SEI Investments Company (SEIC) 2026 Q2 法說會逐字稿

Greetings. Welcome to SEI's second-quarter 2026 earnings call. (Operator Instructions) Please note this conference is being recorded.

各位好。歡迎參加 SEI 2026 年第二季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to Brad Burke, Head of Investor Relations and Treasurer. Thank you, sir. You may begin.

現在我將把會議交給投資人關係主管兼財務主管 Brad Burke。謝謝您，先生。您可以開始了。

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

謝謝，並歡迎各位參加 SEI 2026 年第二季財報電話會議。感謝各位今天撥冗參與。今天與會者包括 SEI 執行長 Ryan Hicke；我們的財務長兼營運長 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 talk 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.

在開始之前，我想指出，我們的財報新聞稿以及配合今天談話的簡報，可在 seic.com 網站的「投資人關係」專區找到。本次電話會議將進行即時網路直播，並可於我們網站的活動與網路直播頁面收看重播。

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

接下來，我把電話交給 Ryan。

Thank you, Brad, and good afternoon, everyone. I assume most of you have reviewed the numbers by now. SEI had an outstanding second quarter. Compared to the prior year, revenue increased 15%. Adjusted operating profit increased 36%, and adjusted earnings per share increased 38%. All three represent quarterly records for SEI. This quarter is less about what happened during the last three months, and more a reflection of the changes we have made over the past few years.

謝謝你，Brad，各位下午好。我想各位現在大多已經看過相關數字。SEI 第二季表現非常出色。與去年同期相比，營收成長 15%。調整後營業利益成長 36%，調整後每股盈餘成長 38%。這三項皆創下 SEI 的單季新高紀錄。本季與其說是過去三個月發生了什麼，不如說更反映了我們過去幾年所做的改變。

We are more disciplined in how we allocate capital across those investments and talent. We've evolved our value proposition and how we operate as an enterprise. It also reflects the continued activation and execution of the strategic goals we announced during our Investor Day. You are seeing those efforts translate into financial results.

我們在投資與人才方面的資本配置更為自律。我們已進化我們的價值主張以及作為企業的營運方式。這也反映了我們在投資人日所宣布之策略目標持續啟動並落實執行。各位正看到這些努力轉化為財務成果。

And perhaps most important to us, we're achieving those results while investing in the future of our business. Several of these investments have been funded, initiated, and launched within the last 12 months. They contribute little to our financial results today, but we're already seeing signs of traction. I believe they can become meaningful contributors to SEI's next phase of growth.

而且對我們而言或許最重要的是，我們在投資公司未來的同時，也達成了這些成果。其中數項投資是在過去 12 個月內完成資金到位、啟動並推出。它們目前對財務結果的貢獻仍不大，但我們已經看到一些進展的跡象。我相信它們能成為 SEI 下一階段成長的重要貢獻者。

I'd like to touch on a few (inaudible). First, the continued expansion of private markets into retail and retirement channels. We believe this trend remains in the early innings and plays directly to SEI's strengths, specifically our ability to execute at scale.

我想談幾點(聽不清楚)。第一，私募市場持續擴展至零售與退休通路。我們認為這個趨勢仍在早期階段，並且正好契合 SEI 的優勢，特別是我們具備大規模執行的能力。

As private markets move into wealth and retirement channels, managers need administration, transfer agency, investor servicing, compliance, and scalable operational infrastructure, capabilities SEI has spent decades building. The recent expansion of our SEC registered transfer agency is an important milestone. Combined with our fund admin platform and our trust company, the TA gives SCIA full stack capability.

隨著私募市場進入財富管理與退休通路，管理人需要行政管理、過戶代理（transfer agency）、投資人服務、法遵，以及可擴展的營運基礎設施——這些都是 SEI 數十年來所建立的能力。我們近期擴展 SEC 註冊的過戶代理業務，是一個重要里程碑。結合我們的基金行政管理平台與信託公司，該 TA 使 SCIA 具備全方位（full stack）能力。

We're also seeing growing interest in bringing private market exposure into the retirement plans, especially through collective investment trusts. SBI is one of the only scaled independent trust platforms in the industry, making us the natural partner for investment managers bringing private asset solutions to the retirement space. When we looked at growth of retail alternatives, the expansion of the private markets into retirement plans, and SEI's outstanding competitive position, we believe these initiatives have the potential to grow into a business generating more than $100 million of annual run rate revenue in five years.

我們也看到市場對於將私募市場曝險納入退休計畫的興趣日增，尤其是透過集合投資信託（collective investment trusts）。SBI 是業界少數具規模的獨立信託平台之一，使我們成為投資管理人將私募資產解決方案帶入退休領域的自然合作夥伴。當我們觀察零售另類投資的成長、私募市場擴展至退休計畫，以及 SEI 卓越的競爭地位時，我們相信這些計畫在五年內有潛力成長為一項年化經常性營收（annual run rate revenue）超過 1 億美元的業務。

This represents one of the most compelling growth opportunities for SEI and our position is the connective tissue of modern financial services shines through here.

這代表 SEI 最具吸引力的成長機會之一，而我們作為現代金融服務「連結組織」的定位，在此也展露無遺。

Second, executing on our asset management strategy. We have moved beyond reimagining the business and into execution. We're seeing momentum in ETS, expanding our private market capabilities, and advancing a growing product pipeline that includes new ETF launches, enhanced model capabilities, and strategic partnerships.

第二，落實我們的資產管理策略。我們已經從重新構想業務，進入到執行階段。我們在 ETS 看到動能，擴展私募市場能力，並推進日益成長的產品管線，其中包括新的 ETF 發行、強化的模型能力，以及策略性合作夥伴關係。

Last week, we launched our latest Active Factor ETF, SEUS, bringing our total ETF line up to 10 funds. Over the last 12 months, the ETF business at SEI has grown from $3 billion to over $8 billion. We're also making progress in private markets through initiatives like our recently announced partnership with Carlyle, which combines Carlyle's origination expertise, distribution, and trusted brand with SEI's breadth of capabilities. This is the type of innovation we want to see more consistently, product development that's tied to market opportunity, supported by multiple enterprise capabilities, and delivered in a way that strengthens our competitive position.

上週，我們推出最新的主動因子 ETF——SEUS，使我們的 ETF 產品線總數達到 10 檔基金。過去 12 個月，SEI 的 ETF 業務規模已從 30 億美元成長至超過 80 億美元。我們也透過近期宣布與 Carlyle 的合作等計畫，在私募市場方面取得進展；該合作結合 Carlyle 的案源開發專長、通路與值得信賴的品牌，以及 SEI 的廣泛能力。這正是我們希望更持續看到的創新——與市場機會連結的產品開發，由多項企業級能力支援，並以能強化我們競爭地位的方式交付。

Turning to Stratos, there's growing interest from SEI advisors seeking succession, liquidity, and growth solutions without leaving our ecosystem. That interest includes several of our longest tenured advisor relationships, many of whom historically may have looked to third-party acquires. By providing an alternative path, Stratos helps these firms remain within SEI while creating additional opportunities for us to participate in their future growth. We believe this validates one of our core strategic objectives.

