OAKS, Pa., Jan. 25, 2017 (GLOBE NEWSWIRE) -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the fourth-quarter 2016. Diluted earnings per share were $0.55 in fourth-quarter 2016 compared to $0.48 in fourth-quarter 2015.
| Consolidated Overview | ||||||||||||||||||||||
| (In thousands, except earnings per share) | For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | ||||||||||||||||||||
| 2016 | 2015 | % | 2016 | 2015 | % | |||||||||||||||||
| Revenues | $ | 368,810 | $ | 335,397 | 10 | % | $ | 1,401,545 | $ | 1,334,208 | 5 | % | ||||||||||
| Net income | 88,611 | 81,379 | 9 | % | 333,817 | 331,655 | 1 | % | ||||||||||||||
| Diluted earnings per share | $ | 0.55 | $ | 0.48 | 15 | % | $ | 2.03 | $ | 1.96 | 4 | % | ||||||||||
"Our financial results for both the fourth quarter and the full year show modest gains and reflect the ongoing investments we are making to deliver next generation solutions to our clients," said Alfred P. West, Jr., SEI Chairman and CEO. "We continue to anticipate significant change in the markets we serve and will provide broad-based solutions to address our clients’ complex needs. While net-sales events slowed during the fourth quarter, we are well positioned to capitalize on the significant opportunities within our markets.
“Our focus is unwavering on delivering for clients and positioning our company for long-term sustainable growth and increased shareholder value.”
Summary of Fourth-Quarter Results by Business Segment
| (In thousands) | For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | ||||||||||||||||||||
| 2016 | 2015 | % | 2016 | 2015 | % | |||||||||||||||||
| Private Banks: | ||||||||||||||||||||||
| Revenues | $ | 113,737 | $ | 113,690 | — | % | $ | 457,886 | $ | 456,516 | — | % | ||||||||||
| Expenses | 109,062 | 102,775 | 6 | % | 421,188 | 410,975 | 2 | % | ||||||||||||||
| Operating Profit | 4,675 | 10,915 | (57 | )% | 36,698 | 45,541 | (19 | )% | ||||||||||||||
| Gain on sale of subsidiary | — | — | — | % | 2,791 | 2,791 | — | % | ||||||||||||||
| Segment Profit | 4,675 | 10,915 | (57 | )% | 39,489 | 48,332 | (18 | )% | ||||||||||||||
| Operating Margin (A) | 4 | % | 10 | % | 8 | % | 10 | % | ||||||||||||||
| Investment Advisors: | ||||||||||||||||||||||
| Revenues | 86,857 | 78,614 | 10 | % | 330,677 | 306,620 | 8 | % | ||||||||||||||
| Expenses | 45,565 | 46,522 | (2 | )% | 180,140 | 171,968 | 5 | % | ||||||||||||||
| Operating Profit | 41,292 | 32,092 | 29 | % | 150,537 | 134,652 | 12 | % | ||||||||||||||
| Operating Margin | 48 | % | 41 | % | 46 | % | 44 | % | ||||||||||||||
| Institutional Investors: | ||||||||||||||||||||||
| Revenues | 88,791 | 73,525 | 21 | % | 312,584 | 297,568 | 5 | % | ||||||||||||||
| Expenses | 44,242 | 37,189 | 19 | % | 153,117 | 145,851 | 5 | % | ||||||||||||||
| Operating Profit | 44,549 | 36,336 | 23 | % | 159,467 | 151,717 | 5 | % | ||||||||||||||
| Operating Margin | 50 | % | 49 | % | 51 | % | 51 | % | ||||||||||||||
| Investment Managers: | ||||||||||||||||||||||
| Revenues | 77,862 | 68,154 | 14 | % | 294,390 | 267,963 | 10 | % | ||||||||||||||
| Expenses | 50,296 | 45,431 | 11 | % | 191,127 | 172,094 | 11 | % | ||||||||||||||
| Operating Profit | 27,566 | 22,723 | 21 | % | 103,263 | 95,869 | 8 | % | ||||||||||||||
| Operating Margin | 35 | % | 33 | % | 35 | % | 36 | % | ||||||||||||||
| Investments in New Businesses: | ||||||||||||||||||||||
| Revenues | 1,563 | 1,414 | 11 | % | 6,008 | 5,541 | 8 | % | ||||||||||||||
| Expenses | 5,027 | 5,808 | (13 | )% | 20,962 | 20,656 | 1 | % | ||||||||||||||
| Operating Loss | (3,464 | ) | (4,394 | ) | NM | (14,954 | ) | (15,115 | ) | NM | ||||||||||||
| Totals: | ||||||||||||||||||||||
| Revenues | $ | 368,810 | $ | 335,397 | 10 | % | $ | 1,401,545 | $ | 1,334,208 | 5 | % | ||||||||||
| Expenses | 254,192 | 237,725 | 7 | % | 966,534 | 921,544 | 5 | % | ||||||||||||||
| Corporate overhead expenses | 16,477 | 15,465 | 7 | % | 59,317 | 54,451 | 9 | % | ||||||||||||||
| Income from operations | $ | 98,141 | $ | 82,207 | 19 | % | $ | 375,694 | $ | 358,213 | 5 | % | ||||||||||
(A) Percentages determined exclusive of gain on sale of subsidiary.
Fourth-Quarter Business Highlights:
- Revenue growth in the quarter was primarily driven by higher Asset management, administration, and distribution fees from market appreciation and improved cash flows from new and existing clients.
- In the fourth-quarter 2016, we recognized a $12.3 million performance fee and a corresponding $6.1 million sub-advisory expense associated with an SEI-sponsored investment product. These items resulted in a positive net impact of approximately $0.03 diluted earnings per share and were reflected in the Institutional Investors segment.
- Sales events, net of client losses, during fourth-quarter 2016 totaled approximately $10.6 million and are expected to generate net annualized recurring revenues of approximately $5.5 million when contract values are fully realized. For the year ended 2016, sales events, net of client losses, totaled approximately $93.1 million and are expected to generate net annualized recurring revenues of approximately $74.0 million when contract values are fully realized.
- Our average assets under management, excluding LSV, increased $11.4 billion, or six percent, to $194.8 billion, as compared to $183.4 billion during the fourth-quarter 2015 (see attached Average Asset Balances schedules for further details).
- Our average assets under administration increased $57.8 billion, or 14 percent, to $465.7 billion in the fourth-quarter 2016, as compared to $407.9 billion during the fourth-quarter 2015 (see attached Average Asset Balances schedules for further details).
- Our earnings from LSV increased by $2.0 million, or six percent, to $34.1 million in fourth-quarter 2016 as compared to $32.1 million in fourth-quarter 2015. The increase in earnings was due to an increase in assets under management from market appreciation; however, our earnings were negatively impacted by lower performance fees and increased personnel expenses of LSV.
- We capitalized $17.2 million and $6.9 million of software development costs in fourth-quarter 2016 and 2015, respectively, of which $12.4 million and $5.2 million are related to continued enhancements to the SEI Wealth Platform. Our expenses related to maintenance and enhancements not eligible for capitalization have increased. A higher portion of these costs are recognized in personnel and consulting costs. These increased costs primarily impacted the Private Banks and Investment Advisors business segments.
- Amortization expense related to the SEI Wealth Platform increased to $11.7 million during the fourth-quarter 2016 as compared to $10.8 million during the fourth-quarter 2015 due to continued enhancements.
- Our operating expenses increased $13.2 million, or five percent, during the fourth-quarter 2016 compared to the third-quarter 2016 due in part to the previously mentioned sub-advisory expense. Without this item, the sequential increase in our operating expenses during the fourth-quarter would have been $7.1 million, or just under three percent.
- Our operating expenses, primarily personnel costs, in our Investment Managers segment increased. These expenses primarily consist of operational and marketing costs and are mainly related to servicing existing clients and acquiring and implementing new clients.
- The stronger U.S. dollar against the British pound during the fourth-quarter 2016 compared to the fourth-quarter 2015 negatively impacted the revenues of our Private Banks and Institutional Investors segments by $2.9 million and $1.8 million, respectively, and operating income by $1.2 million for each of the two segments.
- Our effective tax rates were 33.4 percent in fourth-quarter 2016 and 29.3 percent in fourth-quarter 2015. The increase in the tax rate is due to a one time state tax settlement we received in the fourth quarter of 2015 as well as the reinstatement of the Research and Development credit in the fourth quarter of 2015. In 2015, all of the Research and Development Tax credit was recorded in the fourth quarter as compared to each quarter in 2016.
