SEI Investments (SEIC) 20 Apr 232023 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to the SEI First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Instructions will be given at that time. reminder, is a recorded. As Instructions] this being conference [Operator

over turn host, ahead. I to conference to go would like Please the our Opsahl. Ms. Lindsey

everyone. First on joining you XXXX Earnings Call. Welcome, today's Thank for Quarter us

Controller on Sharma Dennis Chief our and Mark Officer; business Wayne me Chief leaders Klauder, Paul SEI's and McGonigle, today's Hicke, Withrow. Financial Ryan Joining SEI's is are Phil us. Executive segments, the Officer; also with of call McCabe, Warner, Sanjay

our seic.com. earnings like under live I'd to is be that the and will be section point begin, available being replay release we found Events press out Webcast the of Before can our This webcast Relations of Investor page a website. on website and at call our

to that regarding in do not cause you to differ materially. presentation with statements. statements we We and remind Commission. Please your questions, update statements our Exchange in that today's during and release the refer our today's may actual notices risks Securities and filings to to uncertainties undertake to forward-looking press and earnings like will certain of appear and have that forward-looking that are our results We make any our to in forward-looking responses would subject

call Ryan? to Hicke. With that I'll turn the over CEO, Ryan

you're Thanks, doing Lindsey. beginning well everyone. spring I season. all of Hello, hope and the enjoying the

into market future a leadership at I uncertainty. changes year nearly the ability through our and our We to times optimistic are about SEI and manage am of

Turning to quarter's this results. financial

ago. XX% XX% were declined year earnings down quarter first a from ago, a revenues year quarter from First

per this event the quarter decreased the XXXX XX%. the $X.XX we in of discussed revenue and $XX XX% million EPS quarter XXXX. in reported from earnings revenue X% First the declined $X.XX QX time, at share which one-time decreased first for Adjusting of

which a price solid stock an the per stock had repurchased Net sales events million purchases. of sales into $XX.X $XX.X of shares million, net we average X.X of translates In at million recurring. We totaled quarter, approximately were This of $XX.XX million SEI quarter. share. $XX

This was increase number recurring we've previous $XX the net over an reported quarter. the in million

two First quarter important sales indications. reflect

First, are increase across we momentum which the direction the moving sales overall in SEI. positive in and

get the underneath showing where increased and our we Second, results focus pipelines when are numbers, traction the sales areas you market and attention. in have

the am I clients particularly we sales revenue. the ability to winning investment the realize install quarter, types significant and are encouraged relative them quickly last by results to without the to of

sales We sales to sales from in immersed I'm closing building see remain across also positive and pipelines. contributions our SEI. happy business multiple lines

our Additionally, focus we have increased on expense management.

constantly will capital improve details long-term growth revise and results. on financial opportunity assess cannibalizing to profitability, agendas. go We and without decisions into will our alignment medium but of our make will tough further to our Dennis to

of SEI segment Investment have Turning from truly great our conference well. lines strategic to and Managers to have year of client us this we value our had to attend importance The pride. growth the I started that the the client business. and the clients gives We commitment engagement base agendas. this their quarter opportunity

strategies significant product infrastructure business as CIT well on based growing expanded and firm growth. equity a estate equity, with new New a has private traditional competitive Alternative across We of business front. a private very York segment, significant Existing West Coast on-boarded the well steadily manager. new deployed private and are we real as we raised business executing during The the clients In takeaway large our capital been quarter. experiencing credit, see and estate and lines our clients real

first a more large in US securing SEI positive a businesses in our large increased opportunity deal global with Irish client manager, opening European our having and new show the a we're SMA traction UK, growth. success base signed On level, We and a up quarter. traditional Sphere, recently client with and

cross clients. expanded private private offerings credit with sales and existing services equity regulatory Our through

Turning to Investment Advisors.

We saw more segment flows in positive strong RIA with with have momentum traction in We quarter. cash in flow. our in the the million almost business $XXX net

segment excited SEI about growth are across capabilities. management and investment We the processing opportunities technology, presents this for asset our

indexing the We EPS, mutual branded product continue to shift our to funds work products. types through used SMA, by of clients from third-party direct and

managed be see to the of the short-term, there assets our health. drag may long-term enables rate movement growth earned assets expect and We our to us a while offering richness of supporting our and on continue, revenue assets on keep capture this in

investment clients and product broader also continue increasingly intermediary to solutions resonating with technology innovation. in we and Our are invest

As many all the SEI mentioned strategic segments alternatives growth in I for past key a year, of times is have agenda. the

the quarter, investment began two alternative registering we the and the of alternative During new process liquid alternative income funds, the funds. funds

engagement connects adoption We tools. portal SEI and with and access also advisor around capabilities of see investor investor terrific to having collaboration end improve clients

of defined a advance Investors and larger and US and and UK quarter annuitizations combination but sophisticated primary the In headwind great curtailments that time real in benefit to OCIO for to information. first segment, the portfolio platforms continue the Corporate Institutional more investors losses. we were delegation, in the reason ECIO want be

and and Private two of In very other active quarter a business, some wealth private two the by However, the for We services clients losses Bank those successfully managed new our generation implemented had we improved SEI sales clients. in we lead to in quarter. business. management offset cross signed

engagement three also focus client clients, retention to our re-contracted We growth. on propel evidencing and

expenses adding and major solidify business done to but our the the believe a position the of and for I quarter Sanjay manage his a was trajectory feedback stakeholder to have One margins. banking, improve thoughtfully, this short-time really foundation us a Private Bank display on team results last profitable job forward. in year the moving put growth in great of points revenue to back start get

a regional larger US bank US space, We robust more targeted pipeline for and a the and nine UK last strategies community segments, reoriented and managers our of Those sales investment focus clear translated including private into universe SEI. with client predictable institutions. over wealth managers have and months the

get those revenue and through sales the deals pipeline. advancing funnel that to prospects And we install focused are expand the closed, on

modest the standalone. services Finally, additionally, within positive as as we and remains business Sphere, sales family existing well markets in SEI's partnership both with office quarter our SEI And had and strong. LSV

Today, role our talent On front, the remained business our talent Institutional leadership that take to would which culture steadfast team need we Paul achieve SEI accelerate we SEI. at the and Klauder current Investment Asset goal, have to Head expand will focus and executive Jay immediate and Paul's to highlight couple American to North align as join across will change a of Management growth. our like current lead embrace business, intermediaries. of I Advisors to changes. on Cipriano our management will top

maintain Withrow. and the was drive business will also Wayne most both Senior President Head us and success and give in segment. for to Paul. opportunity talent report across Jay and while short leadership Jay recently the organization us Vice both the position medium-term, driving to in opportunity IMS Alternatives future. to greater the mobility Congratulations to SEI's Both moves and Processing These of

with will be changes the detailed structure. press a We leadership new tomorrow release issuing in

be following, in expenses talent new and getting managing share, market expand momentum to going we driving is with earnings solutions investing growing like decisive the and IMS engines and increasing per on more our very and sales SEI have summary, in and to So existing focused the segment, penetration.

my This to to financial our will for Dennis? now I Dennis turn prepared the over concludes remarks. discuss it quarter. results

related for Ryan. the Thanks, and company the I to units. will cover quarter information

$X.XX $X.XX was quarter the for of share, first EPS the for the XXXX. during $X.XX mentioned, XXXX Ryan and compares of a As quarter to fourth which quarter

share. Revenue quarter quarter. reminder one-time of $XXX million $X.XX. million last $XX would for have the been the first revenue for Adjusted revenue EPS in earnings that, that to the to was XXXX $XXX million $XXX approximately million year included quarter would and the in million that event compared $X.XX and $XXX fourth equated have A been in a per

Total been and fourth continue and a in to $XXX as year we which $XXX as be will management a last Expense $XXX to corporate revenue. million, million compares quarter expenses for has level grow million the the quarter. focus were

On million events and net processing million the to $XX generate technology in IMS, businesses of sales $XX.X revenue. expected sales investment are our and recurring front, totaled and in private banking

approximately asset our net million. related management businesses, were sales $X.X In

Total we addition, in added $X were $XX.X is $X.X In initiatives. million, of is an US. the sales additional SWP million, recurring. which sales sales $XX million newer of $XXX,XXX from two recurring. million sales new our in were This reflects which banking Private

three recontracted in recurring annual also the revenue. $X.X million clients We representing quarter, during

installed million. XX successfully SWP. we clients sold, installed months quarter, revenue of two expected $XX.X be the but backlog current The on in next the to is During

quarter. second XX% We of are the by end the approximately install this scheduled of to

grow have on revenue our enable clients We our and a drive focus on-time matriculation clear SEI. backlog to installing to to

result and and the on reset Asset as team up a expense our management private were reflects growth. and of XXXX. the of focus quarter in approximately were quarter This of revenues as banking million. the the management market quarter from $XXX during flat appreciation positive fourth Expenses slightly business of Sanjay his foundation flows the for

$XX.X million, million the is IMS the front, $XX.X recurring. sales quarter On net for were

invest fourth we impact were compared from and talent to in for Revenue installations. we quarter, quarter Expenses support annual of growth. XX fourth the continue the markets clients million recontracted as quarter, capital quarter, During slightly up to $X.X revenue. reflecting recurring totaling the the was to our client in up

of $XX.X sold, recurring backlog the is to next in XX but million. Our months revenue expected install

a reflects the negative into net over and mutual flow fund For cash Investment products. in Advisors, was programs few This years, strategic million. increased have $XXX offset flows products by launched we flows past positive approximately

flows forward, offset of to us revenue we out offerings newer and helping move helping the negative choice the are funds impact business our from more clients them. and providing see mutual the us Our

market up XX due for capital the Expenses newer during of are activity. were from were slightly channel. five a the which the up quarter asset appreciation. and new Revenues quarter, recruited flow advisors RIA We of quarter performance net result to slightly as the fourth during quarter

client Institutional for fundings. sales billion. client end quarter from by The was at quarter sales fourth $X.X to segment, net capital net Investors quarter events of were In offset gross for partially essentially flat the Revenues the flat. the were unfunded activity, market quarter backlog due

also corporate to globally. flat, were pricing segment across We all markets the see reflecting continue expense continued and Expenses general pressure management. benefit headwinds in defined institutional

New flat $X of in Investments million the quarter. were net had Business the to revenues in and We segment, fourth In quarter. sales approximately expenses

and expenses We to this supporting segment in in newer shifting expect to remain initiatives while range. this

to LSV This performance I'll which quarter, the to remind fourth to during $XX.X produced quarter. during $XXX million of quarter. million profit $XX.X included the for LSV you Revenues the $XX.X fourth compares compared LSV. were million in in Moving million million fees. $XX.X

reflecting quarter, positive Core revenue of first LSV recorded and performance investment relative negative net the continued fees $X.X growth performance a of by result in million during capital client growth as performance. offset assets, flows.

has in were help. sales will a and While quarter first performance LSV an positive pipeline active challenge, the

Our was rate elevated option of tax rate for timing the a exercises to benefit XX.X%. which the tax over fourth from was level is quarter, those. is received XX.X%. and related due This difference reduced higher quarter This

You range could during in expect XXXX. this be our rate tax to

my concludes That remarks.

the a on Thank and reminder, are As any all questions. take will heads we you. now of unit our call

Kenny [Operator Please And the to go we'll go line ahead. with Instructions] Morgan Ryan of Stanley. first

Hey, good afternoon.