談到 Stratos，愈來愈多 SEI 顧問對於在不離開我們生態系的前提下，尋求接班、流動性與成長解決方案表達興趣。這些興趣也包括我們合作最久的一些顧問關係，其中許多人過去可能會轉向第三方收購方。透過提供另一條路徑，Stratos 協助這些公司留在 SEI 之內，同時為我們創造更多機會參與其未來成長。我們相信這驗證了我們的一項核心策略目標。

We also have a healthy pipeline of non-SEI acquisition opportunities at attractive valuations, which represents an excellent use of capital. While there's still work ahead, we're building a stronger and more competitive asset management business every day. And I am confident in the strategic and tactical direction of the asset management platform.

我們也有一條健康的、來自非 SEI 的收購機會管線，估值具吸引力，這代表資本的極佳運用。雖然仍有工作要做，但我們每天都在打造更強大、更具競爭力的資產管理業務。我對資產管理平台的策略與戰術方向充滿信心。

The last of the investments I'll highlight is the application of technology, data, automation, and AI to improve both client experience and the scalability of our business. Recent enhancements to SEI data cloud and our IMS platform are helping clients gain faster access to information, simplify integrations, reduce operational complexity, and make better use of their data.

我最後要強調的投資，是運用科技、數據、自動化與 AI，來提升客戶體驗以及我們業務的可擴展性。近期對 SEI data cloud 與我們 IMS 平台的強化，正協助客戶更快速取得資訊、簡化整合、降低營運複雜度，並更有效運用其數據。

A significant part of that effort is the digitization of core operating processes. We're digitizing NAV delivery, creating automated data flows between SEI and our investment manager clients with very clear objective: eliminate friction, simplify operations, and help clients redirect more time, capacity, and capital towards their growth. Our approach to AI is straightforward. We're focused on embedding AI into the workflows to improve service, automate routine processes, accelerate onboarding, enhance access to data, and help clients operate more efficiently.

其中一個重要部分，是核心營運流程的數位化。我們正在將 NAV 交付數位化，並在 SEI 與我們的投資管理人客戶之間建立自動化資料流，目標非常明確：消除摩擦、簡化作業，並協助客戶將更多時間、產能與資本重新導向其成長。我們的 AI 方針很直接。我們專注於將 AI 嵌入工作流程，以提升服務、將例行流程自動化、加速導入（onboarding）、強化資料存取，並協助客戶更有效率地營運。

Before concluding, I'd like to briefly address sales events. Sales events totaled $43 million during the quarter following the record $67 million we reported in Q1. It was one of the strongest quarters in the history of SEI. The rest of this activity is extremely encouraging. IMS generated more than $32 million of sales events, driven by a healthy mix of new client wins and expanded relationship with existing clients.

在結束之前，我想簡要說明銷售事件。本季銷售事件合計 4,300 萬美元，接續我們在第一季所報告的創紀錄 6,700 萬美元。這是 SEI 歷史上最強勁的季度之一。其餘活動也極具鼓舞性。IMS 產生超過 3,200 萬美元的銷售事件，主要由新客戶贏單與既有客戶關係擴大所帶動。

The activity was also broadly distributed across the business rather than concentrated in any one client or opportunity. I was on the road with many clients and prospects this quarte. I can only emphasize that the engagement we are getting at the C-level of these large organizations is better than I have ever seen in my 28 years in the business.

相關活動也廣泛分布於各項業務之中，而非集中在任何單一客戶或機會上。本季我與許多客戶與潛在客戶在外拜訪。我只能強調，在這些大型組織的 C 級高層，我們所獲得的互動參與程度，是我在業界 28 年來所見最佳。

Private banking delivered more than $13 million of sales events, and we also saw encouraging activity from asset management and newer growth initiatives. Many of these opportunities are becoming larger, more strategic, and more enterprise-wide in nature. Clients are engaging with SEI across multiple capabilities rather than a single service or solution.

私人銀行創造了超過 1,300 萬美元的銷售事件，我們也看到資產管理與較新的成長計畫出現令人鼓舞的活動。其中許多機會正變得更大、更具策略性，且更偏向企業整體層級。客戶正以多項能力與 SEI 互動，而非僅限於單一服務或解決方案。

Over the last several quarters, we've emphasized that the quality of sales events is every bit as important to us as the quantity. The results we're reporting today validate that point. We're winning opportunities that leverage existing capabilities, require less incremental investment, and contribute more quickly to our financial results. This is a key driver of the strong growth and profitability we're seeing across the enterprise.

在過去幾個季度，我們強調銷售事件的品質對我們而言與數量同等重要。我們今天所報告的結果驗證了這一點。我們正在贏得能運用既有能力、需要較少增量投資，並能更快對財務結果做出貢獻的機會。這是推動我們在整個企業範圍內所見強勁成長與獲利能力的重要驅動因素。

As we look ahead, our pipeline remains outstanding. Activity levels are high, the opportunity set is broad-based, and we're seeing continued engagement from many of the largest and most sophisticated firms in our target markets. But none of this happens without the incredible focus and execution of our workforce, and I thank them for another amazing quarter, and for their energy and passion to lead SEI every day and delight our clients.

展望未來，我們的商機管道仍然非常強勁。活動水準高、機會組合廣泛，我們也持續看到目標市場中許多規模最大、最成熟的公司保持高度互動。但若沒有我們員工驚人的專注與執行力，這一切都不會發生；我感謝他們再度帶來精彩的一季，也感謝他們每天以熱情與活力帶領 SEI，並讓客戶感到滿意。

With that, I will turn the call over to Sean.

接下來，我把電話會議交給 Sean。

Thank you, Ryan. Let's start on slide 4. Ryan highlighted the outcome. I'd like to spend a few minutes on what's driving it.

謝謝你，Ryan。我們從第 4 張投影片開始。Ryan 已經重點說明了成果。我想花幾分鐘談談推動這些成果的因素。

Results this quarter are not the product of a single event, they reflect strength across the business, the continued conversion of prior sales success into revenue, and the operating leverage that comes with sustained growth in disciplined expense management. A 38% increase in adjusted EPS from the second quarter of last year was driven primarily by core operating performance.

本季的結果並非單一事件的產物，而是反映了全公司業務面的強勁表現、先前銷售成功持續轉化為營收，以及在嚴謹費用管理下、隨著持續成長而帶來的營運槓桿。相較去年第二季，調整後 EPS 成長 38%，主要由核心營運表現所驅動。

Mid teens revenue growth, 500 basis points of margin expansion and a 3% reduction in share count, the quarter also benefited from a handful of investment-related gains, most notably our consolidated co-investment in an LSV hedge fund contributed $7.5 million during the quarter to the net gain on VIE's line item.

營收中段十位數成長、利潤率擴張 500 個基點，以及股數減少 3%；此外，本季也受惠於少數投資相關收益，最值得一提的是，我們合併計入的 LSV 對沖基金共同投資，在本季為 VIE 項下的淨收益貢獻了 750 萬美元。

We invested $50 million in that strategy last year, and it has generated over $12 million of gains in the last 12 months after excluding (inaudible) interest. It's also a good start. We also recognize nearly $4 million of mark-to-market gains across several other co-investments during the quarter.

我們去年在該策略投入 5,000 萬美元，在排除（聽不清）利息後，過去 12 個月已產生超過 1,200 萬美元的收益。這也只是個好的開始。本季我們也在其他數項共同投資上，認列了近 400 萬美元的按市價評價（mark-to-market）收益。

Turning to slide 5. Revenue and operating profit increased across most of our businesses. And I think it's worth noting the strongest operating profit growth is coming from businesses that see little benefit from market appreciation. In other words, the growth is being driven by strong underlying business performance.

