,750 | 33,278 | ||||||
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| Net income |
44,853 | 62,902 | ||||||
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| Less: Net income attributable to the noncontrolling interest |
(457 | ) | (502 | ) | ||||
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| Net income attributable to SEI |
$ | 44,396 | $ | 62,400 | ||||
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| Diluted earnings per common share |
$ | 0.25 | $ | 0.33 | ||||
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| Shares used to calculate diluted earnings per common share |
178,412 | 189,200 | ||||||
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| Basic earnings per common share |
$ | 0.25 | $ | 0.33 | ||||
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| Shares used to calculate basic earnings per common share |
178,098 | 186,602 | ||||||
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SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
| Twelve Months Ended December 31, |
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| 2011 | 2010 | |||||||
| Asset management, admin. and distribution fees |
$ | 669,788 | $ | 628,535 | ||||
| Information processing and software servicing fees |
222,417 | 231,529 | ||||||
| Transaction-based and trade execution fees |
37,522 | 40,771 | ||||||
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| Total revenues |
929,727 | 900,835 | ||||||
| Subadvisory, distribution and other asset mgmt costs |
103,134 | 101,722 | ||||||
| Software royalties and other information processing costs |
27,437 | 24,419 | ||||||
| Brokerage commissions |
27,022 | 28,882 | ||||||
| Compensation, benefits and other personnel |
289,445 | 269,165 | ||||||
| Stock-based compensation |
14,112 | 26,783 | ||||||
| Consulting, outsourcing and professional fees |
113,171 | 89,033 | ||||||
| Data processing and computer related |
47,003 | 41,064 | ||||||
| Facilities, supplies and other costs |
55,579 | 56,284 | ||||||
| Amortization |
27,288 | 24,048 | ||||||
| Depreciation |
21,471 | 21,902 | ||||||
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| Total expenses |
725,662 | 683,302 | ||||||
| Income from operations |
204,065 | 217,533 | ||||||
| Net gain on investments |
3,360 | 48,533 | ||||||
| Interest and dividend income |
5,829 | 6,326 | ||||||
| Interest expense |
(585 | ) | (1,478 | ) | ||||
| Other expense, net |
— | (590 | ) | |||||
| Equity in earnings of unconsolidated affiliate |
105,818 | 99,457 | ||||||
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| Net income before income taxes |
318,487 | 369,781 | ||||||
| Income taxes |
111,837 | 136,461 | ||||||
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| Net income |
206,650 | 233,320 | ||||||
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| Less: Net income attributable to the noncontrolling interest |
(1,691 | ) | (1,633 | ) | ||||
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| Net income attributable to SEI |
$ | 204,959 | $ | 231,687 | ||||
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| Diluted earnings per common share |
$ | 1.11 | $ | 1.22 | ||||
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| Shares used to calculate diluted earnings per common share |
184,127 | 190,321 | ||||||
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| Basic earnings per common share |
$ | 1.12 | $ | 1.23 | ||||
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| Shares used to calculate basic earnings per common share |
182,547 | 188,468 | ||||||
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SEI INVESTMENTS COMPANY
CONDENSED BALANCE SHEETS
(In thousands)
| (Unaudited) December 31, 2011 |
December 31, 2010 |
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| Assets |
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| Cash and short-term investments |
$ | 420,986 | $ | 496,292 | ||||
| Restricted cash |
6,000 | 4,000 | ||||||
| Receivables, net |
167,909 | 165,772 | ||||||
| Securities owned |
20,949 | — | ||||||
| Other current assets |
19,107 | 17,655 | ||||||
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| Total current assets |
634,951 | 683,719 | ||||||
| Property and equipment, net |
129,548 | 140,568 | ||||||
| Marketable securities |
139,333 | 179,364 | ||||||
| Capitalized software, net |
309,133 | 294,332 | ||||||
| Investment in unconsolidated affiliate |
60,954 | 64,409 | ||||||
| Other assets, net |
20,640 | 14,831 | ||||||
