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8-K - FORM 8-K - SEI INVESTMENTS COseicform8-k12920.htm

Exhibit 99.1

seiexhibit991logoa29.jpg

Investor Contact:                         Media Contact:
Lindsey Opsahl                        Leslie Wojcik
SEI                                SEI
+1 610-676-4052                        +1 610-676-4191
lopsahl@seic.com                        lwojcik@seic.com
Pages:        8

FOR IMMEDIATE RELEASE

SEI Reports Fourth-Quarter 2019 Financial Results

OAKS, Pa., Jan. 29, 2020 – SEI Investments Company (NASDAQ:SEIC) today announced financial results for the fourth-quarter 2019. Diluted earnings per share were $0.84 in fourth-quarter 2019 compared to $0.73 in fourth-quarter 2018.
Consolidated Overview
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except earnings per share)
 
For the Three Months Ended Dec. 31,
 
 
 
For the Twelve Months Ended Dec. 31,
 
 
 
 
2019
 
2018
 
%
 
2019
 
2018
 
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 

$423,225

 

$405,057

 
4%
 

$1,649,885

 

$1,624,167

 
2%
Net income
 
128,737

 
116,034

 
11%
 
501,426

 
505,868

 
(1)%
Diluted earnings per share
 

$0.84

 

$0.73

 
15%
 

$3.24

 

$3.14

 
3%
“Our financial results for 2019 reflect steady success in growing our profits. While we continue to execute our long-term strategy, turning headwinds into tailwinds, we are leveraging all of our assets through our One SEI approach,” said Alfred P. West, Jr., SEI Chairman and CEO.
“The wealth and investment industries are dynamic. We believe our unique position across financial technology, operations and investments provide growth opportunities that will lead to increased shareholder value. The investments we make and our success in 2019 situate us well for the future.”





Summary of Fourth-Quarter Results by Business Segment
(In thousands)
 
For the Three Months Ended Dec. 31,
 
 
 
For the Twelve Months Ended Dec. 31,
 
 
 
 
2019
 
2018
 
%
 
2019
 
2018
 
%
Private Banks:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 

$118,675

 

$121,358

 
(2)%
 

$470,276

 

$483,097

 
(3)%
Expenses
 
113,596

 
114,379

 
(1)%
 
443,136

 
457,894

 
(3)%
Operating Profit
 
5,079

 
6,979

 
(27)%
 
27,140

 
25,203

 
8%
Operating Margin
 
4
%
 
6
%
 
 
 
6
%
 
5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Advisors:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
105,862

 
97,457

 
9%
 
403,778

 
399,089

 
1%
Expenses
 
53,939

 
53,647

 
1%
 
208,508

 
212,439

 
(2)%
Operating Profit
 
51,923

 
43,810

 
19%
 
195,270

 
186,650

 
5%
Operating Margin
 
49
%
 
45
%
 
 
 
48
%
 
47
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Institutional Investors:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
80,503

 
80,908

 
(1)%
 
322,062

 
333,299

 
(3)%
Expenses
 
38,554

 
40,919

 
(6)%
 
153,937

 
163,536

 
(6)%
Operating Profit
 
41,949

 
39,989

 
5%
 
168,125

 
169,763

 
(1)%
Operating Margin
 
52
%
 
49
%
 
 
 
52
%
 
51
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Managers:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
114,759

 
102,380

 
12%
 
440,796

 
398,076

 
11%
Expenses
 
72,698

 
67,738

 
7%
 
282,024

 
259,693

 
9%
Operating Profit
 
42,061

 
34,642

 
21%
 
158,772

 
138,383

 
15%
Operating Margin
 
37
%
 
34
%
 
 
 
36
%
 
35
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in New Businesses:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
3,426

 
2,954

 
16%
 
12,973

 
10,606

 
22%
Expenses
 
8,997

 
6,164

 
46%
 
29,660

 
22,971

 
29%
Operating Loss
 
(5,571
)
 
(3,210
)
 
NM
 
(16,687
)
 
