Sei Investments Company · NASDAQ:SEIC
Sei Investments — Investor Day (September 2025)
83 slides from Sei Investments's investor day presentation, Sep 18, 2025
Slide 1: 2025 Investor Day
2025 Investor Day September 18, 2025
Slide 2: Safe harbor statement
Safe harbor statement. This presentation contains forward-looking statements within the meaning or the rules and regulations of the Securities and Exchange Commission. In some cases you can identify forward-looking statements by terminology, such as "may," "will," "expect," "believe," ”remain” and "
Slide 3: Agenda
Agenda. 9:00 A.M. Ryan Hicke Chief Executive Officer 9:25 A.M. Sean Denham CFO & COO 9:50 A.M. Phil McCabe Head of Investment Managers 10:10 A.M. Break 10:20 A.M. Sanjay Sharma Head of Private Banking & CEO SEI Int’l 10:45 A.M. Michael Lane Head of Asset Management 11:20 A.M. Sneha Shah Head of SEI
Slide 4: Ryan Hicke
Ryan Hicke Chief Executive Officer SEI INVESTOR DAY September 18, 2025
Slide 5: Progress since our last investor day
Progress since our last investor day. Sales events +133% Operating margins +310bps Q2 '25 TTM $160M Q2 '25 TTM 27.0% 2022 $69M 2022 23.9% -$60 $20 $100 $180 22.0% 24.0% 26.0% 28.0% EPS +54% Share price +50% Q2 '25 TTM $5.33 Current $87 2022 $3.46 Dec. 31 2022 $58 $1.00 $3.00 $5.00 $15 $40 $65 $90 SE
Slide 6: Improvements driven by client engagement, refreshed leadership, clarity of vision
Improvements driven by enhanced client engagement, refreshed business leadership, and clarity of vision. SEI INVESTOR DAY September 18, 2025 6
Slide 7: Connecting top clients and prospects across the enterprise
Connecting top clients and prospects SEI Executive Conference across the enterprise. SEI INVESTOR DAY September 18, 2025 7
Slide 8: Client engagement. Showing up and adding value
Client engagement. Expanded Relationships New Relationships Showing up and adding value. SEI INVESTOR DAY September 18, 2025 8
Slide 9: Leadership. Putting top talent in most impactful roles
Leadership. Putting top talent in most impactful roles. Sanjay Sharma leads Sneha Shah joins SEI to Michael Lane joins SEI to lead Private Banking lead SEI Next Asset Management businesses April April 2022 Today Today 2022 Ryan Hicke Sandy Ewing leads Sean Denham joins Amy Sliwinski joins becomes CE
Slide 10: Leveraging SEI's unique competitive position
Leveraging SEI’s unique Scale competitive position. Asset Advice management What does it take Innovation Investment to win all three? Administration SEI INVESTOR DAY September 18, 2025 10
Slide 11: Clarity of vision. SEI's path to accelerating growth
Clarity of vision. Reimagine “asset management” Reimagine “asset management” Invest in proven Enterprise growth engines excellence POWERING GROWTH SEI’s path to accelerating growth. Boost international Strategic capital returns allocation SEI INVESTOR DAY September 18, 2025 11
Slide 12: Reimagine asset management
Reimagine management” “asset Reimagine “asset management” Grow the core Move up market Grow wealth management capability SEI INVESTOR DAY September 18, 2025 12
Slide 13: Significant margin upside within global business
Boost international returns % of revenue Operating margins: Boost from non-U.S. Global upside international returns 30% 40% 30% 20% 20% 10% Significant margin 10% upside within global business. 0% 0% SEI 2024 S&P 500 SEI 2030 Global ex-North North America Average Target America Source: 2023 S&P Glob
Slide 14: Capitalize on existing strengths
Invest in proven growth engines Invest in proven growth Professional Regional and engines services community banks Global alternative Enterprise investment RIAs managers Capitalize on existing strengths. SEI INVESTOR DAY September 18, 2025 14
Slide 15: Enterprise excellence
Enterprise excellence Enterprise excellence Talent Powering Culture the future. Expand initiatives that drive Growth operational gains. SEI INVESTOR DAY September 18, 2025 15
Slide 16: Smart use of capital against growth opportunities
Balance sheet Strategic capital allocation Strategic strategy capital allocation Automation Dividends and and innovation Capital buybacks Allocation: More than money Smart use of capital against growth Human M&A and opportunities. capital internal investment SEI INVESTOR DAY September 18, 2025 16
Slide 17: Clarity of vision. SEI's path to accelerating growth
Clarity of vision. Reimagine “asset management” Reimagine “asset management” Invest in proven Enterprise growth engines excellence POWERING GROWTH SEI’s path to accelerating growth. Boost international Strategic capital returns allocation SEI INVESTOR DAY September 18, 2025 17
