SEI Investments Co (SEIC) 2024 Q2 法說會逐字稿

Thank you, everyone, for standing by and welcome to the SEI second-quarter 2024 earnings call. (Operator Instructions) As a reminder, today's call is being recorded.

感謝大家的支持並歡迎參加 SEI 2024 年第二季財報電話會議。（操作員說明）謹此提醒，今天的通話正在錄音。

I will now turn the call to your host, Leslie Wojcik. Please go ahead.

現在我將把電話轉給主持人 Leslie Wojcik。請繼續。

Thank you and welcome, everyone. We appreciate you joining us today for our second-quarter 2024 earnings call. On the call, we have Ryan Hicke, SEI's Chief Executive Officer; Sean Denham, Chief Financial Office; and members of our executive committee, Jay Cipriano, Sandy Ewing, Paul Klauder, Phil McCabe, Mike Peterson, Sneha Shah, and Sanjay Sharma.

謝謝大家，歡迎大家。感謝您今天參加我們的 2024 年第二季財報電話會議。SEI 執行長 Ryan Hicke 出席了電話會議。 Sean Denham，財務長；以及執行委員會成員 Jay Cipriano、Sandy Ewing、Paul Klauder、Phil McCabe、Mike Peterson、Sneha Shah 和 Sanjay Sharma。

Before we begin, I'd like to point out that our earnings press release can be found under the investor relations section of our website at seic.com. This call is being webcast live, and a replay will be available on the Events and Webcasts page of our website.

在開始之前，我想指出，我們的收益新聞稿可以在我們網站 seic.com 的投資者關係部分找到。本次電話會議正在進行網路直播，我們網站的活動和網路廣播頁面將提供重播。

We would like to remind you that during today's presentation and in our responses to your questions, we have and will make certain forward-looking statements that are subject to risk and uncertainties that may cause actual results to differ materially.

我們想提醒您，在今天的演示和回答您的問題時，我們已經並將做出某些前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果出現重大差異。

Please refer to our notices regarding forward-looking statements that appear in today's earnings press release and in our filings with the Securities and Exchange Commission. We do not undertake to update any of our forward-looking statements.

請參閱我們今天的收益新聞稿以及我們向美國證券交易委員會提交的文件中有關前瞻性陳述的通知。我們不承諾更新我們的任何前瞻性陳述。

I'll now turn it over to CEO Ryan Hicke. Ryan?

現在我將把它交給執行長 Ryan Hicke。瑞安？

Thanks, Leslie, and good afternoon, everyone. Our positive momentum carried through the second quarter as we once again delivered strong profit quarter over quarter and continued solid execution of sales in our technology and operational platforms.

謝謝，萊斯利，大家下午好。我們的積極勢頭貫穿了第二季度，我們再次實現了逐季度強勁的利潤，並繼續在我們的技術和營運平台上紮實執行銷售。

We posted $1.05 EPS for the quarter, $22 million in sales of which $15.9 million is recurring, and $519 million in revenue. Sean will provide a detailed breakdown of all corporate and business segment financials shortly.

我們公佈的本季每股收益為 1.05 美元，銷售額為 2,200 萬美元，其中經常性銷售額為 1,590 萬美元，營收為 5.19 億美元。肖恩很快就會提供所有公司和業務部門財務狀況的詳細細目。

I'm a little over two years into the role, and at a high level, I am really pleased with these five key areas. First, our sales pipeline and market activity. Client engagement is high. The reception to an enterprise positioning is resonating, and our total addressable markets are expanding.

我擔任這個職位已經兩年多了，在高水準上，我對這五個關鍵領域非常滿意。首先，我們的銷售通路和市場活動。客戶參與度很高。人們對企業定位的接受度正在引起共鳴，我們的潛在市場總量正在擴大。

Second, EPS growth. As a result of increased market activity, expense management, and execution on our continued optimization programs, we continue to drive earnings growth. Third, unit results. IMS revenue and profit growth, really strong. Private banking, margin expansion, and revenue growth potential, and the increased focus on reimagining and growing our advisor and institutional businesses remain a priority.

其次，每股收益成長。由於市場活動、費用管理和持續優化計劃的執行增加，我們繼續推動獲利成長。三、單位成果。IMS 的營收和利潤成長確實強勁。私人銀行業務、利潤率擴張和收入成長潛力，以及對重新構想和發展我們的顧問和機構業務的更多關注仍然是首要任務。

Fourth, culture and talent. Infusion of new talent and leadership, as well as engagement and employee mobility across SEI, is becoming part of our DNA again. The executive team has gelled really well, and we are unified in our vision on organic and inorganic growth priorities. And lastly, RIA expansion. Platform adoption in the RIA space is growing, and our ability to operate in that market creates strategic opportunity.

第四，文化和人才。新人才和領導力的注入，以及整個 SEI 的敬業度和員工流動性，再次成為我們 DNA 的一部分。執行團隊凝聚力非常好，我們對有機和無機成長優先事項的願景是一致的。最後，RIA 擴充。RIA 領域的平台採用率正在不斷增長，我們在該市場的營運能力創造了策略機會。

From a more strategic perspective, we are proactively addressing industry headwinds and capitalizing on tailwinds to position ourselves for long-term success. For example, there is an increasing trend of consolidation in the intermediary space, especially with RIAs and broker dealers.

從更具策略性的角度來看，我們正在積極應對產業逆風並利用順風，為自己的長期成功做好準備。例如，中介領域的整合趨勢日益明顯，尤其是 RIA 和經紀交易商。

As advisor firms navigate transitions, including expanding their capabilities, monetizing their businesses, or planning for succession, we are actively engaged with them to provide more optionality to remain with SEI and accelerate their success with us.

隨著顧問公司進行轉型，包括擴大其能力、實現業務貨幣化或規劃繼任者，我們積極與他們合作，為他們提供更多選擇，留在 SEI 並加速他們在我們這裡取得成功。

Another significant trend is public markets continue to seek opportunities to expand access to private markets, and private asset managers are seeking access to the public markets. Phil is in the room and IMS is in the center of this every day. He could comment during the Q&A. But we are well positioned to expand our footprint and capitalize on this trend across technology, operations, as well as asset management.

另一個重要趨勢是公開市場繼續尋求擴大私募市場准入的機會，而私募資產管理公司也在尋求進入公開市場的機會。Phil 就在房間裡，IMS 每天都處於中心位置。他可以在問答期間發表評論。但我們處於有利位置，可以擴大我們的足跡，並在技術、營運和資產管理方面利用這一趨勢。

We are also experiencing increased demand across European private asset managers, and our investment in the SEI Access platform across multiple markets will be a driver of future growth. Investor needs and demand continue to evolve. We also believe the shift in market preference and product types, asset allocation, and investment choice present opportunity and that portfolio customization and tax optimization are key to meeting investors' needs in today's economic environment.

我們也看到歐洲私人資產管理公司的需求不斷成長，我們在多個市場對 SEI Access 平台的投資將成為未來成長的驅動力。投資者的需求和需求不斷發展。我們也認為，市場偏好和產品類型、資產配置和投資選擇的轉變帶來了機遇，而投資組合客製化和稅收優化是當今經濟環境下滿足投資者需求的關鍵。

We proactively made fee reductions in our SMA program in April and launched new SMAs and ETFs to increase client retention as well as new client acquisition. We really like the medium- to long-term growth prospects of these businesses if we can capture more AUM.