(12,365
)
 
NM
 
 
 
 
 
 
 
 
 
 
 
 
 
Totals:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 

$423,225

 

$405,057

 
4%
 

$1,649,885

 

$1,624,167

 
2%
Expenses
 
287,784

 
282,847

 
2%
 
1,117,265

 
1,116,533

 
—%
Corporate Overhead Expenses
 
19,351

 
19,248

 
1%
 
72,196

 
65,646

 
10%
Income from Operations
 

$116,090

 

$102,962

 
13%
 

$460,424

 

$441,988

 
4%



2



Fourth-Quarter Business Highlights:
Revenues from Asset management, administration, and distribution fees increased primarily from higher assets under administration in our Investment Managers segment due to sales of new business and market appreciation.
Our average assets under administration increased $88.8 billion, or 15%, to $671.5 billion in the fourth-quarter 2019, as compared to $582.7 billion during the fourth-quarter 2018 (see attached Average Asset Balances schedules for further details).
Our average assets under management, excluding LSV, increased $20.8 billion, or 10%, to $239.2 billion in the fourth-quarter 2019, as compared to $218.4 billion during the fourth-quarter 2018 (see attached Average Asset Balances schedules for further details).
Sales events, net of client losses, during fourth-quarter 2019 totaled approximately $26.1 million and are expected to generate net annualized recurring revenues of approximately $17.5 million when contract values are fully realized. For the year ended 2019, sales events, net of client losses, totaled $87.5 million and are expected to generate net annualized recurring revenues of approximately $62.5 million when contract values are fully realized.
Our earnings from LSV increased by $2.7 million, or 8%, to $39.1 million in fourth-quarter 2019 as compared to $36.4 million in fourth-quarter 2018. The increase in earnings was due to higher assets under management from market appreciation. The increase was partially offset by negative cash flows from existing clients, client losses and reduced performance fees earned by LSV.
We capitalized $7.1 million of software development costs in fourth-quarter 2019 for continued enhancements to the SEI Wealth PlatformSM (SWP). Amortization expense related to SWP was $10.7 million in fourth-quarter 2019.
Stock-based compensation expense in fourth-quarter 2019 increased $1.6 million as compared to fourth-quarter 2018 and $3.6 million as compared to third-quarter 2019 primarily due to a change in our estimate of the timing of when stock option vesting targets would be achieved. The sequential increase in expense from third-quarter 2019 represents a $0.02 diluted earnings per share impact. We expect stock-based compensation expense during 2020 to be approximately $30.1 million as compared to $24.6 million during 2019 as a result of new options granted in fourth-quarter 2019 that carry a higher per share cost valuation.
Our operating expenses increased $11.5 million during fourth-quarter 2019 as compared to third-quarter 2019. This increase was primarily due to the increase in stock-based compensation expense, increased direct costs related to increased revenues, and year-end processing costs.
Our effective tax rates were 19.5% in fourth-quarter 2019 and 19.2% in fourth-quarter 2018.
We repurchased 1.3 million shares of our common stock for $81.2 million during the fourth-quarter 2019. For the year ended 2019, we repurchased 6.2 million shares of our common stock for $348.3 million.

3



Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern Time on Jan. 29, 2020. Investors may listen to the call at seic.com/ir-events. Investors may also listen to a replay by telephone at (USA) 866-207-1041; (International) 402-970-0847; Access Code: 7950631.