接著看第 5 張投影片。我們多數業務的營收與營業利益均有所增加。我認為值得注意的是，營業利益成長最強勁的，來自於幾乎不受市場上漲帶來好處的業務。換言之，成長是由強勁的基本面營運表現所驅動。

IMS generated revenue growth of 17%, reflecting the conversion of prior sales success into revenue. Private banking revenue increased 11%, driven by growth within the existing client base. Private banking revenue increased 11%, driven by growth within the existing client base. Advisor's revenue increased 30%, which did benefit from higher market values and the contribution from Stratos.

IMS 營收成長 17%，反映先前銷售成功轉化為營收。私人銀行營收成長 11%，由既有客戶基礎內的成長所帶動。私人銀行營收成長 11%，由既有客戶基礎內的成長所帶動。顧問業務營收成長 30%，其中確實受惠於較高的市場價值以及 Stratos 的貢獻。

Operating profit growth was broad-based, reflecting both revenue growth and continued operating discipline. Institutional was the exception, with operating profit roughly flat with last year as we continue to invest in the asset management initiatives Ryan discussed earlier.

營業利益成長範圍廣泛，反映營收成長與持續的營運紀律。機構業務是例外；由於我們持續投資於 Ryan 先前提到的資產管理計畫，其營業利益與去年大致持平。

This quarter's performance reinforces the point Ryan made earlier, the quality of sales events is just as important as the quantity. Over the last two years, we have seen meaningful improvement both. New business is converting its revenue more quickly, implementations are generally shorter and less expensive, and the economics of those wins are margin-accretive. Result is stronger revenue growth and improved profitability.

本季表現再次印證 Ryan 先前的觀點：銷售事件的品質與數量同等重要。過去兩年，我們在兩者方面都看到顯著改善。新業務更快轉化為營收，導入（implementation）通常更短且成本更低，而這些勝出的經濟效益也能提升利潤率。結果是更強的營收成長與更佳的獲利能力。

Moving to slide 6, adjusted operating margins increased 500 basis points compared to the second quarter of 2025 and 30 basis points compared to the first quarter. Compared to last year, revenue increased by $82 million while expenses increased by $34 million. Importantly, margin expansion came while we continue to invest in future growth across the business. We added resources in key areas, invested in product development, and funded a number of strategic initiatives while continuing to actively manage our overall cost base.

來到第 6 張投影片，調整後營業利益率相較 2025 年第二季提升 500 個基點，較第一季提升 30 個基點。與去年相比，營收增加 8,200 萬美元，而費用增加 3,400 萬美元。重要的是，在我們持續投資於全公司未來成長的同時，仍實現了利潤率擴張。我們在關鍵領域增補資源、投資產品開發並資助多項策略性計畫，同時持續積極管理整體成本基礎。

Compared to Q1, margin improvement was led by IMS and lower corporate overhead. Private banking margins declined modestly from the first quarter due to several significant client implementations, and continued investment in leadership and sales resources.

與第一季相比，利潤率改善主要由 IMS 以及較低的公司間接費用所帶動。私人銀行利潤率較第一季小幅下滑，原因是數個重要客戶導入案，以及持續投資於領導團隊與銷售資源。

Even with those investments, private banking margins were more than 4 percentage points higher than the second quarter of last year.

即使有這些投資，私人銀行利潤率仍比去年第二季高出超過 4 個百分點。

In advisors, Stratos contributed $21 million of revenue, up 11% from Q1, reflecting a full quarter contribution from several smaller transactions completed late in the first quarter. Stratos generated $2 million of operating profit before non-controlling interest.

在顧問業務方面，Stratos 貢獻 2,100 萬美元營收，較第一季成長 11%，反映第一季末完成的數筆較小交易在本季完整貢獻一整季。Stratos 在扣除非控股權益前，產生 200 萬美元的營業利益。

Excluding acquisition-related intangible amortization, Stratos EBITA exceeded $9 million in the quarter. Excluding Stratos, advisors margins were essentially flat for the first quarter and more than 3 percentage points higher than the second quarter of last year. IMS margins improved both year over year and sequentially, reflecting continued revenue growth and operating leverage.

若排除併購相關無形資產攤銷，Stratos 本季 EBITA 超過 900 萬美元。若排除 Stratos，顧問業務利潤率相較第一季基本持平，且比去年第二季高出超過 3 個百分點。IMS 利潤率不論年對年或季對季皆改善，反映持續的營收成長與營運槓桿。

Finally, the sequential decline in corporate overhead was primarily attributable to approximately $3 million less severance related expense than the first quarter.

最後，公司間接費用的季對季下降，主要歸因於相較第一季，與資遣相關的費用約少了 300 萬美元。

Turning to slide 7. Sales success we discussed over the last several quarters continued in Q2, providing further support for our confidence in future growth. Second-quarter sales events totaled $43 million bringing the year-to-date total to $110 million.

接著看第 7 張投影片。我們在過去幾個季度討論的銷售成功在第二季仍持續，進一步支持我們對未來成長的信心。第二季銷售事件合計 4,300 萬美元，使年初至今總額達到 1.10 億美元。

For perspective, just a few years ago, $110 million would have been a record for an entire year. IMS led the quarter with $32 million of sales events. Approximately half came from new client wins, including continued contribution from the two large relationships announced last quarter. The remainder was driven by expanded relationships with existing clients and professional services activity associated with the several significant wins announced over the last year.

作為參考，就在幾年前，1.10 億美元會是整年度的紀錄。IMS 以 3,200 萬美元的銷售事件領先本季。約一半來自新客戶贏單，包括上季宣布的兩個大型合作關係持續貢獻。其餘則由與既有客戶的關係擴大，以及與過去一年宣布的數個重大贏單相關的專業服務活動所帶動。

By asset type, approximately three-quarters of IMS sales events came from alternative investments. This underscores our commentary regarding the durability and growth in the demand for alternatives.

按資產類型來看，IMS 銷售事件約四分之三來自另類投資。這凸顯了我們對另類投資需求之韌性與成長的評論。

Ryan mentioned his level of C-suite engagement, but he wasn't the only one racking up airline miles this quarter. I personally met with executives from several of our largest IMS clients and prospects. I can tell you that SEI's enterprise position is resonating. The conversations were constructive, engagement levels are high, and there's growing interest in expanding these relationships.

Ryan 提到他與 C 級高層的互動程度，但本季累積飛行里程的不只他一人。我本人也與我們數家最大 IMS 客戶及潛在客戶的高階主管會面。我可以告訴各位，SEI 的企業級定位正在引起共鳴。對話具建設性、互動參與度高，且對擴大這些合作關係的興趣正在升溫。

Private banking sales activity was driven by new regional banking client wins, the conversion of existing clients from TRUST 3000 to SWT and strong client demand for professional services, including SEI data cloud. Private banking also continued to have success with recontracting activity, executing contract renewals representing $13 million of annualized revenue during the quarter, building on the $34 million achieved in Q1.

私人銀行的銷售活動主要由新增的區域性銀行客戶得標、既有客戶自 TRUST 3000 轉換至 SWT，以及客戶對專業服務（包括 SEI 資料雲）的強勁需求所帶動。私人銀行在重新簽約活動方面也持續取得成果，本季完成的合約續約對應年化營收達 1,300 萬美元，延續第一季達成的 3,400 萬美元。

Across advisors and institutional, net sales events were modestly negative during the quarter. We continue to see demand for newer offerings, including ETFs and SMAs, so those products generally carry lower fee rates than the traditional mutual funds.

在財務顧問與機構業務方面，本季淨銷售事件小幅為負。我們持續看到對較新產品（包括 ETF 與 SMA）的需求，因此這些產品的費率通常低於傳統共同基金。

Turning to slide 8. Quarter end assets finished substantially higher than where they began the quarter, driven by strong market appreciation. Assets under administration increased 5%, driven by the funding of alternative mandates and market appreciation within traditional.

接著看第 8 張投影片。季末資產水準顯著高於季初，主要受強勁的市場升值所帶動。管理下資產（AUA）增加 5%，主要由替代投資委任資金到位，以及傳統資產的市場升值所驅動。

LSV generated net inflows of approximately $2 billion during the quarter, a notable reversal from recent trends. Inflows were driven by the funding of a new large new mandate that was awarded following an extensive diligence process and strong long-term investment performance. Fined with market appreciation, total LSV assets increased by nearly $17 million during the quarter.

LSV 本季淨流入約 20 億美元，與近期趨勢相比出現明顯反轉。流入主要來自一項新的大型委任案資金到位；該委任案是在經過廣泛的盡職調查流程，以及長期投資績效強勁後獲得授予。結合市場升值因素，LSV 總資產本季增加近 1,700 萬美元。

LSV's investment performance also remained outstanding. Several non-US strategies, including global large cap and emerging markets, continue to outperform their benchmarks, translating into nearly $17 million of performance fees during the quarter, of which $6.5 million was attributable to SEI. Income from LSV was partially offset by a one-time charge. Excluding this charge, SEI share of LSV earnings would have totaled approximately $43 million during the quarter.

LSV 的投資績效同樣維持卓越。多項非美國策略（包括全球大型股與新興市場）持續優於其基準，帶動本季近 1,700 萬美元的績效費，其中 650 萬美元歸屬於 SEI。來自 LSV 的收益部分被一次性費用所抵銷。若排除此項費用，SEI 本季應占 LSV 盈餘合計約為 4,300 萬美元。

Within SEI's asset management businesses, net flows were relatively flat, with modest inflows and advisors, all set by outflows and institutional. New products are gaining traction, distribution capabilities continue to improve and client engagement has increased. Those developments are not yet fully reflected in our financial results, but they represent measurable progress from where we were a few years ago.

在 SEI 的資產管理業務中，淨流量大致持平；財務顧問端小幅流入，但被機構端流出所抵銷。新產品正逐步獲得市場動能，通路能力持續改善，客戶互動也有所增加。這些進展尚未完全反映在我們的財務結果中，但相較於幾年前，已代表可衡量的進步。

Turning to slide 9, we ended the quarter with nearly $400 million of cash while continuing to invest in the business and return capital to shareholders. During the quarter, we repurchased $112 million of stock at an average price of $87. Repurchase activity was lower than the first quarter, which is driven by the significant opportunity we saw during the market volatility earlier this year.

接著看第 9 張投影片，本季結束時我們持有近 4 億美元現金，同時持續投資業務並向股東返還資本。本季我們以平均每股 87 美元回購了 1.12 億美元的股票。回購活動低於第一季，原因是今年稍早市場波動期間我們看到了顯著的機會。

Given our cash flow outlook, we would expect repurchase activity to increase from second-quarter levels. In closing, the second-quarter highlights the earning power of SEI's business model. The strength of the quarter was broad-based, with growth across nearly all of our businesses and continued evidence that the sales momentum we've discussed over the last several quarters is translating into financial performance.

基於我們對現金流的展望，我們預期回購活動將較第二季水準增加。最後，第二季凸顯了 SEI 商業模式的獲利能力。本季的強勁表現具廣泛性，幾乎所有業務皆有成長，並持續顯示我們在過去數季所談到的銷售動能正轉化為財務表現。

With that, operator, let's open the call for questions.

接下來，接線員，請開放提問。

(Operator Instructions) Jeff Schmitt, William Blair.

(接線員指示) Jeff Schmitt，William Blair。

The private bank margins have improved, I think more quickly than you originally thought. And I know you've pointed to them returning to the historical kind of 25% to 30% range. Could there be upside to that and over what time period?

私人銀行的利潤率已經改善，我認為速度比你們原先預期更快。我知道你們曾提到會回到歷史上約 25% 到 30% 的區間。這個水準是否還有上行空間？大概會在什麼時間範圍內？

So, thank you, Jeff, for your question. If you recall our presentation, we talked about a five-pronged strategy for private banking margin improvement. We are executing that strategy. It's a two-pronged strategy. One, we are focusing on growth initiatives, the second set of initiatives are around efficiency improvement.

Jeff，謝謝你的提問。如果你還記得我們的簡報，我們談到私人銀行利潤率改善的五大策略。我們正在執行該策略。它可歸納為兩個面向。第一，我們聚焦於成長計畫；第二組計畫則著重於效率提升。

And so what you're saying over the last five, six quarters that we are improving our margin, we are moving in the right direction. That's the outcome of that strategy execution. We will be judicious in terms of where we need to invest so that we can continue to deliver our backlog and also continue to invest in our new products as needed for our clients to grow their business.

因此你所看到的，在過去五、六個季度我們的利潤率持續改善、方向正確。這就是策略執行的成果。我們會審慎評估需要投資的領域，以便能持續交付我們的在手訂單，同時也在需要時持續投資新產品，協助客戶拓展其業務。

So it will be a balance between our growth initiatives as well as margin expansion efficiency improvement.

因此，這將是在成長計畫與利潤率擴張／效率提升之間取得平衡。

Sean, do you want to add anything?

Sean，你要補充嗎？

I mean, the only thing I would add there is really with all new win sales events we are seeing, an increase in professional services in essentially every single new deal. In those new deals, professional services has essentially exceeded what our historical margin of 20%, which is leading and contributing to higher margins, and we expect that to continue.

我想我唯一要補充的是，就我們看到的所有新得標銷售事件而言，幾乎每一筆新交易的專業服務都在增加。在這些新交易中，專業服務的利潤率基本上已超過我們歷史上的 20% 水準，這正在帶動並促成更高的利潤率，我們預期這種情況會持續。

Okay, that makes sense. And maybe more broadly, are you seeing demand for outsourcing, just kind of increase in general across your businesses, just thinking of companies wanting to modernize and use AI? And I guess are your AI capabilities is kind of far enough along to help you capture some of that, or is that what the IBM partnership may help you with?

好的，這很合理。更廣泛來看，你們是否看到外包需求在各項業務中整體上升？我在想，企業想要現代化並使用 AI。另外，你們的 AI 能力是否已成熟到足以協助你們掌握部分需求？或者 IBM 的合作夥伴關係會在這方面提供幫助？

Yeah, Jeff, it's Ryan. I would start by saying at the highest level, the answer to your question is an emphatic yes. So we are seeing a demand for outsourcing across almost all of our segments, and I think that's driven by two major trends. One is I think organizations really are (inaudible) the value proposition we have about helping organizations more intelligently deploy their capital towards growth is absolutely resonating.

Jeff，我是 Ryan。我先從最高層次回答：對，你的問題答案是非常肯定的。我們幾乎在所有業務區隔都看到外包需求，而我認為這主要由兩大趨勢驅動。第一，我認為各組織確實正在（聽不清）我們所提出的價值主張：協助組織更聰明地將資本配置到成長上，這點確實引起強烈共鳴。

And then you combine that with the breadth of our capabilities and the reference ability of our clients in the market, it's a pretty powerful combination. If you take that down to a sublevel and talk about areas around technology, modernization and AI, I'll turn to Sneha and maybe give some color on the progress we've made in AI and some of the demand we're seeing from clients.

再加上我們能力的廣度，以及我們客戶在市場上的可作為參考案例的能力，這是一個相當強大的組合。如果把層級往下談到科技、現代化與 AI 等領域，我把問題交給 Sneha，請她補充我們在 AI 方面的進展，以及我們從客戶端看到的一些需求。

Yeah, absolutely. So what's really interesting for me from our clients is that they're all coming to us because they're going through the same operating model change that we are, and as they're looking at their own operating model, they're questioning where does that competitive advantage sit and where can they leverage partners more, and since we're a trusted partner in so much of their business, the first question they're asking us is what more can you do for us?

好的，當然。對我來說，從客戶端看到很有意思的一點是：他們之所以都來找我們，是因為他們正在經歷與我們相同的營運模式變革；當他們檢視自身的營運模式時，他們會思考競爭優勢應該落在哪裡，以及哪些地方可以更多地運用合作夥伴；而由於我們在他們業務的許多面向都是值得信賴的夥伴，他們第一個問我們的問題就是：你們還能為我們做更多什麼？

So we're starting with just sharing the learnings of our journey and how we're deploying it and what we're seeing. We're now getting a lot of demand for our data cloud services and our professional services around the AI readiness, and so that's becoming an increasing area of client conversation and demand, and we think that that's going to lead into even more services that will help them figure out their new operating model as we go.

所以我們先從分享一路走來的學習心得開始，包含我們如何部署、以及我們看到的成效。目前我們的資料雲服務，以及圍繞 AI 就緒度的專業服務需求大幅增加，因此這正成為客戶對話與需求中日益重要的領域；我們也認為，這將進一步帶動更多服務，協助客戶在推進過程中釐清其新的營運模式。

And Jeff, one other thing I would add there is -- it's Sean. The reason, really the primary reason for the IBM relationship, we do have a lot of labor-intensive processes. IBM is really supporting us in that automation journey, helping us co-create agents with us, and it's really -- it's so important to the business that we need to scale.

Jeff，我還想補充一點——我是 Sean。與 IBM 合作的原因，真正、也是最主要的原因在於：我們確實有許多勞力密集的流程。IBM 正在支持我們的自動化旅程，協助我們共同打造代理（agents）；這對我們必須擴大規模的業務而言非常重要。

The demand for our services, demand for our products has gotten to a point where we need to be able to scale quicker to meet that market demand and support our clients in their growth efforts.

我們的服務需求、產品需求已經成長到一個程度，我們必須能更快擴大規模，才能滿足市場需求，並支持客戶的成長努力。

Ryan Kenny, Morgan Stanley.

Ryan Kenny，摩根士丹利。

Hi, just want to follow-up on that last question on private banks and AI. So you've had strong revenue growth for a while, $10 million of sales events in private banks. So is the increased demand mostly coming from AI, or is there something broader going on that's driving outsourcing?

嗨，我想就剛才那個關於私人銀行與 AI 的問題追問一下。你們的營收已經強勁成長一段時間了，在私人銀行也有 1,000 萬美元的銷售事件。所以需求增加主要是來自 AI，還是有更廣泛的因素在推動外包？

And then just to clarify, is the IBM relationship mostly focused on the private bank segment, or does it span across the company?

另外想確認一下，與 IBM 的合作主要聚焦在私人銀行這個分部，還是涵蓋全公司？

So first, I'd say that we'll go around here. When you look at the banking segment, as Sanjay mentioned around the call around margin expansion, the primary growth driver is still core operating platform, investment processing, the SEI wealth platform, and our back-office services. The expansion of professional services we've talked about, I would say data cloud is probably the number one demand over AI right now because without a data strategy and the right infrastructure around data, you don't have an AI strategy. So that has resonated extremely well, Ryan.

我先說，我們這邊輪流回答。就銀行分部而言，如同 Sanjay 在電話會議中提到的利潤率擴張，主要成長動能仍然是核心營運平台、投資處理、SEI 財富平台，以及我們的後台服務。至於我們談到的專業服務擴張，我會說目前需求第一名可能是資料雲，而不是 AI，因為沒有資料策略與正確的資料基礎設施，就不可能有 AI 策略。所以這點對你們的共鳴非常強，Ryan。

But I think the core of what we do in banking continues to remain, and Sanjay has done a brilliant job of kind of expanding the segment in terms of capabilities and solution set, and I'll let Sanjay provide some color on that, but IBM is an enterprise -- everything we do here, Ryan, is enterprise wide.

但我認為我們在銀行業務的核心仍然不變；Sanjay 在擴展該分部的能力與解決方案組合方面做得非常出色，我會讓 Sanjay 再補充一些細節。不過 IBM 是企業級——Ryan，我們在這裡做的所有事情都是全企業範圍的。

IBM is an enterprise-wide strategy, we're starting with IMS. Michael's businesses are participating next, and then we'll look at the back-office services and middle office that support banking, but every part of SEI will be participating in the IBM project.

與 IBM 的合作是全企業策略，我們先從 IMS 開始。接下來 Michael 的業務也會參與，然後我們會再看支持銀行業務的後台服務與中台，但 SEI 的每個部分都會參與 IBM 專案。

Got it, that's helpful. And then just shifting gears to IMS, so it was noted that three quarters of the sales events came from alternative investments, and you've been clearly a leader in the alt space for some time, so can you just walk us through what's differentiated about the alts platform and what's driving the demand for alt -- outsourcing alts?

了解，這很有幫助。接著把焦點轉到 IMS：你們提到四分之三的銷售事件來自另類投資；你們在另類領域顯然領先已久。能否請你們說明一下，另類平台的差異化在哪裡，以及是什麼在推動另類投資外包的需求？

Yeah, happy to answer that. So I would say right now we have with all of the activity that Ryan and Sean spoke about and help from Sanjay and Michael, we're having many, many enterprise level, C-level conversations, and those conversations are really leading towards large alternative managers looking for transformations and trying to transform their back office.

好的，很樂意回答。我會說，現在在 Ryan 和 Sean 提到的各項活動、以及 Sanjay 和 Michael 的協助下，我們正在進行非常多企業層級、C-level 的對話；而這些對話正引導到大型另類資產管理人尋求轉型，並試圖改造其後台。

So we are in the middle of several, large conversations that managers that are looking to move from insourcing to outsourcing. So we have a stronger pipeline that pretty much we've ever seen before, and we're seeing really good traction, and any of those large conversations could turn into massive relationships, just any single firm in and of themselves.

因此我們正處於數個大型對話的中段，這些管理人希望從內製轉向外包。所以我們的商機管線比以往任何時候都更強，而且我們看到非常好的進展；而且任何一個大型對話都可能轉化為巨大的合作關係，單一一家機構本身就可能非常可觀。

And then what I would add to that, Ryan, is I would say, when you look at the differentiated SEI relative to the competitive set, we have an unbelievable set of people from an operational perspective. Our ability to handle sophistication and complexity we believe is second to none, but to the point Sean made earlier, it's one thing to handle complexity and sophistication, but you have to do it at scale.

另外我想補充的是，Ryan，當你把 SEI 與競爭對手相比，我們在營運面擁有一支非常出色的人才團隊。我們處理高階精密度與複雜度的能力，我們相信是首屈一指；但如同 Sean 先前提到的，能處理複雜度是一回事，能在規模化下做到又是另一回事。

It's got to be right every single time. These are the world's largest brands, and our delivery experience has been phenomenal, and we focus intently on that, and I think the last few years our expansion of investment into technology has allowed us to expand some of those capability sets in terms of information delivery.

每一次都必須做到完全正確。這些是全球最大的品牌，而我們的交付經驗一直非常出色；我們也高度專注於此。我認為過去幾年我們在科技上的投資擴張，讓我們得以在資訊交付等能力面向上進一步擴充。

I mentioned in my script around digitization of the NAVs onboarding, so we're always focused on what more could we be providing on the platform. And I would say, another secular trend that's kinda working in our favor, and I think we see this across Michael's business, Phil's business, and Sanjay's, is firms want to do more with fewer.

我在講稿中提到 NAV 上線導入（onboarding）的數位化，所以我們一直在思考平台上還能提供什麼更多的價值。另外我會說，一個對我們有利的長期結構性趨勢——而且我想我們在 Michael 的業務、Phil 的業務以及 Sanjay 的業務都看得到——是企業希望用更少的人做更多的事。

They do not want to continue to add more partners to their stable, but the criteria to be part of that nucleus is really around the ability to continue to innovate, continue to deliver, but deliver at scale and try to stay ahead of the curve. We've also added two new solutions that are going to add meaningful revenue over the course of the next several years or so. We talked about them both in Investor Day, one was alternatives in retirement, and the other one is retail alts.

他們不想再持續增加更多合作夥伴，但要成為其核心夥伴圈的一員，關鍵標準在於能否持續創新、持續交付，並且在規模化下交付、努力保持領先。我們也新增了兩個新解決方案，預期在未來幾年將帶來具意義的營收。我們在投資人日都談過：一個是退休領域的另類投資，另一個是零售另類投資。

On the alts and retirement side, we signed up five household names over the course of the last quarter or so, and we expect similar progress in Q3, so we're making tremendous traction there. And on the retail alts side, we launched our transfer agency, the first client goes live on August 3, so we're finally going to be in the retail of interval evergreen fun space, which we've been just sort of on the fringes of before.

在「另類投資與退休」方面，我們在過去一季左右簽下了五個家喻戶曉的品牌，我們預期在第三季也會有類似進展，因此我們在那裡取得了非常大的進展。而在零售另類投資方面，我們推出了過戶代理（transfer agency）服務，第一位客戶將於 8 月 3 日上線，因此我們終於會進入零售的區間型常青基金（interval evergreen fund）領域，而過去我們只是在邊緣涉入。

So we expect both of those new solutions to differentiate us in the future, so we're looking forward to great things going forward.

因此我們預期這兩個新解決方案將在未來讓我們更具差異化，我們也期待未來會有很好的發展。

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

Great, thank you. I appreciate you taking my question. Just on revenue growth, it's accelerated that the past few quarters, and was up 15% year on year in this most recent quarter. But when you look at the back half of the year and into 2027, how do you think about revenue growth, our current levels in that low to mid teens range sustainable just given all the strong sales events you've had in recent quarters as they continue to flow through.

很好，謝謝。感謝你們回答我的問題。就營收成長而言，過去幾季有加速，最近這一季年增 15%。但當你們看今年下半年以及展望到 2027 年，你們如何看待營收成長？考量到近幾季強勁的銷售事件持續轉化落地，目前低到中十幾%的成長水準是否可持續？

Yeah, thanks for the questions. As you know, we don't give guidance, but we will talk about pipeline. Our pipelines, as Phil mentioned in IMS, Sanjay seeing the same thing, I think seeing momentum, as you heard in my script in Michael Lane's business and asset management, so our pipelines are as strong as they've ever been.

好的，謝謝你的提問。如你所知，我們不提供財測指引，但我們會談商機管線。我們的管線——如 Phil 在 IMS 提到的、Sanjay 也看到同樣情況——我認為動能正在累積；正如你在我的講稿中聽到的，在 Michael Lane 的業務與資產管理方面也是如此，所以我們的商機管線是有史以來最強的。

So when we look at pipelines, we think about second-half revenue, we're encouraged with what we're seeing.

因此，當我們檢視銷售管線時，我們會著眼於下半年營收，對目前看到的情況感到鼓舞。

Great, thank you. And then, just one follow-up on, just your most -- answer or that you just gave on kind of the retail alt and retirement channels. Can you just kind of dig into a little bit more, kind of why you weren't in that area already?

很好，謝謝。接著，針對你剛才提到、關於零售另類投資與退休通路的回答，我還有一個追問。你能否再多談一點，為什麼你們之前沒有在那個領域布局？

I think -- is it true that your first exposure in the retail are all semi liquid products is, what did you say, coming live August 3? And is the opportunity there mostly going to be within the clients you already have, relationships with some of the largest alts there?

我想——你們在零售端的首次布局，全部都是半流動性產品，是真的嗎？你剛才說是 8 月 3 日上線？而那裡的機會主要會來自你們既有的客戶——也就是與一些最大的另類投資機構既有的合作關係嗎？

That's a great question. I mean, and I'll tag team this one. The honest answer, Crispin, goes back to kind of scale, and I mean this like we don't launch something unless we believe it is world class, so maybe we were a little bit late to the party, but we do things pretty deliberately and thoughtfully to ensure that when it goes live, it's going to meet the standards that our clients expect, and you know the brands that our clients are -- we won't do anything unless we truly believe it is going to be best in class.

這是個很好的問題。我的意思是，我也會一起回答這題。Crispin，坦白說，原因回到規模（scale），而且我的意思是：除非我們相信它是世界級的，否則我們不會推出任何東西。所以也許我們稍微晚了一點才加入，但我們做事相當審慎、深思熟慮，以確保一旦上線，就能符合客戶期待的標準；而且你知道，我們客戶所認同的品牌——除非我們真心相信它會是同級最佳（best in class），否則我們不會做。

So maybe it was 18 months later, but wanted to make sure it was truly going to be market ready for the types of clients that we expect to see. So if you want to give a little bit of color to the second part?

所以也許晚了 18 個月，但我們想確保它對我們預期會看到的那類客戶而言，確實已經準備好可以進入市場。那你要不要就第二部分再補充一些說明？

So the only thing I'll add is, all in retirement is a brand-new category, so that category didn't even exist up until about six months ago, and we expect to see that hockey stick up over some period of time as the DOL issues new guidance to protect the alternative managers. So that's brand new, and we're one of two competitors in the space.

我唯一想補充的是，「退休（retirement）中的另類投資」是一個全新的類別；大約在六個月前之前，這個類別甚至還不存在。我們預期隨著美國勞工部（DOL）發布新的指引以保護另類投資管理人，這個類別在一段時間內會呈現「曲棍球棒式」的快速成長。所以這是全新的，而我們在這個領域只有兩家競爭者之一。

So literally, we are practically cornering that market right now. On the retail alts side, we always did private BDCs and other types of products like that, but until we had a real bulletproof, like Ryan said, registered transfer agency, we weren't in a position to kind of do that and do that right. We are hoping to take away larger funds from competitors because no one likes their transfer agent.

所以坦白說，我們現在幾乎是在壟斷那個市場。在零售另類投資方面，我們一直都有做私募 BDC（商業發展公司）以及其他類似產品；但在我們擁有真正「滴水不漏」（如 Ryan 所說）的註冊過戶代理（registered transfer agency）之前，我們其實不具備把這件事做好、做對的條件。我們希望能從競爭對手那裡搶下更大型的基金，因為沒有人喜歡他們的過戶代理。

So right now, there are probably 20 or 30 large funds that are $10 billion or $15 billion or $20 billion that we're going to target, so we could sell tons of $100,000 funds, but we really want to go after the larger one. So I think we're in a good position to do that.

所以目前大概有 20 到 30 檔大型基金，規模可能是 100 億、150 億或 200 億美元，我們會鎖定這些目標；我們當然也可以賣很多 10 萬美元的基金，但我們更想攻下更大的那一類。所以我認為我們在這方面處於有利位置。

And then if you just to kind of switch gears a little bit, but stay in kind of the same lane, if you look at some of the things that Sean and I highlighted in the script about what's going on in some of Michael Lane's businesses, those things might be at earlier stages, but the same thought process when we think about our product lineup with Michael and the team have done with ETS or the partnership with Carlyle.

然後如果稍微換個角度，但仍在同一條主軸上：如果你看 Sean 和我在講稿中提到、Michael Lane 旗下某些業務正在發生的事情，那些可能還在較早期階段；但當我們思考產品線時，採用的是同樣的思維——Michael 和團隊在 ETS 上所做的事，或是與 Carlyle 的合作也是如此。

We're really thoughtful in terms of saying, okay, let's get these new solutions out the market, but let's make sure when they are launched, these are things that we believe the market really wants and believe that we're actually going to satisfy our different needs. We're really excited about some of the early indications that we highlighted in the script around that area.

我們非常審慎地在想：好，讓這些新解決方案進入市場，但也要確保它們推出時，是我們相信市場真正想要的東西，並且相信我們確實能滿足各種不同需求。我們對於在該領域、我們在講稿中提到的一些早期跡象感到非常振奮。

Alex Bond, KBW.

KBW 的 Alex Bond。

Hey, good afternoon, everyone, thanks for taking the question. You called out the data cloud offering as a driver of some of the strong recent professional services sales. Can you maybe just expand on why this, or the recent enhancements there have been particularly value additive for clients?

嗨，大家下午好，謝謝讓我提問。你們提到 data cloud 產品是近期專業服務銷售強勁的一個驅動因素。你能否再多說明一下，為什麼這項產品（或近期的強化）對客戶特別有加值？

And then also looking at the investment in other businesses, lines looks like revenues were higher there again, quarter over quarter. Can you just expand upon what's driving the revenue expansion there.

另外，關於對其他業務線的投資，那邊的營收看起來又再次季對季成長。你能否說明一下，推動那邊營收擴張的因素是什麼？

I'm thinking it's probably spear, but any other color that would be helpful as well, thanks.

我猜可能是 Sphere，但如果還有其他補充資訊也會很有幫助，謝謝。

Sanjay, you want to take data cloud?

Sanjay，你要回答 data cloud 的部分嗎？

Yeah, sure. So if you look at data cloud, you should think about that capability as a foundation for any data modernization, information delivery modernization, data harmonization across enterprise. That is the foundation for AI, any AI initiative for banking financial services industry. And that was the major reason why we jumped on creating that capability, and we are seeing really good traction with both existing clients and any new client we are signing through our platforms.

好，當然。如果你看 data cloud，你應該把這項能力視為任何資料現代化、資訊交付現代化，以及企業內跨系統資料整合（data harmonization）的基礎。這也是 AI 的基礎——對銀行與金融服務產業而言，任何 AI 計畫都需要它。這就是我們投入打造這項能力的主要原因，而我們看到不論是既有客戶，或是透過我們平台簽下的新客戶，都有非常好的進展（traction）。

And now we're seeing that traction in IMS business as well. So this is, again, we are leading that as a more of an enterprise capability. And with data cloud solution, I think about for a banking client, the bank is not just a wealth management business. There's also a core banking, [consumer] banking, insurance, other segments.

而現在我們也在 IMS 業務中看到這樣的進展。所以這同樣是——我們把它定位為更偏企業級（enterprise）的能力來推動，而且我們在這方面處於領先。以 data cloud 解決方案來看，對一家銀行客戶而言，銀行不只是財富管理業務。還有核心銀行、（消費者）零售銀行、保險以及其他事業部門。

We are providing capability to harmonize that entire data together and then provide information delivery and intelligence on top of that. So that's why that is resonating really well, and so it's not just SEI data cloud solutions, but good professional services opportunity as well with both new clients as well as our existing client base.

我們提供的能力，是把整個企業的資料整合一致，然後在其上提供資訊交付與洞察/智慧（intelligence）。因此它才會引起很強的共鳴；而且這不只是 SEI data cloud 解決方案本身，也帶來很好的專業服務機會，涵蓋新客戶以及我們既有的客戶基礎。

And on the second half of your question, Alex, the investment in new business, you're spot on. It's sphere, it's increased revenue and sphere, which that's where it sits.

至於你問題的第二部分，Alex，對新業務的投資，你說得很準。就是 Sphere，是 Sphere 的營收增加——它就歸在那裡。

Okay, got it, thank you. No, that's helpful. And just to follow-up on some of the earlier IMS questions and particularly the 50-50 split there between sales coming from new clients and existing clients, and I think Phil touched on this a little bit.

好的，了解，謝謝。不，這很有幫助。另外，針對先前一些 IMS 的問題，特別是銷售來源在新客戶與既有客戶之間各占 50% 的分配，我想 Phil 也稍微提到了一點。

But just trying to determine how we should be thinking about the forward pipeline here in the sense of new logos versus expanding existing relationships. Is that 50-50 split something you think is, can continue, or is that going to depend on quarter to quarter? Just trying to figure out how we should think about the composition of the of the forward pipeline there.

但我想更清楚了解，我們應該如何看待未來的銷售管線：在新客戶（new logos）與擴大既有合作關係之間的比重。你認為這種 50/50 的分配可以持續嗎？還是會視每一季而定？我只是想釐清，我們應該如何看待未來銷售管線的組成。

I think 50-50 is probably a reasonable expectation. I think the thing that is out of our control, which is a good problem to have, is the blast radius of some of the announcements we have made in the last couple of quarters are pretty wide, so the inbound interest we have gotten in the last 90 to 100 days from other organizations, it's probably exceeding the norm, that's a good problem to have.