4 月份，我們主動降低了 SMA 計劃的費用，並推出了新的 SMA 和 ETF，以提高客戶保留率和新客戶獲取。如果我們能夠獲得更多的資產管理規模，我們真的很看好這些業務的中長期成長前景。

And finally, the overall demand for outsourcing grows daily. We're seeing increased engagement in sales with our professional services offering inside the regional and community bank segments and the UK private client investment manager segment.

最後，外包的整體需求日益增長。我們看到，透過我們在區域和社區銀行部門以及英國私人客戶投資經理部門提供的專業服務，銷售參與度有所提高。

Wealth management, operations, and technology infrastructure change. Those initiatives are complex and require significant expertise to successfully execute. SEI's professional services offerings are not only helping our clients execute these transformation programs successfully, but also helping our clients as they work on new initiatives to grow their business and improve operating efficiency.

財富管理、營運和技術基礎設施發生變化。這些措施非常複雜，需要大量的專業知識才能成功執行。SEI 的專業服務不僅幫助我們的客戶成功執行這些轉型計劃，還幫助我們的客戶開展新舉措以發展業務並提高營運效率。

We believe this offering has enterprise applicability across all of SEI's segments. The market is looking to SEI to provide more services and capabilities, and that's a testament to our delivery, client-centric focus, investment in innovation, and long-term capital strength.

我們相信該產品對 SEI 的所有細分市場都具有企業適用性。市場期待 SEI 提供更多服務和能力，證明了我們的交付、以客戶為中心的關注、創新投資和長期資本實力。

As we all know, innovation is critical. A component of increasing scale and leverage across the company is investing in emerging growth ideas to maximize return on invested capital to shareholders and harness new technologies. For example, we are actively exploring the application of AI in all three of our pillars of expertise: targeting internal efficiencies, client service improvements, and operational automation.

眾所周知，創新至關重要。擴大公司規模和影響力的一個組成部分是投資新興的成長理念，以最大限度地提高股東的投資資本回報並利用新技術。例如，我們正在積極探索人工智慧在我們所有三個專業知識支柱中的應用：目標內部效率、客戶服務改進和營運自動化。

We are also progressing AI business cases through our strategic partnership with TIFIN. As I mentioned earlier, we want SEI to be a premier destination for existing and future talent. There are exciting signs that we are recapturing that space.

我們也透過與 TIFIN 的策略合作夥伴關係來推進人工智慧業務案例。正如我之前提到的，我們希望 SEI 成為現有和未來人才的首選目的地。有一些令人興奮的跡象表明我們正在重新奪回這個空間。

In March, Sean joined SEI from Grant Thornton, and over the last four months, he has not only immersed himself in our business and culture, but he brought new ideas to the table and challenged us in ways that are helping drive results. He is ready for your Q&A in a few minutes.

今年3 月，Sean 從均富會計師事務所(Grant Thornton) 加盟SEI，在過去的四個月裡，他不僅沉浸在我們的業務和文化中，而且帶來了新的想法，並以有助於推動成果的方式向我們提出了挑戰。他會在幾分鐘內準備好接受您的問答。

Also in September, Michael Lane will join the SEI executive team from Blackrock, leading our advisor and institutional businesses. Michael brings years of experience across financial services, and we believe his leadership and depth of industry knowledge will help us further execute our growth strategy, expand our total addressable market, and capitalize on further market opportunities. We look forward to welcoming Michael in September and introducing him to all of you.

同樣在 9 月，Michael Lane 將從 Blackrock 加入 SEI 執行團隊，領導我們的顧問和機構業務。麥可帶來了多年的金融服務經驗，我們相信他的領導力和深厚的行業知識將幫助我們進一步執行我們的成長策略，擴大我們的整體目標市場，並利用更多的市場機會。我們期待在九月歡迎邁克爾並將他介紹給大家。

Our conviction around our performance for 2024 remains steadfast. The foundation of SEI is strong. Our core businesses are delivering solid results, and we are leaning into future growth initiatives. With our formidable balance sheet, unmatched set of capabilities, and laser-focused strategy, we believe we are well positioned to drive growth and continuing delivering value to our shareholders.

我們對 2024 年業績的信心依然堅定。SEI的基礎雄厚。我們的核心業務正在取得紮實的成果，並且我們正在致力於未來的成長計劃。憑藉我們強大的資產負債表、無與倫比的能力和專注的策略，我們相信我們有能力推動成長並繼續為股東創造價值。

This concludes my prepared remarks. I will now turn it over to Sean to discuss our financial results for the quarter. Sean?

我準備好的發言到此結束。我現在將把它交給肖恩討論我們本季的財務表現。肖恩？

Thanks, Ryan. As Ryan mentioned, EPS for the quarter was $1.05, up 18% over the $0.89 in the prior-year period and 6% over the $0.99 reported in the first quarter. Revenue for the quarter was $519 million, up slightly from Q1 and up 6% from the second-quarter 2023.

謝謝，瑞安。正如 Ryan 所提到的，本季每股收益為 1.05 美元，比去年同期的 0.89 美元增長 18%，比第一季報告的 0.99 美元增長 6%。該季度營收為 5.19 億美元，較第一季略有成長，較 2023 年第二季成長 6%。

Total expenses for the quarter were $382 million. which compares to $376 million last year and $386 million in the first quarter of 2024. Net income for the quarter increased 17% over the second quarter of 2023 to $139 million and was up 5.9% compared to the first quarter of 2024.

該季度的總支出為 3.82 億美元。相較之下，去年為 3.76 億美元，2024 年第一季為 3.86 億美元。該季度淨利潤比 2023 年第二季成長 17%，達到 1.39 億美元，比 2024 年第一季成長 5.9%。

In the quarter, we repurchased approximately 1.6 million shares of SEI stock at an average price of $67.44 per share for a total of $111 million of stock purchases. On the sales front, net sales for the quarter totaled $22 million, of which $15.9 million is recurring. In our technology and investment processing businesses of private banking and investment managers, net sales events totaled $26.9 million and are expected to generate $21.5 million in recurring revenue.

本季度，我們以每股 67.44 美元的平均價格回購了約 160 萬股 SEI 股票，股票回購總額為 1.11 億美元。在銷售方面，本季淨銷售額總計 2,200 萬美元，其中經常性銷售額為 1,590 萬美元。在我們的私人銀行和投資管理公司的技術和投資處理業務中，淨銷售活動總計 2,690 萬美元，預計將產生 2,150 萬美元的經常性收入。

In our asset-management-related businesses, net sales were approximately negative $5.6 million, primarily due to asset movement from our mutual fund products into other investment programs, as well as net losses in our institutional business. We also sold $700,000 of recurring revenue in our investments in new business segments.

在我們的資產管理相關業務中，淨銷售額約為負 560 萬美元，主要是由於資產從我們的共同基金產品轉移到其他投資計劃，以及我們機構業務的淨虧損。我們也出售了新業務部門投資的 70 萬美元經常性收入。

Now I will cover financial highlights for each business segment. In our private banking business, net sales were $8.8 million, half of which were one time associated with increased adoption of our professional services offering. During the quarter, the team re-contracted with three clients, won new business with an existing client acquisition, and signed three new clients, two in the US and one in the UK. We're excited about second-half sales events in private banking.

現在我將介紹每個業務部門的財務亮點。在我們的私人銀行業務中，淨銷售額為 880 萬美元，其中一半與我們專業服務產品的採用率增加有關。本季度，該團隊與三個客戶重新簽訂了合同，透過收購現有客戶贏得了新業務，並簽署了三個新客戶，其中兩個在美國，一個在英國。我們對私人銀行業務下半年的銷售活動感到興奮。

Revenue for the quarter was $132.4 million compared to first quarter of $130.1 million. Our backlog of sold but expected to install in the next 18 months recurring revenue is $14.9 million in Q2 compared to $18.5 million in Q1. Margin expanded by 2.3% to 15.5% in Q2 versus Q1. However, approximately 2% of the increase was one time, and if normalized, would have been 13.5% for the quarter.