Slide 18: Sean Denham
Sean Denham Chief Financial Officer & Chief Operating Officer SEI INVESTOR DAY September 18, 2025 18
Slide 19: Framework for delivering shareholder value
Framework for delivering shareholder value. P OT E N T I A L O U TC O M E S Invest in proven Led by double-digit growth engines Investment Managers growth Reimagine “asset High single-digit Targeting Growth strategy management” annualized AUM growth Boost international returns double- Boost internat
Slide 20: How the business operated: Siloed support structures
How the business operated: Siloed support structures. INVESTMENT PRIVATE INSTITUTIONAL INVESTMENT MANAGERS BANKING INVESTORS ADVISORS Technology 33% 18% 3% & operations Asset 6% 12% 20% management Talent Talent Talent Talent Technology Technology Technology Technology Procurement Procurement Procure
Slide 21: Where we're going: Enterprise-wide centers of excellence
Where we’re going: Enterprise-wide centers of excellence. INVESTMENT PRIVATE INSTITUTIONAL INVESTMENT MANAGERS BANKING INVESTORS ADVISORS Technology 33% 18% 3% & operations Asset 6% 12% 20% management Talent Technology Procurement Marketing Global capabilities center % of Total SEI revenue in 2024 A
Slide 22: Creating a scalable, global talent strategy
Creating a scalable, global talent strategy. Headcount outpaced revenue Actively pursuing initiatives growth until recently to scale talent • Targeted initiatives in technology and process automation to significantly % increase increase talent scalability • Reviewing organizational design to better
Slide 23: Operational excellence: Global capabilities center
Operational excellence: Global capabilities center. ESTIMATED SAVINGS SEI’s offshoring strategy results in meaningful strategic and financial benefits: • Reducing development and operating costs $10k $130k Offshore consultant Onshore consultant to employee to offshore • Higher-quality client outcome
Slide 24: Targeting appropriate, long-term capital structure
Targeting appropriate, long-term capital structure to enhance shareholder return. Trailing net/debt to EBITDA leverage ratios* • SEI maintaining a fortress balance sheet is at the heart of our strategic decision making • Current net cash position presents opportunity for 3.0x low-cost incremental 2.
Slide 25: Creating shareholder value via thoughtful capital allocation
Creating shareholder value via thoughtful capital allocation. Historical capital allocation (2017 to 2022) Cash build M&A and Investment Dividends Free cash flow Repurchases Sources Uses SEI INVESTOR DAY September 18, 2025 25
Slide 26: Creating shareholder value via thoughtful capital allocation
Creating shareholder value via thoughtful capital allocation. Historical capital allocation (2017 to 2022) SEI capital Cash build allocation strategy M&A and investment • Driving shareholder value Free cash Dividends via high-return flow Repurchases investments funded by low-cost incremental Sources
Slide 27: The next step in SEI's strategic evolution
The next step in SEI’s strategic evolution. Clear strategic direction New reportable segments Matches financial Investment Manager Institutional & Wealth Banking & Professional reporting with how Services Advisor Services Services we’re running our business Flexible, scalable Ecosystem of Increases
Slide 28: Business evolution: Running the company differently
Business evolution: Running the company differently. 2017 to 2022 2022 to today “SEI 2025 to 2030” 7% 24% 19% 27% Continued Avg. annual EPS growth Consolidated operating margin Avg. annual EPS growth Consolidated operating margin momentum 2017 to 2022 2022 2022 to TTM TTM Earnings per share Net sale
Slide 29: Phil McCabe
Phil McCabe Head of Investment Managers SEI INVESTOR DAY September 18, 2025 29
Slide 30: IMS success driven by new relationships and alternative capabilities
IMS success driven by new relationships, client expansions, and market-leading alternative investment capabilities. Strong revenue growth and cost control Driven by enviable alts capabilities Net sales events 2024 2022 Operating profit 2024 2023 Traditional solutions Revenue International solutions
Slide 31: Investment Managers has enviable competitive position
Investment Managers has enviable competitive position. World-class client roster Clients embracing outsourcing… …while SEI gains market share 9.0% 37.0% % Private AUA Self-Administered SEI US Private AUA Share % 6.0% 31.0% 25.0% 3.0% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 45 10 #1 #1 #5 o
Slide 32: Specializing in complexity
