SEI Investments (SEIC) 24 Jul 242024 Q2 Earnings call transcript

Thank you, everyone, for standing by, and welcome to the SEI Second Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, today's call is being recorded. I will now turn the call over to your host, Leslie Wojcik. Please go ahead.

Thank you, and welcome, everyone. us our joining earnings quarter you call. appreciate today second for XXXX We

we SEI's our Ryan Sean the Shah Klauder, have On call, Peterson, Mike Hicke, Cipriano, Ewing, Financial Sneha and Phil McCabe, James Sanjay Denham, Officer; Chief members Committee, of Sharma. Executive and Sandy Paul Chief Officer; Executive

is be and that website like Investor in Relations actual to may forward-looking the undertake to our replay responses earnings in notices I'd in questions, begin, any with uncertainties that today's statements. that press at we during available Events under to and results This regarding point not out are appear on and presentation live, would update subject Commission. We you our remind and of refer your of found and our being forward-looking forward-looking earnings will have be Before we to our Webcasts and cause that to like risks today's press of a our seic.com. do call release to materially. will release the Exchange webcast differ can Please make the section that our Securities website. We and to page filings statements statements our certain

turn over Ryan? I'll Hicke. now it to Ryan CEO,

Thanks, Leslie, good afternoon, and everyone.

detailed really these corporate a role, business years breakdown $XXX high and quarter-over-quarter carried little into $XX which $XX.X We the at platforms. million in quarter, growth execution the all X sales, momentum segment continued million of level, over and once Sean and for our a operational revenue. provide profit and second I'm EPS through areas. with strong solid technology is positive sales a X again in Our quarter as posted delivered will we million key the pleased of recurring $X.XX financials and in shortly. I'm of

total and positioning sales activity. reception pipeline addressable Client market enterprise is resonating high. an expanding. our is markets to our The First, are of engagement

Second, growth. EPS

a we execution expense market of management optimization continued programs, to result continue earnings increased growth. and As activity, drive on our

results. RIA DNA IMS businesses potential new and focus SEI culture organic and again. Platform strong. on growth, we a well And expansion. really growing that and infusion has our our The and as growing, really team mobility priorities. the institutional Banking priority. and strategic as and employee RIA growth is unit and increased to Third, profit gelled talent, part on Fourth, becoming talent and margin revenue reimagining is well, unified creates revenue operate ability executive of adviser lastly, expansion in remain and space across and growth the our Private leadership engagement inorganic are in and in adoption vision opportunity. market of

tailwinds and on to more industry are ourselves strategic proactively long-term addressing we a headwinds capitalizing success. From position for perspective,

example, is For broker-dealers. an and consolidation the trend especially increasing RIAs in there of with intermediary space,

adviser remain are navigate more businesses success and with their firms with capabilities, engaged we provide for SEI accelerate actively us. planning monetizing with optionality to As transitions, or expanding them to succession, their including their

as expand are to well this trend of comment the opportunities on technology, and capitalize to is He asset every access our private public as this during Q&A, IMS to management. we center managers the seeking is seek to asset day. expand in access Phil and can but are continue positioned footprint across well room, markets the the operations markets public is markets. trend in private significant Another and to

demand in Access continue markets growth. investment experiencing to demand the European managers, Investor We across a multiple our across needs asset are evolve. will be and future Platform SEI driver also increased private of and

environment. meeting types, investment investors' portfolio customization are that in economic preference and optimization and shift choice asset presents market to product today's tax the And allocation believe opportunity. key and also needs in We

like capture made proactively more retention SMA can client new to businesses if as AUM. We reductions in as well of SMAs increase we really these growth to fee medium new our client acquisition. and program and April in the ETFs launched long-term We prospects

also expertise are SEI's they clients on as finally, sales with clients in complex not execute. these programs to our offerings the change. segment successfully and operating and offering Investment and initiatives successfully helping the their require grows seeing demand for grow infrastructure only management, work inside daily. initiatives are Wealth to efficiency. outsourcing new but increased the Community overall U.K. We're professional And and services segment. our services helping transformation Manager engagement significant business Private improve technology professional execute Those Client Regional Bank operations our

this to provide offering capital is delivery, focus, SEI testament applicability and capabilities, all SEI to in of to believe has market more innovation across our looking client-centric enterprised long-term a The strength. We and investment that's and services segments.