About SEI
After 50 years in business, SEI (NASDAQ:SEIC) remains a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth.
As of Dec. 31, 2019, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $1 trillion in hedge, private equity, mutual fund and pooled or separately managed assets, including $352 billion in assets under management and $683 billion in client assets under administration. For more information, visit seic.com.
This release contains forward looking statements within the meaning or the rules and regulations of the Securities and Exchange Commission. In some cases you can identify forward-looking statements by terminology such as ‘‘may’’, ‘‘will’’, ‘‘expect’’, ‘‘believe’’ and ‘‘continue’’ or ‘‘appear.’’ Our forward-looking statements include our current expectations as to:
revenue that we believe will be generated by sales events that occurred during the quarter,
the growth and momentum of our businesses,
the degree to which our unique position across financial technology, operations and investments provide growth opportunities,
the degree to which our investments will position us to take advantage of market opportunities,
whether our current initiatives will create growth opportunities that will lead to increased shareholder value, and
whether we are positioned well for the future.
You should not place undue reliance on our forward-looking statements as they are based on the current beliefs and expectations of our management and subject to significant risks and uncertainties many of which are beyond our control or are subject to change. Although we believe the assumptions upon which we base our forward-looking statements are reasonable, they could be inaccurate. Some of the risks and important factors that could cause actual results to differ from those described in our forward-looking statements can be found in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission.
# # #


4



SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
 
For the Three Months Ended Dec. 31,
 
For the Twelve Months Ended Dec. 31,
 
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Asset management, admin. and distribution fees
 

$337,232

 

$314,685

 

$1,307,044

 

$1,270,180

Information processing and software servicing fees
 
85,993

 
90,372

 
342,841

 
353,987

 
 
 
 
 
 
 
 
 
Total revenues
 
423,225

 
405,057

 
1,649,885

 
1,624,167

 
 
 
 
 
 
 
 
 
Subadvisory, distribution and other asset mgmt. costs
 
46,458

 
44,798

 
181,418

 
180,488

Software royalties and other information processing costs
 
7,274

 
7,987

 
29,993

 
32,449

Compensation, benefits and other personnel
 
131,004

 
132,126

 
517,917

 
511,258

Stock-based compensation
 
9,027

 
7,409

 
24,582

 
23,805

Consulting, outsourcing and professional fees
 
50,235

 
49,956

 
194,560

 
200,862

Data processing and computer related
 
22,544

 
21,312

 
88,058

 
84,790

Facilities, supplies and other costs
 
20,307

 
18,755

 
72,078

 
70,840

Amortization
 
13,012

 
12,475

 
51,419

 
48,895

Depreciation
 
7,274

 
7,277

 
29,436

 
28,792

 
 
 
 
 
 
 
 
 
Total expenses
 
307,135

 
302,095

 
1,189,461

 
1,182,179

 
 
 
 
 
 
 
 
 
Income from operations
 
116,090

 
102,962

 
460,424

 
441,988

 
 
 
 
 
 
 
 
 
Net gain (loss) on investments
 
1,053

 
135

 
3,174

 
(325
)
Interest and dividend income
 
3,845

 
4,251

 
16,582

 
13,397

Interest expense
 
(153
)
 
(134
)
 
(630
)
 
(645
)
Equity in earnings of unconsolidated affiliate
 
39,133

 
36,385

 
151,891

 
159,791

 
 
 
 
 
 
 
 
 
Income before income taxes
 
159,968

 
143,599

 
631,441

 
614,206

 
 
 
 
 
 
 
 
 
Income taxes
 
31,231

 
27,565

 
130,015

 
108,338

 
 
 
 
 
 
 
 
 
Net income
 

$128,737

 

$116,034

 

$501,426

 

$505,868

 
 
 
 
 
 
 
 
 
Basic earnings per common share
 

$0.86

 

$0.75

 

$3.31

 

$3.23

 
 
 
 
 
 
 
 
 
Shares used to calculate basic earnings per share
 
150,131

 
155,057

 
151,540

 
156,579

 
 
 
 
 
 
 
 
 
Diluted earnings per common share
 

$0.84

 

$0.73

 

$3.24

 

$3.14

 
 
 
 
 
 
 
 
 
Shares used to calculate diluted earnings per share
 
153,672

 
158,770

 
154,901

 
161,232

 
 
 
 
 
 
 
 
 
Dividends declared per common share
 

$0.35

 

$0.33

 

$0.68

 

$0.63



5



SEI INVESTMENTS COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

 
 
Dec. 31,
 
Dec. 31,
 
 
2019
 
2018
Assets
 
 
 
 
Current Assets:
 
 
 