Ryan. Hey,

Hi, Ryan.

question. of Couple

should right number had events if would we Thanks. you now direct get have could sales from sector. if of some and for any One, looks color? the on exposure issues? appetite how you the And to any, recent in of like wondering any helpful sales? pipeline banks on banking banks the held do have then first that some but So two, It new be the to about your touch think up, impact,

That's great, room. Ryan. Sanjay is in the

So I'll Sanjay let comment.

to break get could Sanjay. questions, you So those

Yeah, Valley the Bank is Republic. first one about so Silicon

questions. brief background answer I the before So could

TRUST So of our XXXX And acted as period the performed we responsibilities diligently. our Silicon fiduciary Valley Bank during acquired client. one partner uncertainty, and an excellent of

it's TRUST our is The have acquired Essentially size. XXXX supported their seen still basis. we and by relative and all any with business. is at average to The we they client were, to And are BAU. they were our smaller are business client significant and change -- not they platform us

During that acted uncertain period, good we as partner. a

feedback excellent clients how uncertainty. of supported them during from this we received have We about our period

our that Regional has pipeline Now going it impacted question second or the segment. Bank to on Community how

generally instability or M&A Our belief in such consolidation cycles that activity. increased is result

a clients at function increases opportunities consolidation integrate do need excels These scale, the grow the to efficiencies great As SEI our occurs, and for side. needs is as further create growth of to in footprint with which clients business period and well. partner as consolidative our present outsourcing

So consolidation, lose and the ensuring M&As you with acquired you are always very have while to rationalization, challenging, the business. operations don't deal as technology business,

business. we well-prepared in kind to space in the to pipeline has our and significant clients of acquire we help are and well. experience our seeing So are as this SEI That's their grow very traction

And we expenses, the should a overall get how there across few a margins your for outlook would business Thanks. XXs forward? XXs. going shift been as help. And the if about but think shifting various margins the up? not, think timelines run the to to between in pre-tax that below that? you the low if mix usual we for levels the the Is gears rate in in that quarters a could have in high about businesses now, margins layer And lines Should

Sure.

from matriculation perspective from -- get seen our to that more business growth across our the in the and So the bottom drive, margin revenue evidence that to quarter do ability I improvement first as will line. get we come different from of improvement We've revenue think the and my lines.

as and you contraction, you also, contraction have margins. result direct pretty have on a a know, market asset has year management when businesses, we last impact revenue in which had and But our related you as the

continue think to that bottom I if to of element and tends as get line. the from markets sense that to capture business our we revenue model just some improve

to will back to that kind So historical margins of get levels. help closer more

we revenue models do capabilities although hasn't pricing line, approach our pressure. highly with business business business Institutional, a did scalable scale and haven't some changed, particularly growth. So one still our have changed, efficiency our haven't It's we changed,

I optimistic will continue So improve to will margins be topline improves. that as

Thank you.

ahead. we'll line go Next Owen go of the with Please to Lau Oppenheimer.

about it Could can but for here? of about taking this space question. larger please how mean impact thank you you of bit, has some How has you. Thank these looks IMS? activity talk I on little PE activity like slowed the Yeah, waste fund. down do some impact and think external you a any in the my money firms still waste potential the

Ryan. for room. in It's the I question. Owen. Hey, doing hope Thanks Phil well. the is you're

about kind sales the I great because overview to little in the we're my for give clients. IMS, I remarks, the existing pretty especially you question He Phil, an think not and of turn don't can seeing opening the offset mentioned in the remain to with just space board that this, him. you a what it's pipeline strong know PE not as across I'll we're maybe does I deeper. But from across only results board want really encouraged if in dive yeah,

Ryan. Hi, Thanks, Owen. Sure.

as they pretty tell the by especially of sales QX normally for our first bit quarter a is a slower in real can were Just quick, us. solid, quarter, you little

and of pipeline. a active have going is private We market, larger very, a are activity there very very, equity A ton on. lot The of alternative clients our managers.