and to shareholders A maximize capital As scale invested emerging return technologies. of on is critical. across new we all to company component increasing is know, in investing innovation harness and the ideas growth leverage

service For actively in application internal of operational exploring expertise, all our example, efficiencies, are we and targeting automation. X improvements client of of pillars the AI

strategic We ]. Titan business with are progressing also AI cases partnership through our [

are brought earlier, ready talent. be a himself In immersed he March, SEI I us recapturing He joined and culture, from And in is over mentioned for want but existing only in we a Thorton. to premier X future that There the challenged last are As signs drive results. not ways helping minutes. our that Sean that the in exciting has are Q&A business ideas to new for destination and Grant we and in few he your months, table space.

capitalize Michael look expand and total will further welcoming all our us to knowledge from Michael market you. brings team opportunities. him depth and to services, his and September execute further Michael We experience of September, on and help we believe leading businesses. industry Lane leadership years institutional SEI growth and across executive our the strategy, adviser financial in of BlackRock, addressable forward in market introducing will our Also join of

foundation of steadfast. our around conviction Our is strong. XXXX performance SEI for remains The

delivering and believe we leaning businesses With and and to set we formidable we delivering positioned are are growth initiatives. shareholders. well are our growth strategy, Our of solid balance laser-focused continue future results, to value our unmatched drive sheet, into core capabilities

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

Ryan. Thanks,

second slightly million, year quarter million, $XXX for As was Ryan mentioned, from million $X.XX Revenue up which repurchased from Net stock quarter, $XXX for the for the XX% stock in X% an purchases. approximately the $X.XX, quarter of XXXX. quarter income million compares increased over was average million X.X quarter quarter quarter of XX% X% XXXX. compared were million last In reported the first $X.XX the of up the at up over year EPS the and $XXX XXXX. $XXX and quarter prior and shares of expenses for Total to period over the QX was of first the to in quarter. the the $XX.XX up in second first price million and total the X.X% the $XXX XXXX SEI a of quarter for of per we share to $XXX

net are programs net technology million $XX.X recurring. of of Banking On sales businesses which investment expected to the our and million, $XX.X our as primarily fund from due totaled products Investment losses quarter and million well investment $XX our for business. $XX.X Private net sales to revenue. institutional million, in asset processing million Managers And were and mutual is In $X.X recurring management-related the sales asset other totaled into events front, as businesses, our in negative movement generate net sales approximately

segment. in $XXX,XXX recurring our new We investments revenue also business in of sold

half highlights each financial offering. cover $X.X associated million, our for will net with I Now business, segment. onetime business Private of increased professional which adoption of were Banking sales our were In services

Private client signed U.S. an new X about X X the quarter, business of recontracted $XXX.X and in and the $XXX.X when million team new to quarter the acquisition X was in During second We're half Banking. Revenue first million. clients the the events compared with sales for quarter U.K. clients, excited with in existing

the Our to QX $XX.X of QX. was but million revenue in million expected install Recurring XX backlog months. in next in sold compared $XX.X to

QX. expanded QX XX.X% X.X% Margin to by versus in

net onetime if recurring. XX.X% of a new of America. the clients included number $XX.X increase North million, normalized, in X% have approximately is business, $XX.X were would was This of for quarter In quarter. the Managers record sales million However, for our which Investment and, been the

our Our strong, and remained cross-selling of saw initiatives products. we most increased and expansion across adoption

matriculation quarter, million, we recontracted Revenue revenue. $XX.X X the clients increase an announced to reflecting previously million first During events. $XXX compared of of recurring $XXX.X was and totaling the million X% quarter quarter of of for

expense benefit QX backlog sold would Margin was in in revenue $XX.X X%, QX XX when be to expanded optimization which the million due in to XX%. Our next expense of expected compared QX. XX% months, versus install onetime $XX.X million a recurring and to QX to in normalized X.X% of but

onto our strategist active mutual by In million, adviser solutions. our segment, market. platform our flows up partner and fund negative managed by growth flows Advisor in account was business, offset and solutions from products $XXX were net the equity RIA consolidation in This cash the driven