本季營收為 1.324 億美元，而第一季營收為 1.301 億美元。我們已售出但預計在未來 18 個月內安裝的積壓訂單，第二季的經常性收入為 1,490 萬美元，而第一季為 1,850 萬美元。與第一季相比，第二季的利潤率擴大了 2.3% 至 15.5%。然而，大約 2% 的增幅是一次性的，如果標準化的話，本季的增幅將是 13.5%。

In our investment manager's business, net sales for the quarter were $18.1 million, $17.2 million of which is recurring. This included a record number of new clients in North America. Our cross-selling initiatives remained strong, and we saw increased adoption and expansion across most of our products.

在我們的投資經理業務中，本季淨銷售額為 1,810 萬美元，其中 1,720 萬美元為經常性銷售額。其中北美新客戶數量創歷史新高。我們的交叉銷售措施仍然強勁，我們的大多數產品的採用和擴張都有所增加。

During the quarter, we re-contracted seven clients, totaling $14.7 million of recurring revenue. Revenue for the quarter was $180 million, an increase of 4% compared to first quarter of $172.7 million and reflecting matriculation of previously announced events.

本季度，我們與 7 個客戶重新簽訂了合同，經常性收入總計 1,470 萬美元。本季營收為 1.8 億美元，比第一季的 1.727 億美元成長 4%，反映了先前宣布的活動的進展。

Our backlog of sold but expected to install in the next 18 months recurring revenue is $28.3 million in Q2 compared to $28.9 million in Q1. Margin expanded 1.6% to 38% in Q2 versus Q1 due to expense, optimization, and a one-time expense [percentage] of 1%, which when normalized would be 37%.

我們已售出但預計在未來 18 個月內安裝的積壓訂單，第二季的經常性收入為 2,830 萬美元，而第一季為 2,890 萬美元。由於費用、優化和 1% 的一次性費用（百分比）（標準化後為 37%），第二季的利潤率比第一季擴大了 1.6% 至 38%。

In our advisor business, net cash flows onto our platform were up $100 million, driven by growth in the RIA segment, our strategist partner solutions, and managed account solutions. This was offset by negative flows from active equity mutual fund products and consolidation in the advisor market.

在我們的顧問業務中，由於 RIA 部門、我們的策略合作夥伴解決方案和管理帳戶解決方案的成長，我們平台上的淨現金流量增加了 1 億美元。這被主動股票共同基金產品的負流量和顧問市場的整合所抵消。

We continue to demonstrate momentum in helping RIAs achieve scale, business growth, and value creation for their clients. During the quarter, we welcomed 92 new advisors, 25 of which came from a large enterprise that was partially onboarded in the quarter. This compares to 61 advisors in Q1 2024.

我們持續展現出幫助 RIA 實現規模、業務成長和為客戶創造價值的勢頭。本季度，我們迎來了 92 位新顧問，其中 25 位來自本季部分入職的大型企業。相比之下，2024 年第一季有 61 位顧問。

Revenue in Q2 is $120.6 million versus $122.7 million in Q1. The decrease was primarily driven by fee reductions in our separately managed account program and shift in asset classes. Margins decreased from 45% in Q1 to 43% in Q2, mainly tied to the aforementioned SMA program fee reduction.

第二季的營收為 1.206 億美元，而第一季的營收為 1.227 億美元。這一下降主要是由於我們單獨管理帳戶計劃的費用降低和資產類別的轉變所致。利潤率從第一季的 45% 下降至第二季的 43%，這主要與上述 SMA 計畫費用的降低有關。

One key item of note is the $10 million of revenue generated in the quarter from the FDIC-insured deposit program. As a reminder, this program launched in December 2023. At quarter end, there were approximately $900 million in assets in this program.

值得注意的一個關鍵項目是本季度 FDIC 承保存款計畫產生的 1,000 萬美元收入。提醒一下，該計劃於 2023 年 12 月啟動。截至季末，該計劃的資產約為 9 億美元。

In the institutional business, net sales events for the quarter were negative $1.8 million, reflecting positive client signings in our OCIO and unbundled OCIO offerings, all set by losses and repricing in client retention activities. Revenues for the quarter were essentially flat to previous quarters. Margin increased 2% to 46% in Q2 versus Q1 due to one-time expense benefits. Without these one-time expense benefits, Q2 margin would have been approximately 44%.

在機構業務中，本季的淨銷售事件為負 180 萬美元，反映出我們的 OCIO 和非捆綁 OCIO 產品中的積極客戶簽約，所有這些都是由客戶保留活動中的損失和重新定價造成的。該季度的營收與前幾季基本持平。由於一次性費用福利，第二季的利潤率比第一季增加了 2% 至 46%。如果沒有這些一次性費用收益，第二季的利潤率約為 44%。

In the investments in new business segment, revenues and expenses were also up compared to first quarter with modest profit improvement. We re-contracted clients in family office services and are very active with implementations for single-family offices.

在新業務領域的投資中，收入和費用也較第一季成長，利潤略有改善。我們與客戶重新簽訂了家族辦公室服務合同，並非常積極地實施單一家族辦公室。

In SEI Sphere, we implemented our largest client to date. During the quarter, we were actively engaged with the SEI Access platform across wealth managers, advisors, and fund managers. We continue to focus on identifying and exploring venture investment opportunities.

在 SEI Sphere 中，我們實現了迄今為止最大的客戶端。本季度，我們的財富管理機構、顧問和基金經理積極參與 SEI Access 平台。我們繼續專注於識別和探索創投機會。

LSV produced $34.2 million of profit during the quarter. This compares to $31.6 million during the first quarter. Revenues for LSV were $113.8 million compared to $107.3 million in the first quarter. Second-quarter revenues included $13.5 million of performance fees. As a reminder, LSV recorded performance fees of $6 million during the first quarter. Performance fees are a reflection of continued positive relative performance. Our tax rate for the quarter was 23.9%.

LSV 在本季度創造了 3,420 萬美元的利潤。相比之下，第一季的銷售額為 3,160 萬美元。LSV 的營收為 1.138 億美元，而第一季的營收為 1.073 億美元。第二季營收包括 1,350 萬美元的績效費。提醒一下，LSV 第一季的績效費用為 600 萬美元。績效費反映了持續正向的相對績效。我們本季的稅率為 23.9%。

Before we turn to Q&A, Ryan asked me to share some strategic perspectives from my first four months. I've been fortunate to not just immerse myself in the SEI business but have been in front of many of our clients, prospects, investors, and analysts, both domestically and globally. There is genuine enthusiasm for SEI's vision, and our value proposition is at an all-time high.

在我們進行問答之前，瑞安要我分享我前四個月的一些策略觀點。我很幸運，不僅能夠全心投入 SEI 業務，而且還能夠面對我們國內外的許多客戶、潛在客戶、投資者和分析師。人們對 SEI 的願景懷有真正的熱情，我們的價值主張也處於歷史最高水準。

I'm excited to see how many clients truly see SEI as a partner and not just a vendor. Our continued focus on the power of the SEI enterprise, as opposed to historically four distinct business units, and availing more capabilities to increase AUA, AUM, and services will undoubtedly create greater shareholder value.

我很高興看到有多少客戶真正將 SEI 視為合作夥伴而不僅僅是供應商。我們繼續關注 SEI 企業的力量，而不是歷史上四個不同的業務部門，並利用更多能力來增加 AUA、AUM 和服務，這無疑將創造更大的股東價值。

I am thrilled to have joined SEI. Our future and what we need to do is clear. We are in full execution mode. We are well positioned to capitalize on secular market trends, striving demand for more technology, operations, and asset management services to accelerate growth for our clients, our shareholders, and our employees.

我很高興加入 SEI。我們的未來和我們需要做什麼是明確的。我們處於全面執行模式。我們處於有利位置，可以利用長期市場趨勢，滿足對更多技術、營運和資產管理服務的需求，以加速我們的客戶、股東和員工的成長。

That concludes my remarks. All of our unit heads are on the call. We'll now take questions. Thank you.

我的發言到此結束。我們所有的單位負責人都在值班。我們現在開始提問。謝謝。

(Operator Instructions) Crispin Love, Piper Sandler.

（操作說明）Crispin Love，Piper Sandler。

Good afternoon. I appreciate you taking my questions. Just first on private banks and margins here, you've had some really good momentum. Can you just share some leading indicators and progress recently in private banks like activity, pipelines, and then how you would expect that to drive PV margins over the near to intermediate term? And then can you also just detail what the one-time impact in the quarter was related to private banks?

午安.感謝您回答我的問題。首先，在私人銀行和利潤率方面，你們已經取得了一些非常好的勢頭。您能否分享一下私人銀行最近的一些領先指標和進展，例如活動、管道，以及您預計這將如何在中短期內推動光伏利潤率？那麼您能否詳細說明本季的一次性影響與私人銀行有關？

Yes. Sure, Crispin. First, I hope you're doing well. I'll turn it to Sanjay. I mean, for the sake of consistency, I think we've said in the last five, six calls that there were really four stages that we were executing for the private banking strategy.

是的。當然，克里斯平。首先，我希望你一切都好。我會把它轉給桑傑。我的意思是，為了保持一致性，我認為我們在過去五六次電話會議中說過，我們的私人銀行策略實際上執行了四個階段。

The first was a refocus and a re-energization of the leadership. The second was rightsizing the expenses to the opportunity. The third was real different clarity and energy and focus on pipelines and segments where we thought we could repeatedly win and then to drive revenue growth that we believe would fall to the bottom line in a way that would drive margin expansion beyond just expense control.

首先是領導階層的重新定位和重新註入活力。第二個是根據機會調整開支。第三個是真正不同的清晰度和活力，重點關注我們認為可以反覆獲勝的管道和細分市場，然後推動收入成長，我們認為收入成長將以超越費用控制的方式推動利潤率擴張。

And I think it's really clear that Sanjay and his team are in Phase 4 and have been in Phase 4. I'll let him provide some color on the pipeline, but when you look at the pipeline and when we go through it as a leadership team, we're really encouraged by the quality. And we're encouraged by the breadth and the depth.

我認為很明顯 Sanjay 和他的團隊正處於第四階段並且一直處於第四階段。我會讓他為管道提供一些顏色，但是當你查看管道並且當我們作為領導團隊審視它時，我們真的對其品質感到鼓舞。我們對其廣度和深度感到鼓舞。

We really changed our target and focus around community and regional banks, UK private client investment managers, and making sure we had a different approach with larger organizations positioning professional services as well as our technology and operational platforms. And I think that's really bearing fruit.

我們確實改變了圍繞社區和區域銀行、英國私人客戶投資經理的目標和重點，並確保我們對定位專業服務以及我們的技術和營運平台的大型組織採取不同的方法。我認為這確實取得了成果。

As we mentioned in the last quarter, some of it's just a product of timing, but when we look at the late-stage pipeline and the activity in banking, we're very positive. Sanjay, do you want to try some color on where you think the business is and what you're doing, execution wise, moving forward?

正如我們在上個季度提到的，其中一些只是時機的產物，但當我們看到後期管道和銀行業活動時，我們非常樂觀。Sanjay，您想嘗試您認為業務所處的位置以及您正在做的事情、執行方面以及未來的發展嗎？

Yes, sure. Thank you, Ryan. I would add a couple of additional points. If you look at -- previously, we talked about the backlog delivery. We have been very disciplined, and you have seen that quarter by quarter how we efficiently we have delivered the pipeline of assigned clients. That has resulted in revenue growth for us as well as it helps us with the margin expenses.

是的，當然。謝謝你，瑞安。我想補充幾點。如果你看一下——之前我們討論過積壓交付。我們非常遵守紀律，每個季度您都看到我們如何有效率地交付指定客戶的管道。這為我們帶來了收入成長，並幫助我們減少了利潤支出。

As far as the expense management is concerned, there again, we were laser focused in terms of rightsizing the business and aligning our required people for the revenue growth initiative. That said, as far as the growth is concerned, our pipeline is solid. I'm very excited about the depth and the quality of pipeline.

就費用管理而言，我們再次專注於調整業務規模並調整所需人員以實現收入成長計劃。也就是說，就成長而言，我們的通路是穩固的。我對管道的深度和品質感到非常興奮。

When I say quality of pipeline, it is that we can deliver that business with little or no incremental expense on our side. And that is resulting in our margin expense, and that is also helping us with improving our client engagement. Ryan?

當我說管道品質時，我們可以在很少或沒有增量費用的情況下交付該業務。這導致了我們的保證金支出，同時也幫助我們提高了客戶參與度。瑞安？

That's great. And Sanjay, I think Crispin has a question around some color on the one-time sales in the quarter, professional services.

那太棒了。桑傑（Sanjay），我認為克里斯平（Crispin）對本季一次性銷售、專業服務的一些色彩有疑問。

Yes, so on professional services, what we've done is that it's a new service we started providing. If you look at the professional services in two buckets, one, we are providing it to our existing client base that is resulting in one-time revenue. Then we are providing professional services to our newly signed clients, helping them to onboard, helping them to go through crisis and change management, helping them with systems integration.

是的，所以在專業服務方面，我們所做的是，這是我們開始提供的新服務。如果您將專業服務分為兩類，其一，我們將其提供給我們現有的客戶群，從而帶來一次性收入。然後，我們為新簽約客戶提供專業服務，幫助他們入職，幫助他們度過危機和變革管理，幫助他們進行系統整合。

So you would see that along with -- as we are signing new clients in private banking space, that revenue growth is not just with our core offerings. But on the professional services side, I would ask Sean to provide color on the margin one-time impact. Sean?

因此，您會看到，隨著我們在私人銀行領域簽署新客戶，收入成長不僅僅與我們的核心產品有關。但在專業服務方面，我會要求 Sean 提供關於邊際一次性影響的顏色。肖恩？

Yes. And so we had -- in the quarter, we received a one-time benefit, which was primarily related to a credit we received from one of our healthcare providers. That benefit was allocated to each of the business units. So you'll see across the business units a little bit of an impact and uptick in the margins. And that's what I called out in my remarks.

是的。因此，我們在本季度獲得了一次性福利，這主要與我們從醫療保健提供者那裡獲得的信貸有關。該收益被分配給每個業務部門。因此，您會看到各個業務部門的利潤受到了一些影響和上升。這就是我在講話中所呼籲的。

Okay. And did you have a dollar amount of that benefit, whether it's on the revenue or expense line?

好的。您是否獲得了該福利的一美元金額，無論是在收入還是支出方面？

Yes, I think it was a little under $3 million in totality.