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| Total assets |
$ | 1,294,559 | $ | 1,377,223 | ||||
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| Liabilities |
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| Current liabilities |
$ | 151,073 | $ | 127,600 | ||||
| Long-term debt |
— | 95,000 | ||||||
| Deferred income taxes |
93,751 | 92,253 | ||||||
| Other Long-term liabilities |
8,276 | 5,645 | ||||||
| Total SEI Investments Company shareholders’ equity |
1,025,316 | 1,041,570 | ||||||
| Noncontrolling interest |
16,143 | 15,155 | ||||||
| Total Equity |
1,041,459 | 1,056,725 | ||||||
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| Total liabilities and equity |
$ | 1,294,559 | $ | 1,377,223 | ||||
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SEI INVESTMENTS COMPANY
ENDING ASSET BALANCES
(In millions)
(Unaudited)
| Dec. 31, 2010 |
Mar. 31, 2011 |
Jun. 30, 2011 |
Sept. 30, 2011 |
Dec. 31, 2011 |
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| Private Banks: |
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| Equity/Fixed Income prgms. |
$ | 13,512 | $ | 14,809 | $ | 16,720 | $ | 15,442 | $ | 16,435 | ||||||||||
| Collective Trust Fund prgms. |
626 | 576 | 504 | 476 | 450 | |||||||||||||||
| Liquidity funds |
5,120 | 5,217 | 4,918 | 5,529 | 5,553 | |||||||||||||||
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| Total assets under mgmt. |
$ | 19,258 | $ | 20,602 | $ | 22,142 | $ | 21,447 | $ | 22,438 | ||||||||||
| Client assets under admin. |
10,672 | 11,227 | 10,994 | 9,845 | 10,355 | |||||||||||||||
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| Total assets |
$ | 29,930 | $ | 31,829 | $ | 33,136 | $ | 31,292 | $ | 32,793 | ||||||||||
| Investment Advisors: |
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| Equity/Fixed Income prgms. |
$ | 27,680 | $ | 28,296 | $ | 28,410 | $ | 24,757 | $ | 26,639 | ||||||||||
| Collective Trust Fund prgms. |
1,820 | 1,618 | 1,499 | 1,392 | 1,298 | |||||||||||||||
| Liquidity funds |
1,641 | 1,551 | 1,651 | 2,653 | 2,505 | |||||||||||||||
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| Total assets under mgmt. |
$ | 31,141 | $ | 31,465 | $ | 31,560 | $ | 28,802 | $ | 30,442 | ||||||||||
| Institutional Investors: |
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| Equity/Fixed Income prgms. |
$ | 48,699 | $ | 51,287 | $ | 51,180 | $ | 46,259 | $ | 49,051 | ||||||||||
| Collective Trust Fund prgms. |
623 | 608 | 482 | 510 | 492 | |||||||||||||||
| Liquidity funds |
3,382 | 3,202 | 3,146 | 3,356 | 3,888 | |||||||||||||||
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| Total assets under mgmt. |
$ | 52,704 | $ | 55,097 | $ | 54,808 | $ | 50,125 | $ | 53,431 | ||||||||||
| Investment Managers: |
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| Equity/Fixed Income prgms. |
$ | 1 | $ | 37 | $ | 50 | $ | 64 | $ | 57 | ||||||||||
| Collective Trust Fund prgms. |
8,177 | 8,841 | 10,372 | 10,896 | 11,255 | |||||||||||||||
| Liquidity funds |
313 | 139 | 179 | 195 | 152 | |||||||||||||||
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| Total assets under mgmt. |
$ | 8,491 | $ | 9,017 | $ | 10,601 | $ | 11,155 | $ | 11,464 | ||||||||||
| Client assets under admin. (A) |
233,079 | 238,335 | 238,432 | 223,620 | 221,198 | |||||||||||||||
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| Total assets |
$ | 241,570 | $ | 247,352 | $ | 249,033 | $ | 234,775 | $ | 232,662 | ||||||||||
| Investments in New Businesses: |
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| Equity/Fixed Income prgms. |
$ | 569 | $ | 598 | $ | 558 | $ | 490 | $ | 515 | ||||||||||
| Liquidity funds |
65 | 56 | 41 | 41 | 37 | |||||||||||||||
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| Total assets under mgmt. |
$ | 634 | $ | 654 | $ | 599 | $ | 531 | $ | 552 | ||||||||||
| LSV Asset Management |
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| Equity/Fixed Income prgms. |
$ | 60,058 | $ | 62,369 | $ | 60,626 | $ | 49,444 | $ | 53,712 | ||||||||||
| Consolidated: |
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| Equity/Fixed Income prgms (B) |
$ | 150,519 | $ | 157,396 | $ | 157,544 | $ | 136,456 | $ | 146,409 | ||||||||||
| Collective Trust Fund prgms. |
11,246 | 11,643 | 12,857 | 13,274 | 13,495 | |||||||||||||||
| Liquidity funds |
10,521 | 10,165 | 9,935 | 11,774 | 12,135 | |||||||||||||||
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| Total assets under mgmt. |
$ | 172,286 | $ | 179,204 | $ | 180,336 | $ | 161,504 | $ | 172,039 | ||||||||||