is just those to when a along more taking the lines. market and lot more things have They've They bit opportunities little buy a been dry in and investing companies of powder. these dislocated

credit strong. in in real really general, is private our is good a we're I estate is strong, mean, infrastructure spot. So strong, book

the large deep is team we're really and the is doing and well. So bench

helpful. Got then the to go a and back expectation. private it. in was than banking That's better I was up margin to very our revenue side. first And The quarter want

first revenue you. potential margin of trend Street couple here? the XXXX. State you on that? please you give of you converted will on I ago, Could Bank from an of think And a and be just please and can Thank add color half Union California the maybe update highlighted more Just also us in quarters

and Owen. this team I tag one. that's Yes, great, will maybe Sanjay

back we've we mean, the hopefully, a to really last way up quarters to I over think a expenses, through consistent on the to really not and I build clear getting your really So bottom just growth that coming point, that levels is doing on through focused been combination on of back the historical getting path a in very were pipeline a that's dropping line. managing that banking very but revenue those that few from trajectory opening margins

remarks. on touched Dennis that in think I his

So on and we But quarters existing over of I'll those that few had have aggressive the clients we that by are we turn We really really highlighted. a extremely solidifying engaging progress. front. an had know headwinds Sanjay effort you just for that encouraged couple building last pipelines. foundation our and that to growth

are. Sanjay, to specific So we you now. expectation grow the Owen view good is But, right know those a continue what had of couple margins. of about feel the where maybe we where we to are want talk examples your about We overall do to

you? Yeah. are Thank Ryan. you, Hey, How Owen.

Good.

So, we're de-conversions. not call visible de-conversions of client about delay. and previously-announced itself the easy. from impact the de-conversions Owen, mean are State I those Street full recovering this got those Street you And year. month at to asking further But time, are talked the us State right that to many that delayed think last is for same de-conversions times you out

So the had there time, engagement but employing that. that small mentioned, we de-conversion. with we But foundation. management know have solidify and same We about and margin banking Ryan expense the to our as at deal a is client very our been to disciplined

see revenue, months nine good in and the long-term the As last number efforts. that's of securing example you could re-contracts a of the our

with are time, as same called growth. bottom you if the improve to view At another out, it major the our look, Dennis focus area backlog a deliveries line

of getting of in $XX XX% coming the backlog our coming quarter. quarters. that results worth almost delivery million improved the of discipline Dennis in and see backlog, delivered mentioned would capabilities You plus

opportunities is is new Bank. Union Good up conversion US Also software-as-a-service is the part Bank getting first as acquired ongoing of the by in US opening client the our market.

more clients is us on for agendas. to are directly and support SWP presenting those migrating such we that opportunities So

And can I perfect. buyback. if add that's may more housekeeping one question on Okay, then I just

just So the million. shares $XXX we quarter purchased announced million an of first then you additional in $XX and

you we million buyback, Dennis? Thanks. think $XXX your about should have share So remaining for

to was before Not authorization The fit. million. remaining about had -- $XX the additional remaining we what

about have authorization we So million $XXX now. of

million purchased in $XXX $XXX $XX to subtract you from the get then And should quarter, first million? million and we $XX million

of did, the came into we authorization. million with quarter what $XX Basically, we

Got it.

Okay.

Used just million. by it of $XXX and million up increase it $XX

Got it.

very you Thank Okay. much.

[Operator line to Jeff of Please with Instructions] Schmitt we'll And ahead. next William Blair. go go

afternoon. Good Hi.

they were Institutional quarter. Looking business, at Investor the in revenues in down XX% the

I think we correct? losses growth think the should clients. benefit defined how you there? referenced about some for client plan And that Is around year