 
Cash and cash equivalents
 

$841,446

 

$754,525

Restricted cash
 
3,101

 
3,514

Receivables from investment products
 
54,165

 
49,869

Receivables, net of allowance for doubtful accounts of $1,201 and $718
 
340,358

 
315,336

Securities owned
 
33,486

 
30,892

Other current assets
 
32,289

 
36,676

Total Current Assets
 
1,304,845

 
1,190,812

 
 
 
 
 
Property and Equipment, net of accumulated depreciation of $353,453 and $338,206
 
160,859

 
145,863

Operating Lease Right-of-Use Assets
 
42,789

 

Capitalized Software, net of accumulated amortization of $442,677 and $395,171
 
296,068

 
309,500

Investments Available for Sale
 
116,917

 
111,901

Investments in Affiliated Funds, at fair value
 
5,988

 
4,887

Investment in Unconsolidated Affiliate
 
67,413

 
52,342

Goodwill
 
64,489

 
64,489

Intangible Assets, net of accumulated amortization of $8,773 and $5,090
 
27,987

 
31,670

Deferred Contract Costs
 
30,991

 
24,007

Deferred Income Taxes
 
2,822

 
2,042

Other Assets, net
 
30,202

 
34,155

Total Assets
 

$2,151,370

 

$1,971,668

 
 
 
 
 
Liabilities and Equity
 
 
 
 
Current Liabilities:
 
 
 
 
Accounts payable
 

$4,423

 

$10,920

Accrued liabilities
 
272,801

 
279,634

Current portion of long-term operating lease liabilities
 
9,156

 

Deferred revenue
 
7,185

 
5,154

Total Current Liabilities
 
293,565

 
295,708

 
 
 
 
 
Long-term Taxes Payable

 
803

 
803

Deferred Income Taxes
 
55,722

 
57,795

Long-term Operating Lease Liabilities
 
38,450

 

Other Long-term Liabilities
 
24,052

 
24,215

Total Liabilities
 
412,592

 
378,521

 
 
 
 
 
Shareholders' Equity:
 
 
 
 
Common stock, $0.01 par value, 750,000 shares authorized; 149,745 and 153,634 shares issued and outstanding
 
1,497

 
1,536

Capital in excess of par value
 
1,158,900

 
1,106,641

Retained earnings
 
601,885

 
517,970

Accumulated other comprehensive loss, net
 
(23,504
)
 
(33,000
)
Total Shareholders' Equity
 
1,738,778

 
1,593,147

Total Liabilities and Shareholders' Equity
 

$2,151,370

 

$1,971,668



6



ENDING ASSET BALANCES
(In millions) (Unaudited)
 
 
Dec. 31,
 
Mar. 31,
 
Jun. 30,
 
Sept. 30,
 
Dec. 31,
 
 
2018
 
2019
 
2019
 
2019
 
2019
Private Banks:
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 

$20,453

 

$22,369

 

$22,563

 

$22,580

 

$23,851

Collective trust fund programs
 
4

 
4

 
4

 
4

 
4

Liquidity funds
 
3,633

 
3,753

 
3,322

 
3,695

 
3,405

Total assets under management
 

$24,090

 

$26,126

 

$25,889

 

$26,279

 

$27,260

Client assets under administration
 
20,226

 
22,886

 
23,387

 
23,985

 
25,801

Total assets
 

$44,316

 

$49,012

 

$49,276

 

$50,264

 

$53,061

 
 
 
 
 
 
 
 
 
 
 
Investment Advisors:
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 

$55,395

 

$61,277

 

$64,591

 

$65,059

 

$67,895

Collective trust fund programs
 
7

 
5

 
6

 
4

 
4

Liquidity funds
 
5,948

 
4,362

 
2,618

 
2,673

 
2,887

Total assets under management
 

$61,350

 

$65,644

 

$67,215

 

$67,736

 

$70,786

 
 
 
 
 
 
 
 
 
 
 
Institutional Investors:
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 

$78,765

 

$82,578

 