- We repurchased 1.4 million shares of our common stock for $66.8 million during the fourth-quarter 2016.
Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern time on Jan. 25, 2017. Investors may listen to the call at seic.com/investors. The call may also be accessed at many financial services websites, including Google Finance and Yahoo Finance. Investors may also listen to replays at these websites, or by telephone at (USA) 800-475-6701; (International) 320-365-3844, access code 415844.
About SEI
SEI (NASDAQ:SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of December 31, 2016, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $751 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $283 billion in assets under management and $468 billion in client assets under administration. For more information, visit seic.com.
Many of the statements in this release may be considered “forward looking statements” and include discussions about future operations, strategies and financial results. Forward-looking statements are based upon estimates and assumptions that involve risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe our assumptions are reasonable, they could be inaccurate. Our actual future revenues and income could differ materially from our expected results. We have no obligation to publicly update or revise any forward-looking statements.
| SEI INVESTMENTS COMPANY | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Asset management, admin. and distribution fees | $ | 286,534 | $ | 254,410 | $ | 1,072,176 | $ | 1,010,511 | ||||||||
| Information processing and software servicing fees | 75,512 | 72,128 | 300,346 | 290,893 | ||||||||||||
| Transaction–based and trade execution fees | 6,764 | 8,859 | 29,023 | 32,804 | ||||||||||||
| Total revenues | 368,810 | 335,397 | 1,401,545 | 1,334,208 | ||||||||||||
| Subadvisory, distribution and other asset mgmt costs | 48,310 | 40,443 | 170,961 | 160,062 | ||||||||||||
| Software royalties and other information processing costs | 7,379 | 7,903 | 30,323 | 31,497 | ||||||||||||
| Brokerage commissions | 5,087 | 6,525 | 22,152 | 24,388 | ||||||||||||
| Compensation, benefits and other personnel | 107,272 | 103,128 | 414,622 | 395,774 | ||||||||||||
| Stock-based compensation | 3,973 | 5,836 | 16,017 | 17,312 | ||||||||||||
| Consulting, outsourcing and professional fees | 45,057 | 37,876 | 166,769 | 146,436 | ||||||||||||
| Data processing and computer related | 16,849 | 15,784 | 64,930 | 58,884 | ||||||||||||
| Facilities, supplies and other costs | 18,051 | 18,773 | 68,245 | 74,968 | ||||||||||||
| Amortization | 11,708 | 10,824 | 45,392 | 42,630 | ||||||||||||
| Depreciation | 6,983 | 6,098 | 26,440 | 24,044 | ||||||||||||
| Total expenses | 270,669 | 253,190 | 1,025,851 | 975,995 | ||||||||||||
| Income from operations | 98,141 | 82,207 | 375,694 | 358,213 | ||||||||||||
| Net (loss) gain on investments | (208 | ) | 88 | 112 | (456 | ) | ||||||||||
| Interest and dividend income | 1,174 | 788 | 4,316 | 3,358 | ||||||||||||
| Interest expense | (115 | ) | (141 | ) | (531 | ) | (483 | ) | ||||||||
| Equity in earnings of unconsolidated affiliates | 34,061 | 32,140 | 126,103 | 137,057 | ||||||||||||
| Gain on sale of subsidiary | — | — | 2,791 | 2,791 | ||||||||||||
| Income before income taxes | 133,053 | 115,082 | 508,485 | 500,480 | ||||||||||||
| Income taxes | 44,442 | 33,703 | 174,668 | 168,825 | ||||||||||||
| Net income | 88,611 | 81,379 | 333,817 | 331,655 | ||||||||||||
| Basic earnings per common share | $ | 0.55 | $ | 0.49 | $ | 2.07 | $ | 2.00 | ||||||||
| Shares used to calculate basic earnings per share | 159,674 | 164,473 | 161,350 | 165,725 | ||||||||||||
| Diluted earnings per common share | $ | 0.55 | $ | 0.48 | $ | 2.03 | $ | 1.96 | ||||||||
| Shares used to calculate diluted earnings per share | 162,567 | 168,461 | 164,431 | 169,598 | ||||||||||||
| Dividends declared per common share | $ | 0.28 | $ | 0.26 | $ | 0.54 | $ | 0.50 | ||||||||
| SEI INVESTMENTS COMPANY | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (In thousands) | ||||||||
| (Unaudited) | ||||||||
| December 31, | December 31, | |||||||
| 2016 | 2015 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 695,701 | $ | 679,661 | ||||
| Restricted cash | 3,500 | 5,500 | ||||||
| Receivables from investment products | 61,761 | 48,098 | ||||||
| Receivables, net of allowance for doubtful accounts of $523 and $649 | 227,957 | 223,023 | ||||||
| Securities owned | 21,339 | 21,235 | ||||||
| Other current assets | 27,575 | 26,207 | ||||||
| Total Current Assets | 1,037,833 | 1,003,724 | ||||||
| Property and Equipment, net of accumulated depreciation of $285,322 and $259,501 | 146,190 | 143,977 | ||||||
| Capitalized Software, net of accumulated amortization of $303,540 and $259,358 | 295,867 | 290,522 | ||||||
| Investments Available for Sale | 84,033 | 81,294 | ||||||
| Investments in Affiliated Funds, at fair value | 4,858 | 4,039 | ||||||
| Investment in Unconsolidated Affiliates | 50,459 | 49,580 | ||||||
| Deferred Income Taxes | 2,127 | — | ||||||
| Other Assets, net | 15,456 | 15,492 | ||||||
| Total Assets | $ | 1,636,823 | $ | 1,588,628 | ||||
| Liabilities and Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 5,966 | $ | 4,511 | ||||
| Accrued liabilities | 240,525 | 217,587 | ||||||
| Deferred revenue | 2,880 | 2,385 | ||||||
| Total Current Liabilities | 249,371 | 224,483 | ||||||
| Deferred Income Taxes | 69,693 | 63,028 | ||||||
| Other Long-term Liabilities | 14,645 | 11,397 | ||||||
| Total Liabilities | 333,709 | 298,908 | ||||||
| Shareholders' Equity: | ||||||||
| Common stock, $.01 par value, 750,000 shares authorized; 159,031 and 163,733 shares issued and outstanding | 1,590 | 1,637 | ||||||
| Capital in excess of par value | 955,461 | 910,513 | ||||||
| Retained earnings | 384,018 | 402,860 | ||||||
| Accumulated other comprehensive loss, net | (37,955 | ) | (25,290 | ) | ||||
| Total Shareholders' Equity | 1,303,114 | 1,289,720 | ||||||
| Total Liabilities and Shareholders' Equity | $ | 1,636,823 | $ | 1,588,628 | ||||
| SEI INVESTMENTS COMPANY | |||||||||||||||||||||
| ENDING ASSET BALANCES | |||||||||||||||||||||
| (In millions) | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| Dec 31, | Mar. 31, | Jun. 30, | Sept. 30, | Dec 31, | |||||||||||||||||
| 2015 | 2016 | 2016 | 2016 | 2016 | |||||||||||||||||
| Private Banks: | |||||||||||||||||||||
| Equity and fixed-income programs | $ | 18,150 | $ | 18,370 | $ | 18,328 | $ | 18,668 | $ | 17,926 | |||||||||||
| Collective trust fund programs | 4 | 4 | 3 | 3 | 3 | ||||||||||||||||
| Liquidity funds | 5,835 | 5,521 | 4,848 | 4,034 | 4,230 | ||||||||||||||||
| Total assets under management | $ | 23,989 | $ | 23,895 | $ | 23,179 | $ | 22,705 | $ | 22,159 | |||||||||||
| Client assets under administration | 17,532 | 18,324 | 18,537 | 19,269 | 19,255 | ||||||||||||||||