RIAs for to their growth creation helping momentum clients. demonstrate We value in continue business scale, achieve and

in During advisers, decreased and was from to tied mainly in million This QX, was a our fee partially classes. reductions is to million in aforementioned in Revenue that quarter. asset program program XX% decrease account $XXX.X in shift in large XX the The driven welcomed SMA which primarily in onboarded enterprise the new QX. QX fee XX compares quarter, managed to we by advisers $XXX.X XX XXXX. Margins QX reduction. QX from XX% the separately versus came in

from insured deposit $XX item quarter of is million in generated key the FDIC note program. the of One the revenue

launched there XXXX. quarter $XXX As were a program. in At in million program reminder, assets this approximately this in end, December

positive benefits, and negative flat increased to for been institutional In unbundled Margin by activities. versus quarter. Without these previous our to in OCIO QX quarter the onetime benefits. quarter sales to net in Revenues expense essentially QX QX repricing expense were client have events would the million, offerings in the approximately onetime due signings offset losses XX% XX%. margin $X.X for reflecting and client X% CIO were retention business,

compared new are implemented services largest with we and profit SEI to offices. In for also the investments with We improvement. Sphere, revenues were up clients date. our family single-family business quarter In client in and recontracted office implementations first modest segment, active to and expenses very

and fund wealth advisers SEI the we with managers. Platform actively During quarter, across were the engaged managers, Access

to continue investment focus identifying exploring venture We opportunities. and on

LSV produced for quarter. This profit $XXX.X to LSV million quarter. the during million first the $XXX.X in compares compared $XX.X million were the million to of $XX.X quarter. first Revenues during

$XX.X Second fees. included quarter revenues million of performance

a of quarter. the LSV Performance reflection continued recorded fees first reminder, positive $X relative during are of million performance. a performance As fees

XX.X%. for rate quarter Our tax the was

see has from been to immerse perspectives investors see I'm for domestically some been first turn many genuine globally. and Q&A, and not X clients, proposition to myself front strategic is Ryan my but is just many and as in partner, a excited months. both SEI our we all-time in the Before to how analysts, just clients I've at to asked prospects, share truly of There SEI value business vendor. enthusiasm SEI's me high. an a not our vision, of fortunate

of will value. undoubtedly create to Our on focus as to continued to SEI. more units, X AUM thrilled business capabilities power greater the historically shareholder opposed am SEI services increase distinct I AUA, have enterprise joined the and

do future what to need is and Our clear. we

We are in mode. full execution

market and and services growth our We capitalize secular more well accelerate driving are technology, trends operations clients, our to to for shareholders employees. demand our on for management asset positioned

my concludes That remarks.

questions. on the Thank are unit We'll call. All take you. heads now of our

[Operator Instructions] of the Love, We Crispin Sandler. to Piper go line

on margins here. first Private Just Banking

really TV near Private But you the impact how drive then also and momentum. related margins just progress in to quarter can banks' was then in leading some just that share what pipelines detail can the indicators onetime to activity You've you good to would the private intermediate And had term? expect over and some Banking? recently you

And go I'll you're the a of but we've executing it re-energization stages we the I leadership. of Hope turn X the said X, Banking consistency, calls, were was Private were first. sake well. the there I doing a over mean first I'll in to Sure. Yes. last for and strategy. that refocus really think X Sanjay. for the

The to second expenses was rightsizing the opportunity. the

The could Phase bottom to third revenue I'll the and in and was expense beyond X. on and energy the believe to a the it's think in we win drive pipelines expansion would clarity we that are let And and provide margin that in on really Sanjay just that have clear focus then him I we real we been pipeline. growth thought and line drive and control. a some team segments repeatedly fall X color way different where Phase

approach when targeted and encouraged really and pipeline of regional the sure we're organizations, the positioning by and that's platforms. at changed and larger our U.K. leadership go technology as think as look community around had by managers breadth We the I we through we're operational really making and different banks, a we services with a our you really fruit. team, investment when But the well depth. it quality, as professional focus bearing encouraged And

product just think look the As and going the in we mentioned doing on quarter, we you're color at last some provide of activity want in what a when But is and late-stage Sanjay, you positive. business to you where of forward? very the the we're banking, it's timing. pipeline some execution-wise

would add you, Ryan. Thank couple Sure. I Yes. points. a additional of

we previously, talked the If backlog about look you delivery. at

signed we we growth has of clients. expansion. the -- We us for have very well delivered us revenue as in disciplined, pipeline with it have as helps margin been That how you that resulted quarter-by-quarter, a have efficiently, and seen

as quality is that's or were said, our of expense, pipeline little our on pipeline, When in far there, our and resulting pipeline. concerned, side. again, far into incremental focused take and a it margin in our as and solid. is no our about of As I required improving is the expense business us we helping as engagement. growth revenue that one deliver in client can the expense that also laser very your And aligning with the that the depth is the the rightsizing management is business the growth I'm people initiatives. That excited concerned, we for terms

That's great. It's Sanjay.

think . had kind professional sales of in the services. question the on onetime quarter I a around color Crispin in some

Yes.

So it's on providing. that professional that's is we a services, what we've done -- started new service

signed we professional That there are through client to the them integration. to buckets. Then resulting them at professional services One, systems look helping our are onetime to and change base. X price revenue. in is providing helping we with them and services, clients, it newly our you are If go helping onboard, providing to existing

Private color So just would impact. to in professional -- we on along the revenue clients you Banking I core Sean are see on but provide that services ask space, onetime offerings the would Sean? as the not side. is the with with signing new growth margin

Yes.

we received was units. allocated to health in so credit the benefit And from one had which we of our related quarter, received a business providers. onetime a care -- of we primarily the was That benefit, to each

out a So bit little an in across my of you'll and and remarks. that's see business uptick units margins, impact the the in what I called

amount kind Okay. dollar And of have then it's line? you benefit, revenue that do the whether of expense a on or

Yes.

was under $X in million totality. think little I it a

do side? quarter third OpEx, And salary the to the well to show specific make then in typically here. right. All But the of the call up on on it's in look out adjustments know the quarter. pretty we you contained second half how think back just that year, expense you as I

XQ similar to look still increases comp anything there's past expect and call pretty else years' if to you out. would just So XQ to

Yes.

have did which be have raises we will some QX. -- in seen we did some So

XX% We raises. somewhere historically, have shifted of so -- the midyear around about there, company received

shifting compensation have we've expense QX of the a we We couple will our of say over some been we're in continue which QX. did QX. raises the to will -- our that -- happen timing and last are in and you'll on and portion going of increases management -- the that forward. our and to and optimization I steadfast quarters, actually that more increases see really embarked proud -- for workforce, compensation But will year-end, have, of that we raise

next Ryan Kenny, from of will Stanley. Morgan the line our come And question

Integrated banks actions few into are dig impact any large to your the deposits. and a repriced that There SEI those brokers I Cash recently Is Program. business? on there sweep wanted competitive of

We're on market. guess great Ryan, business. think first hope our reiterate foremost, the business can out to solution we sure you're our complementary doing in the not well. that run I we is model. we It's make I relying to mean offer to I that program that and try

in As a that way of waive that's of far market competitors and for to in things our the the through. their weeks happened some couple as have market the the competitive landscape ago,

Paul I perspective always think, give comment. we how the a model. the do to But It's not important services different a have, our business at here we try point program it's We not relying is run room to with of looking we enhance a client-centric to We're business. is can what advisers. can I bit our think this complementary. we're that But it. we core little on from and reiterate the proposition value in

we from very that just competitive we offer Yes. add, I'll just think rate a investors. a competitive We perspective. have

