SEI Investments Company (NASDAQ: SEIC) FY2025 revenue ~$2.20-2.32B (+5-10%) with adj. EPS ~$4.55-4.95 reflecting continued post-2024 ~$1.75-1.85B aggregate Investment Managers + Investments in New Businesses revenue (~80%+ aggregate revenue mix; selected primary Asset Management Technology + selected various TAMP platform) + selected continued post-2024 ~$345-385M aggregate Private Banks + Investment Advisors revenue (~16% aggregate revenue mix; selected primary Wealth Management + selected various Private Banks) + selected continued post-2024 ~$80-95M aggregate Institutional Investors revenue (~4% aggregate revenue mix) under continued President + CEO Ryan Hicke since June 2022 (~3-year tenure as SEI CEO). One of the largest US + global asset management technology + TAMP platform providers. Founded 1968 as Simulated Environments Inc. by Alfred West, Jr. + Sherwood 'Woody' Smith in Wayne Pennsylvania (~57-year heritage); selected post-1981 NASDAQ IPO; selected post-June 2022 Ryan Hicke CEO appointment succeeding Alfred West Founder + Chairman + CEO retirement. Headquartered in Oaks Pennsylvania; ~5,000+ employees globally with ~$2.20-2.32B revenue. Five primary business segments: Investment Managers (~37%+ ~$815-870M), Investments in New Businesses + Other (~43% ~$945-985M), Private Banks (~10% ~$215-245M), Investment Advisors (~6% ~$130-140M), Institutional Investors (~4% ~$80-95M). Geographic mix: US ~85%+ + UK + Ireland + selected various international ~15%. TAMP platform + Asset Management Tech cycle: ~$1.75-1.85B Investment Managers + New Businesses revenue; selected primary SEI Wealth Platform; ~$1.5-1.7T aggregate AUA; ~$435-450B aggregate AUM; ~7,300+ aggregate financial advisors; ~150+ aggregate institutional clients; ~155 aggregate private banks served. Wealth Management + Private Banks: ~$345-385M Private Banks + Investment Advisors revenue; selected primary US Wealth Management. President + CEO Ryan Hicke since June 2022 (~3-year tenure); CFO Sean Denham. Capital return: ~$0.92 annual dividend FY2025 (~+15-20% growth post-2024 dividend acceleration; ~30-year continuous dividend track post-1990s); ~$200-300M aggregate FY2024-2025 buyback program (~$150-250M aggregate FY2025); aggregate capital return ~$270-370M FY2025; net leverage ~negligible (~debt-free balance sheet); investment-grade A2/A credit rating. FY2026 thesis: TAMP platform + Asset Management Tech cycle + Wealth Management + Private Banks + ~$0.92 annual dividend + ~30-year continuous dividend track + ~$270-380M aggregate annual capital return + selected ~$435-450B AUM + ~$1.5-1.7T AUA + selected potential post-2024 dividend acceleration. Risks: Envestnet + Pershing (Bank of New York Mellon) + LPL Financial + Charles Schwab + Fidelity competition, asset management fee compression, AUM cycle, post-June 2022 CEO transition continuity considerations.

[SEIC] SEI Investments Thesis 2026: TAMP Platform Drives Asset Management Tech Capital Return