是的，我想總共不到 300 萬美元。

All right, thank you. And then just on OpEx, it's pretty well contained in the second quarter here. But as we look to the back half of the year, anything specific to call out on the expense side? I know you typically make salary adjustments that show up in the third quarter, so would you expect comp increases to look pretty similar to past years, 2Q to 3Q, and just if there's anything else to call out? Thanks.

好吧。然後就營運支出而言，它在第二季度得到了很好的控制。但當我們展望今年下半年時，費用方面有什麼具體值得關注的地方嗎？我知道您通常會在第三季進行薪資調整，因此您是否預計第二季到第三季的薪資成長與往年非常相似，以及是否還有其他需要注意的地方？謝謝。

Yes, so we did have some raises that will be -- which will be seen in Q3. We have shifted. So about 70% of the company, historically somewhere around there, received mid-year raises. We are actually shifting our raise, the timing of our raises, and compensation increases more to year end. And that will happen going forward.

是的，我們確實有一些加薪，這將在第三季看到。我們已經改變了。因此，從歷史上看，公司大約 70% 的員工都獲得了年中加薪。實際上，我們正​​在將加薪、加薪的時間和薪資的增加更多地轉移到年底。這將在未來發生。

But we did have, for a portion of our workforce, some compensation increases that will -- which you'll see in Q3. I will say we have -- are really proud of the expense management and optimization that we've been embarked on over the last couple quarters, and we're steadfast to continue that in Q3 and Q4.

但我們確實對部分員工的薪酬進行了一些增加——您將在第三季度看到這一點。我想說的是，我們對過去幾季開始的費用管理和優化感到非常自豪，我們堅定地在第三季和第四季繼續這樣做。

Thank you. Appreciate you taking my questions.

謝謝。感謝您回答我的問題。

Ryan Kenny, Morgan Stanley.

瑞恩‧肯尼，摩根士丹利。

I wanted to dig into the SEI integrated cash program. There are a few large banks and brokers that recently repriced sweep deposits. Is there any competitive impact of those actions on your business?

我想深入研究 SEI 綜合現金計劃。有幾家大型銀行和經紀商最近對掃存款進行了重新定價。這些行為對您的業務有競爭影響嗎？

Hey, Ryan. I hope you're doing well. I mean, I guess, first and foremost, I think we try to make sure we reiterate that -- our program is complementary to our business model. We're not relying on that run the business. It's a great solution that we can offer out in the market. It's part of the competitive landscape and some of the things that happened in the market a couple weeks ago.

嘿，瑞安。我希望你一切都好。我的意思是，我想，首先也是最重要的是，我認為我們試圖確保我們重申——我們的計劃與我們的商業模式是互補的。我們不依賴它來經營業務。這是我們可以在市場上提供的一個很好的解決方案。這是競爭格局的一部分，也是幾週前市場上發生的一些事情的一部分。

That's for our competitors in the market to waive their way through. We have, I think, a little bit of a different business model. Paul is in the room. He can comment. But we're always looking at what can we do from a client-centric perspective to enhance the value proposition services we give our advisors. But I think our important point that we try to reiterate here with this program is it is complementary. It's not for how we run the business. We're not reliant on it.

這是為了讓我們的市場競爭對手放棄他們的道路。我認為，我們的商業模式有點不同。保羅在房間裡。他可以評論。但我們始終從以客戶為中心的角度考慮我們可以做些什麼來增強我們為顧問提供的價值主張服務。但我認為我們試圖透過這個計劃重申的重要一點是它是互補的。這與我們如何經營業務無關。我們不依賴它。

Yes, I'll just add, just from a competitive perspective, we think we have a very competitive rate that we offer investors. Our total balances are about 1% of our total AUM -- AUA and AUM added together. That's very different than others. And we provide our advisors optionality, and they have choice, and there's full disclosure and transparency of the entire program. So we think we've entered this different than many others when they kind of launched these programs five or six years ago.

是的，我只是補充一點，從競爭的角度來看，我們認為我們為投資者提供的價格非常有競爭力。我們的總餘額約為總資產管理規模（AUA 和資產管理規模加在一起）的 1%。這與其他人非常不同。我們為顧問提供選擇權，他們有選擇，整個計劃完全公開和透明。因此，我們認為，當他們五、六年前啟動這些計劃時，我們進入這個領域的方式與許多其他人不同。

When you think about the $10 million of fees from that program in the quarter, if we were to get rate cuts later this year, how should we think about the trajectory of that and how that might impact the level of deposit sweep and revenue that you guys get?

當您考慮本季度該計劃的 1000 萬美元費用時，如果我們要在今年晚些時候降息，我們應該如何考慮其軌跡以及這可能如何影響您的存款掃描水平和收入夥計們得到了嗎？

Yes. I mean, you can do the math on rate cuts on 25 basis points. Like everyone else, as we get rate cuts, we'll look at what comes from SEI, which a portion will, and what comes from the investors themselves. So those would be some kind of allocation to both. So we won't take the full 25 basis points, but there will be some kind of sharing, and we have a rate committee group that will decide that in the competitive environment that we know to be out there.

是的。我的意思是，你可以算一下降息 25 個基點。和其他人一樣，當我們降息時，我們將看看 SEI 的收入，其中一部分，以及投資者本身的收入。因此，這將是對兩者的某種分配。因此，我們不會採用全部 25 個基點，但會有某種形式的共享，我們有一個費率委員會小組，將在我們知道的競爭環境中做出決定。

Great. There's one more question. On the fee rate reduction in advisors, was that full impact in the second quarter or was that implemented mid-quarter with another step-down maybe showing up in 3Q results?

偉大的。還有一個問題。關於顧問費率降低，是在第二季產生全面影響還是在季度中期實施，並可能在第三季業績中出現另一次降級？

Yes, that was implemented April 1. So we had the full impact in the quarter end, and we're getting really good remarks there. We gave some, and then we got some fee reductions from our sub-advisors. So our advisors are really pleased with what we've been able to do, and it's really helping them from a competitive standpoint.

是的，該政策於 4 月 1 日實施。因此，我們在季度末產生了全面的影響，並且我們在那裡得到了非常好的評價。我們給了一些，然後我們從副顧問那裡得到了一些費用減免。因此，我們的顧問對我們所做的事情感到非常滿意，從競爭的角度來看，這確實對他們有幫助。

Perfect. Thank you

完美的。謝謝

Thanks, Ryan.

謝謝，瑞安。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

Thank you for taking my question. So on investment managers, I have two questions here. The margin went up to 38%, but I think that includes some one-time benefit. I remember there was a target of 36% a while back. Is it still the target you have on the margin? How do you think about the normalized margin for investment managers?

感謝您回答我的問題。那麼關於投資經理，我有兩個問題。利潤率上升到 38%，但我認為這包括一些一次性收益。我記得不久前有一個36%的目標。這仍然是你的邊緣目標嗎？您如何看待投資經理人的標準化保證金？

And then on the comment Ryan made about you are helping public markets seeking access to private markets, and also helping private markets seeking access to public markets, I'm just wondering. Could you please elaborate a little bit more on what kind of services and technology SEI can help your clients to expand the access? Thanks.

然後，關於瑞安關於您正在幫助公共市場尋求進入私人市場，以及幫助私人市場尋求進入公共市場的評論，我只是想知道。您能否詳細說明SEI 可以幫助您的客戶擴展哪些服務和技術？謝謝。

Hey, Owen. I hope you're having a good summer. Maybe we'll take those in a couple chunks, and Phil and I will tag team this. So if you think about IMS margins, if Phil can provide more color, I think the important thing to keep in mind for the community is we're not targeting specific margin targets at the unit levels.