Specializing in complexity. • Proven expertise managing complex investment vehicles and strategies that span multiple jurisdictions • Serving complex funds across every asset class with a single global operating model • Expertise in complicated legal ownership structures • Data-centric, open archite
Slide 33: Where we're going
Where we’re going. Positioning for International Growth from changing industry expansion “land and expand” landscape • <10% of 2024 revenue • “Land and Expand” clients • Areas of strongest from global despite have driven recent growth alternative market growth non-U.S. markets, via significant walle
Slide 34: International represents massive underpenetrated opportunity
International represents massive underpenetrated opportunity. Global TAM significantly exceeds global revenue • Pursuing aggressive expansion in U.K. 100% and Lux by leveraging strong North American brand 2024 Revenue Addressable Market 80% Have already grown to become sixth largest fund admin in Lu
Slide 35: "Land and expand" opportunity
“Land and expand” opportunity. “Land and expand” has driven growth Significant wallet share upside Net events drivers 2023 & 2024 Top 20 IMS clients by AUA $100 28% $M net events 41% $50 31% $0 New clients Wallet share growth Non-recurring SEI Internal Other admin SEI INVESTOR DAY September 18, 2025
Slide 36: "Land and expand" example
Third-party fund admin “Land and expand” example. In-house fund admin SEI fund admin 2017 2025 Digital APAC Private APAC Private APAC Direct Infrastructure Credit Equity Lending Client AUA +290% US Private Real Estate Special BDC Credit Secondaries Opportunities SEI wallet share +100% Private Equity
Slide 37: Specializing in strongest parts of a rapidly growing market
Specializing in strongest parts of a rapidly growing market. Alternative poised for continued growth… …and SEI specializes in the strongest markets Private equity and $32,000 credit represent ~70% 2020 $12,000 of SEI’s alts AUA 2024 2028F $24,000 +109% +170% $B of AUM $8,000 $B of AUM $16,000 +39% $
Slide 38: Well-positioned for U.S. retail alts adoption
Well-positioned for U.S. retail alts adoption. Anticipated five-year asset growth in retail alts Fastest asset growth expected in semi-liquid $ Billions funds (interval, tender offer, BDC) $ Billions $2,483 $705 +70% 2.5x $1,444 $286 2023 2028 E 2023 2028 E Leverage SEI’s alternative asset admin cap
Slide 39: Private assets in defined contribution plans
Private assets in defined contribution plans. • CITs are the preferred vehicle for retirement plans. $13 trillion ▪ SEI operates the largest third- Defined contribution market party trust company (SEI Trust (i.e. 401k) Company). An increase to ▪ Alternative managers 5% in private embedded their priv
Slide 40: Where we're going
Where we’re going. International Growth from Positioning for expansion “land and expand” changing industry landscape SEI INVESTOR DAY September 18, 2025 40
Slide 41: Sanjay Sharma
Sanjay Sharma Global Head of Private Banking CEO of SEI International SEI INVESTOR DAY September 18, 2025 41
Slide 42: How we got here
How we got here. Tech & Ops Operating profit ($M) Asset Mgmt. R&D expense ($M) 2024 $69 2024 $38 $43 2022 -$11 $27 2022 $90 -$20 $0 $20 $40 $60 $80 $100 $20 $60 $100 *2022 Tech & Ops excludes impact of one-time client cancellation fee. Fewer client losses ($M) Net sales events ($M) 2025 YTD $0 2024
Slide 43: Improvements driven by client retention and backlog delivery
Improvements driven by client retention, backlog delivery, and aligned product roadmap. SEI INVESTOR DAY September 18, 2025 43
Slide 44: Broadening market focus to drive growth
Broadening market focus to drive growth. Net events composition Representative R&C wins Large Banks Regional & Community Professional Services 2022 to 2024 R&C and Professional Average net Services have driven events by recent sales growth. end client Note: Excludes $21M client loss in 2022 within l
Slide 45: SEI differentiation: A case study
SEI differentiation: A case study. SEI Wealth PlatformSM uniquely positions clients to unify diverse wealth management platforms and operating models. Before (2022) After (2024) WSFS & Bryn Mawr Trust were running diverse legacy WSFS/BMT goes live on SWP and utilizes SEI back-office platforms and op
Slide 46: Where we're going
Where we’re going. Improve margins Growth through Expand existing to approach existing clients offerings historical levels • Deepen partnership • Accelerate professional • Legacy costs continue through SEI’s enterprise services offering and to roll off capabilities growth • Grow into existing non-U.
