SEI Investments Company (SEIC) 2026 Q1 法說會逐字稿

Hello and thank you for standing by. Welcome to SEI's first-quarter 2026 earnings conference call.

您好，感謝您耐心等候。歡迎參加 SEI 2026 年第一季財報電話會議。

(Operator Instructions)

(接線員指示)

I would now like to hand the conference over to Brad Burke. You may begin.

現在我想將會議交給 Brad Burke。您可以開始了。

Thank you and welcome, everyone, to SEI's first-quarter 2026 earnings call. We appreciate you joining us today.

謝謝，並歡迎各位參加 SEI 2026 年第一季財報電話會議。感謝各位今天與會。

On the call, we have Ryan Hicke, SEI's Chief Executive Officer; Sean Denham, our Chief Financial and Chief Operating Officer; and members of our Executive Management team, including Michael Lane, Phil McCabe, Mike Peterson, Sneha Shah, Sanjay Sharma, and Amy Sliwinski.

今天的電話會議上，我們有 SEI 執行長 Ryan Hicke；財務長兼營運長 Sean Denham；以及我們的高階管理團隊成員，包括 Michael Lane、Phil McCabe、Mike Peterson、Sneha Shah、Sanjay Sharma 與 Amy Sliwinski。

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.

在開始之前，我想提醒各位，我們的財報新聞稿以及今日電話會議隨附的簡報，可在 seic.com 網站的投資人關係（Investor Relations）專區找到。

This call is being webcast live. A replay will be available on the Events and webcasts page of our website.

本次電話會議將進行線上即時網路直播。重播將可在我們網站的「活動與網路直播」（Events and webcasts）頁面觀看。

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

接下來，我將把電話會議交給 Ryan。Ryan？

Thank you, Brad. Good afternoon, everyone.

謝謝你，Brad。各位下午好。

This was a defining quarter for SEI. Q1 was not simply a strong start to the year. We believe it is emphatic evidence that the strategic and operating changes we have made set a new standard for what SEI is capable of delivering on a sustained basis.

這一季對 SEI 而言具有里程碑意義。第一季不僅是今年強勁的開端。我們相信，這更是有力證明：我們所做的策略與營運變革，為 SEI 在可持續基礎上所能交付的成果，樹立了新的標準。

Q1 adjusted EPS totaled $1.44. That's more than a 20% increase from last year, driven by both top-line growth and margin expansion.

第一季調整後每股盈餘（adjusted EPS）為 1.44 美元。這較去年成長超過 20%，主要由營收成長與利潤率擴張共同帶動。

We also delivered $67 million of net sales of (inaudible) Q1, including $57 million of recurring revenue and $10 million of professional services. This is an outstanding outcome. It exceeds our prior quarterly record by more than 40%.

我們在第一季也達成（聽不清）淨銷售額 6,700 萬美元，其中 5,700 萬美元為經常性收入，1,000 萬美元為專業服務。這是非常出色的成果。較我們先前的單季紀錄高出超過 40%。

The scale and quality of these sales events reflect demonstrable progress in our core growth engines, rather than a single market tailwind or discrete event. This distinction matters. It gives us confidence that what we delivered in Q1 is not an anomaly.

這些銷售事件的規模與品質，反映出我們核心成長引擎的可驗證進展，而非單一市場順風或個別事件所致。這項差異很重要。它讓我們有信心，第一季的表現並非異常。

During our Investor Day last fall, we outlined five strategic pillars that guide how we run the company, how we allocate capital, and how we show up for clients. Q1 was decisive validation of that strategy and our ability to consistently execute against it.

在去年秋季的投資人日（Investor Day）上，我們提出五大策略支柱，用以指引我們如何經營公司、如何配置資本，以及如何為客戶提供服務。第一季是對該策略以及我們持續執行能力的明確驗證。

Let me walk through those pillars: how they showed up in Q1 and why we feel good about the trajectory ahead:

我將逐一說明這些支柱：它們如何在第一季展現，以及為何我們對未來走勢感到樂觀：

First, we invest in proven growth engines; most notably, alternative investment managers and professional services.

第一，我們投資於已被驗證的成長引擎；最值得一提的是另類投資管理人與專業服務。

In IMS, demand for outsourcing remains strong, particularly among larger and more complex alternative managers. First-quarter sales events reflect the initial phase of multiple enterprise-level mandates with first-time outsourcers, the "big deals" we've been talking about.

在 IMS 業務中，外包需求仍然強勁，尤其是在規模更大、結構更複雜的另類管理人之間。第一季的銷售事件反映出多項企業級委任案的初期階段，客戶為首次採用外包者，也就是我們一直在談的「大案子」。

These relationships are designed to expand over time, as the clients deepen their partnership with SEI; and as their fundraising and new product launches progress. These relationships also have the potential to grow into some of SEI's largest overall clients.

這些合作關係的設計是隨時間擴大：隨著客戶與 SEI 的合作加深；以及其募資與新產品推出的進展。這些關係也有潛力成長為 SEI 整體最大的客戶之一。

The momentum in this business is incredible, giving us confidence that what we saw in Q1 is a starting point, not an end point.

這項業務的動能令人振奮，使我們有信心：第一季所見只是起點，而非終點。

Professional services also continues to support growth. Clients are engaging SEI earlier and more strategically across a broader set of needs, which is improving win rates and increasing durability of relationships, as evidenced by the previously announced Huntington Bank win.

專業服務也持續支援成長。客戶更早、也更具策略性地與 SEI 合作，涵蓋更廣泛的需求，這提升了得標率並增加關係的持久性；先前公布的 Huntington Bank 得標案即為明證。

Second, reimagining Asset Management. I think we're actually now past the reimagining stage. We are executing against our evolved strategy at pace. The strategy is showing meaningful results.

第二，重新構想資產管理（Asset Management）。我認為我們其實已經走過重新構想的階段。我們正以加速的步伐執行已演進的策略。該策略正展現出具體成果。

Q1 represented our best quarter in several years, with the improvement in flows that built through 2025 continuing into 2026. We saw progress across both the RIA and [IBB] channels, where our strategy of delivering a broader SEI ecosystem to more scaled advisors is showing results. Engagement is improving every day, particularly with larger firms that value integrated solutions.

第一季是我們數年來表現最佳的一季，2025 年逐步改善的資金流向在 2026 年持續延伸。我們在 RIA 與 [IBB] 兩個通路皆看到進展；我們將更完整的 SEI 生態系提供給更具規模的顧問之策略，正開始產生成效。互動參與度每天都在提升，尤其是重視整合式解決方案的大型公司。

Stratos' integration is also well underway, with multiple workstreams focused on scalable infrastructure and building a centralized investment hub. We are encouraged by strong inbound interest from advisors seeking a long-term capital partner like Stratos.

Stratos 的整合也在順利推進中，多個工作流聚焦於可擴展的基礎設施與建立集中化的投資中樞。我們也受到顧問端強勁的主動洽詢所鼓舞，他們正在尋找像 Stratos 這樣的長期資本合作夥伴。

In our institutional business, we remain on track towards net positive flows later this year, while maintaining discipline around client fit and flow quality.

在我們的機構業務方面，我們仍按計畫在今年稍晚達成資金淨流入轉正，同時維持對客戶適配度與資金流品質的紀律。

Third is enterprise excellence. The partnership we recently announced with IBM reinforces and accelerates the direction we are taking around infrastructure modernization, automation, and responsible AI deployment.

第三是企業卓越（enterprise excellence）。我們近期宣布與 IBM 的合作，強化並加速了我們在基礎設施現代化、自動化，以及負責任的 AI 部署方面的方向。

As I have said in the past several earnings calls, we are applying AI and automation where it creates real impact; reduces friction; lowering unit costs; and expanding capabilities and services for clients and employees. These initiatives are translating into margin expansion, with Q1 delivering higher margins at the consolidated level.

如同我在過去幾次財報電話會議中所說，我們在能產生實質影響之處導入 AI 與自動化；降低摩擦；降低單位成本；並為客戶與員工擴展能力與服務。這些計畫正轉化為利潤率擴張，第一季在合併層級交出更高的利潤率。

Enterprise excellence is about running the company smarter, not just tighter; and with increased accountability. Our margin expansion reflects real progress against that priority.

企業卓越的重點在於更聰明地經營公司，而不只是更緊縮；並且提高問責。我們的利潤率擴張反映出在此優先事項上的實質進展。

We view AI as a force multiplier of time. Our execution of these programs will create additional capacity and opportunity for our employee base.

我們將 AI 視為時間的倍增器。我們對這些計畫的執行，將為員工創造更多產能與機會。

Fourth, we continue to focus on boosting international returns. We are taking a more disciplined approach to how we operate outside the US, with clear accountability for growth, margins, and capital deployment.

第四，我們持續聚焦提升國際業務報酬。我們正以更具紀律的方式來經營美國以外的業務，並對成長、利潤率與資本部署建立明確的問責。

In Q1, we began to see traction across both professional services and Asset Management, with more than one-third of professional services sales events generated internationally this quarter.