嘿，歐文。我希望你度過一個愉快的夏天。也許我們會把它們分成幾個部分，菲爾和我會把它標記為團隊。因此，如果你考慮 IMS 的利潤率，如果 Phil 可以提供更多的色彩，我認為社群要記住的重要一點是我們沒有針對單位層級的具體利潤率目標。

So we're not trying to run the business that way because if we see additional opportunity to accelerate growth, we're going to invest. And that's how we're going to continue to run the company.

因此，我們不會嘗試以這種方式經營業務，因為如果我們看到加速成長的額外機會，我們就會進行投資。這就是我們繼續經營公司的方式。

Now as Sean answered the earlier question about OpEx, there is an increased focus across SEI about maximizing our capital allocation, managing expenses, and driving continued growth to earnings per share. And that's not going to change. We're going to be focused on that, but not at the expense of medium- to long-term growth.

現在，當 Sean 回答了先前有關營運支出的問題時，SEI 越來越關注如何最大化我們的資本配置、管理費用以及推動每股盈餘的持續成長。這不會改變。我們將重點關注這一點，但不會以犧牲中長期成長為代價。

So I'll make a comment on the public and private. And Phil, maybe you can kind of go in on both. We're seeing a tremendous amount of demand from both sides. So from -- intermediary clients are looking to figure out how to access and incorporate alternative investments in portfolios for their clients.

所以我會針對公共和私人發表評論。菲爾，也許你可以同時參與這兩件事。我們看到雙方都有大量的需求。因此，中介客戶正在尋求找出如何為其客戶獲取另類投資並將其納入投資組合的方法。

We're seeing increased demand for alternative products in the institutional market as well as on the larger RIA space. And then the flip side of that is a lot of our investment manager clients are looking at ways of how they can create product and potentially leverage distribution to access a broader set of client base in the intermediary space.

我們看到機構市場以及更大的 RIA 領域對替代產品的需求不斷增加。另一方面，我們的許多投資經理客戶正在尋找如何創造產品的方法，並可能利用分銷來接觸中介領域更廣泛的客戶群。

And we think we are really well positioned from both the technology, operational, and asset management perspective to create services and platforms that can help facilitate and accelerate that. The SEI Access platform is one of those.

我們認為，從技術、營運和資產管理的角度來看，我們確實處於有利位置，可以創建有助於促進和加速這一目標的服務和平台。SEI Access 平台就是其中之一。

But I think a more specific example too that Phil can give is a lot of our traditional asset managers are working with SEI to try to figure out how they could launch alternative asset products and leverage our technology and operations to get those up quicker, out the door quicker, and into the market. But Phil, you do this every day.

但我認為Phil 也可以舉一個更具​​體的例子，我們的許多傳統資產管理公司正在與SEI 合作，試圖弄清楚他們如何推出另類資產產品，並利用我們的技術和營運來更快地推出這些產品，從而擺脫困境。但是菲爾，你每天都會這樣做。

Sure. Thanks, Ryan. And thanks, Owen, for the question. We used to say that margins were going to 34% to 36%. But with all the focus, the laser focus on optimization and on scaling operations, the numbers are closer to 35.5% to 37% or so. So we're starting to see a little bit of scale in that business. And from a public and private market convergence perspective, the clients are coming together massively.

當然。謝謝，瑞安。謝謝歐文提出這個問題。我們過去常說利潤率將達到 34% 至 36%。但由於所有的注意力都集中在優化和擴展操作上，這個數字接近 35.5% 到 37% 左右。所以我們開始看到該業務有一點規模。從公共和私人市場融合的角度來看，客戶正在大規模聚集在一起。

We used to think traditional managers were very different from alternative managers. The traditional managers, 20% of them now offer alternative asset classes. We see that number growing more and more and more with every single day.

我們曾經認為傳統管理者與另類管理者有很大不同。傳統管理公司中，20% 現在提供另類資產類別。我們看到這個數字每天都在增加。

On the alternative side, the alternative managers are looking for distribution. They're launching collective investment trusts that have target date funds that include alternative funds, and they're also sort of growing their book within that world. So we're seeing a ton of activity for us.

另一方面，另類管理者正在尋求分配。他們正在推出集合投資信託基金，其中包括另類基金在內的目標日期基金，而且他們也在這個領域擴大了自己的規模。所以我們看到了大量的活動。

We look downstream. It has impact on our systems. We are very well prepared for that. We literally are right in the middle of the traditional alternative manager convergence, and we'll be capitalizing on that for years to come.

我們向下游看去。它對我們的系統有影響。我們為此做好了充分的準備。我們確實正處於傳統另類經理融合的中間，我們將在未來幾年利用這一點。

Got it, that's helpful. And then on institutional investors, you highlighted [claim losses] on your press release but your margin was still strong, I think 44%, even taking out a one-time benefit. Could you please talk about the effort to kind of turn around this segment and the timing of it? Thanks.

明白了，很有幫助。然後，關於機構投資者，您在新聞稿中強調了[索賠損失]，但您的利潤率仍然很高，我認為是 44%，甚至扣除了一次性收益。您能否談談扭轉這一局面的努力及其時機？謝謝。

Sure. Jay Cipriano is in the room. He leads that unit. I'll let him kind of provide some color on that, Owen.

當然。傑·西普里亞諾在房間裡。他領導該單位。我會讓他對此提供一些解釋，歐文。

Sure. Thank you, Ryan. Thanks for the question, Owen. I think Ryan and Sanjay mentioned, when Sanjay came into the private banking group, that they were in the fourth quarter now, turning around that execution strategy, which started with really a refocus on the leadership, rightsizing the business, identifying the proper segments to sell into, and then execute.

當然。謝謝你，瑞安。謝謝你的提問，歐文。我認為 Ryan 和 Sanjay 提到，當 Sanjay 進入私人銀行集團時，他們現在正處於第四季度，正在扭轉執行策略，該策略首先是真正重新關注領導力，調整業務規模，確定適當的細分市場賣出，然後執行。

I'd say the institutional group is about in the second quarter right now of that. We continue to face headwinds in the defined benefit space. Certainly, the acceleration with folks annuitizing their plans accelerated with the uptick of rates. We expect to continue to see that in 2025. but we're very optimistic about the markets that we serve outside of DB, healthcare, higher education, and secondary education, not-for-profit unions, and governments where our OCI solutions are really resonating there.

我想說，機構集團現在大約在第二季。我們在確定的福利領域繼續面臨阻力。當然，隨著利率的上升，人們對計畫的年金化也加速了。我們預計到 2025 年將繼續看到這種情況。產生共鳴。

So as I said, headwinds continue into 2025, but our pipeline continues to build. And we're very optimistic about what lies ahead in 2025 beyond these segments.

正如我所說，逆風將持續到 2025 年，但我們的管道仍在繼續建造。我們對 2025 年這些領域之外的前景非常樂觀。

And the only other color I would add that was maybe an addendum to a previous question about leading indicators. Owen, if you know, you know it's really well. We're really careful to never get too far over our skis. We don't spend too much time patting ourselves on the back because we get really focused on medium to long term.

我要添加的唯一其他顏色可能是之前有關領先指標問題的附錄。歐文，如果你知道的話，你就知道這真的很好。我們非常小心，永遠不要超出滑雪板太遠。我們不會花太多時間表揚自己，因為我們真正關注的是中長期。

But when we look at new advisor acquisition last quarter, when you look at the new signings and institutional, when we look at the banking pipeline, IMS's record quarter, increased demand in Europe, things in family office services, we feel that we're in a really strong spot with client activity, prospect activity momentum. Now it's up to us to deliver that.