$82,335

 

$82,659

 

$84,291

Collective trust fund programs
 
79

 
79

 
78

 
81

 
83

Liquidity funds
 
2,234

 
2,529

 
2,173

 
2,290

 
1,746

Total assets under management
 

$81,078

 

$85,186

 

$84,586

 

$85,030

 

$86,120

Client assets under advisement
 
3,359

 
3,694

 
3,598

 
4,467

 
3,948

Total assets
 

$84,437

 

$88,880

 

$88,184

 

$89,497

 

$90,068

 
 
 
 
 
 
 
 
 
 
 
Investment Managers:
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 

$89

 

$—

 

$—

 

$—

 

$—

Collective trust fund programs
 
42,804

 
49,232

 
51,838

 
53,169

 
58,070

Liquidity funds
 
336

 
704

 
472

 
477

 
479

Total assets under management
 

$43,229

 

$49,936

 

$52,310

 

$53,646

 

$58,549

Client assets under administration (A)
 
552,318

 
585,997

 
607,086

 
637,986

 
657,541

Total assets
 

$595,547

 

$635,933

 

$659,396

 

$691,632

 

$716,090

 
 
 
 
 
 
 
 
 
 
 
Investments in New Businesses:
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 

$1,257

 

$1,466

 

$1,566

 

$1,621

 

$1,688

Liquidity funds
 
189

 
218

 
141

 
132

 
158

Total assets under management
 

$1,446

 

$1,684

 

$1,707

 

$1,753

 

$1,846

Client assets under advisement
 
687

 
729

 
887

 
825

 
1,343

Total assets
 

$2,133

 

$2,413

 

$2,594

 

$2,578

 

$3,189

 
 
 
 
 
 
 
 
 
 
 
LSV Asset Management:
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs (B)
 

$96,114

 

$103,163

 

$103,575

 

$100,295

 

$107,476

 
 
 
 
 
 
 
 
 
 
 
Total:
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs (C)
 

$252,073

 

$270,853

 

$274,630

 

$272,214

 

$285,201

Collective trust fund programs
 
42,894

 
49,320

 
51,926

 
53,258

 
58,161

Liquidity funds
 
12,340

 
11,566

 
8,726

 
9,267

 
8,675

Total assets under management
 

$307,307

 

$331,739

 

$335,282

 

$334,739

 

$352,037

Client assets under advisement
 
4,046

 
4,423

 
4,485

 
5,292

 
5,291

Client assets under administration (D)
 
572,544

 
608,883

 
630,473

 
661,971

 
683,342

Total assets
 

$883,897

 

$945,045

 

$970,240

 

$1,002,002

 

$1,040,670

(A)
Client assets under administration in the Investment Managers segment include $50.8 billion of assets that are at fee levels below our normal full-service assets (as of Dec. 31, 2019).
(B)
Equity and fixed-income programs include $2.5 billion of assets managed by LSV in which fees are based on performance only (as of Dec. 31, 2019).
(C)
Equity and fixed-income programs include $6.0 billion of assets invested in various asset allocation funds at Dec. 31, 2019.
(D)
In addition to the numbers presented, SEI also administers an additional $13.1 billion in Funds of Funds assets (as of
Dec. 31, 2019) on which SEI does not earn an administration fee.

7



AVERAGE ASSET BALANCES
(In millions) (Unaudited)
 
 
4th Qtr.
 
1st Qtr.
 
2nd Qtr.
 
3rd Qtr.
 
4th Qtr.
 