在第一季，我們開始看到專業服務與資產管理兩方面的進展；本季專業服務銷售事件中，超過三分之一來自國際市場。

We also continue to build out our Singapore presence as part of our global expansion priority. This remains an important opportunity, as we apply a more integrated, enterprise-wide operating model across our international platform.

我們也持續擴大新加坡據點，作為全球擴張優先事項的一部分。在我們於國際平台導入更整合、全企業範疇的營運模式之際，這仍是一項重要機會。

Fifth is strategic capital allocation. In Q1, we repurchased over $200 million of SEI stock. Given the strength of our operating performance and long-term growth outlook, we believe our shares represent an attractive use of capital at current levels.

第五是策略性資本配置。第一季我們回購了超過 2 億美元的 SEI 股票。鑑於我們營運表現強勁以及長期成長展望，我們認為以目前水準而言，我們的股票是具吸引力的資本運用方式。

Share repurchases will remain a meaningful lever within our capital allocation strategy, especially when market pricing does not, in our view, reflect the trajectory of our business. Beyond share repurchases, we also activated several investments targeted for later in the year, which are reflected in Q1 results.

股票回購仍將是我們資本配置策略中的重要槓桿，特別是在我們看來，市場定價未能反映公司業務走勢之時。除股票回購外，我們也啟動了數項預計於今年稍晚進行的投資，並已反映在第一季結果中。

This was also our first full quarter with Stratos, which is deepening SEI's participation in the advice value chain; and strengthening the overall reach and relevance of our platforms.

這也是我們納入 Stratos 後的第一個完整季度，這加深了 SEI 在理財建議價值鏈中的參與；並強化我們平台的整體觸及範圍與相關性。

We remain committed to disciplined capital deployment that balances reinvestment, M&A, and consistent returns of capital to shareholders.

我們仍致力於以紀律性的資本部署，在再投資、併購（M&A）與持續回饋股東之間取得平衡。

Before turning the call over to Sean, a brief word on AI:

在把電話會議交給 Sean 之前，先簡短談一下 AI：

We believe AI strengthens our value proposition; and supports continued margin expansion and growth. It is a clear positive and accelerant for SEI.

我們相信 AI 強化了我們的價值主張；並支持利潤率持續擴張與成長。對 SEI 而言，這是明確的正面因素與加速器。

Our combination of regulated infrastructure, proprietary data, mission-critical processes, and talent positions us well to apply AI in ways that can improve client outcomes and productivity.

我們結合受監管的基礎設施、專有數據、關鍵任務流程與人才，使我們能夠以可改善客戶成果與生產力的方式運用 AI。

We have been proactive, investing over the past two years in AI-native capabilities; automation; and AI-enabled expansions and expense extensions across our platforms. In parallel, we are selectively experimenting with more disruptive ideas that have the potential to substantially expand our addressable markets that we can serve.

我們一直積極主動，在過去兩年投資於 AI 原生能力、自動化，以及在各平台上由 AI 驅動的擴展與費用延伸。同時，我們也有選擇地試驗更具顛覆性的構想，這些構想有潛力大幅擴大我們可服務的可觸及市場。

Importantly, clients are increasingly turning to SEI as a partner to help them think through responsible, scalable AI adoption in complex, regulated environments.

重要的是，在複雜且受監管的環境中，客戶愈來愈多地轉向 SEI，將我們視為協助其思考負責任且可擴展的 AI 導入之合作夥伴。

Stepping back, we believe Q1 represents a statement quarter for SEI. The quarter reinforces our confidence in the scalability of our business and the demand for our capabilities.

退一步來看，我們認為第一季對 SEI 而言是一個具指標性的季度。本季進一步強化我們對業務可擴展性以及市場對我們能力需求的信心。

But, finally, I want to thank SEI employees for an outstanding quarter. The results reflect their focus; execution; and daily and unwavering commitment to our clients.

最後，我要感謝 SEI 員工帶來一個卓越的季度。這些成果反映了他們的專注、執行力，以及每天對客戶堅定不移的承諾。

With that, I'll turn the call over to Sean.

接下來，我把電話會議交給 Sean。

Thank you, Ryan.

謝謝你，Ryan。

I'll begin on slide 4. To reiterate Ryan's comments, SEI delivered an outstanding first quarter.

我將從第 4 張投影片開始。重申 Ryan 的評論，SEI 交出了一個卓越的第一季。

On a GAAP basis, EPS increased by 20% and operating profit increased 21% versus Q1 of last year. On an adjusted basis, EPS increased 21%, year over year. The sequential decline in adjusted EPS from Q4 was expected and reflects items we discussed last quarter; most notably, a higher effective tax rate and lower investment income and performance fees from LSV, which tend to be seasonal in nature.

以 GAAP 基礎計算，每股盈餘（EPS）較去年第一季成長 20%，營業利益成長 21%。以調整後基礎計算，EPS 年增 21%。調整後 EPS 較第四季的季減在預期之內，反映了我們上季討論的項目；最主要的是較高的有效稅率，以及來自 LSV 的投資收益與績效費用較低，而這些通常具有季節性。

In total, our tax rate, LSV, and other below-the-line items drove a combined $0.15 headwind to EPS, relative to Q4 last year. Adjusted operating income, which excludes these items, increased by 6% from the fourth quarter.

總體而言，我們的稅率、LSV 以及其他損益表下方項目，合計對 EPS 造成 0.15 美元的不利影響，相較於去年第四季。排除這些項目的調整後營業利益，較第四季成長 6%。

This quarter also marks our first period reporting adjusted financial metrics. We believe this enhanced disclosure aligns our reporting more closely with market practice and provides investors with a more effective basis for comparison.

本季也標誌著我們首次揭露調整後財務指標。我們認為此一強化揭露使我們的報導更貼近市場慣例，並為投資人提供更有效的比較基礎。

For additional context, we have also included historical quarterly disclosures on an adjusted basis at the end of our press release.

為提供更多背景資訊，我們也在新聞稿末尾納入以調整後基礎呈現的歷史季度揭露。

Turning to slide 5, SEI's adjusted operating profit increased 6% sequentially and by 24%, year over year. Performance was strong across the enterprise.

轉到第 5 張投影片，SEI 的調整後營業利益較前一季成長 6%，年增 24%。整體企業表現強勁。

Private Banking delivered a notable increase in revenue and, more impactfully, operating margins. This reflects continued execution and deeper client engagement, as banks increasingly partnered with SEI earlier; and across a broader set of strategic and operational needs, not just investment processing.

私人銀行業務的營收顯著增加，更重要的是營業利潤率提升。這反映了持續的執行力與更深的客戶互動；銀行愈來愈多在更早期就與 SEI 合作，且涵蓋更廣泛的策略與營運需求，而不僅僅是投資處理。

For example, we are now playing a more active role in client implementations, resulting in less lag time between contract wins and revenue recognition.

例如，我們現在在客戶導入上扮演更積極的角色，使得從合約得標到營收認列之間的落差時間縮短。

In addition, we were pleased to announce the Huntington win during the quarter, which underscores our relevance and credibility in the regional community bank market, especially at the higher end of that segment.

此外，我們很高興在本季宣布贏得 Huntington，這凸顯我們在區域性社區銀行市場（尤其是該細分市場的高端）中的相關性與可信度。

Our Advisors segment had a healthy start to the year. But the first full quarter of our Stratos partnership, reflected in the Advisors segment, makes comparison with prior periods challenging.

我們的顧問（Advisors）事業部在年初有一個健康的開局。但由於與 Stratos 合作的第一個完整季度已反映在顧問事業部中，使得與先前期間的比較變得具有挑戰。

Given our 57.5% ownership, Stratos is fully consolidated in our results. Stratos contributed nearly $20 million of revenue and $3 million of operating profits to Advisors in Q1, before considering non-controlling interest.

鑑於我們持有 57.5% 的股權，Stratos 已在我們的財報中全額合併。在未考量非控制權益之前，Stratos 於第一季為顧問事業部貢獻近 2,000 萬美元營收與 300 萬美元營業利益。

Excluding depreciation and amortization -- primarily, acquired intangible amortization -- Stratos generated $8 million of EBITDA at the consolidated level. Several planned transactions also closed during the quarter so the underlying run rate contribution is modestly higher than reflected in Q1 results.

若排除折舊與攤銷——主要為收購無形資產攤銷——Stratos 在合併層級產生 800 萬美元 EBITDA。本季亦完成數筆規劃中的交易，因此其基礎運行率（run rate）貢獻略高於第一季結果所反映的水準。

Excluding the impact of Stratos, all of SEI's businesses delivered year-over-year revenue growth, operating profit growth, and margin expansion. This performance reflects execution against the strategic priorities Ryan outlined earlier so I will not reiterate those themes here.