但是，當我們考慮上個季度新顧問的收購情況、新簽約和機構情況、銀行管道、IMS 創紀錄的季度、歐洲需求的增加以及家族辦公室服務方面的情況時，我們認為我們正在在客戶活動、潛在客戶活動動能方面處於真正的強勢地位。現在由我們來實現這個目標。

The other thing I want to make sure is clear, optimization is never going to be at the expense of client experience. So the things we're doing to drive margin expansion in IMS, we're investing heavily in IMS. We're just being more thoughtful across the company around where we're deploying our capital, including talent, to make sure that our existing clients have the best experience possible. And when we close this pipeline, we are onboarding those clients with the experience that we would want them to have day one at SEI.

我想明確的另一件事是，優化永遠不會以犧牲客戶體驗為代價。因此，為了推動 IMS 的利潤成長，我們正在大力投資 IMS。我們只是在整個公司範圍內更加深思熟慮地部署我們的資本（包括人才），以確保我們現有的客戶獲得盡可能最佳的體驗。當我們關閉這條管道時，我們將為這些客戶提供我們希望他們在 SEI 第一天就擁有的經驗。

Got it, that's helpful. And if I may, I want to squeeze one more, maybe this one for Paul. You talk about the integrated cash program. The cash balance is just about 1% of total AUA and AUM. Do you have any aspirational goal at how high it can go and also the traction of it? Thanks.

明白了，很有幫助。如果可以的話，我想再擠一張，也許這張是給保羅的。您談論的是綜合現金計劃。現金餘額僅佔 AUA 和 AUM 總額的 1% 左右。您對它能達到多高以及它的吸引力有什麼雄心勃勃的目標嗎？謝謝。

Yes. Right now, we're just holding the line with the 1%. We'll continue to evaluate the program based on the rates we provide investors and what other optionality is out there in the marketplace. But I think, for your forecast, you should assume that kind of 1% operational cash on a go-forward basis.

是的。目前，我們只是堅守在這 1% 的範圍內。我們將繼續根據我們為投資者提供的利率以及市場上的其他選擇來評估該計劃。但我認為，對於您的預測，您應該假設未來有 1% 的營運現金。

All right, thanks a lot.

好的，非常感謝。

Jeff Schmitt, William Blair.

傑夫·施密特，威廉·布萊爾。

You talked about growing in the RIA market and investment advisors. How much of the asset mix is that in the segment currently, and what are you doing to sort of grow your share there?

您談到了 RIA 市場和投資顧問的發展。目前該細分市場的資產組合有多少？

Paul, do you want to take that one?

保羅，你想拿那個嗎？

Yes, I can take that. So of the $101 billion that's on the platform, the RIA marketplace represents about $23 billion of the $101 billion, the rest being advisors through independent broker dealers. That is obviously our fastest-growing segment and where we're getting bigger chunk plays and larger advisors. We had a large one in the second quarter that's partially funded that will finish the funding in third quarter.

是的，我可以接受。因此，在該平台上的 1,010 億美元中，RIA 市場約佔 1,010 億美元中的 230 億美元，其餘的則是透過獨立經紀交易商提供的顧問。這顯然是我們成長最快的細分市場，我們正在獲得更大的區塊投資和更大的顧問。我們在第二季有一個大型項目，部分資金將在第三季完成。

And there's a lot of growth with those opportunities as well. So we're really bullish on that marketplace through the leadership of Eric Collin and Gabe Garcia, and we're redeploying more sales folks and more technical resources to support that marketplace.

這些機會也帶來了很大的成長。因此，在埃里克·科林(Eric Collin) 和加布·加西亞(Gabe Garcia) 的領導下，我們非常看好這個市場，並且我們正在重新部署更多的銷售人員和更多的技術資源來支持該市場。

The good news with that is often they come over as AUA, but as they see our investment platform, they may consume some of that AUM. So there's some upsell revenue activity that we get once they get to understand SEI and the full capabilities. So we would be -- continue to be positive on that as we move forward.

好消息是，他們通常以 AUA 的身份過來，但當他們看到我們的投資平台時，他們可能會消耗其中的一些 AUM。因此，一旦他們了解 SEI 和全部功能，我們就會獲得一些追加銷售收入活動。因此，在我們前進的過程中，我們將繼續對此持正面態度。

Okay. Thank you. And then one more on the cash program. I'm just curious how much of that cash is held in advisory accounts, or is that mainly in brokerage accounts?

好的。謝謝。然後是現金計劃。我只是好奇其中有多少現金存在於諮詢帳戶中，還是主要存在於經紀帳戶中？

It's all in advisory accounts.

一切都在諮詢帳戶中。

Okay, thank you.

好的謝謝。

Patrick O'Shaughnessy, Raymond James.

派崔克‧奧肖內西，雷蒙德‧詹姆斯。

Hi, can you hear me?

嗨，你聽得到我說話嗎？

Yes, we can hear you, Patrick.

是的，我們能聽到你的聲音，派崔克。

Okay, thank you. Maybe to beat the horse a little bit dead here on the insured deposit program, is there any level of concern that the program might not be consistent with advisors' fiduciary obligations to their clients in the eyes of the SEC?

好的謝謝。也許為了在保險存款計劃上擊敗對手，是否有任何程度的擔憂該計劃可能與美國證券交易委員會認為的顧問對其客戶的信託義務不一致？

I mean, we've looked at all the disclosures. We've looked at all the documents that we provided advisors and investors. Operational cash is something that we need to have in order to operate the overall portfolios. That's inconsistent with our investment thesis. So we think we're on sound ground.

我的意思是，我們已經查看了所有披露的資訊。我們查看了向顧問和投資者提供的所有文件。營運現金是我們經營整個投資組合所需要的。這與我們的投資理念不符。所以我們認為我們有充分的理由。

Obviously, it's a fluid nature in the industry of what's happening. And we will adjust based on whatever regulatory guidance is provided. But we think, based on the combination of the investor rate that we give investors, the optionality we give advisors, the 1%, the need for operational cash in the models, all those are consistent with an advisor meeting their fiduciary obligation. But it will be fluid as things change in the marketplace.

顯然，產業中正在發生的事情具有流動性。我們將根據提供的任何監管指導進行調整。但我們認為，基於我們給予投資者的投資者利率、我們給予顧問的選擇性、1%、模型中營運現金的需求，所有這些都與顧問履行其信託義務是一致的。但隨著市場情況的變化，它會變得不穩定。

Got it. I appreciate that. And then just sticking with the RIA segment here, a couple of competitors to that business recently were acquired or had acquisitions announced, getting taken out of private equity. Have you seen any change to the competitive landscape in that business as a result?

知道了。我很感激。然後，僅關注 RIA 領域，該業務的幾個競爭對手最近被收購或宣布收購，從而退出私募股權投資。您是否看到該產業的競爭格局因此發生了任何變化？

Yes, the firms that just got acquired are still competitors and they're worthy competitions, specifically AssetMark and EnvestNet. We know that. They're going through some changes in integration and things like that into their new organizations. We think our programs stack up very competitively versus those two firms, especially as we go into the higher end of the RIA marketplace with the robustness of our technology, our operations and our investment management.

