Research · Sep 3, 2026
[SEIC] SEI Investments Thesis 2026: TAMP Platform Drives Asset Management Tech Capital Return
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.