排除 Stratos 的影響，SEI 所有業務皆實現年增營收成長、營業利益成長與利潤率擴張。此表現反映了我們對 Ryan 先前所概述策略優先事項的執行，因此我在此不再重複這些主題。

Turning to slide 6, consolidated operating margins were very strong, continuing the improvement trend we've seen over the past several years.

轉到第 6 張投影片，合併營業利潤率非常強勁，延續了我們過去數年所見的改善趨勢。

At a segment level, the improvement in Private Banking margins, both year-over-year and sequentially, reflects continued execution against the five-point plan Sanjay discussed during our Investor Day.

在事業部層級，私人銀行利潤率無論年比或季比的改善，反映了持續落實 Sanjay 在投資人日所談的五點計畫。

Key contributors include professional services growth, increased adoption of our Asset Management offerings internationally, and operating leverage against deeper engagement with our clients.

主要貢獻因素包括專業服務成長、我們資產管理產品在國際市場的採用提升，以及在與客戶更深度互動下所帶來的營運槓桿。

For our IMS business, the modest sequential decline in margins versus Q4 was expected and primarily driven by the absence of the revenue accrual true-up we referenced last quarter, which accounted for approximately 150 basis points of the decline. The balance reflects onboarding costs associated with the substantial sales events delivered in the quarter.

就我們的 IMS 業務而言，相較第四季利潤率小幅季減在預期之內，主要是因為缺少我們上季提到的營收應計調整（true-up），該項約占下降的 150 個基點。其餘部分則反映本季大量銷售事件所帶來的上線導入成本。

Advisors' margins declined due to the inclusion of Stratos, which was weighed down by intangible amortization, as I just discussed. Absent the impact of Stratos, Advisors' margins increased approximately 50 basis points, relative to Q1 last year.

顧問事業部的利潤率因納入 Stratos 而下降，正如我剛才所述，主要受到無形資產攤銷拖累。若不計 Stratos 的影響，顧問事業部利潤率相較去年第一季約提升 50 個基點。

At the consolidated level, adjusted operating profit margins improved versus both the prior quarter and the prior year on both a GAAP and adjusted basis.

在合併層級，無論以 GAAP 或調整後基礎衡量，調整後營業利益率相較前一季與去年同期皆有所改善。

Slide 7 summarizes our sales events for the quarter. We debated opening the presentation with this slide but decided it was best to remain consistent.

第 7 張投影片彙總了本季的銷售事件。我們曾討論是否以這張投影片作為簡報開場，但最後決定維持一致性。

Sales activity in the quarter was exceptional. Investment Managers Services led the business with more than $50 million of net sales events, driven by the large enterprise mandates Ryan discussed earlier.

本季的銷售活動表現卓越。投資經理服務（IMS）以超過 5,000 萬美元的淨銷售事件領先各業務，主要由 Ryan 先前提到的大型企業委任案所帶動。

Together, portions of these wins accounted for just over half of total IMS sales events. As Ryan noted, we expect these relationships to continue contributing to sales activity in IMS over the coming quarters and years.

合計而言，這些得標案中的部分貢獻占 IMS 銷售事件總額的一半以上。如 Ryan 所述，我們預期這些合作關係在未來數季與數年將持續為 IMS 的銷售活動帶來貢獻。

Before moving on from IMS, a brief comment on private credit and a broader market commentary:

在離開 IMS 之前，簡短談一下私募信貸以及更廣泛的市場觀察：

We are not seeing any slowdown in IMS demand. Our exposure to retail private credit, including public BDCs, currently remains limited. The vast majority of our private credit exposure is institutional.

我們未看到 IMS 需求有任何放緩。我們對零售私募信貸（包括公開交易的 BDC）之曝險目前仍然有限。我們絕大多數的私募信貸曝險來自機構端。

We continue to see strong pipeline activity across existing and prospective clients. With the launch of our registered transfer agency in Q3, we would expect our retail exposure to increase with evergreen fund launches.

我們持續看到來自既有與潛在客戶的強勁管線活動。隨著我們在第三季推出註冊過戶代理（registered transfer agency），我們預期在常青基金（evergreen fund）發行帶動下，零售端曝險將會增加。

IMS led the quarter. But the strength of those results should not diminish the continued progress we have seen in both Private Banking and Asset Management.

IMS 引領本季表現。但這些強勁結果不應掩蓋我們在私人銀行與資產管理兩項業務上持續取得的進展。

While the magnitudes differ, all three businesses are contributing positively to growth.

雖然規模不同，但這三項業務都對成長做出正向貢獻。

Asset Management delivered its strongest sales-events quarter in several years, driven by growing demand for ETFs, SMAs, and our custody-only platform offerings. We are encouraged by the momentum in this business and expect continued progress, as we expand our product line-up and distribution capabilities.

資產管理交出數年來最強的銷售事件季度，主要由 ETF、SMA 以及我們僅託管（custody-only）平台方案需求成長所帶動。我們對此業務的動能感到鼓舞，並預期隨著我們擴充產品組合與通路能力，將持續取得進展。

Investments in new businesses generated approximately $4 million of net sales events, including engagements won in conjunction with Private Banking. This is another example of how our investment in professional services is supporting growth across the enterprise.

對新業務的投資帶來約 400 萬美元的淨銷售事件，其中包括與私人銀行共同贏得的合作案。這再次說明我們對專業服務的投資如何支持整體企業的成長。

Additionally, while not reflected in sales events, we successfully recontracted eight Private Banking clients, renewing an average contract term of approximately four years and retaining $34 million of recurring revenue, with no material impact to run rate profitability.

此外，雖未反映在銷售事件中，我們成功與八家私人銀行客戶完成續約，平均合約年期約四年，並保留 3,400 萬美元的經常性收入，且對運行率獲利能力沒有重大影響。

Turning to slide 8, we saw continued asset momentum during the quarter:

接著看第 8 頁投影片，本季我們看到資產動能持續：

In Asset Management, growth was led by the Advisors business.

在資產管理方面，成長主要由 Advisors 業務帶動。

Last quarter, Ryan mentioned that we're accelerating investment management product launches in ETFs, SMAs, models, and alts. This quarter, we are seeing progress against those initiatives, driving approximately $1.5 billion of net inflows.

上季 Ryan 提到，我們正在加速推出投資管理產品，包括 ETF、SMA、模型與另類投資。本季我們看到這些計畫有所進展，帶動約 15 億美元的淨流入。

Institutional Investors experienced less than $1 billion of net outflows, almost entirely attributable to a large defined benefit client annuitization, following the achievement of funding objectives. This outflow is a result of SEI advising a client to successfully meet their long-term investment objectives. Based on current pipeline visibility, we expect improved slow performance in this business over the balance of the year.

機構投資人業務的淨流出少於 10 億美元，幾乎完全可歸因於一位大型確定給付（defined benefit）客戶在達成資金到位目標後進行年金化（annuitization）。這項流出是 SEI 建議客戶成功達成其長期投資目標所帶來的結果。基於目前對案源管線的能見度，我們預期今年剩餘期間該業務的放緩表現將有所改善。

Regarding market impact, SEI's portfolios remain highly diversified across equities, fixed income, alternatives, cash, and geographies, with a relatively higher weighting towards value, which mitigated market headwinds during March. As you may have noticed, market performance in April has been pretty encouraging, to put it lightly.

就市場影響而言，SEI 的投資組合在股票、固定收益、另類投資、現金與各地區之間維持高度分散，且相對較偏重價值型配置，這在 3 月緩解了市場逆風。如各位可能已注意到，4 月的市場表現相當令人鼓舞，保守地說是如此。

LSV had a strong start to the year, with key products in global and US large-cap outperforming benchmarks by single-digit percentages in Q1, more than offsetting market weakness in March and approximately $2 billion of net outflows in the quarter.

LSV 年初表現強勁，其全球與美國大型股的核心產品在第一季以個位數百分比幅度跑贏基準，足以抵消 3 月的市場疲弱以及本季約 20 億美元的淨流出。

Assets under administration and on-platform increased 4%, driven by strong new business wins and lower mark-to-market sensitivity.

代管資產（assets under administration）與平台內資產成長 4%，主要受惠於強勁的新業務得標以及較低的市價評價（mark-to-market）敏感度。

Turning to slide 9 and building on Ryan's comments on capital allocation, in Q1, we repurchased $208 million of SEI shares. While repurchase activity was elevated during the quarter, we continue to maintain significant capacity and tend to remain active buyers.

接著看第 9 頁投影片，延續 Ryan 對資本配置的評論，第一季我們回購了 2.08 億美元的 SEI 股票。雖然本季回購活動較為積極，我們仍保有相當大的回購能力，且通常會持續作為積極買方。

We ended the quarter with $363 million of cash on the balance sheet and substantial financial flexibility. This balance sheet strength provides ample capacity to continue investing in the business, while maintaining a disciplined and opportunistic approach to capital returns.

