SEI Investments Co 2025年度报告

Ryan P. HickeChief Executive Officer TO OUR SHAREHOLDERS: Since stepping into the role of CEO, my focus has been onbuilding a forward-thinking, durable, and differentiated enterprise thatdelivers sustained excellence. We have taken a disciplined and deliberateapproach in moving to a horizontal operating model that aligns ourtalent, platforms, capabilities, and capital to pursue what we believewill maximize enterprise value over the medium and long term. In 2025, SEI delivered one of the strongest years in our history.We achieved broad-based revenue growth and margin expansion acrossthe enterprise, driven not by any single segment or one-time event.Our intentional strategy and consistent execution across the organizationhave made this possible, demonstrating our ability to drive repeatablegrowth in areas where our advantages compound over time. Execute. Our commitment to our strategy translated into operational reality this year. Our horizontalenterprise operating model improved efficiency, accountability, and client experiencewhile shaping how we allocate capital, deliver technology and investment management,and collaborate across SEI. We delivered double-digit earnings growth, expanded operating margins by more than1 percentage point, and achieved the strongest sales year in our history, with net salesof $150 million—17% above last year’s record. These results reflect execution at scale andrelentless conversion of our growing sales and revenue pipeline. Scale. We are leaning into secular tailwinds where SEI has a competitive advantage, includingoutsourcing of administration and asset management, the convergence of public and privatemarkets, and the enduring demand for advice. In our Investment Managers business, structural demand for operational and technologyoutsourcing, especially among large alternative managers, continues to grow. We areevolving from fund-by-fund operations to platform-level services, enabling more efficientonboarding, accelerating our clients’ growth strategies, and supporting expansion at scale. In Private Banking, earlier and deeper client engagement is driving multiyear transformationprograms that have enabled us to reposition SEI from an investment processing provider toa strategic technology and platform partner. In Asset Management, we are accelerating product launches across ETFs, SMAs, models,and select alternatives. In 2025, ETF net inflows exceeded $1 billion, and our Advisor businessdelivered its best net inflow year in over a decade, supported by a growing ecosystem ofdifferentiated capabilities like tax management and overlays and a growing base of clients. Invest. We are investing to extend our competitive advantages and continue our long and rich historyof innovation while staying prudent and selective in how we deploy capital. Our strategicpartnership with Stratos Wealth Holdings strengthens our footprint in advice and dramaticallydeepens our insight into end-client needs. We’re already seeing early benefits in brandawareness and market interest. We continue to invest in technology, data, and AI to modernize how we operate and serveclients by streamlining workflows, maximizing the value of our highly experienced workforce,and enabling our teams to focus on high-value work. Our strategic investments in our people,platforms, and processes exemplify our focus on real-world applications of AI that improveclient experience and operational leverage. Our clients look to us as a trusted enterprisepartner to help future-proof their organizations. We remain committed to disciplined capital allocation, returning 90% to 100% of free cash flow toshareholders. In 2025, we repurchased $616 million of shares and ended the year with $400 millionin cash and no debt, while making targeted investments we believe will compound over time. Looking ahead. Peter Drucker said, “The best way to predict the future is to create it.” Our 2026 prioritiesare clear: focus and execution. In a rapidly changing world that is challenging traditional models,we will remain at the center of the financial services ecosystem. We’ll achieve this by buildingupon our growth engines, increasing product velocity, driving enterprise excellence throughautomation, improving international returns, and allocating capital to maximize long-term value. None of this happens without our people. SEI’s more than 5,000 employees power our progressthrough their talent, commitment, and ownership mindset. We are energized by our momentum,but we are not declaring victory. The opportunity ahead is significant for SEI to prosper, andour job is to earn it. Ryan P. HickeChief Executive Officer UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition per