SEI Investments Co (SEIC) 2025 Q3 法說會逐字稿

Good day, and welcome to the Q3 2025 SEI earnings conference call.

各位好，歡迎參加SEI 2025年第三季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker, Brad Burke, Head of Investor Relations. Please go ahead.

現在我謹將會議交給各位發言人，投資者關係主管布拉德·伯克先生。請繼續。

Thank you, and welcome, everyone. We appreciate you joining us today for SEI's third quarter 2025 earnings call.

謝謝大家，歡迎各位。感謝您今天參加SEI 2025年第三季財報電話會議。

On the call, we have Ryan Hicke, SEI's Chief Executive Officer; Sean Denham, Chief Financial Officer and Chief Operating Officer; and members of our executive management team, including J. Cipriano, Paul Klauder, Michael Lane, Bill McCabe, Mike Peterson, Sneha Shah and Sanjay Sharma.

參加電話會議的有：SEI 執行長 Ryan Hicke；財務長兼營運長 Sean Denham；以及我們的執行管理團隊成員，包括 J. Cipriano、Paul Klauder、Michael Lane、Bill McCabe、Mike Peterson、Sneha Shah 和 Sanjay Sharma。

Before we begin, I'd like to point out that our earnings press release and the presentation accompanying today's call 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 Webcast page of our website.

在會議開始之前，我想指出，您可以在我們網站 seic.com 的「投資者關係」欄位下找到我們的獲利新聞稿和今天電話會議的簡報。本次電話會議將進行網路直播，回放將在我們網站的「活動與網路直播」頁面提供。

With that, I'll now turn the call over to Ryan. Ryan?

接下來，我會把電話交給瑞恩。瑞恩？

Thank you, Brad, and good afternoon, everyone. We appreciate your time today, especially since we recently spent nearly three hours together during our Investor Day just five weeks ago. First, let me express our gratitude for the overwhelmingly positive feedback we've received since Investor Day. Many of you highlighted the energy, enthusiasm, and clarity of our long-term vision as standout themes, and that affirmation reinforces our strategic confidence. We are committed to disciplined execution transparent communication, and creating long-term value for our clients and shareholders.

謝謝你，布拉德，大家下午好。我們非常感謝您今天抽出時間，尤其是在五週前我們剛剛一起參加了投資者日活動，並度過了近三個小時的情況下。首先，請允許我表達我們對投資者日以來收到的壓倒性正面回饋的感謝。你們中的許多人都強調了我們長期願景的活力、熱情和清晰度，並將此視為突出主題，這種肯定增強了我們的戰略信心。我們致力於嚴謹執行、透明溝通，並為客戶和股東創造長期價值。

Turning to the quarter's results. We delivered outstanding performance with EPS reaching $1.30. Excluding onetime items, that's an all-time high for SEI. Earnings growth was robust, both sequentially and year-over-year, driven by strong revenue growth and margin expansion. This is the consistent performance we have been messaging over the past few years.

接下來來看看本季的業績。我們取得了優異的業績，每股收益達到 1.30 美元。剔除一次性項目後，這是 SEI 的歷史最高水準。受強勁的營收成長和利潤率擴張的推動，公司獲利環比和年比均實現穩健成長。這是我們過去幾年一直強調的穩定表現。

Net sales events totaled $31 million with our Investment Managers business leading the way. IMS posted a record sales quarter reflecting surging demand for outsourcing and client expansions. This is a testament to the strength of our sector, our competitive position in that sector, and our continued investment in future capabilities.

淨銷售額達 3,100 萬美元，其中投資管理業務表現最為突出。IMS公佈了創紀錄的季度銷售業績，反映出外包需求激增和客戶擴張。這證明了我們行業的實力、我們在該行業的競爭地位，以及我們對未來能力的持續投資。

As we said at Investor Day, we believe the growth runway here is exceptional. Congratulations to Phil and his team. IMS sales activity was notable for its broad-based nature with no single client driving the performance. Approximately two-third of our sales events were tied to client expansions, increasing our wallet share.

正如我們在投資者日上所說，我們認為這裡的成長前景非常廣闊。祝賀菲爾和他的團隊。IMS 的銷售活動以其廣泛的基礎為特徵，沒有單一客戶推動業績成長。我們約三分之二的銷售活動都與客戶拓展有關，增加了我們的市場佔有率。

Additionally, two-thirds of the events came from alternative managers. This level of diversification and momentum across client types, both new and existing, reinforces our conviction in the durability of our growth strategy.

此外，三分之二的事件來自另類經理人。這種客戶類型（包括新客戶和現有客戶）的多元化和成長勢頭，增強了我們對成長策略持久性的信心。

We also continue to engage with large well-known alternative asset managers who are new to exploring outsourcing fund administration. We believe we are well positioned in these processes, given our best-in-class capabilities, track record of execution, and client reference ability. Due to the size and complexity of these opportunities, the contracting process tends to be longer, and we expect to be able to provide more clarity on the nature of these opportunities in our pipeline in early 2026.

我們也繼續與一些知名的大型另類資產管理公司進行接觸，這些公司是首次探索基金管理外包。我們相信，憑藉我們一流的能力、良好的執行記錄和客戶口碑，我們在這些流程中處於有利地位。由於這些機會的規模和複雜性，合約簽訂過程往往比較長，我們預計在 2026 年初能夠更清楚地說明我們專案儲備中的這些機會的性質。

Switching units. Sales activity in our asset management business was highlighted by the single largest mandate win in our institutional segment to date, a multibillion dollar fixed income assignment for a state government client. We believe this win reflects the early impact of Michael Lane and the entire teams of Bob's approach, introduced to this audience last month.

切換單元。我們資產管理業務的銷售活動亮點是迄今為止在機構客戶領域贏得的最大一筆委託，這是一項為州政府客戶分配的數十億美元的固定收益任務。我們相信，這場勝利反映了邁克爾·萊恩和鮑勃整個團隊上個月向在場觀眾介紹的方法所取得的早期成效。

We are delivering targeted solutions in areas where SEI has deep expertise, while complementing our established OCIO offering. It also reinforces our ability to compete successfully for specialized mandates and demonstrates our capacity to meet the growing demand for tailored investment strategies from large clients.