本季結束時，資產負債表上的現金為 3.63 億美元，且具備充足的財務彈性。這樣的資產負債表強度，讓我們在持續投資業務的同時，也能以審慎且把握機會的方式進行資本回饋。

Stepping back, the first quarter represents an amazing start to the year for SEI. We delivered meaningful earnings growth, improved margins, and exceptional sales activity, while continuing to invest to support the opportunities we are seeing across the business.

回頭看，第一季對 SEI 而言是今年一個非常出色的開局。我們在持續投資以支持各業務所見機會的同時，實現了顯著的獲利成長、改善的利潤率，以及卓越的銷售動能。

The quality of our results reflect disciplined execution against the strategic priorities we outlined at Investor Day. It reinforces our confidence on the path ahead.

我們成果的品質反映了對投資人日（Investor Day）所提出策略優先事項的紀律性執行。這也強化了我們對未來路徑的信心。

There are a lot of exciting things happening, right now, at SEI. There's more to come.

目前 SEI 正在發生許多令人振奮的事情。後續還有更多。

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

接下來，接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Alex Kramm, UBS.

Alex Kramm，瑞銀（UBS）。

Yes. Hey. Good evening, everyone.

是的。嗨。各位晚安。

Just maybe starting with the strong sales on IMS: was hoping you can give a little bit more color around -- I think you said -- multiple first-time deals. Maybe a little bit more about how competitive these wins were.

先從 IMS 強勁的銷售談起：希望你們能再多補充一些細節——我想你提到——有多筆首次合作的交易。能否再談談這些得標的競爭激烈程度？

And then, most importantly, you said the pipeline remains very strong. Is this a run rate that we should be expecting in terms of new sales? Or is this going to be lumpy?

然後最重要的是，你說案源管線仍然非常強勁。就新銷售而言，這是否代表我們應該預期一個相對固定的銷售「常態水準」（run rate）？還是會比較不均勻、呈現跳動（lumpy）？

Yeah. Just a little bit more color on how this year could shape up here, given the recent strength here.

是的。鑑於近期的強勢表現，想請你們再多談一些今年可能會如何發展。

Sure, Alex. It's Ryan here. Thanks for the question.

當然，Alex。我是 Ryan。謝謝你的問題。

I think we'll turn that one to Phil. And then, Phil, if you want to unpack them a couple different ways, we can add on.

我想這題我們先交給 Phil 回答。然後 Phil，如果你想從幾個不同角度拆解，我們也可以再補充。

All right. That sounds great. Thank you for the question.

好的。聽起來很棒。謝謝你的提問。

A couple of quick highlights:

幾個快速重點：

By every measure, we had a phenomenal quarter. We won two of the largest and most complex alternative managers in the entire industry. It was an extremely competitive bake-off that lasted over a period of a full year.

以各項指標來看，我們本季表現非常出色。我們拿下了全產業中規模最大、也最複雜的兩家另類投資管理機構。這是一場競爭極其激烈的評選（bake-off），歷時整整一年。

Both of those managers are moving from insourcing to outsourcing. One of them is in the top 5, globally. The other is in the top 15 globally alternative managers. We believe there's meaningful room to land and expand, like we always do, over the course of the next several years.

這兩家管理機構都正從內部自建（insourcing）轉向外包（outsourcing）。其中一家在全球排名前 5。另一家則是全球前 15 的另類投資管理機構。我們相信，未來幾年仍有相當大的「先落地、再擴張」（land and expand）空間，就像我們一貫的做法。

Both of these clients will be in our top 5. But these deals are in addition to what we would normally sell on a quarterly basis.

這兩位客戶都將進入我們前 5 大客戶之列。但這些交易是額外增加的，並非我們一般每季正常銷售量的一部分。

From a pipeline perspective, we're really strong. We're supported by the enterprise mindset from Ryan and Michael and Sanjay. We're all out in the market selling together. We're probably talking to 20 of the top 50 alternative managers, right now. We expect sales events to continue to trend up, year over year.

就案源管線而言，我們非常強勁。Ryan、Michael 與 Sanjay 所推動的企業級思維（enterprise mindset）也在支持我們。我們大家一起在市場上共同銷售。目前我們大概正在與前 50 大另類投資管理機構中的 20 家洽談。我們預期銷售事件（sales events）將持續呈現年增趨勢。

One last fun fact: We're actually -- now, we are the third largest fund administrator in North America. We're moving up the league tables.

最後一個有趣的事實：我們現在其實已是北美第三大基金行政管理機構（fund administrator）。我們正在排行榜上持續往上爬。

Brian, anything to add? Anything I missed?

Brian，有沒有要補充的？我有漏掉什麼嗎？

I think you nailed it. I think the appetite for outsourcing increases, literally daily. The more effective we have been at helping our firms deploy capital in different areas for their growth acceleration, it has just increased the partnership and, yeah, deepened our relationship.

我覺得你講得很到位。我認為外包的意願幾乎是每天都在增加。我們越能有效協助這些公司把資本配置到不同領域、以加速其成長，就越能提升合作關係，並且，是的，也加深了我們的關係。

As you said, I think, if you're looking, Alex, from an average quarterly basis of sales, we expect those numbers to continue to grow. Some quarters will be a little bit lumpier than others, based on size, fields, and timing. But the pipeline, the market, and our positioning in this space is extremely strong.

如你所說，Alex，我想如果你從平均每季的銷售來看，我們預期這些數字會持續成長。有些季度會因規模、領域與時點而比其他季度更不均勻一些。但案源管線、市場，以及我們在這個領域的定位都非常強。

Okay. And then, maybe staying on the same topic -- and you already addressed this somewhat proactively in terms of what's going on in private credit and private equity, right now -- but maybe we can go a little bit deeper there.

好的。那接著也許延續同一個主題——你們其實也已經相當主動地提到目前私募信貸與私募股權的情況——但也許我們可以再深入一點。

Not to lead the witness here too much but we've seen in the past -- for example, during the financial crisis on the hedge fund side; in particular, like in Madoff -- there was a lot of outsourcing demand that already all of a sudden came out of some of that stress and some scrutiny around that space.

我不想過度引導，但我們過去曾看到——例如在金融危機期間的避險基金領域；尤其像 Madoff 事件——在壓力與監管檢視之下，外包需求會突然大幅浮現。

Again, not trying to paint too rosy of a picture here but just curious how the discussions have changed, given what's going on. Do you think this could actually be maybe an accelerant to saying, hey, we need to open the [kimono] a little bit and this will be maybe one of the ways to do it?

同樣地，我不是想把情況描繪得過於樂觀，只是好奇在目前情勢下，相關討論有何改變。你們是否認為這反而可能成為一個加速因素，讓大家覺得：嘿，我們需要更透明一些（open the [kimono]），而這可能是達成透明的一種方式？

Yeah. Just curious about what you're hearing live.

是的。只是想了解你們第一線聽到的情況。

Just to answer that real quick -- this is Phil -- the three of our largest clients are looking at launching flagship products this year. We're not seeing any slowdown in demand, especially on the Institutional side.

我先很快回答一下——我是 Phil——我們最大的三家客戶今年都在評估推出旗艦產品（flagship products）。我們沒有看到需求放緩，尤其是在機構端。

I do think that if the market was ever to get a little bit more interesting or challenged, we're playing in the very, very large end of the market. These clients are really good at what they do.

我確實認為，如果市場有一天變得更有趣或面臨一些挑戰，我們所參與的是市場中非常、非常大型的那一端。這些客戶在他們所做的事情上真的非常擅長。

I know, in the script, Sean said that we're a little lighter on the retail side of the market but we expect that to pick up when we launch our registered transfer agency solution over the course of the next couple of months.

我知道在講稿裡，Sean 提到我們在市場的零售端布局稍微輕一些，但我們預期在接下來幾個月內推出我們的註冊過戶代理（transfer agency）解決方案後，這部分會回升。

I think it's also really important to distinguish, when we talk about this business, 70% of IMS is driven by exposure to alternatives and 25% of that 70% is private credit. The wins that Phil announced over the quarter are not private credit. These are organizations (technical difficulty) asset base for the infrastructure, real estate (inaudible), as well as track equity.

我也認為很重要的一點是要區分：當我們談到這項業務時，IMS 的 70% 是由替代性投資曝險所驅動，而在這 70% 當中有 25% 是私募信貸。Phil 在本季宣布的贏單並不是私募信貸。這些是一些組織（技術問題）資產基礎，涵蓋基礎建設、不動產（聽不清），以及追蹤股權。

We're not just (technical difficulty), we are doing (inaudible) quarter.

我們不只是（技術問題），我們也在做（聽不清）季度。

(technical difficulty)

（技術問題）

Can you hear me?

你聽得到我嗎？

Yeah, I can hear you. Yeah, I can hear you.

有，我聽得到你。有，我聽得到你。

Okay.

好的。

Ladies and gentlemen, please stand by.

各位女士先生，請稍候。

Brad, are you there?

Brad，你在嗎？

Yeah. We're here.

在。我們在。

Okay.

好的。

Crispin Love. (technical difficulty)

Crispin Love。（技術問題）

All right. We'll move on to the next person.

好。我們先進行下一位。

Jeff Schmitt , William Blair.

Jeff Schmitt，William Blair。

Hi. In Private Banks, I know the margin can jump around. But it was up to 21% in the quarter. Professional services growth is obviously helping.

嗨。在私人銀行（Private Banks）這塊，我知道利潤率可能會有波動。但本季上升到 21%。專業服務的成長顯然有所助益。

But how much of that was driven by the reduction in the workforce? Or were there any other one-time items that were in there?

但其中有多少是由人力縮減所帶動的？或者裡面是否還有其他一次性項目？

Jeff, can you hear me? It's Ryan.

Jeff，你聽得到我嗎？我是 Ryan。

Yes. I can.

是的。我聽得到。

I'll open it up to the Sanjay. The reduction in workforce had little to no impact, really, specifically in Banking. That was across the enterprise. That really was just part of the Q4 initiative, as we talked about.

我把問題交給 Sanjay。人力縮減對銀行業務本身幾乎沒有影響，甚至可以說沒有影響。那是全公司層面的調整。那其實只是第四季的倡議之一，正如我們先前談到的。

Sanjay can talk about the execution against the five specific things that he discussed in New York in September and we've been talking about the last couple of years. He literally continues to execute against that, quarter over quarter.

Sanjay 可以談談他在 9 月於紐約提到的五項具體事項的執行情況，而這也是我們過去幾年一直在談的。他確實持續按部就班地執行，季度接著季度。

But, Sanjay, do you want to highlight some of the specific things that drove the increased margin this quarter?

不過，Sanjay，你要不要強調一下本季推動利潤率提升的一些具體因素？

Yeah. Absolutely. That's (inaudible) a really good question.

好。當然。這是（聽不清）一個非常好的問題。

If you look at the five-pillar strategy we talked about on September 18, 2025, two of those core pillars were professional services -- that's one of them; and then, second was how we are going to market with the new logos.

如果你回頭看我們在 2025 年 9 月 18 日談到的五大支柱策略，其中兩個核心支柱是：第一是專業服務；第二是我們如何以新客戶（new logos）推向市場。

Professional services events. We had significant events in third quarter and fourth quarter. As you could see, our revenue realization is much faster for those deals. In Q1, that's a good reflection that, yes, we sold new Professional services in third quarter, fourth quarter. We realize that. That is one dimension of it.

專業服務的活動方面。我們在第三季和第四季都有相當顯著的活動。如你所見，這些交易的收入實現速度快得多。在第一季，這很好地反映出：是的，我們在第三季、第四季賣出了新的專業服務。我們把它實現出來了。這是其中一個面向。

Second is, we are very judicious how we are going to market. The new contracts we are signing, they are coming with a higher margin.

第二，我們在推向市場時非常審慎。我們正在簽署的新合約，帶來更高的利潤率。

It's a combination of those. That's, of course -- our [GCC] initiative is playing a big role here. We are leveraging GCC. We talked about -- be judicious about our Software-as-a-Service expenses.

這是多項因素的組合。當然——我們的 [GCC] 倡議在這裡扮演了很重要的角色。我們正在善用 GCC。我們也談到——要審慎管理我們的軟體即服務（Software-as-a-Service）費用。

When you combine all those things together, you would see that -- and you would see in the coming quarters, as well, we are continuously making progress on all those five pillars.

當你把這些因素綜合起來，你會看到——而且在接下來幾季你也會看到——我們在這五大支柱上持續取得進展。

Okay. Great. (multiple speakers)

好的。很好。（多位講者同時發言）

And then, it sounds like transaction multiples for RIAs have been on the rise. Is that the case? Are you seeing that in the market? Do you see that as being a hindrance for your roll-up strategy for Stratos? Or are there still good opportunities out there?

另外，聽起來 RIA 的交易倍數一直在上升。是這樣嗎？你們在市場上有看到這個現象嗎？你們認為這會不會成為 Stratos 併購整合（roll-up）策略的阻礙？還是市場上仍然有不錯的機會？

Michael, did you hear the question?

Michael，你有聽到這個問題嗎？

I didn't.

我沒有。

Jeff said, it seems like EBITDA multiples are rising for RIAs or IBB (inaudible).

Jeff 說，看起來 RIA 或 IBB（聽不清）的 EBITDA 倍數正在上升。

Yeah.

對。

Do we think that's impairing our strategy with Stratos and their M&A strategy?

我們是否認為這會損害我們與 Stratos 的策略以及他們的併購策略？

No. Not at all.

不會。完全不會。

We do see that the multiples on the high end definitely have been increasing. If you look at the scaled firms, there was a report that recently came out that the typical multiple would be between [22] and [24].

我們確實看到高端的倍數明顯在上升。如果你看規模化的公司，最近有一份報告指出，典型倍數大約會落在 [22] 到[24] 之間。

Remember, we acquired Stratos at a much less multiple than that. And so you do see it at the very high end in the scaled players.

請記得，我們收購 Stratos 的倍數遠低於那個水準。所以你確實會在規模化玩家的最高端看到這種情況。

But, when you go into the marketplace where you're looking at the $100 million RIAs up to about $1 billion RIAs, you still have a very reasonable multiple arbitrage opportunity between what you buy them at versus what they would then reprice at when they become part of the scaled player.

但是，當你進入市場、去看管理資產規模約 1 億美元的 RIA 到大約 10 億美元的 RIA 時，你仍然有非常合理的倍數套利機會：也就是你買進的倍數，與它們成為規模化玩家一部分後重新定價的倍數之間，仍有差距。

We're not seeing any slowdown, at all, right now.

我們目前完全沒有看到任何放緩。

Okay. Great.

好的。很好。

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

Thank you. Appreciate taking the questions. Sorry. I had some feedback issues earlier in the call.

謝謝。感謝讓我提問。抱歉。我剛才在電話會議前段有一些回音問題。

Just one follow-up on the IMS sales wins: You mentioned two of the largest and most complex alts being part of those wins.

針對 IMS 銷售贏單再追問一點：你提到其中兩筆贏單包含了最大且最複雜的替代性投資（alts）之一。

Can you discuss any concentration on the wins in the quarter; or maybe how much of the $51 million came from those two; or just any other concentrations worth calling out from the sales?

你能否談談本季贏單是否有任何集中度；或者 5,100 萬美元當中有多少來自那兩筆；或是從銷售角度還有沒有其他值得點出的集中情況？

I can take it. (multiple speakers)

我可以回答。（多位講者同時發言）

Those two deals were less than 50% of the concentration for the quarter so not even -- and we expect a lot more later.

那兩筆交易合計占本季集中度不到 50%，所以甚至不到——而且我們預期後續還會有更多。

Thank you. And then, just on margins -- 32% core margins -- in the quarter, commentary seems to be very positive.

謝謝。另外，關於利潤率——本季核心利潤率 32%——相關評論看起來非常正面。

Can you just discuss the outlook for margins still expected? Are you still expecting high-[20%s] range? Or could there be a new run rate here, maybe high-20s to low-[30%s]?

你能否談談對利潤率的展望是否仍如預期？你們仍預期落在高 [20%] 區間嗎？還是這裡可能出現新的運行水準（run rate），例如高 20% 到低 [30%]？

And then, just if there's anything one time that impacted the core margin in the first quarter; if that's out of the ordinary?

另外，本季第一季核心利潤率是否有任何一次性因素影響；是否有不尋常之處？

Hey, Crispin. It's Sean. Thanks for the question.

嗨，Crispin。我是 Sean。謝謝你的提問。

The main driver for overall margin improvement, really, is just the fact that revenue growth is up 2%. We're doing a much better job of managing our expense.

整體利潤率改善的主要驅動因素，說到底，就是營收成長上升了 2%。我們在費用管理方面做得好得多。

We had nice sequential improvements in PB and Institutional. But, primarily, it was driven from revenue growth. And so, as we have large or improvement in revenue, sales, and revenue growth, we expect margins to improve.

我們在 PB 與機構業務方面都有不錯的季比改善。但主要仍是由營收成長所帶動。因此，當我們的營收、銷售與營收成長出現較大幅度的提升或改善時，我們預期利潤率也會改善。

Our fixed costs are pretty well fixed. There are some variable costs. But, for the most part, you're seeing the appreciation in margin due to revenue.

我們的固定成本相當固定。有一些變動成本。但大致上，你看到的利潤率提升主要是因營收帶來的。

Great.. Thank you. Appreciate taking my question.

很好……謝謝你。感謝你回答我的問題。

Ryan Kenny, Morgan Stanley.

Ryan Kenny，摩根士丹利。

Hi. Can you hear me?

嗨。你聽得到我嗎？

Yes. Yeah. Hey, Ryan.

聽得到。對。嗨，Ryan。

All right. Great.

好。太好了。

On the AI theme, you touched on it in the opening remarks a little bit but can you just dig in a little bit deeper because I think there is a perception in the market that some of the businesses that you operate in, like fund administration, maybe could be at risk of disruption or maybe could see fee rates come down, over time, if you're expected to pass on efficiencies that you gain?

關於 AI 這個主題，你在開場致詞中稍微提到了一點，但你能不能再深入一些？因為我認為市場上有一種看法：你們經營的一些業務，例如基金行政管理，可能會面臨被顛覆的風險，或者隨著時間推移，如果市場預期你們要把效率提升帶來的效益讓利出去，費率可能會下滑？

Could you just dive a little deeper on how you view yourself as more protected from AI intermediation?

你能否再深入談談，你如何看待自己在面對 AI 介入（中介化）時更具防護性？

Yeah. We'll answer that in a few ways. Ryan, I hope you're doing well. And then, I think Sneha's in the room, if she wants to provide some color.

可以。我們會從幾個角度來回答。Ryan，希望你一切都好。另外，我想 Sneha 也在現場，如果她想補充一些說明。

(inaudible) the second-half of your question, I think we really need to also continue to focus on continued productivity and efficiency through leveraging technology. Process engineering has always been part of our strategy and has always been part of how we pass on and maintain margin expansion or pricing levels, relative to the competitive market.

（聽不清）就你問題的後半段而言，我認為我們也必須持續專注於透過運用科技來提升生產力與效率。流程工程一直是我們策略的一部分，也一直是我們在競爭市場中用來傳遞並維持利潤率擴張或定價水準的方式。

AI will definitely be a bit of an accelerant to that. But if you think about how we're looking at it right now -- and I mentioned this a little bit earlier in the call -- we really see this, right now, as a significant positive for SEI.

AI 肯定會在這方面起到加速器的作用。但如果你想想我們目前的看法——我在電話會議稍早也提到一些——我們現在確實把這視為對 SEI 的一個重大利多。

We're not naïve We know that there's disruptive possibilities out there. But when we look at our ability to provide a full suite of capabilities and platforms to our clients -- our clients are looking to SEI to figure out how to harness these capabilities to expand our services, potentially drive more scale and productivity. We definitely see it as a positive.

我們並不天真；我們知道外面確實存在顛覆的可能性。但當我們檢視自身為客戶提供完整能力組合與平台的能力時——客戶正期待 SEI 協助他們找出如何運用這些能力來擴展服務、並可能帶來更大的規模與生產力——我們確實將其視為正面因素。

When you look at the suite of capabilities that we provide -- certainly, there will be organizations and firms that try to go -- displace that brick by brick, if you will. It's our job to maintain that positioning for that [whole wall] of our services.

當你看我們所提供的能力組合——當然，會有一些組織與公司試圖一塊磚一塊磚地取代它。我們的工作就是維持我們在那面「整面牆」服務上的定位。

But, right now -- and just, Sneha, you can weigh in -- we're really excited about what we see. We definitely are excited, Ryan, around the engagement we have with clients looking to SEI to partner with them around to harness and drive more growth here.

但就目前而言——Sneha，你也可以補充——我們對所看到的情況非常興奮。Ryan，我們也對與客戶的互動感到振奮；客戶希望 SEI 與他們合作，協助運用這些能力並推動更多成長。

Yeah. I'll just add. Ryan, thanks for that.

對。我再補充一下。Ryan，謝謝你。

But I think that there's two elements of this:

但我認為這裡有兩個面向：

One is the ability for us to do more with, like, the amount of resources that we have, which we're actively driving. We've got AI-enabled employee base. They're using it actively in their day-to-day jobs.

第一，是我們能用現有資源做更多事情的能力，而我們正積極推動這點。我們有一個 AI 賦能的員工群。他們在日常工作中正積極使用它。

We're also seeing the way to deliver growth more efficiently. As Phil is winning, he's doing it without adding more costs, which I think is really helpful, which is why you're seeing a little bit of a margin expansion.

我們也看到能以更有效率的方式交付成長。Phil 在贏得業務時，並沒有增加更多成本，我認為這非常有幫助，也就是為什麼你會看到利潤率有些擴張。

And then, we're seeing this adaptability of not just us but our client base, as they become more efficient and we become more efficient, discovering new areas of growth.

另外，我們也看到的不只是我們自身，而是我們的客戶群也具備這種適應力；當他們變得更有效率、我們也變得更有效率時，就能發掘新的成長領域。

And so we're seeing, for example, in the Banking client base, a lot of interest in us helping them become more AI-native and so doing work with data cloud in professional services and helping secure their data through our security services.

因此，例如在銀行客戶群方面，我們看到很多人對我們協助他們變得更「AI 原生」很有興趣；因此我們在專業服務上與資料雲合作，並透過我們的資安服務協助保護他們的資料。

On the IMS side, we're seeing a lot of interest to -- say, what additional services can we provide those same clients, as they're growing, that we wouldn't have done naturally because, now, AI is making that possible?

在 IMS 方面，我們看到很多人有興趣去思考——例如，隨著這些客戶成長，我們還能為同一批客戶提供哪些額外服務？過去我們可能不會自然地去做，但現在 AI 讓這變得可行。

We see it, really, as a net driver of growth, both for our people and for our businesses and our clients.

我們確實把它視為成長的淨驅動力，對我們的人才、我們的業務以及我們的客戶都是如此。

We get the question a lot on fee rate impact from AI. But, as you mix shift into areas like alts, could your reported aggregate fee rate actually go up or stable? How should we think about fee rate in the various businesses?

我們常被問到 AI 對費率的影響。但如果你的業務組合轉向另類資產（alts）等領域，你的整體揭露的平均費率是否反而可能上升或維持穩定？我們應該如何看待各項業務的費率？

Right now, we've seen a tremendous amount of stability in our fee rates; been able to continue to win new business at premium prices and deliver a premium service.

目前為止，我們的費率呈現非常高度的穩定；我們仍能以溢價價格贏得新業務，並提供高端服務。

I don't know if anybody else wants to add anything to that.

不知道是否還有人想補充？

We just haven't seen it yet, Ryan. We're certainly aware there's a tremendous amount of change happening in the market. We actually are excited about that.

Ryan，我們確實還沒看到那種情況。我們當然知道市場正在發生大量變化。我們其實對此感到興奮。

If you think about our cultural posture and the position that we have around leaning more into accelerating good ideas for good outcomes, that's just the way we think, right now.

如果你想想我們的文化姿態，以及我們在加速推動好點子以取得好成果方面的立場，這就是我們目前的思維方式。

I'm full of quotes that Sean likes to listen to but a ship is safe in the harbor. That's not what ships were built for.

我腦中有很多 Sean 喜歡聽的名言，但有一句是：船在港灣裡很安全。但船不是為了待在港灣而造的。

We are being aggressive with experimentation. We're being aggressive with innovation. That's just the mindset we want to bring here.

我們在實驗上很積極。我們在創新上也很積極。這就是我們希望帶來的心態。

But, right now, specific to your fee rate question, we're actually really excited about our current position. We don't plan to lessen our focus and let that position get deministered, deteriorated.

但就你關於費率的問題而言，目前我們其實對我們現在的位置非常有信心。我們不打算降低專注度，讓這個位置被削弱、惡化。

Phil, you want (multiple speakers) --?

Phil，你要不要——（多位講者）——？

From an IMS perspective, we're not seeing a lot of fee pressure, at all.

從 IMS 的角度來看，我們完全沒有看到太多費率壓力。

But what we do expect from AI is faster [NAVs], higher-quality adjacent markets that we're getting into. Our clients are expecting that from us.

但我們確實預期 AI 會帶來更快的 [NAVs]、更高品質的相鄰市場拓展，這些都是我們正在進入的領域。我們的客戶也期待我們做到這些。

Again, we're in the higher end of the market. They just want things better, faster, and perfect.

再說一次，我們是在市場的高端。他們只希望事情更好、更快，而且完美。

All right. Great. Very clear. Thanks.

好。太好了。非常清楚。謝謝。

Alex Bond, KBW.

Alex Bond，KBW。

Great. Thanks for taking the question. Good afternoon, everyone.

很好。謝謝讓我提問。各位下午好。

Another follow-up on the wins in the IMS segment this quarter and just the impact on the margin:

再追問一下本季 IMS 事業部贏得的案子，以及對毛利率的影響：

In the past, you've spoken to the fact that, through the onboarding processes for large ones like this, the IMS margin may dip slightly before reaching the full run rate, once the implementations are completed.

過去你們曾提到，像這種大型客戶在導入與上線（onboarding）流程期間，IMS 的毛利率可能會先小幅下滑，待導入完成、達到完整運行水準（full run rate）後才會回升。

Can you just help us size up the timing and magnitude of these processes on the IMS margin over the next few quarters?

能否請你們協助我們評估，未來幾季這些流程對 IMS 毛利率的時間點與影響幅度？

Sure. I'd love to.

當然。我很樂意。

We're going to convert these clients in a few different tranches over the next year or so. We expect the revenue -- it's going to increase more and more quarter over quarter over the next 15 months.

我們會在未來一年左右，分幾個不同批次把這些客戶轉換過來。我們預期營收——在接下來 15 個月會逐季愈來愈增加。

From an event perspective, we're going to continue to land and expand, as we always do.

從業務推進的角度來看，我們會一如既往地持續落地（land）並擴張（expand）。

This year, revenue and expense will be flattish for those two deals. But we're going to get back to normal margins for those two deals in mid-2027. We're going to start to see pretty significant revenue in that timeframe, as well.

今年，這兩筆交易的營收與費用大致會持平。但我們會在 2027 年年中讓這兩筆交易回到正常毛利率水準。同時，我們也會在那個時間範圍開始看到相當可觀的營收。

Got it. Great. That's very helpful.

了解。很好。這非常有幫助。

And then, maybe just moving to the professional services: I think you all have also made reference there previously to expanding that offering within other areas of the business, like IMS; and certainly appreciate the new break-out there this quarter.

接著，談談專業服務：我想你們先前也提到，會把這項服務擴展到業務的其他領域，例如 IMS；也很感謝你們本季新增了更清楚的拆分揭露。

But can you maybe help us think about the opportunity set within IMS or other areas of the business for the professional services offering, maybe relative to within Private Banks, where you've seen the majority of sales for professional services, to date?

但你們能否協助我們思考，在 IMS 或其他業務領域中，專業服務的機會版圖可能是什麼樣子？也許可以相對於私人銀行（Private Banks）領域來看——截至目前，專業服務的銷售大多集中在那裡。

And then, also, maybe just how sizable the international opportunity is for professional services, given the strength you all noted there this quarter, as well.

另外，考量你們本季提到的強勁表現，專業服務在國際市場的機會有多大？

Thank you.

謝謝。

Yeah. You're welcome. That's a great question.

好的。不客氣。這是個很好的問題。

I think, if you think about the breadth of the capabilities in professional services, some of the things that have the most momentum and demand, right now, across all the client bases -- and some of this is early in some of the segments -- but the AI-enabled data cloud platform is probably one of the most attractive capabilities we have, where we help our clients really harmonize, ingest, and create business intelligence off of their data sets, off of our data cloud platform.

我認為，如果你從專業服務能力的廣度來看，目前在所有客戶群中最有動能與需求的一些項目——其中有些在某些事業部仍屬早期——但 AI 賦能的資料雲平台大概是我們最具吸引力的能力之一；我們協助客戶在我們的資料雲平台上，真正把他們的資料集進行整合（harmonize）、匯入（ingest），並產出商業智慧（business intelligence）。

Sanjay and the team really pioneered that, really, in the Banking segment. But it absolutely has applicability in Phil's segment and as well as Michael Lane's, when you're looking at larger RIAs and, also, the more enterprise-scale organizations.

Sanjay 和團隊其實是在銀行業務領域率先開創這套做法。但它絕對也適用於 Phil 的事業部，以及 Michael Lane 的事業部，尤其是當你在看更大型的 RIA（註冊投資顧問）以及更具企業規模的組織時。

I would say integration services continues to have significant demand. Sean called that out around truncating, if you will, some of the lag time between signing and implementation because we're taking on more responsibility for other integration services and workflows, if you will, as part of the implementation.

我會說，整合服務（integration services）仍然有相當顯著的需求。Sean 也提到，我們正在縮短（如果你願意這麼說）從簽約到導入之間的部分滯後時間，因為在導入過程中，我們承擔了更多其他整合服務與工作流程（workflows）的責任。

I would say, coming back to, Alex, the question that Ryan had just asked a couple minutes ago, we're also starting to see demand for firms, once you think about how do they become more AI-enabled? How do they become an AI-native organization?

我想回到 Alex，Ryan 幾分鐘前剛問的問題，我們也開始看到一些公司的需求：他們要如何變得更 AI 賦能？要如何成為 AI 原生（AI-native）的組織？

There are a variety of ways that we are able to add value from professional services. We also had a tremendous quarter with our cybersecurity capabilities, with SEI Sphere in there, as well.

我們可以透過專業服務在多個面向創造價值。此外，我們在資安能力方面也有非常亮眼的一季，當中也包含 SEI Sphere。

That's just some color. Sanjay, you're a little bit closer to it, especially in the Banking side but also to Alex's question around international.

以上提供一些補充說明。Sanjay，你更貼近這塊，尤其是在銀行端，但也包括 Alex 關於國際市場的問題。

Yes. First of all, great question. I really appreciate (inaudible) asking this question.

是的。首先，這是個很好的問題。我非常感謝（聽不清楚）提出這個問題。

On professional services side, Ryan and Sean, they also called out that we are engaging with our prospects very early now.

在專業服務方面，Ryan 和 Sean 也提到，我們現在更早就開始與潛在客戶接觸。

We are changing our playbook a bit. Rather than just leading with our platform change initiatives, now, we are leading with enterprise capabilities. That is creating a different growth opportunities for us.

我們正在稍微調整我們的作戰手冊（playbook）。過去我們多半以平台更換（platform change）專案作為切入點；現在我們改以企業級能力（enterprise capabilities）作為切入點。這為我們創造了不同的成長機會。

(inaudible) would think about how many banks or institutions are looking for platform change every year? Not many. But almost every financial institution is looking for some professional services so that they can keep pace with the change. That presents significant opportunity for SEI.

（聽不清楚）你可以想想，每年有多少銀行或機構在尋求平台更換？其實不多。但幾乎每一家金融機構都需要某種專業服務，才能跟上變化。這為 SEI 帶來了相當可觀的機會。

We are seeing that opportunity, not just here in the US market but in the international market, as well. That's like -- a third of our professional services wins (inaudible) came in the UK Market for last quarter.

我們看到這個機會不只在美國市場，在國際市場也同樣存在。例如——上季我們專業服務的贏單中，大約三分之一（聽不清楚）來自英國市場。

We are seeing that momentum building up. That's where I'm partnering with Michael Lane and Phil in terms of how we can continue to expand that at the enterprise level.

我們看到這股動能正在累積。因此我也正與 Michael Lane 和 Phil 合作，思考我們如何能在企業層級持續擴張。

Great. I appreciate all the color there. Thank you for taking the questions.

很好。感謝你們提供這麼多補充資訊。謝謝回答我的問題。

Patrick O'Shaughnessy, Raymond James.

Patrick O'Shaughnessy，Raymond James。

Hey. Good evening. Another AI question for you.

嗨。晚安。再問一個關於 AI 的問題。

How are you guys thinking about AI potentially disrupting the wealth management advice industry, broadly, in terms of disintermediating your clients, whether it's AI-native software or something else?

你們如何看待 AI 可能在整體上顛覆財富管理顧問產業？例如，是否會透過 AI 原生軟體或其他方式，讓你們的客戶被去中介化（disintermediated）？

Michael, you want to take that one? Sure. Thanks for the (inaudible), Patrick.

Michael，你要回答這題嗎？當然。謝謝你的（聽不清楚），Patrick。

That is interesting. This has been a topic conversation that dates back 25 years from when the first robo-advisor came to play, where they thought that coming out with a robotic advice to offer up advice for 25 basis points or something in that ballpark would disrupt the financial advisor business.

這很有意思。這其實是一個已經討論了 25 年的話題，從第一個機器人理財顧問（robo-advisor）出現開始；當時大家以為推出機器化建議、以 25 個基點左右的費用提供建議，就會顛覆理財顧問產業。

What they found, over time, was that the robo-advice marketplace didn't work. It wasn't a good B2C. It needed to actually be a B2B [fill] or a (inaudible) or whatever. But it didn't actually do what people expected it to do, which was to take over the financial advisor business.

但他們隨著時間發現，機器人理財建議的市場並沒有成功。它不是一個好的 B2C 模式。它其實需要是 B2B 的（填補）或（聽不清楚）之類的模式。但它並沒有真正做到人們原本預期的事——也就是接管理財顧問的業務。

AI will supplement and make advisors more efficient. It will enable advisors to have, I think, a greater ability to serve more clients in a more efficient way.

AI 會補強並讓顧問更有效率。我認為它會讓顧問有更強的能力，以更有效率的方式服務更多客戶。

When you look at the statistics about what's happening in the wealth marketplace, where there's going to be a shortage of financial advisors, we're going to need AI in order to be more efficient in the wealth space to serve more people.

當你看財富市場正在發生的統計趨勢——理財顧問將出現短缺——我們將需要 AI，才能在財富管理領域更有效率、服務更多人。

The demand for advice is increasing. The number of advisors is decreasing. And so we have to actually use AI in the wealth marketplace to serve more.

對建議（advice）的需求正在增加。顧問的人數正在減少。因此我們必須在財富市場中運用 AI 來服務更多客戶。

I don't see it disintermediating. I've been involved in that question for a long, long time. I think that, at the end of the day, when people start to achieve a reasonable amount of wealth, they want to talk to a human being.

我不認為它會造成去中介化。我參與這個問題已經很久很久了。我認為歸根結底，當人們累積到相當程度的財富時，他們會想和真人對話。

It will supplement the advice that's given, though.

不過，這將會補充已提供的建議。

Very helpful. Thank you.

非常有幫助。謝謝。

And then, Institutional Investors, sounds like you guys are incrementally more optimistic there. Can you just give a little bit more color on what sales are in your pipeline there; and, also, how to think about the fee rate impact, as you get those new wins on board?

接著談到機構投資人，聽起來你們在那邊是逐步變得更樂觀。能否再多補充一些你們那邊銷售管線中的案子情況；另外，隨著你們把這些新贏單納入，你們如何看待費率的影響？

Institutional investors, just your view on the pipeline there, fee rates, moving forward?

機構投資人方面，請談談你們對那邊管線、費率，以及未來走勢的看法？

Yeah. The thing that I love about the Institutional business that we saw is that, the first quarter, although you saw a negative revenue from the Institutional business, it was driven by the fact that we helped, as Sean said, a significant client achieve a funding status that enabled them to de-risk the portfolio and take it off to the books.

是的。我喜歡我們在機構業務上看到的一點是：第一季雖然你看到機構業務營收為負，但那是因為我們協助（如 Sean 所說）一位重要客戶達到某種資金到位／資金狀態，使其得以降低投資組合風險，並把它從帳上移除。

That's what we do in the Institutional business on the [defined-benefit play]. If we're successful, we help firms actually achieve their goals so that they can de-risk.

這正是我們在機構業務、在[確定給付（defined-benefit）領域] 所做的事。如果我們成功，我們會協助企業真正達成目標，讓他們可以去風險化。

Largely, the first quarter, the event was a result of a single plan: the de-risk. When you look forward, where we're spending a considerable amount of time and energy is continuing to deepen our penetration in areas where there are demographical shifts that will grow the area of OCIO; for instance, endowment and foundation.

第一季的事件在很大程度上是單一計畫的結果：去風險化。展望未來，我們投入大量時間與精力的方向，是持續加深我們在一些因人口結構變化而將帶動 OCIO 成長的領域的滲透率；例如捐贈基金與基金會。

With the great wealth transfer, a portion of those assets that will transfer -- now, the estimates are over $100 trillion. When that $100 trillion continues to transition from generation to generation, a portion of that is going to go to not-for-profits. It's going to go to foundations.

隨著龐大的財富移轉，其中一部分將會移轉的資產——目前估計超過 100 兆美元。當這 100 兆美元持續在世代之間轉移時，其中一部分會流向非營利組織。也會流向基金會。

That's going to grow that part of the business. That's going to result in the need for more outsourcing of investment management.

這將帶動該業務板塊的成長。也將帶來更多投資管理外包的需求。

And so we are leaning more and more into that space. And so we feel strongly that, over the next few quarters, the business -- our Institutional business -- has growth opportunities. We will start to see a rising pipeline in areas like endowment foundation, healthcare.

因此我們愈來愈加大在這個領域的投入。我們也深信，在接下來幾個季度，機構業務——也就是我們的機構業務——存在成長機會。我們將開始看到在捐贈基金／基金會、醫療健康等領域的管線上升。

Where we have an occasional defined benefits that de-risks, like, we should be celebrating those wins as helping clients achieve their goals. They're going to happen once in a while in the (inaudible) space.

至於我們偶爾會遇到的確定給付計畫去風險化，我們應該把這些勝利視為協助客戶達成目標而值得慶祝。這種情況在（聽不清）領域會不時發生。

But we feel good about where the market is going, the demographics are going; and where we're positioned as one of the largest OCIO providers.

但我們對市場走向、人口結構走向，以及我們作為最大 OCIO 供應商之一的定位，都感到樂觀。

Terrific. Thank you.

太好了。謝謝。

Thank you.

謝謝。

Alex Kramm, UBS.

UBS 的 Alex Kramm。

Yes. Hello, again. Just a very quick follow-up.

是的。再次問好。我有一個非常簡短的追問。

I don't think this has come up. But can you just give a quick view on your integrated cash programs? There's been a little bit more noise around brokers, investment managers; and some of their cash programs and new offerings.

我想這點還沒被提到。但你能否快速談一下你們的整合式現金方案（integrated cash programs）？最近市場上對券商、投資管理人，以及他們的一些現金方案與新產品，討論聲量更大了一些。

Some large banks have talked about this, like optimizing cash programs. Just wondering if you could outline -- I know it's a relatively new program for you over the last few years but how sticky you think there is; and if there's any risk from those assets going out or that (inaudible) cash going out of the door, at some point?

一些大型銀行也談到這件事，例如最佳化現金方案。想請你概述一下——我知道這對你們來說是過去幾年相對新的方案——你們認為黏著度有多高；以及未來是否存在資產外流、或（聽不清）的現金在某個時間點流出門外的風險？

Absolutely. We have been reading the same headlines that you have about a certain large bank who came out and talked about how they were going to be looking to optimize cash across different programs.

當然。我們也讀到和你一樣的新聞標題，提到某家大型銀行出來談他們將如何在不同方案間最佳化現金。

And so we are very aware of the cash management programs and the pressures on cash-management programs, both from what's happened over the last couple of years -- last year, in the reduction of interest rates and the reduction of yields to the firms that have these cash management programs.

因此我們非常清楚現金管理方案，以及現金管理方案所面臨的壓力，這些壓力一方面來自過去幾年發生的事情——尤其是去年利率下調，以及對擁有這些現金管理方案的機構而言，其收益率下降。

As you said, ours is relatively young. It's only about two-and-a-half years old. Ours was structured differently than many of the competitors that are being discussed in the media.

如你所說，我們的方案相對年輕。大約只有兩年半。我們的架構與媒體討論的許多競爭對手不同。

Ours was structured as a 1% operational cash, which was meant to cover operational expenses that wasn't a percentage of a portfolio. It wasn't a percentage of a model. It wasn't something that was more of a fiduciary percentage of somebody's portfolio. That's a huge differentiator.

我們的設計是 1% 的營運現金，用來支付營運費用，而不是投資組合的某個百分比。它不是某個模型的百分比。它也不是更偏向受託管理意義上、針對某人投資組合的比例。這是一個非常大的差異化。

From our perspective, what's very different, as well, is, when you look at a lot of the different players in the custody business, their cash positions tend to be significantly higher -- the average balances being up to 4%; whereas, if you look at our cash balances with the minimum of 1%, the aggregate, in totality, is still less than 2% that we tend to see across the entirety of our (inaudible).

從我們的角度來看，另一個很不同之處是：當你看許多託管業務的不同參與者時，他們的現金部位往往顯著更高——平均餘額可高達 4%；然而，如果你看我們以最低 1% 為基準的現金餘額，整體加總起來，仍低於我們在整個（聽不清）中通常看到的 2%。

When you also then look at (inaudible) of being a diversified business, the total cash revenue from our suite programs is 3% of the gross revenue of SEI. Even in the Advisors business, it's still only 12% of the total revenues.

此外，當你再考量（聽不清）我們是一個多元化的業務體系時，我們方案組合所帶來的現金收入僅占 SEI 總收入的 3%。即使在顧問業務中，也仍只占總收入的 12%。

And so, from our perspective, yes, there is pressure that will come on those. It's not new.

因此，從我們的角度來看，是的，這些方案會面臨壓力。但這並不新鮮。

There are several companies out there that already have cash-optimization programs, where they will take anything above the minimum required to be held and they'll sweep that into higher-yielding investments. That's existed for years.

市場上已有好幾家公司早就有現金最佳化方案：他們會把超過最低必要持有額度的部分，掃入收益率更高的投資。這已經存在多年。

I think we got a lot of news out of that because it was a large bank that came out and said they were going to use that, I think, because AI (inaudible) was put in front of it also signaled something.

我認為之所以引發大量新聞，是因為是一家大型銀行出面表示他們要採用這個做法；我想也因為在前面加上了 AI（聽不清），也釋放了某種訊號。

But, at the end of the day, it's been algorithmic for quite a while. We haven't seen any impact on that.

但歸根結底，這種做法早就已經是演算法化運作一段時間了。我們沒有看到任何影響。

Awesome. Thanks for the follow-up.

太棒了。謝謝補充。

You're welcome.

不客氣。

Ladies and gentlemen, I'm showing no further questions in the queue.

各位女士先生，我這邊顯示隊列中沒有其他問題。

I would now like to turn the call back over to Ryan for closing remarks.

現在我想把電話交回給 Ryan 作結語。

Thank you again for the discussion today.

再次感謝今天的討論。

We appreciate (technical difficulty). We are encouraged by the execution and progress we've seen early in the year.

我們感謝（技術問題）。我們對年初以來所看到的執行力與進展感到鼓舞。

Have a great evening.

祝各位晚上愉快。

Ladies and gentlemen, that concludes today's conference call.

各位女士先生，今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝各位的參與。您現在可以掛線。