Yes, the as I mean, Paul on well. is call

Paul let kind comment. business I'll losses point during market. wins the So, line, the think of on I did benefit But on of the some net pressure we it been has have defined segment the this corporate quarter. and And

percentage and his revenue. years, Paul so diversify of a this six business overall part assets five, over make the to worked And and they've past to smaller hard business smaller really team's that of credit and

on But or shifted segment there you to kind now, -- or will pressure we do it in that as will soon add continue. all market want of as shift up business in of to -- see And about But is will those Jay this is there, call. actually continue. the the do so it's pressures Cipriano, on though opportunity Even hang Paul, we win anything

can Yeah, Institutional comments. give my business. dynamics parting a the of couple things in Yeah, the of I

lower. interest a rates were is comparative using a against quarter, even you time recovery the when and first the marked though are comparing we saw First in foremost, perhaps

liabilities. -- assets to fixed relevant the of is And income long the reason we are have there commensurate a that that's that lot duration

equities down. went assets As interest go down down, up, rates those went alternatives and go

even impacted in had revenues three that on and quarter values the though first value. our the we asset asset are derived really corrected So, levers, obviously the

definitely some the first correction is see in baseline. around hopefully annuitization of which lifting with we've around some quite seen we've quarter, So the We curtailments do plans, and for time. activity noted some the that DB

feedback of that still positive analytics sophisticated Ryan of want the to and about the and investors positive we had, part OCIO through. looked institutional some from talked this that ECIO portfolio is, taking want combination But delegate, in but is comment some really large side

we're year still that after currently we're deals that active that in are all sizable quite won are last the coming that optimistic on backlog. we in-process, four that's funding but have working we those off So about still one

some So additional hopefully that commentary. helps

to back Yes, banks it driven to Was And mainly we despite business. so weaker X% Thank you. off of take the topline by should it of guess private X% amortization growth. and the I above what going that They think margins about kind expense sort does. then to would And kind to get is in jumped XX%. forward? rolling of going run-rate close

been really consistent. we've think I So,

I think It's this. very we've on a great been consistent question.

we management So off opportunity. that with rolling R&D around was have was that, that amortization where real and very on focused deployment getting our drove we not expense that dollars aligned believe

Sanjay very can team are Jeff, enhancements we believe where a we capabilities repeatedly new his generate for investing on and continued, return. we in markets and building saying, focused be to that sell and

couple So the persist. a installing a of sales can of the three combination of his things and available really, was those expense expect and name all thoughtful and and that margin revenues I management really we Sanjay one-time quarter, had would new three the things, that and generated deliberate you team to some say backlog over improvement

thank great, Okay, you.

ahead. go Sanjay

Yeah.

really to attention expense first quarter quarter the to I the pay margin that first is we're there comparable was our Jeff, amortization quarter. fourth think, quarter. to improvement in mean I fourth that And

it amortization would been not So expense. have

is would get what it above to And take mean, path that? Okay. I your to what XX%.

implementation. touched spot that in status is earlier, kind backlog. a Sanjay and in of think as on screen backlog as is timing that, to in terms about of and path our And we it, million being So terms of good $XX that delivery Jeff, installing the really

through of think losses million, of that this Sanjay. couple on and Owen of about $XX instead a touched question, we've Dennis but touched on that the managed the I his talked install headwinds So in

we in to pipeline, need management. the our in can to quickly. the the touch do we bottom Sanjay, I backlog and signed will continue the that. evidence are pipelines there? win to refresh that of reasons be things clients encouraged about control deals and really that you refill we flow sales these diligent believe that. sales through and And pretty two right are those revenue to One installing to can at when really line the of of But pipeline be install we're is first on we expense that look anything understand about implemented and terms yet want else we

you I are It's combination management, disciplined stable think, a base. of Ryan, right. expense client

You the part re-contract saw out instilled will -- that is and the targeting other prove effort delivery. on capabilities our the our then and we the in pipeline sales focus call coming and thing re-contract would quarters. efforts, the which in again -- something is I efficiencies And improved which that's backlog

team on Sanjay think front have as the and that's been upgraded concierge much off. And they get I road clients and been soon key for really to paying the as in will of

Great. Thank answers. right. All you. Thanks the for

You're welcome.

go we'll Mike line Next, Please go Brown with to KBW. of ahead. the

encouraging hear. of client came some up are much the on if Sphere? for in have success base, SEI that opportunity that also for Ryan, focused then that that you expand your been particularly on just Sphere see existing seeing recently, you on the remarks. -- your how opportunities could SEI prepared is win you've you you to think Can opportunities you where just to highlighted play out you there as guys and if you the that maybe future touch just with And mentioned opportunity more set? certainly biggest the been Hey, you Can cross-selling which great. Okay, certainly seemingly explain

Yeah.