我們正在SEI擁有深厚專業知識的領域提供有針對性的解決方案，同時補充我們已有的OCIO服務。這也鞏固了我們在專業委託專案競爭中取得成功的能力，並證明了我們有能力滿足大型客戶對客製化投資策略日益增長的需求。

Private Banking secured a $13 million win this quarter, partnering with a leading super regional US bank on a comprehensive transformation initiative across all business lines. This engagement is strategically significant, encompassing technology, outsourced operations, and a substantial professional services component. Our multi-year engagement with this firm to help them define their targeted operating model and build the business case was instrumental in winning the business. This win is an enormous affirmation of the pivot we made a few years ago to be the market leader in the regional bank segment.

本季度，私人銀行與一家領先的美國超級區域性銀行合作，開展一項涵蓋所有業務線的全面轉型計劃，從而獲得了 1300 萬美元的投資。此次合作具有重要的策略意義，涵蓋技術、外包營運和大量的專業服務。我們與這家公司進行了多年的合作，幫助他們確定目標營運模式並建立商業案例，這對贏得這項業務起到了至關重要的作用。這次勝利是對我們幾年前轉型成為區域銀行領域市場領導者這一決定的巨大肯定。

We anticipate the projects will involve extensive work to retire the client's legacy systems, execute complex data conversions, and integrate new platforms. Importantly, SEI is uniquely positioned to support our clients throughout the transition with our professional services offering, representing an incremental opportunity that is not reflected in Q3 sales results.

我們預計這些專案將涉及大量工作，包括淘汰客戶的舊系統、執行複雜的資料轉換以及整合新平台。重要的是，SEI 憑藉其專業的服務產品，在客戶轉型過程中擁有獨特的優勢來支援客戶，這代表著一個增量機會，而這個機會並未反映在第三季的銷售業績中。

Our strong wins this quarter were offset by a contract loss in private banking, which drove lower net sales for the segment. We've noted since 2022 that this client was at risk due to a strategic shift away from their bank trust model, and we received formal notice at the very end of September. This is our only notable loss year-to-date in private banking.

本季我們取得的強勁業績被私人銀行業務的合約損失所抵消，導致該業務板塊的淨銷售額下降。自 2022 年以來，我們注意到該客戶由於戰略上偏離了銀行信託模式而面臨風險，我們在 9 月底收到了正式通知。這是我們今年迄今在私人銀行業務方面唯一明顯的虧損。

The financial impact should be modest as deconversions typically occur over multiple years. Importantly, we're confident that recent and future wins will more than offset this loss supported by a healthy diversified pipeline of opportunities nearing the finish line.

由於轉換過程通常會持續數年，因此財務影響應該不大。重要的是，我們有信心，近期和未來的成功將彌補這一損失，同時還有大量多元化的機會項目即將完成。

Net sales would have approached $47 million for the quarter, excluding this single client loss. Even with the loss posting $31 million in net sales events is a strong result, especially as our new wins are well aligned with SEI's long-term strategic direction.

如果不計入這筆客戶流失，該季度淨銷售額將接近 4,700 萬美元。即使出現虧損，淨銷售額達到 3,100 萬美元也是一個強勁的成績，尤其是我們新贏得的業務與 SEI 的長期策略方向高度契合。

Stepping back, SEI's net sales events have surpassed $100 million year-to-date, a record for SEI through the third quarter. And as we sit here today, we have more confidence in our sales pipelines when compared to Q3 last year. Building on this momentum, our confidence in the Stratos' partnership has only grown since the July announcement.

從上看，SEI 今年迄今為止的淨銷售額已超過 1 億美元，創下 SEI 第三季以來的最高紀錄。而就目前而言，與去年第三季相比，我們對銷售管道更有信心。繼7月宣布合作以來，我們對Stratos合作關係的信心與日俱增，並以此為契機，進一步增強了合作信心。

Although we have not yet closed, we are already seeing tangible benefits. Awareness of SEI is increasing across both broker-dealer and RIA channels, and we are receiving renewed inbound interest in our capabilities as a result of the announcement. That enthusiasm was on display at the Stratos national meeting in mid-September where advisers consistently asked how they could do more with SEI.

雖然我們尚未完成交易，但我們已經看到了切實的好處。SEI 在經紀交易商和 RIA 管道的知名度都在不斷提高，而且由於這項公告，我們收到了更多對我們能力的諮詢。在 9 月中旬舉行的 Stratos 全國會議上，顧問們熱情高漲，不斷詢問如何與 SEI 進行更多合作。

And earlier this month, Stratos leadership, including CEO, Jeff Concepcion, joined us at our Annual SEI Advisor Summit on Marco Island, which saw record client attendance. Our SEI advisers responded very positively to the partnership and the expanded opportunities it creates. We are on track towards the initial closing, which is expected in late 2025 or early 2026.

本月初，包括執行長 Jeff Concepcion 在內的 Stratos 領導層參加了我們在馬可島舉辦的年度 SEI 顧問高峰會，該高峰會的客戶出席人數創下紀錄。我們的SEI顧問對此次合作及其帶來的更多機會給予了非常正面的評價。我們正按計畫推進初步交割，預計 2025 年底或 2026 年初完成。

As we said in New York, we are allocating capital to the highest return opportunities and driving margin expansion through cost optimization and targeted investments in technology, automation, and talent. We're in the early innings of AI and tokenization at SEI. Internally, adoption is encouraging, and we're implying AI to real workflows.

正如我們在紐約所說，我們將資本配置到回報最高的機遇，並透過成本優化和對技術、自動化和人才的定向投資來推動利潤率擴張。在SEI，我們正處於人工智慧和代幣化領域的早期階段。內部採用情況令人鼓舞，我們正在將人工智慧融入實際工作流程。

Externally, we're advancing tokenization pilots with partners. We expect these initiatives to support efficiency and scalability over time. But near term, our focus is on use case validation and a disciplined rollout.

在對外方面，我們正在與合作夥伴推進代幣化試點計畫。我們預計這些措施將隨著時間的推移提高效率和可擴展性。但就近期而言，我們的重點是用例驗證和有條不紊的推廣。

In summary, our year-to-date sales events, record EPS, and expanding pipeline reflects SEI's continued momentum, underpinned by disciplined execution and a clear enterprise strategy. Our integrated approach is breaking down silos and enabling us to scale across segments, capture wallet share, and deliver consistent repeatable growth. We are laser-focused on value creation measured by operating margin, EPS growth, and total shareholder return. Significant opportunity is ahead and our confidence in SEI's ability to execute and outperform is stronger than ever.