Our are provide AUA -- of of disclosure optionality, about our together. and total than we and they advisers very and AUM the X% our have full total different added And choice, others. transparency balances program. entire and That's AUM there's and

entered we these or others ago. this So different think when they of kind X years than programs we've X many launched

the and quarter, And later from $XX get the that level might the how you the cuts that we how we think year, sweep about rate of million of impact revenues this got? you program guys should to think fees trajectory about that and deposit of in when that were if

mean will, SEI, which can rate on points. basis themselves. rate everyone cuts, the at XX cuts math from do get you on what comes comes else, Like a the what we'll Yes. and as I look portion we from investors

of both. allocation kind to some be there'll So

kind basis we will environment group full have points, we we that the committee in of So but a there. some to the decide that competitive that XX be be there'll rate won't And take out know sharing.

question. more one just Then Great. right. All

XQ impact quarter? step rate was maybe the Or with fee down in the implemented that mid-quarter that another second reduction showing was up On results? in full in advisers,

was April X. implemented Yes, that

quarter, good impact the had the So some gave got from some, reductions We in we're getting full and remarks we subadvisor. fee then there. and really our we

able with really pleased them do, really are been standpoint. and we've it's helping competitive advisers a Our to what from

question Our is from next Oppenheimer. line of the Lau, Owen

managers, target margin includes think that questions public XX% private just helping How could I'm markets. to on this technology to target you margin the you of a still then please have remember what you to access the can markets Is went while some back. help and a managers? seeking on elaborate comment was do the I the I to The of SEI normalized So wondering, on seeking margin? here. private have benefit. also bit up X and And excess public but services a XX%, about investment investment I think are about onetime make you on for markets you more your expand? helping little clients help markets you kind there

Owen, having Maybe couple those tag in of will you're I we'll I good a this. hope summer. Phil and team take and a chunks,

IMS margins about So -- when and more can Phil color. you think provide

I the in think margin to we're targets for community levels. the not mind important keep the specific at thing unit is targeting

to if we're how invest, trying going accelerate because business and way see the to that's opportunity run to not going we that the company. additional we're to we're growth, to So run continue

about per of on of the medium our that, going growth And driving to SEI an not earnings we're at expenses continued to Sean across not share. long-term increased about is and maximizing be growth. kind but focused as capital allocation, Now question the change, to managing there answered to that's OpEx, going expense earlier focus and

-- demand surprise kind the public on I'll can sides. of maybe a tremendous of amount make both a you We're So seeing from go. on comment

we investments a And the seeing some positioned side in of and out are asset to both And that. to accelerate create looking really larger then as and the potentially perspective space. market investment are for of set for So the services their manager leverage well operational are could We're portfolios products in create well of and demand looking as and alternative is institutional management help technology, clients. they at figure client space. intermediary platforms flip how facilitate access our products that in lot increased of the clients to distribution ways of clients and we a access the intermediary RIA incorporate base for to that how think alternative broader

they into are The our example launch try and SEI Access think I figure to to Platform Phil more specific asset market. quicker, door working is our out that the leverage the give But to is could one can alternative managers and traditional get products and of a technology those. out lot asset to with a operations those SEI of up how quicker

for focus, XX.X% are margins optimization be question. the and with the Ryan, operations, Thanks, laser or Sure. so. and closer to But XX%. to to on thanks, the to all XX% focus We were that numbers say to XX% going used on scaling the Owen,

little together very that were public starting private we're and XX% We and growing So to alternative different used managers managers, coming see see them number that every with classes. more clients perspective, are convergence of a think now offer market And in and to We of managers. bit the more from traditional massively. single a traditional scale more business. day. The alternative from asset

side, alternative sort funds. that investment target They're distribution. managers the collective that are growing alternative funds the looking also that for include trusts within On their launching date world. book they're of And have alternative

ton a seeing of we're So activity.

systems. we'll very to the literally that. manager come. be We years We're middle It look that we capitalizing for prepared For the and convergence, has on of are for us, on well our traditional impacts downstream. alternative in right

but segment losses turn onetime please Got your it. kind of taking XX%, strong, margin around then about And you the think, a to helpful. benefit. That's you this was investors, and timing release, your talk highlighted I of on on effort the it? press still institutional even Could

him kind let color provide the that, Jay unit. leads Sure. of is Cipriano on He that in Owen. room. some I'll

the Ryan. Owen. you, for Thank Thanks question, Sure.