是的，剛被收購的公司仍然是競爭對手，而且是值得競爭的，特別是 AssetMark 和 EnvestNet。我們知道。他們正在經歷一些整合方面的變化以及類似的融入新組織的變化。我們認為，與這兩家公司相比，我們的專案非常有競爭力，特別是當我們憑藉強大的技術、營運和投資管理進入 RIA 市場的高端市場時。

There's a lot happening in the marketplace. There's a lot of firms that are getting aggregated and being acquired. We're very active in consulting with our advisors, providing a pathfinder program for our advisors, and ultimately contemplating whether or not we need to be a destination firm, but that's something for the future.

市場上發生了很多事情。有很多公司正在被整合和被收購。我們非常積極地諮詢我們的顧問，為我們的顧問提供探路者計劃，並最終考慮我們是否需要成為目標公司，但這是未來的事情。

So we think about this every day. We know what's happening in the marketplace. And those competitors, as I said, are formidable, but we think we stack up very well from a capability standpoint.

所以我們每天都在思考這個問題。我們知道市場上正在發生什麼。正如我所說，這些競爭對手非常強大，但我們認為從能力的角度來看，我們的實力非常出色。

Perfect. Thank you.

完美的。謝謝。

Aidan Hall, KBW.

艾丹·霍爾，KBW。

Thank you for taking my question. Maybe just to follow up on IMS, my question's kind of around SEI's offering as it relates to the semi-liquid retail products that have become very popular with the alternative asset management space. So how are conversations going within the channel? How do you think SEI's offering is differentiated versus peers? And similarly, what areas are you most focused on here to continue gaining market share over the next couple of years?

感謝您回答我的問題。也許只是為了跟進 IMS，我的問題有點圍繞著 SEI 的產品，因為它涉及在另類資產管理領域非常受歡迎的半流動零售產品。那麼頻道內的對話進度如何？您認為 SEI 的產品與同業相比有何差異化？同樣，為了在未來幾年繼續獲得市場份額，您最關注哪些領域？

Okay. Over to you, Phil.

好的。交給你了，菲爾。

All right, thank you. Thanks for the question. We are right again in the middle of all of the semi-liquid funds that clients are offering. All of our top largest clients are either launching BDCs or semi-liquid funds. We have a matrix that we update daily that basically tells us all the different components and capabilities that they have or that they require.

好吧。謝謝你的提問。我們再次處於客戶提供的所有半流動基金中間。我們所有最大的客戶都在推出 BDC 或半流動基金。我們有一個每天更新的矩陣，基本上告訴我們他們擁有或需要的所有不同組件和功能。

For us, we have all the technology in place. We're used to servicing very, very high volumes of investors. We're very, very good at it. We are tweaking our offering where need be, but we're really in a great spot with all of the retailization of all to the democratization of all.

對我們來說，我們擁有所有的技術。我們習慣為非常非常多的投資者提供服務。我們非常非常擅長。我們正在根據需要調整我們的產品，但我們確實處於一個很好的位置，從零售化到民主化。

Great, thanks. And then, Ryan, yes, maybe just one on kind of inorganic growth opportunities. Can you just remind us how you would kind of stack rank the priorities there, whether by segment, region, or capability?

萬分感謝。然後，瑞安，是的，也許只是無機成長機會。您能否提醒我們，您將如何對優先事項進行排序，無論是按細分市場、區域還是能力？

Yes, absolutely. So I think, consistent with the Investor Day two years ago, we've continued to kind of hone our focus. I think there's kind of three areas where we stay really active right now.

是的，一點沒錯。因此，我認為，與兩年前的投資者日一致，我們繼續磨練我們的重點。我認為我們現在在三個領域保持著真正的活躍。

Thematically, anything in that RIA space that would increase our ability to drive client growth and client adoption, but as also Paul mentioned, to broaden out our capability to offer succession opportunities, a different outcome for our advisors will be more active there when you talk about Phil's business, the IMS business, the areas that could expand our operational or technological delivery, especially in the areas of alts and especially outside the US and expand that global footprint.

從主題上講，RIA 領域中任何能夠提高我們推動客戶成長和客戶採用的能力的內容，但正如Paul 所提到的，為了擴大我們提供繼任機會的能力，當您談論時，我們顧問的不同結果將更活躍。

And then when you just think about value-added technology or services, either to our intermediary base across banks, advisors, wealth managers, we stay focused there. So the good news for us, Aidan, is we definitely progressed that.

然後，當您考慮加值技術或服務時，無論是我們跨銀行、顧問、財富管理機構的中介基礎，我們都會專注於此。艾丹，對我們來說好消息是我們確實在這方面取得了進展。

Sean, Mike, and I were with our Board the last two days. So I think there's a lot of clarity and I think unification around what we're going to do moving forward. But also, I think we're really disciplined around the segments and areas that we're targeting for inorganics. And it's exciting because we think they could be really accelerated now that we have the foundation across the board solidified for organic growth.

肖恩、麥克和我過去兩天都在董事會。所以我認為我們接下來要做的事情已經很明確了，而且我認為是統一的。而且，我認為我們在無機材料的目標細分市場和領域確實非常嚴格。這是令人興奮的，因為我們認為，既然我們已經為有機成長奠定了全面鞏固的基礎，它們可能會真正加速。

Got it. Appreciate the color. Thanks for taking my questions.

知道了。欣賞顏色。感謝您回答我的問題。

Yes, hope it helps.

是的，希望有幫助。

Ryan Kenny, Morgan Stanley.

瑞恩‧肯尼，摩根士丹利。

Hey, thanks for taking my follow up. Just a technical question on the healthcare credits. If we add them up by segment, 70 basis points in IMS, 160 in banking, 230 in institutional, I get to around $5 million. So that's a little higher than the $3 million that was referenced earlier. So I just want to check if that math was right or if you could help reconcile. Thanks.

嘿，謝謝您接受我的跟進。只是一個關於醫療保健積分的技術問題。如果我們按細分市場將它們加起來，IMS 為 70 個基點，銀行業為 160 個基點，機構為 230 個基點，我得到的金額約為 500 萬美元。因此，這比之前提到的 300 萬美元略高。所以我只是想檢查一下這個數學是否正確或你是否可以幫助協調。謝謝。

Yes, so there's -- so I said, primarily -- so primarily, the healthcare benefits was shy of $3 million. There's always a one-time here and there. So the number I gave of shy of $3 million was the majority of that difference or that one-time benefit.

是的，所以——所以我說，主要是——所以主要是，醫療保健福利不到 300 萬美元。總有那麼一次。因此，我給出的不到 300 萬美元的數字是差額或一次性福利的大部分。

Okay, with no further questions in queue, I'm going to go back over to CEO Ryan Hicke for closing remarks.

好的，沒有其他問題了，我將回到執行長 Ryan Hicke 的閉幕致詞。

Well, thank you for all the questions. It's great to see the engagement. Our results through the first half of the year reinforce our commitment and execution against our strategy to drive growth in the short and long term. And we're going to continue to build upon our success.

嗯，謝謝你提出的所有問題。很高興看到訂婚。我們上半年的業績強化了我們對推動短期和長期成長的策略的承諾和執行。我們將繼續取得成功。

As I mentioned earlier, we're going to be hosting the Investor Day on November 7. Additional details will be shared in the coming months. We look forward to welcoming you all back to our Oaks campus and thank you for joining today's call.

正如我之前提到的，我們將於 11 月 7 日舉辦投資者日。更多細節將在未來幾個月內分享。我們期待歡迎大家回到我們的盛橡園區，並感謝您參加今天的電話會議。

Yes, and once again, ladies and gentlemen, thanks for joining today's conference. You may now disconnect. Have a good day.

是的，女士們先生們，再次感謝您參加今天的會議。您現在可以斷開連線。祝你有美好的一天。