Slide 47: Retain and expand existing client relationships
Retain and expand existing client relationships. Fewer Client Losses ($M) TAM Upside within Existing Markets ($M) $50 • Partnership Philosophy TAM Revenue Current RR Revenue • Dedicated Client Retention $40 Development Budget $1,200 • Proactive Client Engagement $30 • Monthly Enterprise-Wide $800 St
Slide 48: Professional services opportunity
R3I* Professional services Tech- Data conversion opportunity. oriented Data Cloud and analytics Professional services Outsourced CTO are expected to be approximately half Banks and wealth of net events in 2025. managers Transformation assessment & business case for change Operations automation Targe
Slide 49: Professional services opportunity
Professional services Tech- Data opportunity. oriented transformation Data Cloud and analytics • Production readiness and Solution consulting assist with people, process, and technology change journey. • Post-live solution consulting, technology, and operations Banks services. and wealth managers Bu
Slide 50: Professional services opportunity
R3I Professional services Tech- Systems integration opportunity. oriented Source data conversion Cybersecurity and network operations Data Cloud and • Unified wealth management: transformation Systems integration and workflow orchestration. • A trusted partner for all technology services. Banks and
Slide 51: Deepen partnership with SEI Asset Management
Deepen partnership with SEI Asset Management. Discretionary assets on platform • Wallet share expansion supported by Billions more than $1 trillion of client managed assets currently on SEI platforms $1,200 $996 Opportunities $800 • Leverage our three core strengths (technology, processing, investme
Slide 52: Five components of margin improvement
Five components of margin improvement. New business contracts to enhance run-rate margins Scale costs via offshore service SaaS R&D roll-off center Outsized growth from higher margin Scale non-U.S. businesses businesses SEI INVESTOR DAY September 18, 2025 52
Slide 53: SEI International: A blueprint for growth
SEI International: A blueprint for growth. Positioned for long-term value creation Grounded in Structuring for proven capabilities scalable delivery Foundation-led expansion in what we We’ve assessed our platforms, operating do the best: technology, operations, and models, and business unit readines
Slide 54: Where we're going: Positioned for accelerating growth
Where we’re going: Positioned for accelerating growth. Improve margins Growth through Expand existing to approach existing Clients offerings historical levels SEI INVESTOR DAY September 18, 2025 54
Slide 55: Michael Lane
Michael Lane Head of Asset Management SEI INVESTOR DAY September 18, 2025 55
Slide 56: Agenda
Agenda. Industry trends Current business Evolved asset • Clients management and distribution • Products strategy • Revenue • Grow the core • Move up market • Grow wealth management capability SEI INVESTOR DAY September 18, 2025 56
Slide 57: Industry trends
Industry trends. Diverging RIA growth Consolidation Fee compression Five-year CAGR Number of wealth management RIA M&A deals 20% Top-performing firms All other firms 400 90 2010 2024 15% 300 60 Average Fee (bps) 10% 200 30 5% 100 0% 0 0 Net asset flows Revenue Client # 2014 2019 2024 Active Passive
Slide 58: Current business: Our five key client businesses today
Current business: Our five key client businesses today. Revenue Contribution by Client Business 1 Independent broker dealer advisors* HISTORICAL APPROACH: Packaged solution to smaller B/D affiliated advisors 2 Institutional OCIO HISTORICAL APPROACH: Enhanced focus on non-pensions OCIO RIAs* 3 HISTOR
Slide 59: Current business: Product drivers of net new revenue
Current business: Product drivers of net new revenue. H1 2025 vs. H2 2024 $12 $8 $M revenue change $4 $0 -$4 -$8 -$12 Cash programs SMAs/ETFs Other Lifeyield/Other Custody/Tech OCIO Mutual Funds *Data is representative of revenue from H1 2025 and H2 2024 and the numbers provided above show the six-m
Slide 60: Evolved asset management and distribution strategy
Evolved asset management and distribution strategy. Grow wealth Grow the core Move up market management capability • Use scale and diversified • Engage larger RIAs • Partnership with services to IBD market, to Stratos to expand differentiate historical • Sell the ecosystem advice offering TAMP • Pri
Slide 61: Grow the core
Evolved strategy: Grow the core Grow the core. Advisor business: Advisor Institutional Institutional business: Equips independent Total platform Offers goals-based $116 $88 financial advisors with assets ($B) investment solutions, cutting-edge technology, TTM operating combining expert leadership, $
Slide 62: Engage larger RIAs
Evolved strategy: Move up market Engage larger RIAs. RIAs driving managed asset growth Addressable market by advisor size Managed asset five-year CAGR $5.0 Hybrid RIA $4.0 $ Trillion total market assets National & Regional B/D Independent RIA $3.0 Independent B/D $2.0 Retail Bank B/D Wirehouse $1.0
Slide 63: Selling the ecosystem
Evolved strategy: Move up market Selling the ecosystem. SEI custody SEI LifeYield Client SEI Wealth Platform (Unified managed household) SEI investment management SEI Access (Alternatives platform) SEI INVESTOR DAY September 18, 2025 63
Slide 64: Increasing market concentration
Evolved strategy: Move up market Increasing market concentration. Estimated RIA assets under custody ($B) $5,000 $4,000 • Clients actively seeking “third option” due to $3,000 Over 2/3 market concentration risks concentrated in top two providers • SEI is a relevant option $2,000 for advisors: ▪ Scal
Slide 65: Selling the ecosystem: Alternatives via SEI Access
Evolved strategy: Move up market Selling the ecosystem: Alternatives via SEI Access. Transaction processing Marketplace Select Program e-subscription service with a Inventory of alternative Curated list of investment products goal of simplicity, accuracy and investment products for clients with due
Slide 66: Selling the ecosystem: Tax optimization via SEI LifeYield
Evolved Strategy: Move up market Tax- Taxable deferred Selling the ecosystem: Equity ETF account Alt fund account Tax optimization via SEI LifeYield. Equity Liquid SMA alt Separately managed Unified managed Unified managed account (SMA) account (UMA) household (UMH) Securities are held Combines SMA
Slide 67: Product, distribution, and activation
Evolved strategy: Move up market Product, distribution, and activation. Capabilities that must be in place Path to enhancing product and distribution NEW TEAM Product strategy, • SEI has lacked a dedicated team development, responsible for aligning market and activation opportunities with product de
Slide 68: Focus on activation: Leveraging what already exists
Evolved strategy: Move up market Focus on activation: Leveraging what already exists. “Beta+” ETF strategy Alternatives strategy Factor/Quant Liquid alternatives Private Hedge Thematic Other SEI Quantitative Liquid alts fund to assets funds alternatives • Private debt • Relative value • Thematic hed
Slide 69: Alternative return dispersion plays to SEI strengths
Evolved strategy: Move up market Alternative return dispersion plays to SEI strengths. Public and private manager dispersion Based on returns from Q1 ’15 to Q1 ‘25 30% 21.4% 20% 15.0% 14.2% 12.2% 11.7% Median 10% 8.9% 7.2% 7.4% 1.4% 0% 1.5% 0% -0.2% -4.2% -4.2% -10% Global Large Cap Global Bonds Glo
Slide 70: Price holistically
Evolved strategy: Move up market Price holistically. Financial advisor total assets Average client size <$25M $50-$150M $150-$250M $250-$500M >$500M Higher <$500k average fees $500k to $2M Missing $2M to $10M Lower >$10M average fees • Historical focus on smaller end • Low incremental costs allow fo
Slide 71: Wealth management tailwinds