Key Takeaways

SEIC FY2025 revenue ~$2.20-2.32B (+5-10% YoY) with adj. EPS ~$4.55-4.95 reflecting continued post-2024 ~$1.75-1.85B aggregate Investment Managers + Investments in New Businesses revenue (~80%+ aggregate revenue mix; selected primary Asset Management Technology + selected various TAMP platform) + selected continued post-2024 ~$345-385M aggregate Private Banks + Investment Advisors revenue (~16% aggregate revenue mix; selected primary Wealth Management + selected various Private Banks) + selected continued post-2024 ~$80-95M aggregate Institutional Investors revenue (~4% aggregate revenue mix) under continued President + CEO Ryan Hicke since June 2022 (~3-year tenure as SEI CEO; selected post-June 2022 succeeded Alfred West Founder + Chairman + CEO retirement).
TAMP platform + Asset Management Tech cycle: ~$1.75-1.85B Investment Managers + Investments in New Businesses revenue (~80%+ revenue mix); selected primary SEI Wealth Platform (asset management technology + TAMP platform) + selected various ~$1.5-1.7T aggregate Assets Under Administration (AUA) + selected ~$435-450B aggregate Assets Under Management (AUM); selected ~7,300+ aggregate financial advisors + ~150+ aggregate institutional clients + ~155 aggregate private banks served.
Wealth Management + Private Banks (Investment Advisors): ~$345-385M Private Banks + Investment Advisors revenue (~16% revenue mix); selected primary US Wealth Management + selected various Private Banks; selected various aggregate ~+5-7% aggregate Wealth Management + Private Banks revenue growth + selected various aggregate ~+5-10% aggregate AUA + AUM growth.
Capital return + balance sheet: ~~$0.92 annual dividend FY2025 (~~$0.46/semi-annual; ~+15-20% growth post-2024 dividend acceleration; ~30-year continuous dividend track post-1990s); ~~$200-300M aggregate FY2024-2025 buyback program (~~$150-250M aggregate FY2025); aggregate capital return ~$270-370M FY2025; net leverage ~negligible (selected ~debt-free balance sheet); investment-grade A2/A credit rating (selected ~debt-free balance sheet).
FY2026 thesis catalysts: TAMP platform + Asset Management Tech cycle + Wealth Management + Private Banks + ~$0.92 annual dividend + ~30-year continuous dividend track + ~$270-370M aggregate annual capital return + selected ~$435-450B AUM + ~$1.5-1.7T AUA + selected potential post-2024 dividend acceleration.

Company Background

SEI Investments Company (NASDAQ: SEIC) is one of the largest US + global asset management technology + TAMP (Turnkey Asset Management Program) platform providers, founded 1968 as Simulated Environments Inc. by Alfred West, Jr. + Sherwood "Woody" Smith in Wayne Pennsylvania (~57-year heritage; selected pioneer asset management technology + TAMP platform). Selected post-1981 NASDAQ IPO; selected post-1981-2025 selected various aggregate organic + tuck-in M&A platform expansion + selected various ~$3B+ aggregate cumulative R&D investment in SEI Wealth Platform; selected post-2010-2024 selected various ~$1B+ aggregate selected various Archway + selected various Oranj + selected various Altigo + selected various tuck-in M&A; selected post-June 2022 Ryan Hicke CEO appointment (succeeded post-June 2022 Alfred West Founder + Chairman + CEO retirement); HQ Oaks Pennsylvania (selected post-1996 relocation from Wayne Pennsylvania); ~5,000+ employees globally.

SEIC operates 5 primary business segments: Investment Managers ~~37%+ revenue (~~$815-870M — selected primary asset management outsourcing + selected various TAMP) + Investments in New Businesses + Other ~~43% revenue (~~$945-985M — selected primary SEI Wealth Platform + selected various Family Office + selected various) + Private Banks ~~10% revenue (~~$215-245M) + Investment Advisors ~~6% revenue (~~$130-140M) + Institutional Investors ~~4% revenue (~~$80-95M). Geographic mix: US ~~85%+ revenue (~~$1.87-1.97B) + UK + Ireland + selected various international ~~15% (~~$330-345M). Selected ~$1.5-1.7T aggregate Assets Under Administration (AUA) + selected ~$435-450B aggregate Assets Under Management (AUM).

Capital return: ~~$0.92 annual dividend FY2025 (~~$0.46/semi-annual; ~+15-20% growth post-2024 dividend acceleration; ~30-year continuous dividend track post-1990s); ~~$200-300M aggregate FY2024-2025 buyback program (~~$150-250M aggregate FY2025); aggregate capital return ~$270-370M FY2025; net leverage ~negligible (selected ~debt-free balance sheet); investment-grade A2/A credit rating.

TAMP Platform + Asset Management Tech Cycle

The TAMP platform + Asset Management Tech cycle is SEIC's foundation thesis: ~$1.75-1.85B Investment Managers + Investments in New Businesses revenue (~80%+ revenue mix) + selected primary SEI Wealth Platform (asset management technology + TAMP platform) + selected various ~$1.5-1.7T aggregate Assets Under Administration (AUA) + selected ~$435-450B aggregate Assets Under Management (AUM) + selected ~7,300+ aggregate financial advisors + ~150+ aggregate institutional clients + ~155 aggregate private banks served. Selected primary SEIC platform: asset management outsourcing + TAMP + Family Office + selected various aggregate Wealth Management technology.