| Client assets under admin. (C) |
243,751 | 249,562 | 249,426 | 233,465 | 231,553 | |||||||||||||||
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| Total assets |
$ | 416,037 | $ | 428,766 | $ | 429,762 | $ | 394,969 | $ | 403,592 | ||||||||||
| (A) | Client assets under administration in the Investment Managers segment include $39.5 billion of assets balances that require limited services and therefore are at fee levels below our normal full service assets (as of December 31, 2011). |
| (B) | Equity/Fixed Income programs include $2.3 billion of assets invested in various asset allocation funds at December 31, 2011. |
| (C) | In addition to the numbers presented, SEI also administers an additional $4.4 billion in Funds of Funds assets (as of December 31, 2011) on which SEI does not earn an administration fee. |
SEI INVESTMENTS COMPANY
AVERAGE ASSET BALANCES
(In millions)
(Unaudited)
| 4th Qtr 2010 |
1st Qtr 2011 |
2nd Qtr 2011 |
3rd Qtr 2011 |
4th Qtr 2011 |
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| Private Banks: |
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| Equity/Fixed Income prgms. |
$ | 13,200 | $ | 14,170 | $ | 16,176 | $ | 16,592 | $ | 16,624 | ||||||||||
| Collective Trust Fund prgms. |
618 | 593 | 543 | 505 | 464 | |||||||||||||||
| Liquidity funds |
4,966 | 5,058 | 4,909 | 5,210 | 5,401 | |||||||||||||||
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| Total assets under mgmt. |
$ | 18,784 | $ | 19,821 | $ | 21,628 | $ | 22,307 | $ | 22,489 | ||||||||||
| Client assets under admin. |
10,749 | 10,921 | 11,114 | 10,364 | 10,290 | |||||||||||||||
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| Total assets |
$ | 29,533 | $ | 30,742 | $ | 32,742 | $ | 32,671 | $ | 32,779 | ||||||||||
| Investment Advisors: |
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| Equity/Fixed Income prgms. |
$ | 27,121 | $ | 27,841 | $ | 28,502 | $ | 26,658 | $ | 26,094 | ||||||||||
| Collective Trust Fund prgms. |
1,893 | 1,687 | 1,544 | 1,442 | 1,314 | |||||||||||||||
| Liquidity funds |
1,729 | 1,580 | 1,576 | 2,224 | 2,499 | |||||||||||||||
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|
|
|
|||||||||||
| Total assets under mgmt. |
$ | 30,743 | $ | 31,108 | $ | 31,622 | $ | 30,324 | $ | 29,907 | ||||||||||
| Institutional Investors: |
||||||||||||||||||||
| Equity/Fixed Income prgms. |
$ | 48,310 | $ | 50,392 | $ | 51,567 | $ | 49,115 | $ | 48,504 | ||||||||||
| Collective Trust Fund prgms. |
638 | 608 | 554 | 505 | 500 | |||||||||||||||
| Liquidity funds |
3,450 | 3,418 | 3,515 | 3,416 | 3,461 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets under mgmt. |
$ | 52,398 | $ | 54,418 | $ | 55,636 | $ | 53,036 | $ | 52,465 | ||||||||||
| Investment Managers: |
||||||||||||||||||||
| Equity/Fixed Income prgms. |
$ | 1 | $ | 1 | $ | 38 | $ | 52 | $ | 65 | ||||||||||
| Collective Trust Fund prgms. |
7,986 | 8,288 | 9,560 | 11,292 | 10,773 | |||||||||||||||
| Liquidity funds |
406 | 210 | 165 | 200 | 219 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets under mgmt. |
$ | 8,393 | $ | 8,499 | $ | 9,763 | $ | 11,544 | $ | 11,057 | ||||||||||
| Client assets under admin. |
233,680 | 237,376 | 241,423 | 236,953 | 224,633 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets |
$ | 242,073 | $ | 245,875 | $ | 251,186 | $ | 248,497 | $ | 235,690 | ||||||||||
| Investments in New Businesses: |
||||||||||||||||||||
| Equity/Fixed Income prgms. |
$ | 551 | $ | 579 | $ | 561 | $ | 525 | $ | 515 | ||||||||||
| Liquidity funds |
70 | 61 | 42 | 42 | 42 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets under mgmt. |
$ | 621 | $ | 640 | $ | 603 | $ | 567 | $ | 557 | ||||||||||
| LSV Asset Management |
||||||||||||||||||||
| Equity/Fixed Income prgms. |
$ | 57,523 | $ | 62,212 | $ | 63,000 | $ | 54,679 | $ | 54,021 | ||||||||||
| Consolidated: |
||||||||||||||||||||
| Equity/Fixed Income prgms |
$ | 146,706 | $ | 155,195 | $ | 159,844 | $ | 147,621 | $ | 145,823 | ||||||||||
| Collective Trust Fund prgms. |
11,135 | 11,176 | 12,201 | 13,744 | 13,051 | |||||||||||||||
| Liquidity funds |
10,621 | 10,327 | 10,207 | 11,092 | 11,622 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets under mgmt. |
$ | 168,462 | $ | 176,698 | $ | 182,252 | $ | 172,457 | $ | 170,496 | ||||||||||
| Client assets under admin. |
244,429 | 248,297 | 252,537 | 247,317 | 234,923 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets |
$ | 412,891 | $ | 424,995 | $ | 434,789 | $ | 419,774 | $ | 405,419 | ||||||||||