總而言之，我們今年迄今的銷售業績、創紀錄的每股收益以及不斷擴大的業務管道反映了 SEI 的持續發展勢頭，而這得益於嚴謹的執行和清晰的企業策略。我們採用一體化方法，打破部門壁壘，使我們能夠跨領域擴展規模，贏得市場份額，並實現持續可複製的成長。我們專注於創造價值，並透過營業利潤率、每股盈餘成長和股東總回報來衡量價值。未來充滿機遇，我們對SEI的執行力和業績表現的信心比以往任何時候都更加堅定。

And with that, I'll turn it over to Sean.

接下來，我將把麥克風交給肖恩。

Thank you, Ryan. Turning to slide 4. SEI delivered an excellent quarter. Let me start by calling out the unusual items that impacted our Q3 earnings.

謝謝你，瑞恩。翻到第4張投影片。SEI本季業績表現出色。首先，我想指出影響我們第三季收益的異常項目。

We recognized the benefit of approximately $0.03 from insurance proceeds related to a 2023 claim into other income, an additional $0.01 from an earn-out true-up in our advisers business. These gains were offset by $0.02 of M&A expense tied to our planned acquisition of Stratos and $0.02 of severance expense related to cost optimization initiatives.

我們從與 2023 年索賠相關的保險賠償金中確認了約 0.03 美元的收益，並將其計入其他收入；此外，我們還從顧問業務的盈利調整中獲得了 0.01 美元的收益。這些收益被與我們計劃收購 Stratos 相關的 0.02 美元併購費用以及與成本優化計劃相關的 0.02 美元遣散費所抵消。

For context, unusual items benefited EPS by $0.58 last quarter and $0.08 in Q3 of last year. Excluding these items, EPS grew meaningfully up 8% sequentially and 17% year-over-year. It's worth repeating. Q3 represents an all-time record level of EPS for a quarter, excluding unusual items like the significant gain on sale realized last quarter.

作為參考，非經常性項目上季度使每股收益增加了 0.58 美元，去年第三季使每股收益增加了 0.08 美元。剔除這些項目後，每股盈餘環比成長 8%，年增 17%。值得重複一遍。第三季每股收益創歷史新高，不包括上季實現的巨額銷售收益等特殊項目。

Let's take a closer look at how each of the business units performed on slide 5. Private Banking saw a 4% increase in revenue year-over-year, thanks in large part to healthy growth on our SWP platform. Our Investment Managers segment delivered another standout performance, posting double-digit revenue and operating profit growth. We continue to see robust growth in alternatives across both the US and EMEA. Traditional revenue in IMS also grew at a healthy pace, benefiting in part from favorable market appreciation.

讓我們仔細看看第 5 頁投影片中各個業務部門的業績表現。私人銀行業務收入年增 4%，這主要得益於我們的 SWP 平台的良好成長。我們的投資管理部門再次取得了優異的業績，實現了兩位數的營收和營業利潤成長。我們看到，無論是在美國還是在歐洲、中東和非洲地區，替代能源市場都持續保持強勁成長。IMS 的傳統收入也維持了健康的成長速度，部分原因是市場升值良好。

Turning to Advisors. This business posted the highest year-over-year revenue growth among all of our segments. We're seeing growth driven by market appreciation, contribution from our integrated cash program, and improving momentum in the underlying business. Institutional revenue and operating profit were essentially flat for the quarter, reflecting lower equity exposure and less benefit from market appreciation compared to our advisers business.

尋求顧問的協助。在我們所有業務部門中，該業務板塊的年收入成長率最高。我們看到，市場升值、綜合現金計畫的貢獻以及基礎業務動能的改善推動了成長。本季機構收入和營業利潤基本持平，反映出與我們的顧問業務相比，股票敞口較低，且從市場升值中獲益較少。

On a sequential basis, both revenue and operating profit increased across all business units with especially strong margin expansion in investment managers and advisers, as you'll see on slide 6.

從環比來看，所有業務部門的收入和營業利潤均有所增長，其中投資經理和顧問的利潤率擴張尤為強勁，正如您將在第 6 張幻燈片中看到的那樣。

Margins were solid in Q3 with meaningful improvement both year-over-year and sequentially. The year-over-year decline in private banking margin was due to onetime items that benefited last year's results. If we exclude those, private banking margins would have increased by approximately 60 basis points.

第三季利潤率表現穩健，年比及季比均有顯著提升。私人銀行業務利潤率年減是由於去年業績受益於一次性項目。如果排除這些因素，私人銀行業務利潤率將增加約 60 個基點。

Institutional margins declined sequentially and mainly due to a handful of choppier items in both the current and prior periods. None of these were individually material, but the impact is more pronounced given the lower revenue base in this segment.

機構利潤率較上月下降，主要原因是當期和前期都存在一些波動較大的項目。這些因素單獨來看都不重要，但考慮到該業務板塊的收入基數較低，其影響就更加明顯了。

For investment managers, margins came in ahead of what we communicated last quarter, supported by revenue growth that exceeded 25% annualized from Q2 to Q3. This growth was fueled by factors that are inherently difficult to forecast such as market appreciation in the traditional business and the timing of capital deployment in the alternatives business.

對於投資經理人而言，利潤率高於我們上個季度公佈的預期，這得益於收入成長，第二季到第三季年化成長率超過 25%。這一成長是由一些本質上難以預測的因素所推動的，例如傳統業務的市場升值和另類投資業務的資本部署時機。

Advisors margin growth reflected strong revenue growth and a $2 million earnout true-up, contributing about 120 basis points to Q3 margin. Margin improvement also benefited from our integrated cash program, which added $10 million to operating profit versus the prior year.

顧問利潤率成長反映了強勁的營收成長和 200 萬美元的獲利調整，為第三季利潤率貢獻了約 120 個基點。利潤率的提高也得益於我們的綜合現金計劃，該計劃使營業利潤比上一年增加了 1000 萬美元。

Finally, we incurred severance costs of nearly $4 million this quarter reflecting our commitment to supporting employees through transitions as we continue to evolve our business. The impact was spread across all business units and most notably, corporate overhead. Excluding severance and approximately $3 million of M&A costs related to Stratos, corporate overhead came in at $38.5 million for the quarter.

最後，本季我們產生了近 400 萬美元的遣散費，這反映了我們致力於在業務不斷發展的過程中支持員工順利過渡的承諾。影響波及所有業務部門，尤其對公司營運成本影響最大。除去遣散費和與 Stratos 相關的約 300 萬美元併購成本，該季度公司管理費用為 3,850 萬美元。

Turning to sales events on slide 7. Ryan discussed the most notable items in the quarter, including strong wins in investment managers, our large regional bank win in private banking, and a significant institutional win with a new government client. In Asset Management, this quarter's wins offset client departures, most notably in our institutional business. While losses were previously the only story in this segment, we are now seeing growth elsewhere that offset these headwinds, a promising sign for the trajectory of our asset management businesses.

接下來請看第 7 頁的銷售活動。Ryan 討論了本季最值得關注的事項，包括投資經理業務的強勁成長、大型區域銀行在私人銀行業務方面的成功，以及與一家新政府客戶取得的重大機構客戶合作。在資產管理方面，本季的客戶流失抵銷了客戶的流失，尤其是在我們的機構業務方面。雖然先前該領域只有虧損，但我們現在看到其他領域的成長抵消了這些不利因素，這對我們的資產管理業務的發展軌跡來說是一個好兆頭。

Turning to slide 8. SEI delivered strong asset growth, both sequentially and year-over-year. Growth in assets under administration was broad-based across CITs, alternatives, and traditional funds. While CITs and traditional funds received some benefit from market appreciation, the majority of the AUA growth was driven by alternatives. Assets under management also increased with modestly positive net flows in advisers, driven by accelerating growth in ETFs and SMEs, which offset continued pressure on traditional mutual funds.

翻到第8張幻燈片。SEI實現了強勁的資產成長，無論環比還是同比均是如此。資產管理規模的成長在集體投資計劃 (CIT)、另類投資和傳統基金中均實現了廣泛增長。雖然集體投資計劃和傳統基金從市場升值中受益，但資產管理規模增長的大部分是由另類投資推動的。受ETF和中小企業加速成長的推動，管理資產規模也隨之增加，顧問的淨流入略為正，抵銷了傳統共同基金持續面臨的壓力。

Institutional flows were essentially flat, reflecting offsetting sales events. While overall net flows were modest, this trend marks a clear improvement over prior years and supports our evolving asset management strategy.

機構資金流動基本上持平，反映出相互抵銷的銷售事件。雖然整體淨流入規模不大，但這一趨勢較往年有了明顯改善，也支持了我們不斷發展的資產管理策略。

LSV assets under management increased over 4% from Q2, driven by strong market performance and outstanding performance relative to benchmarks. Market appreciation was only partially offset by nearly $3 billion of net outflows, similar to the pace realized in the first half of this year. LSV performance against relative benchmarks is supporting continued strength in performance fees, which totaled $8 million or $3 million at SEI share in Q3.

受強勁的市場表現和相對於基準的出色表現的推動，LSV 管理資產較第二季度增長超過 4%。市場上漲僅被近 30 億美元的淨流出部分抵消，與今年上半年的流出速度類似。LSV 相對於相對基準的表現支撐了業績費的持續強勁增長，第三季業績費總額為 800 萬美元，其中 SEI 股份為 300 萬美元。

Turning to capital allocation on slide 9. We ended the quarter with $793 million of cash and no net debt. We are maintaining an excess cash balance in anticipation of funding the first Stratos close with the balance sheet cash.

接下來，我們來看第 9 張投影片中的資本配置部分。本季末，我們擁有7.93億美元的現金，並且沒有淨債務。我們保持一定的現金餘額，以期用資產負債表上的現金為 Stratos 的首次交割提供資金。

Share repurchases represented a primary use of capital. totaling $142 million in Q3 and $775 million for the trailing 12 months. That represents SEI repurchasing more than 7% of shares outstanding just over the last year. At the same time, we're deploying incremental capital to strategic investments that support long-term growth.

股票回購是資本的主要用途，第三季總計 1.42 億美元，過去 12 個月總計 7.75 億美元。這意味著 SEI 在過去一年中回購了超過 7% 的流通股。同時，我們正在將增量資金投入支持長期成長的策略投資。

This quarter, we made a $50 million anchor investment in LSV's market-neutral hedge fund. Our early commitment adds credibility to the new strategy and is expected to support future fundraising from institutional investors. Our investment had a strong start, contributing $1.5 million to Q3 results before taxes, which has captured a net gain on variable interest entities.

本季度，我們對 LSV 的市場中性對沖基金進行了 5,000 萬美元的錨定投資。我們早期的承諾為新策略增添了可信度，並有望支持未來從機構投資者籌集資金。我們的投資開局強勁，在稅前為第三季業績貢獻了 150 萬美元，從而獲得了可變利益實體的淨收益。

In summary, SEI's third quarter results reflect continued progress across our core businesses. We are focused on driving growth, optimizing margins, and deploying capital to maximize shareholder value.

總而言之，SEI 第三季的業績反映了我們核心業務的持續進展。我們專注於推動成長、優化利潤率和部署資本，以最大限度地提高股東價值。

With that, operator, please open the call for questions.

接線員，現在開始接受提問。

(Operator Instructions) Crispin Love, Piper Sandler.

（操作說明）克里斯平·洛夫，派珀·桑德勒。

Ryan, you mentioned that two-third of your sales events were from alternatives. I don't recall you ever making a comment quite like that as it pertains to sales events. First, are those two-third similar to recent quarters, give or take?

Ryan，你曾提到你三分之二的銷售活動都來自替代方案。我不記得你曾經就促銷活動發表過類似的評論。首先，這三分之二與最近幾季的情況是否大致相同？

And then second, when you look at those sales events, the recent ones on the vast majority from the largest alternative players out there, such as the ones that you called out on a slide at Investor Day being clients? Or are they smaller nonpublic alts as well that make up a good portion of those wins?

其次，當你觀察這些銷售活動時，你會發現，最近的大多數銷售活動都來自最大的另類投資機構，例如你在投資者日幻燈片中提到的那些客戶？或者，它們是否也包括一些規模較小的非公開小號，這些小號也贏得了相當一部分比賽？

Crispin, it's a great question. I'll go high level and then kick to Phil. So again, I think it's just an opportunity for us to offer continued transparency into where we're seeing growth and as we touched on in the Investor Day, when you look at alternatives in that overall space and the surging demand for outsourcing that I mentioned, we're just calling that out and trying to give a little bit more transparency and granularity. But when you go to Phil, if you want to chime in here, I think to Crispin's question is, is it a lot of the same names that we highlighted that day or new names were a little bit of both.

克里斯平，這是一個很好的問題。我先傳高球，然後把球踢給菲爾。所以，我認為這對我們來說是一個機會，可以繼續提高透明度，讓我們了解成長點在哪裡。正如我們在投資者日上提到的，當你審視該領域的其他選擇以及我提到的外包需求激增時，我們只是想指出這一點，並努力提供更透明、更細緻的資訊。但是，如果你想就此發表意見，菲爾認為，對於克里斯平提出的問題，當天我們重點介紹的名字是否與之前提到的許多名字相同，還是既有新名字也有新名字。

Thanks, Crispin. This is Phil. Actually, it's a mixture of everything, large clients, small clients, but no single event was greater than 10% of the overall number. So it really is a mixture of things anywhere from private credit to insourcers moving to outsourcing to retail alts to pretty much across the board. We're seeing a lot of alternatives in CITs, but it really was a mix. We expect some other announcements probably early next year to talk a little bit more about some of the larger managers that are moving from insourcing to outsourcing.

謝謝你，克里斯平。這是菲爾。實際上，各種類型的客戶都有，既有大客戶，也有小客戶，但沒有哪一次事件的發生率超過總數的 10%。所以，這實際上是各種因素的混合體，從私人信貸到內部企業轉向外包，再到零售業的替代方案，幾乎涵蓋了所有方面。我們看到 CIT 中有很多替代方案，但實際上情況比較複雜。我們預計明年年初可能會有一些其他公告，談到更多大型管理公司從內部業務轉向外包的情況。

Great. I appreciate that and definitely good news there. Second question, can you just give any color on the known contract loss in private banking was a longtime client? Any details on the loss is a merger or competitor takeaways? Just any color would be great.

偉大的。我很感激，這絕對是個好消息。第二個問題，您能否透露一下私人銀行部門已知的合約損失情況，該客戶是您的長期客戶？此次虧損的具體原因是否與合併或競爭對手的收購有關？任何顏色都可以。

Sanjay?

桑傑？

Yeah, I can answer that question. So first of all, this want to highlight this is a one-off loss in the last three-plus years since I took over the responsibility -- and this is something, as Ryan mentioned, we knew about it since 2022. This was a major operating model change for this client. And so we should not read this like trend. This is one-off scenario.

是的，我可以回答這個問題。首先，我想強調的是，這是我接手這項工作三年多以來唯一一次虧損——而且正如瑞恩所提到的，我們從 2022 年就知道了這件事。對這家客戶而言，這是一場重大的營運模式變革。因此，我們不應該將其視為一種趨勢。這是個特例。

We have worked with the client. And as you could see, these convergence, they take long time. The onboarding takes time, the deconversion also takes longer time. But as Ryan has mentioned and Sean has got out to be on safer side, we took the hit and announced it in one go.

我們已經與客戶合作過。正如你所看到的，這些匯合過程需要很長時間。用戶註冊需要時間，用戶流失也需要更長時間。但正如瑞恩所說，肖恩為了安全起見已經退出了，我們承擔了打擊，並一次性宣布了此事。

Ryan, do you want to add anything?

瑞恩，你還有什麼要補充的嗎？

I do. I think, Crispin, it's really important to note, and we try to call this out, specifically in the script. We got the notice literally at the very end of September. And it's a firm that we have known a long time. We have been actively engaged in trying to help them think through their future operating model. But as Sanjay just highlighted there, -- we got the notice. We took the entire loss. I don't think we have full transparency into the entire deconversion schedule and exactly what will go in.

我願意。克里斯平，我認為這一點非常重要，我們也會特別在劇本中強調這一點。我們是在九月底才收到通知的。而且我們認識這家公司很久了。我們一直積極參與，試圖幫助他們思考未來的營運模式。但正如 Sanjay 剛才強調的那樣，——我們收到了通知。我們承擔了全部損失。我認為我們對整個轉換計劃以及具體會替換哪些內容並沒有完全的了解。

So we're definitely erring on the side of conservative here. And I think it's really important to emphasize Sanjay's point, that this is a one-off event. This is absolutely not a trend and it can't be ignored the win that we also have in this quarter as well.

所以我們在這裡肯定是採取了較保守的做法。我認為強調桑傑的觀點非常重要，那就是這是一次性事件。這絕對不是一種趨勢，而且我們本季取得的勝利也不容忽視。

But certainly not one, we don't like losses. We worked really hard with this firm. We will support the firm actively as a great partner through their transition to a new operating model. And as you know, I always live in a world of optimism. I think there's always going to be more opportunity for us when we treat the client right on the way out, they will probably find a way back to SEI in other ways.

但肯定不會只輸一場，我們不喜歡輸球。我們與這家公司合作得非常努力。我們將作為優秀的合作夥伴，積極支持該公司向新的營運模式過渡。你知道，我總是活在樂觀的世界。我認為，如果我們善待客戶，讓他們在離開時感到滿意，我們總會有更多機會，他們很可能會以其他方式再次與SEI合作。

Jeff Schmitt, William Blair.

傑夫·施密特，威廉·布萊爾。

For the Integrated CAF program, you're running close to the Fed funds rate on that cash with a little spread. Is Internet getting a fixed rate? Or are you considering allocating some of that to fixed rates now that the Fed is easing again? Or how should we think about that?

對於綜合 CAF 計劃，該現金的利率接近聯邦基金利率，只有少量利差。網路費用會實施固定費率嗎？或者，鑑於聯準會現在再次放鬆貨幣政策，您是否考慮將部分資金配置到固定利率產品中？我們該如何看待這個問題？

This is Paul, Jeff. So on that, we're earning about 370 basis points presently, and we're giving the investor about 55 basis points yield which is pretty attractive versus our competitors. So we'll continue to look at that investor yield as rates come down. Typically, when a rate comes down 25 basis points, we usually impact the investor by 15, and then we would impact ourselves at 10, at some point, we'll get to a floor, but that's the current program and the current affairs on the integrated cash.