FY2025 Investment Managers + New Businesses dynamics ($1.75-1.85B aggregate Investment Managers + New Businesses revenue): selected continued post-2024 ~$1.5-1.7T aggregate AUA + ~$435-450B aggregate AUM + selected various aggregate ~+5-10% aggregate AUA growth + ~+5-10% aggregate AUM growth + selected various aggregate ~+5-7% aggregate Investment Managers + New Businesses revenue growth + selected various TAMP + Family Office + asset management outsourcing scale. Selected post-2024 ~$0.30-0.45 incremental annual EPS contribution as TAMP platform + Asset Management Tech cycle drives incremental margin + Investment Managers + New Businesses revenue.

FY2026 catalyst: continued TAMP platform + Asset Management Tech cycle + ~$0.30-0.45 incremental annual EPS contribution under continued President + CEO Ryan Hicke leadership (~3-year tenure). Selected aggregate ~$1.85-1.95B aggregate Investment Managers + New Businesses revenue + selected various ~$1.65-1.85T aggregate AUA + ~$465-485B aggregate AUM + selected various aggregate ~+5-10% aggregate AUA + AUM growth + selected various TAMP + Family Office + asset management outsourcing scale. Risks: Envestnet + Pershing (Bank of New York Mellon) + LPL Financial + Schwab Asset Management + selected various aggregate TAMP + selected various aggregate asset management technology competitive displacement + selected various aggregate fee compression + selected various aggregate AUM cycle.

Wealth Management + Private Banks (Investment Advisors + Private Banks)

The Wealth Management + Private Banks is SEIC's primary growth thesis: ~$345-385M Private Banks + Investment Advisors revenue (~16% revenue mix) + selected primary US Wealth Management + selected various Private Banks + selected various aggregate ~+5-7% aggregate Wealth Management + Private Banks revenue growth + selected various aggregate ~+5-10% aggregate AUA + AUM growth + selected ~155 aggregate private banks served + ~7,300+ aggregate financial advisors.

FY2025 Wealth Management + Private Banks dynamics: ~$345-385M aggregate Private Banks + Investment Advisors revenue + selected various aggregate ~+5-7% aggregate revenue growth + selected various aggregate Wealth Management + Private Banks scale. Selected post-2024 ~$0.10-0.15 incremental annual EPS contribution as Wealth Management + Private Banks + selected various aggregate ~+5-10% aggregate AUA + AUM growth drives incremental margin + Private Banks + Investment Advisors revenue.

FY2026 catalyst: continued Wealth Management + Private Banks + ~$0.10-0.15 incremental EPS contribution. Selected aggregate ~$370-410M aggregate Private Banks + Investment Advisors revenue + selected various ~+5-7% aggregate revenue growth + selected various aggregate ~+5-10% aggregate AUA + AUM growth. Risks: Envestnet + Pershing (Bank of New York Mellon) + LPL Financial + Charles Schwab + Fidelity + selected various aggregate Wealth Management + selected various aggregate competitive displacement.

Capital Return + Dividend Track

Capital return + dividend track: ~~$0.92 annual dividend FY2025 (~~$0.46/semi-annual; ~+15-20% growth post-2024 dividend acceleration; ~30-year continuous dividend track post-1990s) + ~~$200-300M aggregate FY2024-2025 buyback program (~~$150-250M aggregate FY2025) + aggregate capital return ~$270-370M FY2025 + net leverage ~negligible (selected ~debt-free balance sheet) + investment-grade A2/A credit rating.

FY2026 catalyst: continued ~~$0.92-1.05 aggregate dividend (~~+10-15% aggregate selected dividend acceleration) + selected continued ~$150-250M aggregate annual buybacks + selected continued ~debt-free balance sheet. Selected ~30-year continuous dividend track + selected post-2024 dividend acceleration + selected ~debt-free balance sheet support continued capital return discipline + R&D + tuck-in M&A capacity + acquisition optionality.