 
2018
 
2019
 
2019
 
2019
 
2019
Private Banks:
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 

$21,383

 

$21,831

 

$22,088

 

$22,432

 

$23,106

Collective trust fund programs
 
4

 
4

 
4

 
4

 
4

Liquidity funds
 
3,265

 
3,706

 
3,388

 
3,625

 
3,581

Total assets under management
 

$24,652

 

$25,541

 

$25,480

 

$26,061

 

$26,691

Client assets under administration
 
21,608

 
22,098

 
23,124

 
23,717

 
24,930

Total assets
 

$46,260

 

$47,639

 

$48,604

 

$49,778

 

$51,621

 
 
 
 
 
 
 
 
 
 
 
Investment Advisors:
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 

$59,954

 

$58,732

 

$62,419

 

$64,761

 

$66,371

Collective trust fund programs
 
4

 
5

 
6

 
5

 
4

Liquidity funds
 
3,452

 
5,298

 
3,465

 
2,580

 
2,673

Total assets under management
 

$63,410

 

$64,035

 

$65,890

 

$67,346

 

$69,048

 
 
 
 
 
 
 
 
 
 
 
Institutional Investors:
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 

$81,833

 

$81,725

 

$82,597

 

$82,398

 

$83,304

Collective trust fund programs
 
75

 
79

 
78

 
80

 
82

Liquidity funds
 
2,449

 
2,375

 
2,342

 
2,287

 
2,106

Total assets under management
 

$84,357

 

$84,179

 

$85,017

 

$84,765

 

$85,492

Client assets under advisement
 
3,566

 
3,494

 
3,641

 
3,797

 
4,106

Total assets
 

$87,923

 

$87,673

 

$88,658

 

$88,562

 

$89,598

 
 
 
 
 
 
 
 
 
 
 
Investment Managers:
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 

$96

 

$—

 

$—

 

$—

 

$—

Collective trust fund programs
 
44,009

 
47,322

 
50,108

 
52,587

 
55,499

Liquidity funds
 
480

 
559

 
497

 
460

 
642

Total assets under management
 

$44,585

 

$47,881

 

$50,605

 

$53,047

 

$56,141

Client assets under administration (A)
 
561,043

 
572,065

 
600,509

 
630,328

 
646,592

Total assets
 

$605,628

 

$619,946

 

$651,114

 

$683,375

 

$702,733

 
 
 
 
 
 
 
 
 
 
 
Investments in New Businesses:
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs
 

$1,198

 

$1,394

 

$1,436

 

$1,609

 

$1,649

Liquidity funds
 
179

 
202

 
178

 
142

 
145

Total assets under management
 

$1,377

 

$1,596

 

$1,614

 

$1,751

 

$1,794

Client assets under advisement
 
958

 
708

 
917

 
842

 
1,044

Total assets
 

$2,335

 

$2,304

 

$2,531

 

$2,593

 

$2,838

 
 
 
 
 
 
 
 
 
 
 
LSV Asset Management:
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs (B)
 

$99,791

 

$104,517

 

$102,919

 

$100,094

 

$104,814

 
 
 
 
 
 
 
 
 
 
 
Total:
 
 
 
 
 
 
 
 
 
 
Equity and fixed-income programs (C)
 

$264,255

 

$268,199

 

$271,459

 

$271,294

 

$279,244

Collective trust fund programs
 
44,092

 
47,410

 
50,196

 
52,676

 
55,589

Liquidity funds
 
9,825

 
12,140

 
9,870

 
9,094

 
9,147

Total assets under management
 

$318,172

 

$327,749

 

$331,525

 

$333,064

 

$343,980

Client assets under advisement
 
4,524

 
4,202

 
4,558

 
4,639

 
5,150

Client assets under administration (D)
 
582,651

 
594,163

 
623,633

 
654,045

 
671,522

Total assets
 

$905,347

 

$926,114

 

$959,716

 

$991,748

 

$1,020,652

(A)
Average client assets under administration in the Investment Managers segment during fourth-quarter 2019 include $50.8 billion that are at fee levels below our normal full-service assets.
(B)
Equity and fixed-income programs include $2.4 billion of average assets managed by LSV in which fees are based on performance only during fourth-quarter 2019.
(C)
Equity and fixed-income programs include $6.0 billion of average assets invested in various asset allocation funds during fourth-quarter 2019.
(D)
In addition to the numbers presented, SEI also administers an additional $13.1 billion of average assets in Funds of Funds assets during fourth-quarter 2019 on which SEI does not earn an administration fee.

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