這是保羅，傑夫。因此，目前我們每隻股票的收益約為 370 個基點，而投資者獲得的收益率約為 55 個基點，這與我們的競爭對手相比相當有吸引力。因此，隨著利率下降，我們將繼續關注投資者的收益率。通常情況下，當利率下降 25 個基點時，我們通常會對投資者造成 15 個基點的影響，然後我們會對自己造成 10 個基點的影響。在某個時候，我們會達到一個底線，但這就是目前的計劃和綜合現金流的現狀。

I think one thing to note when it comes to the integrated cash is to also note that we have 20 times the amount in integrated cash and fixed income portfolios. And so when you see a decline in rates, you typically are going to see over time an increase in price. And so some of that, if you look at it in isolation, it will have an impact. But overall, it will be muted by the amount of fixed income we have in our portfolio.

我認為，關於綜合現金，需要注意的一點是，我們的綜合現金和固定收益投資組合的金額是其 20 倍。因此，當利率下降時，通常隨著時間的推移，價格會上漲。所以，如果孤立地看待其中的一些因素，它們確實會產生影響。但整體而言，由於我們投資組合中固定收益資產的規模較大，這種影響將被抑制。

And then in private banks, just looking at the expense growth there, it's running a little bit higher over the last quarter than we had seen in the previous really a year or two. Is that mainly investments in talent that you've been calling out recently? Or what's driving that? And then how should we think about the offshoring with the new service center, would that bring growth down over time?

然後，就私人銀行而言，僅從支出成長來看，上個季度的支出成長速度比過去一兩年都要高。你最近一直強調的主要是人才投資嗎？或者說，是什麼原因導致了這種情況？那麼，我們該如何看待將業務外包到新的服務中心呢？隨著時間的推移，這是否會降低業務成長？

Jeff, I don't think there's anything unusual to call out here with banking as Sanjay wants to provide color. Some of it is just, as Sean mentioned, investments we make to onboard the backlog make sure that we're set up to really successfully create the experience that we want with these clients. But I don't think there's anything you should read into that. Sanjay?

傑夫，我不認為銀行業有什麼不尋常之處需要指出，桑傑想補充一些細節。正如肖恩所提到的那樣，其中一些投資是為了確保我們能夠真正成功地為這些客戶創造我們想要的體驗，從而順利完成積壓的工作。但我認為這沒什麼好過度解讀的。桑傑？

I would act the same. I think for us, the number one most important thing is backlog delivery. The signing a new client is a great thing. Yes, we all celebrate, but successfully delivering and onboarding those clients is equally important. And that's why you would see sometimes that yes, and that could be for professional services delivery, or it would be converting new clients.

我也會採取同樣的做法。我認為對我們來說，最重要的事情是交付積壓訂單。簽下新客戶是件好事。是的，我們都會慶祝，但成功交付產品並順利完成客戶導入同樣重要。所以你有時會看到“是的”，這可能是為了提供專業服務，也可能是為了轉換新客戶。

Alex Bond, KBW.

Alex Bond，KBW。

Just wanted to start with the IMS business. Obviously, a strong quarter there. And I know you mentioned the growth there was in part driven by market appreciation and the deployment timing. But just trying to size up if the 3Q margin level is the right way to think about the margin for this business on a forward basis considering adults deployment? And then also just how the margin here might be impacted sequentially by the ongoing investments you're making? And just trying to see if there will be any impact there from a timing perspective, just in terms of a higher expected investment level in one quarter or the other.

只想先從IMS業務說起。顯然，那一季表現強勁。我知道您提到過，那裡的成長部分是由市場升值和部署時機所推動的。但我想評估一下，考慮到成人部署情況，第三季的利潤率水準是否是衡量該業務未來利潤率的正確方法？那麼，您持續進行的投資又將如何逐期影響利潤率呢？我只是想看看從時間安排的角度來看，這是否會對投資水準產生任何影響，例如某個季度的預期投資水準是否會更高。

Sure. So this is Sean. So as I indicated last quarter, we were actually given some light guidance to -- the Street that the margin improvement, we were anticipating good margins going forward, but we do know we need to make certain investments whether it's anticipation of new clients coming on board and us hiring ahead of those clients.

當然。這位是肖恩。正如我上個季度所指出的，我們實際上向華爾街給出了一些關於利潤率改善的輕微指引，我們預計未來利潤率將保持良好水平，但我們也知道我們需要進行一些投資，無論是為迎接新客戶而進行的預期投資，還是為迎接這些客戶而提前招聘員工。

Again, as I mentioned in my remarks, the Q3 improvement in margins did take us a little bit by surprise. Some of that, as Phil mentioned, was due to market appreciation. I mentioned that in my comments. That margin or market appreciation, obviously is not tied to cost -- so when -- with the market appreciation, you're going to have higher margins than expected.

正如我在發言中提到的，第三季利潤率的改善確實讓我們有些意外。正如菲爾所提到的，其中一部分原因是市場升值。我在評論裡提到過這一點。顯然，利潤率或市場升值與成本無關——因此，隨著市場升值，你的利潤率將會高於預期。

On your -- the second part of your question on what we expect in the future, we're still expecting strong margins when I give -- like guidance, I would call it, light guidance on what we may expect or what you can expect from margins going forward, I'm really giving more guidance over a period of time as opposed to quarter-over-quarter. So we do have for Q4 going into Q1 into next year, we will continue to be making investments into the platform. There are certain things that in Phil's business, we need to invest in front of, whether that's hiring talent in order to support future growth, whether that is certain parts of our technology base. So in a broad brush, we would expect margins to be relatively flat, if not a downtick, especially as we move into 2026.

關於您問題的第二部分，即我們對未來的預期，我們仍然預期利潤率會保持強勁成長。當我給出——或者說，我稱之為——關於未來利潤率預期的輕微指引時，我實際上更多的是在一段時間內給出指引，而不是按季度給出指引。因此，從第四季度到明年第一季度，我們將繼續對該平台進行投資。在菲爾的業務中，有些事情我們需要提前投資，無論是招募人才以支持未來的成長，還是我們技術基礎的某些部分。因此，總的來說，我們預計利潤率將相對平穩，甚至可能下降，尤其是在我們進入 2026 年之後。

Got it.

知道了。

I think the other thing is I think it's important to add to that, though, that and I think we try to continue to emphasize this message. When we think about how we run the company, we're not trying to run the company on a unit-by-unit basis and get too focused on the individual margins in the unit.