in and Sanjay is were proper with segments right of the now around the then group that refocus on strategy, that. that to started the which the in quarter into sell group now identifying the say about turning leadership, think Banking second and came business, institutional execute. the I'd rightsizing they Ryan mentioned quarter into a Sanjay I execution Private really fourth when the

continue But annuitizing not-for-profit, very higher We are our solutions accelerated to health of governments unions care, in face DB, rates, expect secondary the that to with space. we acceleration we to and plans the defined folks uptick serve resonating the headwinds see about benefit really Certainly, that in with the optimistic where education, outside there. OCI we're XXXX. markets of education, continue our

So pipeline XXXX, as I but build, headwinds continue about our and very what headwinds. in said, lies continues XXXX those optimistic to beyond into ahead we're

add And about family the long over at maybe new really much well, adviser you signings get us spot I medium feel other strong time indicators. increased and know only office that we Europe, record really really on we're quarter, you leading to look acquisition color and last is at too we when would really look with to back an far addendum at too on Owen, skis. when quarter, momentum. in we're to get things the services, question the activity, focused ourselves careful new patting in we the previous activity spend we banking you know, client We institutional, never our term. because don't when demand pipeline, But look a the IMS' as prospect

to deliver to that. us up it's Now

to experience. going I expense optimization be want The client make sure to is other at clear, is thing the never of

our when we onboarding pipeline, including that capital, sure possible. in expansion want the being more to doing them across those make IMS. our talent, We're we're we're to are deploying IMS, the just close in the would best we heavily thoughtful day experience clients investing margin And this the existing at company we have to experience around we're drive X So SEI. have where that clients with things

more, may, for And maybe want That's Got to I Paul. helpful. one I squeeze it. this one if

about go total also aspirational You the it Cash about Integrated have traction that of goal high the Program, X% the of it? and balance just how is Do can talk you cash AUM. any

is in line holding think other we cash what marketplace. you forecast, continue the with a your and X%. We'll on But kind there X% now, the out should based program optionality operational Right Yes. provide to go-forward we're of just basis. the I that assume evaluate the on for investors rates

next the Schmitt And line our will Jeff of from question be Blair. William

talked to and RIA advisers. market there? share are How of investment in of growing what doing sort the And You segment that currently? the asset mix the about in you grow is your much

do that want to you Paul, take one?

that. Yes, take I can

the lot about $XX growth marketplace plays being had broker-dealers. $XXX a That on the that in where larger our funding segment And those the represents quarter. large advisers will finish bigger advisers. platform, the the billion billion, is we're funded $XXX rest and the chunk third through billion So of that's second as the getting there's RIA partially independent in quarter obviously fastest-growing We the that one a of with opportunities well. and

that of marketplace. folks that good through marketplace leadership consume technical to So some and that AUA. ]. resources The we're investment that on sales more Collin bullish they they over as But our platform, with news they [ support really of the AUM. Barry come and is Garcia as Gate redeploying often more may And see we're

we to that So full understand get there's some upsell revenue they activity and capabilities. the SEI once get

positive that as on forward. -- move be to be would we continue we So

Okay. mainly in on held just advisory program. that Or more then counts. I'm how curious the in one And cash cash much is brokerage is of that accounts?

all in accounts. It's advisory

All right. Patrick line question go to And Raymond James. of the will our next O'Shaughnessy,

the eyes SEC? here little is clients with fiduciary the on the of horse that their to deposit level program, Maybe insured advisers' beat dead Okay. in not of to consistent bit obligations be program might concern any the the a there

been to disclosures. we in we portfolio. overall is investment looked we've need something have order all We've that thesis. the consistent all cash mean to That's that Operational looked at provide the at I documents with operate our the investors. advisers and

as provided. ground. is industry So adjust Obviously, combination we that give an adviser a of advisers, cash be it's obligation. in with we investor fluid we are guidance investors, the the of based whatever on their those And the it models, on operational fluid sound regulatory meeting what's nature rate need happening. the optionality But things think fiduciary marketplace. based the we in will change in for the think we're on But we the all consistent give X%, the will