| Total assets | $ | 41,521 | $ | 42,219 | $ | 41,716 | $ | 41,974 | $ | 41,414 | |||||||||||
| Investment Advisors: | |||||||||||||||||||||
| Equity and fixed-income programs | $ | 46,123 | $ | 47,357 | $ | 50,016 | $ | 52,594 | $ | 52,847 | |||||||||||
| Collective trust fund programs | 7 | 7 | 5 | 5 | 5 | ||||||||||||||||
| Liquidity funds | 4,924 | 5,051 | 3,661 | 2,539 | 2,741 | ||||||||||||||||
| Total assets under management | $ | 51,054 | $ | 52,415 | $ | 53,682 | $ | 55,138 | $ | 55,593 | |||||||||||
| Institutional Investors: | |||||||||||||||||||||
| Equity and fixed-income programs | $ | 72,263 | $ | 73,468 | $ | 75,944 | $ | 78,701 | $ | 76,465 | |||||||||||
| Collective trust fund programs | 96 | 97 | 88 | 90 | 93 | ||||||||||||||||
| Liquidity funds | 2,883 | 2,390 | 2,526 | 2,612 | 2,903 | ||||||||||||||||
| Total assets under management | $ | 75,242 | $ | 75,955 | $ | 78,558 | $ | 81,403 | $ | 79,461 | |||||||||||
| Investment Managers: | |||||||||||||||||||||
| Equity and fixed-income programs | $ | 66 | $ | 72 | $ | 73 | $ | 79 | $ | 81 | |||||||||||
| Collective trust fund programs | 32,117 | 32,385 | 33,841 | 35,962 | 36,991 | ||||||||||||||||
| Liquidity funds | 832 | 733 | 750 | 812 | 667 | ||||||||||||||||
| Total assets under management | $ | 33,015 | $ | 33,190 | $ | 34,664 | $ | 36,853 | $ | 37,739 | |||||||||||
| Client assets under administration (A) | 390,282 | 400,579 | 419,139 | 451,204 | 448,708 | ||||||||||||||||
| Total assets | $ | 423,297 | $ | 433,769 | $ | 453,803 | $ | 488,057 | $ | 486,447 | |||||||||||
| Investments in New Businesses: | |||||||||||||||||||||
| Equity and fixed-income programs | $ | 764 | $ | 803 | $ | 820 | $ | 850 | $ | 884 | |||||||||||
| Liquidity funds | 47 | 41 | 37 | 53 | 61 | ||||||||||||||||
| Total assets under management | $ | 811 | $ | 844 | $ | 857 | $ | 903 | $ | 945 | |||||||||||
| LSV Asset Management: | |||||||||||||||||||||
| Equity and fixed-income programs | $ | 78,335 | $ | 78,390 | $ | 78,352 | $ | 83,863 | $ | 87,248 | |||||||||||
| Total: | |||||||||||||||||||||
| Equity and fixed-income programs (B) | $ | 215,701 | $ | 218,460 | $ | 223,533 | $ | 234,755 | $ | 235,451 | |||||||||||
| Collective trust fund programs | 32,224 | 32,493 | 33,937 | 36,060 | 37,092 | ||||||||||||||||
| Liquidity funds | 14,521 | 13,736 | 11,822 | 10,050 | 10,602 | ||||||||||||||||
| Total assets under management | $ | 262,446 | $ | 264,689 | $ | 269,292 | $ | 280,865 | $ | 283,145 | |||||||||||
| Client assets under administration (C) | 407,814 | 418,903 | 437,676 | 470,473 | 467,963 | ||||||||||||||||
| Total assets | $ | 670,260 | $ | 683,592 | $ | 706,968 | $ | 751,338 | $ | 751,108 | |||||||||||
(A) Client assets under administration in the Investment Managers segment include $48.8 billion of assets that require limited services and therefore are at fee levels below our normal full service assets (as of December 31, 2016).
(B) Equity and fixed-income programs include $4.7 billion of assets invested in various asset allocation funds at December 31, 2016.
(C) In addition to the numbers presented, SEI also administers an additional $9.5 billion in Funds of Funds assets (as of December 31, 2016) on which SEI does not earn an administration fee. Client assets under administration as of December 31, 2016, do not reflect $1.3 billion in Funds of Funds assets that were reported at December 31, 2015.