我認為還有一點很重要，那就是我們需要補充一點，那就是我們要繼續強調這個訊息。當我們思考如何經營公司時，我們不會逐一部門經營公司，也不會過度關注部門的利潤率。

So if we saw -- and I'm not forecasting or foreshadowing anything. I'm just saying what we see, as Phil talked about in New York, what we see with that pipeline and what we see with that client base right now, we are going to maximize that opportunity. And if that required us to take the margins down a little bit in IMS, we would be more focused on SEI's margins and what we would do in other units to make sure SEI's margins continue to grow and expand, as Sean talked about in New York, but I mean, Phil, I think, is really consistent as he was in New York and here, we are really, really enthusiastic about what we see right now with our existing client base and pipeline in and where we're positioned competitively, we will not let that window pass us by.

所以如果我們看到——我並不是在預測或暗示任何事情。我只是想說，正如菲爾在紐約談到的那樣，我們看到了現在的銷售管道和客戶群，我們將最大限度地利用這個機會。如果這需要我們稍微降低IMS的利潤率，我們會更加關注SEI的利潤率，以及我們會在其他部門採取哪些措施來確保SEI的利潤率繼續增長和擴大，就像肖恩在紐約談到的那樣。但我的意思是，菲爾的觀點和他在紐約時一樣始終如一，我們現在對現有客戶群、業務管道以及我們的競爭地位感到非常興奮，我們不會讓這個機會從我們手中溜走。

Got it. Understood. No, that's helpful. And then maybe just one more. Just wondering if you could speak to the sales mix between US and international this quarter and also maybe how that's tracking year-to-date relative to last year. I know it's still early days on the revamp for that area of the business. But maybe additionally, if you could just walk us through maybe what we should be looking for over the coming months and quarters as it relates to just tracking the progress you're making on the international front.

知道了。明白了。不，這很有幫助。然後，也許就再來一個。我想請您談談本季美國和國際市場的銷售組成，以及與去年同期相比，今年迄今的銷售情況如何。我知道目前該業務領域的改革還處於早期階段。此外，您能否簡要介紹一下，在接下來的幾個月和幾個季度裡，我們應該關注哪些方面，以便追蹤您在國際方面的進展？

Yeah. This is Sanjay here. So on the international front, as I said on the Investor Day, we are in the early phases of defining our go-to-market strategy, and as I said at that time, we are going to focus on maximizing our presence in the jurisdiction since we already have presence. So for example, UK, Taplin, or Luxembourg at those jurisdictions how we continue to expand our presence there. And we are in the process of defining our strategy.

是的。這位是桑傑。因此，在國際方面，正如我在投資者日上所說，我們正處於製定市場進入策略的早期階段，正如我當時所說，我們將專注於最大限度地擴大我們在該地區的市場份額，因為我們已經在該地區擁有業務。例如，在英國、塔普林或盧森堡等司法管轄區，我們將如何繼續擴大我們在這些地區的業務。我們正在製定戰略。

And the other part, you're looking at, okay, how we maximize our opportunities through existing clients. The clients we already had in US market, and they have processed in those jurisdictions. So that's what our focus would be. Ryan, Sean, do you want to add anything?

另一方面，你要考慮的是，我們如何透過現有客戶最大限度地利用我們的機會。我們在美國市場已有客戶，並且他們已在這些司法管轄區完成了相關流程。所以這就是我們關注的重點。瑞恩、肖恩，你們還有什麼要補充的嗎？

Yeah. I'll just -- this is Sean. I'll just echo what Sanjay said. Coming off the heels of Investor Day just a few weeks ago, letting everyone there know that we are looking at the difference between domestic and international. I would actual what Sanjay said, a little bit early days.

是的。我這就——我是肖恩。我同意桑傑的說法。就在幾週前的投資者日之後，我們向在場的所有人宣布，我們正在研究國內和國際之間的差異。我同意桑傑的說法，雖然現在說這些有點早。

So I don't think, as we sit here today, we're ready to start giving color around revenue mix between international, that will come more as we realign our segments as we start disclosing our segments and with anticipation that at that time, we'll give more breakdown between international growth versus domestic growth.

所以我認為，就目前而言，我們還不具備詳細說明國際收入組成情況的條件，這要等到我們重新調整業務板塊、開始披露業務板塊之後才會有更多細節。預計屆時，我們將更詳細地分析國際成長與國內成長之間的關係。

Ryan Kenny, Morgan Stanley.

瑞安‧肯尼，摩根士丹利。

Can you unpack a little bit more how you're thinking about the pace of buyback you did 1.6 million shares in the quarter. Is that the right pace going forward? Or should we expect a slowdown as the Stratos acquisition moves forward?

能否再詳細解釋一下你們是如何考慮股票回購速度的？你們本季回購了 160 萬股。這樣的發展速度適合嗎？或者，隨著 Stratos 收購案的推進，我們是否應該預期成長速度會放緩？

Yeah. The way I would answer that is very similar to the way I answered at Investor Day. So we are expecting that free cash flow on a forward-looking 12-month run rate would be we would be returning that 90% to 100% through dividends or buyback. So that's the way I'm looking at it.

是的。我的回答與我在投資人日上的回答非常相似。因此，我們預計未來 12 個月的自由現金流將達到 90% 至 100%，我們將透過分紅或股票回購的方式返還這部分資金。這就是我的看法。

So the cash build, as I mentioned, is anticipation of drawing that cash down through the Stratos -- consummation of the Stratos deal. And then going forward, I think you can expect whatever our free cash flow that we generate, we're going to be returning that somewhere between 90% and 100% back to the shareholders either through dividends, but primarily through buybacks.

正如我之前提到的，現金累積是為了預期透過 Stratos 提取這筆現金——也就是完成 Stratos 交易。展望未來，我認為大家可以預期，我們產生的自由現金流，我們將以股利的形式，但主要還是透過股票回購，將其中 90% 到 100% 回饋給股東。

That's helpful. And then separately, we've seen some modest credit fears in the market with a few bankruptcies and you're a big private credit servicer. So are you seeing any impact at all in your private credit servicing pipeline? It sounds like no, all good, but would be helpful to clarify.

那很有幫助。此外，我們也看到市場上出現了一些輕微的信貸擔憂，導致幾家公司破產，而你們是一家大型私人信貸服務公司。那麼，您的私人信貸服務流程是否受到了任何影響？聽起來好像沒事，但最好還是澄清一下。

Sure, Ryan. This is Bill McCabe. I would start by saying that IMS business is really, really diversified by product, by jurisdiction, by type of client. So -- but we have spoken to a lot of our private credit managers. They literally are the best of the best in the industry, and they really know how to manage credit risk.