Evolved strategy: Expand into advice Wealth management tailwinds. Fee-based wealth management growth is driven by multiple factors and is poised to continue over the long term. Investor demand for financial advice and Growth of fee-based RIAs exceeds other $3.8 trillion acquisition and recruiting pl
Slide 72: Stratos enhances SEI
Evolved strategy: Expand into advice Stratos enhances SEI. Value creation opportunity Revenue synergies Key capabilities Key capabilities via SEI platform • Fully-integrated wealth and products • Advisor acquisition and integration management solutions • Advisor recruiting and onboarding • Diversifi
Slide 73: Early results are promising
Results Early results are promising… Total net sales events by quarter ($M) $4.0 • SEI realized net positive revenue flows for both Q2 and YTD, representing significant improvement vs. recent history $0.0 • Greater adoption of alternatives and less outflows from existing clients in our -$4.0 Institu
Slide 74: Selling the ecosystem
Conclusion Selling the ecosystem. SEI custody SEI LifeYield Client SEI Wealth Platform (Unified managed household) SEI investment management SEI Access (Alternatives platform) SEI INVESTOR DAY September 18, 2025 74
Slide 75: Sneha Shah
Sneha Shah Head of SEI Next SEI INVESTOR DAY September 18, 2025 75
Slide 76: Track record of expanding capabilities and market reach
Track record of expanding capabilities and market reach. Core Technology & Asset Capabilities Investment Management Operations Investment Managers Advisors Markets Institutional Investors Banks Regions United States Canada Ireland U.K. EMEA, Asia 1968 1980 1990 2000 2010 2020 SEI INVESTOR DAY Septem
Slide 77: SEI Next: How we win the next frontier
SEI Next: How we win the next frontier. We leverage SEI’s entrepreneurial DNA and ecosystem to validate and scale ideas at the pace of industry change. Invest: Utilizing SEI’s cross-sector exposure and balance sheet, our Ventures team invests in high growth start-ups Build: We tap into client feedba
Slide 78: SEI Next: Investing across four strategic horizons
SEI Next: Investing across four strategic horizons. Horizon 1 Horizon 2 Horizon 3 Horizon 4 Automation Expansion Transformation Exploration Risk, Reward, and Timeframe Informed by Frontier Industry Themes Private Assets & Personalization Digitization & Access to Great Wealth Regulation & Markets Aut
Slide 79: SEI Next: Where we focus—impact on SEI and industry
SEI Next: Where we focus—impact on SEI and industry. User experience Operational scale Growth “Assets managed by AI- ”Institutional investors’ “Mass affluent market enabled digital platforms effective deployment of can create $45bn in will surge to almost $6 technology and AI could new revenues.” tr
Slide 80: SEI Next: Examples of our strategy—and impact
SEI Next: Examples of our strategy—and impact. User experience Operational scale Growth • Revenue generation, data • Opportunity to reimagine • Creation of new and insights middle office and back businesses, access to office, admin; free up new segments • Personalized user capacity experience with l
Slide 81: Analyst and investor Q&A
Analyst and investor Q&A SEI INVESTOR DAY September 18, 2025 81
Slide 82: Our position enables sustained growth and value creation
Our position enables sustained growth and value creation. • +133% increase in sales events, +310bps margin expansion, +54% EPS growth, Proven momentum. +50% share price increase since last Investor Day • Focused on five growth pillars: Reimagine asset management, Enterprise Clear strategic vision. e
Slide 83: Reconciliations
Reconciliations Slides 20 and 21: The following tables provide additional information pertaining to our Slide 24: Reconciliation of EBITDA to revenues disaggregated by major product line for each of the Company’s business Operating Profit for trailing 12 months as segments for the year-to-date Decem
SEI Investments Company — Investor Day (September 2025) on 6ix