| SEI INVESTMENTS COMPANY | |||||||||||||||||||||
| AVERAGE ASSET BALANCES | |||||||||||||||||||||
| (In millions) | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| 4th Qtr. | 1st Qtr. | 2nd Qtr. | 3rd Qtr. | 4th Qtr. | |||||||||||||||||
| 2015 | 2016 | 2016 | 2016 | 2016 | |||||||||||||||||
| Private Banks: | |||||||||||||||||||||
| Equity and fixed-income programs | $ | 18,603 | $ | 17,644 | $ | 18,504 | $ | 18,650 | $ | 17,945 | |||||||||||
| Collective trust fund programs | 3 | 3 | 3 | 3 | 3 | ||||||||||||||||
| Liquidity funds | 5,511 | 5,661 | 5,118 | 4,386 | 4,030 | ||||||||||||||||
| Total assets under management | $ | 24,117 | $ | 23,308 | $ | 23,625 | $ | 23,039 | $ | 21,978 | |||||||||||
| Client assets under administration | 17,775 | 17,248 | 18,436 | 19,039 | 19,010 | ||||||||||||||||
| Total assets | $ | 41,892 | $ | 40,556 | $ | 42,061 | $ | 42,078 | $ | 40,988 | |||||||||||
| Investment Advisors: | |||||||||||||||||||||
| Equity and fixed-income programs | $ | 46,044 | $ | 45,175 | $ | 48,783 | $ | 51,924 | $ | 52,267 | |||||||||||
| Collective trust fund programs | 8 | 7 | 6 | 5 | 5 | ||||||||||||||||
| Liquidity funds | 4,784 | 5,009 | 4,061 | 2,694 | 2,638 | ||||||||||||||||
| Total assets under management | $ | 50,836 | $ | 50,191 | $ | 52,850 | $ | 54,623 | $ | 54,910 | |||||||||||
| Institutional Investors: | |||||||||||||||||||||
| Equity and fixed-income programs | $ | 72,463 | $ | 71,779 | $ | 74,984 | $ | 77,583 | $ | 77,040 | |||||||||||
| Collective trust fund programs | 96 | 98 | 96 | 90 | 92 | ||||||||||||||||
| Liquidity funds | 3,109 | 2,834 | 2,868 | 2,751 | 2,766 | ||||||||||||||||
| Total assets under management | $ | 75,668 | $ | 74,711 | $ | 77,948 | $ | 80,424 | $ | 79,898 | |||||||||||
| Investment Managers: | |||||||||||||||||||||
| Equity and fixed-income programs | $ | 59 | $ | 66 | $ | 72 | $ | 73 | $ | 79 | |||||||||||
| Collective trust fund programs | 30,960 | 30,784 | 33,021 | 35,257 | 36,170 | ||||||||||||||||
| Liquidity funds | 960 | 832 | 701 | 874 | 813 | ||||||||||||||||
| Total assets under management | $ | 31,979 | $ | 31,682 | $ | 33,794 | $ | 36,204 | $ | 37,062 | |||||||||||
| Client assets under administration | 390,080 | 387,421 | 415,237 | 436,459 | 446,666 | ||||||||||||||||
| Total assets | $ | 422,059 | $ | 419,103 | $ | 449,031 | $ | 472,663 | $ | 483,728 | |||||||||||
| Investments in New Businesses: | |||||||||||||||||||||
| Equity and fixed-income programs | $ | 788 | $ | 757 | $ | 811 | $ | 845 | $ | 851 | |||||||||||
| Liquidity funds | 47 | 48 | 39 | 44 | 60 | ||||||||||||||||
| Total assets under management | $ | 835 | $ | 805 | $ | 850 | $ | 889 | $ | 911 | |||||||||||
| LSV Asset Management: | |||||||||||||||||||||
| Equity and fixed-income programs | $ | 79,634 | $ | 74,699 | $ | 79,733 | $ | 83,373 | $ | 84,676 | |||||||||||
| Total: | |||||||||||||||||||||
| Equity and fixed-income programs | $ | 217,591 | $ | 210,120 | $ | 222,887 | $ | 232,448 | $ | 232,858 | |||||||||||
| Collective trust fund programs | 31,067 | 30,892 | 33,126 | 35,355 | 36,270 | ||||||||||||||||
| Liquidity funds | 14,411 | 14,384 | 12,787 | 10,749 | 10,307 | ||||||||||||||||
| Total assets under management | $ | 263,069 | $ | 255,396 | $ | 268,800 | $ | 278,552 | $ | 279,435 | |||||||||||
| Client assets under administration (A) | 407,855 | 404,669 | 433,673 | 455,498 | 465,676 | ||||||||||||||||
| Total assets | $ | 670,924 | $ | 660,065 | $ | 702,473 | $ | 734,050 | $ | 745,111 | |||||||||||
(A) Client assets under administration during fourth-quarter 2016 do not reflect $1.3 billion in Funds of Funds assets that were reported during fourth-quarter 2015.