Key Core Metrics

FY2025 revenue ~$2.20-2.32B (+5-10% YoY) vs $2.13B FY2024; adj. EPS ~$4.55-4.95
5 segments: Investment Managers ~37%+ ($815-870M), Investments in New Businesses + Other ~43% ($945-985M), Private Banks ~10% ($215-245M), Investment Advisors ~6% ($130-140M), Institutional Investors ~4% ($80-95M)
Geographic mix: US ~85%+ + UK + Ireland + selected various international ~15%
~$1.5-1.7T aggregate Assets Under Administration (AUA)
~$435-450B aggregate Assets Under Management (AUM)
~7,300+ aggregate financial advisors; ~150+ aggregate institutional clients; ~155 aggregate private banks served
~125-130M diluted shares; ~$270-370M total capital return FY2025
~$0.92 annual dividend FY2025 (~30-year continuous dividend track)
~~$200-300M aggregate FY2024-2025 buyback program (~~$150-250M aggregate FY2025)
Net leverage ~negligible (~debt-free balance sheet)
Investment-grade A2/A credit rating
President + CEO Ryan Hicke (since June 2022); CFO Sean Denham
Selected post-June 2022 CEO transition + Alfred West Founder + Chairman + CEO retirement

Market Evaluation

SEIC trades as an asset management technology + TAMP platform company levered to TAMP platform + Asset Management Tech cycle + Wealth Management + Private Banks + ~$1.5-1.7T AUA + ~$435-450B AUM + ~30-year continuous dividend track. Bull case: ~$1.75-1.85B Investment Managers + New Businesses + ~$345-385M Private Banks + Investment Advisors + ~7,300+ financial advisors + ~155 private banks + ~$0.92 dividend (~30-year track) + selected ~debt-free balance sheet drive ~$4.95-5.40 adj. EPS FY2026 (+8-10% YoY). Bear case: Envestnet + Pershing (Bank of New York Mellon) + LPL Financial + Charles Schwab + Fidelity competitive displacement + asset management fee compression + AUM cycle (selected various aggregate equity market cycle) + selected various aggregate Wealth Management + Private Banks competitive displacement trigger material EPS compression. Base case: TAMP platform + Asset Management Tech cycle + Wealth Management + Private Banks + ~30-year continuous dividend track + ~debt-free balance sheet support continued ~$4.95-5.40 adj. EPS + ~$270-380M aggregate capital return FY2026.

TAMP Platform Drives Asset Management Tech Capital Return Deep Dive

Selected continued post-2024 ~$1.75-1.85B aggregate Investment Managers + Investments in New Businesses revenue (~80%+ revenue mix; selected primary asset management outsourcing + selected various TAMP) + selected continued post-2024 ~$345-385M aggregate Private Banks + Investment Advisors revenue (~16% revenue mix; selected primary US Wealth Management + selected various Private Banks) + selected continued post-2024 ~$80-95M aggregate Institutional Investors revenue + selected continued post-2024 ~$1.5-1.7T aggregate Assets Under Administration (AUA) + selected continued post-2024 ~$435-450B aggregate Assets Under Management (AUM) + selected continued post-2024 ~7,300+ aggregate financial advisors + ~150+ aggregate institutional clients + ~155 aggregate private banks served + selected primary SEI Wealth Platform (asset management technology + TAMP platform) + selected continued post-2024 ~+5-10% aggregate AUA growth + ~+5-10% aggregate AUM growth + selected ~~$0.92 annual dividend (~~+15-20% growth post-2024 dividend acceleration; ~30-year continuous dividend track post-1990s) + selected ~$150-250M aggregate annual buybacks + selected ~debt-free balance sheet + investment-grade A2/A credit rating drive SEIC's primary FY2026 thesis. President + CEO Ryan Hicke (~3-year tenure) leadership continues post-June 2022 CEO appointment focus on TAMP platform + Asset Management Tech cycle + Wealth Management + Private Banks + capital return discipline + selected continued post-1968 founding heritage post-Alfred West Founder + Chairman + CEO retirement transition. Risks: Envestnet + Pershing (Bank of New York Mellon) + LPL Financial + Charles Schwab + Fidelity + selected various aggregate TAMP + selected various aggregate asset management technology + selected various aggregate Wealth Management + Private Banks aggregate competitive displacement + selected various aggregate fee compression + selected various aggregate AUM cycle (selected various aggregate equity market cycle) + selected post-June 2022 CEO transition continuity considerations + selected post-1968 founding heritage post-Alfred West Founder retirement governance considerations.