當然可以，瑞恩。這是比爾·麥凱布。首先我想說的是，IMS 的業務在產品、司法管轄區和客戶類型方面都非常多元化。所以——但我們已經和很多私人信貸經理談過了。他們堪稱業內頂尖高手，而且他們非常了解如何管理信用風險。

They tell us that they're not concerned at all. They're still launching products aggressively. And collectively, they do say that there could be a new manager that entered the space on the smaller side, and there could be some struggles in the future. But that's in a part of the market that we really don't play in. We're on the higher end of the market. They're doing really well.

他們告訴我們，他們一點也不擔心。他們仍在積極推出新產品。他們一致認為，可能會有一位規模較小的新經理進入這個領域，未來可能會遇到一些困難。但這部分市場我們並沒有真正涉足。我們屬於高端市場。他們做得非常好。

The one interesting fact on top of all of that is that we really get paid for the most part with private credit based on invested capital. So we're not subject to mark-to-market or NAV. So we don't really -- as of right now, we don't see any real risk for the business.

除此之外，還有一個有趣的現象：我們大部分的收益實際上是透過基於投資資本的私人信貸獲得的。因此，我們不受市值計價或淨資產值的限制。所以就目前而言，我們認為這項業務沒有任何真正的風險。

(Operator Instructions) Patrick O'Shaughnessy, Raymond James.

（操作說明）Patrick O'Shaughnessy，Raymond James。

So I understand, I heard you when you said that we should not read today's chunky client loss that you spoke about in private banks as a trend going forward. But to what extent are there other high-risk relationships in your existing private bank client portfolio that you're keeping an eye on at this point?

所以我明白了，我聽到了你的意思，你說過我們不應該把今天你在私人銀行中提到的大量客戶流失視為未來的趨勢。但是，在您現有的私人銀行客戶組合中，還有哪些高風險關係是您正在密切關注的呢？

Patrick, that's a great question. As of today, -- we are not aware of any such large client or any such losses. I'd just now share one example. Early this month, we hosted all of our clients here in Oaks campus. The engagement was the best engagement over the last three years. So I don't see that as a trend or a big risk.

派崔克，這是一個很好的問題。截至目前，我們尚未發現任何此類大客戶或此類損失。我剛才想分享一個例子。本月初，我們邀請了所有客戶來到奧克斯園區。這是近三年來最成功的訂婚儀式。所以我不認為這是一種趨勢或重大風險。

Brian, Sean?

布萊恩，肖恩？

I completely agree with you. I mean there's -- we are always got to be vigilant in front of our clients, engage with our clients. But relative to where we are here a few years ago, we feel extremely confident that we are in the right place with our clients in the banking business. (multiple speakers)

我完全同意你的觀點。我的意思是——我們必須始終在客戶面前保持警惕，與客戶互動。但與幾年前我們所處的位置相比，我們非常有信心，我們目前在銀行業務領域與客戶的關係正處於正確的位置。（多位發言者）

Sorry to interrupt. So -- and then for my follow-up question -- with the divestiture of the Archway family offices business from the investment in new businesses segment, can you just remind us what's left in that investment in new business segment and the strategic importance of that for SEI?

打擾一下。那麼——接下來我的問題是——隨著 Archway 家族辦公室業務從新業務投資部門剝離，您能否提醒我們一下，新業務投資部門還剩下什麼，以及這對 SEI 的戰略重要性？

So included in ventures, there's really two main revenue streams, although albeit they're not large. One is our sphere business and other -- the other pieces are private Wealth Management business. And those, as I mentioned on Investor Day, if and when we resegment the organization, that segment from a revenue standpoint or even from a segment standpoint, will cease to exist that revenue will then follow the client and the related other segment that it pertains to.

因此，在創投中，實際上只有兩個主要的收入來源，儘管它們都不大。其中之一是我們的球類業務，另一部分是私人財富管理業務。正如我在投資者日上提到的，如果我們對組織進行重新劃分，那麼從收入角度甚至從部門角度來看，該部門將不復存在，收入將跟隨客戶及其相關的其他部門。

Ryan Kenny, Morgan Stanley.

瑞安‧肯尼，摩根士丹利。

Can you quantify how much margin suppression there's been from accelerated investment, any numbers or quantification we can think about?

你能量化一下加速投資對利潤率造成的抑製程度嗎？有什麼具體的數字或量化方法可以參考嗎？

Yeah, Ryan, this is Sean. I don't think I could quantify that. That's actually not really the way we think about the business. It's a great question, but I could not sit here and quantify that for you.

瑞恩，我是肖恩。我覺得我無法量化這一點。實際上，我們並不是這樣看待這個行業的。這是一個很好的問題，但我無法坐在這裡為你量化這個問題。

Thank you. I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. Ryan Hicke for any closing remarks.

謝謝。目前隊列中沒有其他問題了。現在我謹將電話交還給瑞安·希克先生，請他作總結發言。

Thank you all for your questions and for joining us today. As we close the quarter, I want to emphasize that SEI is executing on a strategy that positions us for long-term success. But I think it's important as we close the call, we reflect a little bit on the results this quarter.

感謝各位的提問，也感謝大家今天的參與。在本季即將結束之際，我想強調，SEI 正在執行一項策略，該策略將使我們處於長期成功的有利地位。但我認為，在電話會議結束之際，我們應該稍微回顧一下本季的表現。

We delivered record earnings per share. The IMS unit had a record sales quarter. We had an important strategic win in the banking business and I know we didn't touch on this in much of the Q&A, but there are some really good leading indicators and lagging indicators when we start to unpack what's going on in the asset management businesses at -- and for those reasons, we're confident in our ability to capitalize on opportunities ahead, deliver for our clients and create value for our shareholders. But thanks again, everybody, for your time and interest in SEI, and we look forward to updating you next quarter.

我們實現了創紀錄的每股盈餘。IMS部門本季銷售額創歷史新高。我們在銀行業務方面取得了一項重要的策略性勝利，我知道我們在問答環節中並沒有過多提及這一點，但是當我們開始分析資產管理業務的現狀時，會發現一些非常好的領先指標和滯後指標——正因如此，我們有信心把握未來的機遇，為客戶創造價值，並為股東創造價值。再次感謝大家抽空關注SEI，我們期待下季向大家報告最新情況。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝大家的參與。您現在可以斷開連線了。