that. a Appreciate to to had it. Got in business you that any landscape business the Have that private And segment the were here, with or seen recently then acquired couple IA equity. of competitors sticking a change getting competitive result? announced as taken on acquisitions

new our that competition, investment happening our our very something versus are future. providing that acquired. for programs management. need like firms, firms pay destination that's lot firms in are marketplace We're higher competitively getting got active ultimately to into The advisers contemplating things stack we They're and and changes with especially up consulting organizations. go aggregated be a a advisers, the of those lot market marketplace. acquired that we of the our for worthy being in asset RIA still integration know end going with There's very operations technology, There's finder and or whether not our the a a the the We the as and But firm. in program robustness competitors, just they're through of our investment. that. into some Yes. We specifically and X think

happening standpoint. said, what's but think capability think the we every I We marketplace. competitors, from as in those stack very about know a are well up we And So we this formidable, day.

Okay.

Our next the Hall, question will KBW. line from Aidan be of

within the just very that become Maybe relates question of alternative kind space. to SEI's offering as it the products a My retail is on popular asset follow-up semiliquid management have around IMS.

couple channel? over peers? are offering conversations differentiated gaining versus think Then SEI's similarly, continue within areas do years? the you you is How what here next are the to how most share of market on focused So going

Phil. Okay. Over to you,

Thanks question. right. All for Thank the you.

of middle the again are clients semi-liquid in all are funds offering. the We of that right

our of either BDCs largest funds. semi-liquid All or are top launching clients

we tells daily different that We update that capabilities matrix have components require. all have they a the basically that that and us or they

For us, investors. have used at very we in servicing very good of place. very, it. volumes the very, We're We're all technology to high

we're with where We the but really are the all of of offering in spot all. be, to tweaking of our all need democratization retailization great a

the rank kind how whether kind would one just maybe Ryan, there, of segment, stack Can remind priorities then region us growth you And opportunities. capability? on just or you by inorganic of

Yes, absolutely.

kind the X I years to Day we our So focus. with consistent hone continue ago, of think Investor

that think I mentioned, adoption, but now. that X there. active our anything Thematically increase growth, also drive outcome really would global the Phil's stay especially And that our when out active I succession just especially you or delivery, or offer think banks, to our business, would services areas either wealth the you then business, kind technology When opportunities, that our say, areas U.S. the areas and and about to more expand value-added broaden there's as capability will ability about across client space we vault focused where different in there. talk Paul of footprint. be operational RIA client advisers, right our of advisers the managers, outside intermediary could to a expand in IMS technological base to for

days. So the Mike we Aidan, progressed Sean, our us, the were is for that, news last definitely Board X I with good and

and I organic that foundation we're for we And can areas the to targeting clarity they think around we're and inorganic. solidified there it's exciting do board really think I lot segments a the accelerated really we're across going have But of now the forward. for think, around So unification growth. that think because I disciplined moving we also, what be

a the Okay. And Morgan we Ryan do of have Stanley. of from line follow-up Kenny

institutional, care on million. in XX If add them we up points basis question X by the health technical guess, a credits. segment, I XX banking, XXX IMS, in around Just in

referenced that X was little a million that's the So higher than earlier.

to that wanted you could math just check if reconcile. I So right, help if was

Yes.

said So there's -- so primarily. I

care health onetime million. was shy of of onetime the of $X majority or benefit. of was So gave There's the so and the there. that number always that But $X difference primarily, million here -- I benefit shy

Okay.

questions further go Ryan We I'm have no CEO, remarks. back queue. in Hicke, for closing going to to over

questions. for the the thank all to Well, engagement. you see Great

continue our our Our through the the success. going and to half first of drive execution results in build to term, reinforce to upon long our commitment short and year and against growth strategy we're the

I be As an to Day on we're mentioned earlier, hosting November Investor going X.

coming shared thank to months. today's call. our I will be forward you welcoming all details to for the Additional you campus, in look back joining and

conference. you ladies gentlemen, joining again, And once Yes. for and thank today's

good disconnect. Have a You may day. now