XXXX So, platform sale have were I IMS an the Mike, answer those we administration. any The talked about if And in in that thanks was question. engaged IMS Phil, might SEI front-end for comments and prospect for you an reverse. we Sphere here. with technology on deal

the was the Due to Sphere. attractive they the wanted but platform, agenda fundraising, the doing some through progress process, with of SEI really move Sphere, strategically IMS introduced sales that that But IMS the were team their with put client. sales they the off to things to to which

And pick-up the we in did we only comment. in win a remain IMS want not the quarter, process Phil, you actively So Sphere the first to if side. on sales engaged

but I managers. uptick in think and asset that that an we're alternative activity, seeing gross traditional

client particular entities. that has So multiple

other think wins cross-selling, in I talk of different couple the win So teaching or across come of there. sales your could a But first -- all of we've products better just the -- and lot traction getting to that been whole to of we that team not Sphere of on how to that market. IMS have throughout only point entire market, the sell a was these across across educating some on but

talk I point, who of on, about do client-facing Mike, to a agenda. training are representatives what our inside introduced and and company I earlier think That's lot it? back can matter As but know sales the our inside of the horizontal doing question, a great of Phil our see your kind we Phil. are where of SEI about are capabilities, there's touched aware we call of more, and engagement across capabilities opportunity the to sales would make experts what there's just all subject kind sure

clients. about And having investment large as Wayne look segments with and team around doing go SEI asset we if again core and pillars management, technology, into enterprise larger think distribution across that the asset is three think we large our clients, things into the look Sanjay when the as banking RIAs and at processing especially extend and management you continuum, other I we the

spaces. their partners, of to we think feel suite try those capabilities I leverage to to of really of firms optimistic strategic Mike, as out capabilities vendors, our in consolidate we see just our look opportunity many that Honestly, does resonate

across cross don't just think we we can there's think think capability excitedly, that have I one we that continuum. So the a we sell lot

increased I it we hit where is But aware more making are attentive We opportunities. really to engagement investment our to across and make those understanding around what capital a have client think trying think sure education, more Phil firms to have we're are better to that products hand. deploy at training the up open going and of folks SEI and in engagement

the M&A here? of all the touched for it last equation. are kind comes about one the of there. lever prospects just the thoughts seeing Thanks side great. that thinking to was capital just curious me. you allocation? buyback But the for the on how You guys That firstly on front when How Okay. one Maybe on you're

so ramped-up of on an charge actually team. M&A the corporate put have We've to SEI had activity Yeah, that in development. individual resources front. year we last added We our

our there. of of have kind expanded We pipeline opportunities

of where to and segments kind our proactive M&A say We we've would and acquiring update gave week we this Board got growth. of are an opposed a accelerate reactive potentially an been I we've and more a to capabilities interested pipeline. in as on to path terms now assets clear

it is of opportunities. a kind XXXX in more much pipeline active of So we tangible more have and

Okay. hear. Thanks, Ryan. Good to

At one it this Hicke. over queue. CEO, I'll back turn time, else Ryan to in there's no

questions that continue positive deliver to to be we're you. the and decisive to and validate today. call. really bold. closing, and deliberate results the excited engagement challenge SEI engagement. today's values, and our to and to Thank going confident Appreciate solutions strategy market all willingness are in about our Thank help our continue continued plan I'm for We be also client top-line going our We're clients believe In to in we market you for our I'm ourselves. joining to all to and continue for direction. position and succeed our bottom-line growth. employee,

using Thank and Conferencing participation our conclude AT&T today. your for you for conference Service. That does for

disconnect. now may You