我認為 50/50 大概是合理的預期。我想有一件不在我們控制範圍內、但算是個好問題的是：我們在過去幾季做出的一些公告，其影響範圍（blast radius）相當廣，因此我們在過去 90 到 100 天從其他機構收到的主動洽詢（inbound interest），可能超出常態——這是個好問題。

But Phil, do you think 50-50 is probably fair moving forward?

不過 Phil，你認為往後 50-50 可能是合理的分配嗎？

It is now. I think a while ago, we were 60-40 more cross sales and new names, but with the amount of activity, we're having a lot more new names, and the interesting thing is with the two large clients that we announced not that long ago, not much of that revenue has matriculated yet, so we expect to see a fair amount more of that come online in early '27.

現在是。我認為前一陣子我們大概是 60-40，以交叉銷售和新客戶為主，但以目前的活動量來看，我們有更多新客戶；有趣的是，我們不久前宣布的兩個大型客戶，目前相關營收還沒有真正到位，所以我們預期在 27 年初會有相當一部分開始上線貢獻。

But we have -- some of the funds are going live now and those both of those projects are tracking really well.

不過我們有——有些基金現在已經開始上線，而那兩個專案的進度追蹤都非常順利。

Alex Kramm, UBS.

UBS 的 Alex Kramm。

Maybe just quickly, I don't think you've talked about Stratos in much detail. You've had it for, I don't know, seven months or so now, so just maybe just provide a quick update on cross-sell initiatives, or other things that you're seeing, I think you touched a little bit on M&A there as well. So, yeah, just give us a quick update, please.

也許很快問一下，我覺得你們沒有很詳細談到 Stratos。你們持有它大概——我不知道——大約七個月左右了，所以也許請你快速更新一下交叉銷售的推動，或你們看到的其他事項；我想你也稍微提到了一點併購（M&A）。所以，對，請給我們一個簡短更新。

Sure, so, Alex, it's good to hear from you. So EBITDA, as I mentioned in the script, we were about $9 million in need of that this quarter. There's another call, a little north of $1 million dollars of integration costs, I think, for the quarter, a little over $10 million EBITDA, times that by 4 run grade it. We're about right on the mark from where we would expect to be through Q2.

當然，Alex，很高興聽到你的聲音。就 EBITDA 而言，如我在講稿中提到的，本季我們大約是 900 萬美元。另外還有一項，大約略高於 100 萬美元的整合成本，我想是本季的；所以 EBITDA 稍微超過 1,000 萬美元，把它乘以 4 做年化。截至第二季，我們大致正好符合我們原先預期的水準。

We were there as well coming out of Q1, if you kind of normalize some of the timing of the deals. So we're right on point, the business is being run well, as you can imagine, seven quarters in, we're getting to know them much better, they're getting to know us. We're working really well with thinking about what our in inorganic growth strategy are, what are organic growth strategies.

第一季結束時我們也是如此，如果你把交易時點的一些因素做正規化來看。所以我們完全在軌道上，業務運作良好；如你所想，進行了七個季度後，我們更了解他們，他們也更了解我們。我們合作得非常好，並在思考我們的非有機成長策略是什麼、有機成長策略又是什麼。

Ryan?

Ryan？

No, I'm saying, I mean, Michael, you were just, you and Jeff, we just had some of the largest strategy advisers on the campus if you want to --

不，我是說，我的意思是，Michael，你剛剛——你和 Jeff，我們剛在園區接待了一些規模最大的策略顧問，如果你想要--

Yeah, the good news is with Stratos is we are -- we literally -- our pipeline is a record high for Stratos across both M&A opportunities as well as recruiting opportunities. So those are almost 50-50 split right now, and very significant pipelines. So we feel good about that, we closed the EVP deal, those are on board now,

對，Stratos 的好消息是我們——真的——我們的管線創下新高，涵蓋 Stratos 的併購（M&A）機會以及招募機會。所以目前這兩者幾乎是 50-50 的分配，而且管線非常可觀。因此我們對此感到樂觀；我們完成了 EVP 這筆交易，他們現在都已加入，

Those are now W-2, advisors within the Stratos system, and we are implementing a series of other -- both infrastructure, capabilities, we launched, a new CTO within the Stratos business that is helping with the integration of several of the different, technology needs to onboard clients faster so we can scale that business even quicker and improve the customer experience, as well as, we are working together with them and we have launched with over 30 advisors an OCIO initiative to become a lead generation source for our OCIO business as well as that is a growth opportunity for those Stratos advisors.

他們現在在 Stratos 體系內是 W-2 的顧問，我們也正在推動一系列其他——包括基礎設施與能力建置；我們在 Stratos 業務中任命並啟用了新的 CTO，協助整合多項不同的技術需求，以更快地讓客戶上線，讓我們能更快擴張該業務並改善客戶體驗；此外，我們也與他們共同合作，並已與超過 30 位顧問啟動一項 OCIO 計畫，作為我們 OCIO 業務的潛在客源開發來源，同時這也為那些 Stratos 顧問帶來成長機會。

Okay. Okay, good, and then maybe secondarily and hopefully there's not so nitpicky, but there are -- there was recently, I think a few weeks ago, the Benchmark Capital sale from Schroders to, I guess, Soderberg, so I know you have a technology or a relationship there.

好的。好的，很好。那其次，也希望不要太吹毛求疵，但最近——我想是幾週前——Schroders 把 Benchmark Capital 賣給了——我猜是——Soderberg，所以我知道你們在那邊有技術或合作關係。

Not sure what exactly you do there, but I know there's existing technologies, so just wondering, I know sometimes these things can take a long time to play out, but maybe can you just dimensionalize what you do for them, how relevant that is, and how you feel about retaining kind of like your services there?

不確定你們具體在那裡做什麼，但我知道有既有的技術，所以想問一下；我知道有時這些事情需要很長時間才會明朗，但你能否大致量化你們為他們提供什麼、這件事的相關性有多高，以及你們對於在那裡保留你們服務的看法？

So benchmark is a long-standing FWP client, Alex, in the UK, so Schroder's continues to be a large client for SEI globally, and Sanjay and I have a meeting with the partners at Soderberg in the next couple of weeks to expand more about what SEI's capabilities are, and to get a better understanding of their long-term strategic objectives with Benchmark Capital.

Alex，Benchmark 是我們在英國長期的 FWP 客戶，所以 Schroders 仍然是 SEI 在全球的重要大客戶；Sanjay 和我會在接下來幾週與 Soderberg 的合夥人會面，更深入介紹 SEI 的能力，並更了解他們對 Benchmark Capital 的長期策略目標。

Patrick O'Shaughnessy, Raymond James.

Raymond James 的 Patrick O'Shaughnessy。

So you mentioned likely ramping up your share repurchase activity in the back half of the year, but you also spoke to a healthy M&A pipeline. How are you thinking about balancing the ramping up of repurchases versus keeping powder dry for M&A?

你提到下半年可能會加大股票回購力道，但你也談到有健康的併購（M&A）管線。你們如何在加大回購與為併購保留彈藥之間取得平衡？

So, yeah, so we would expect probably second half of the year to be more in line with Q1, As far as getting the powder dry, we've got a $600 million or so line of credit revolver that is essentially untouched. We have plenty of powder to support any of the M&A activity regarding Stratos. So no concerns there from a return of capital to shareholders either through the dividend or through stock buyback.

對，所以我們預期大概下半年會更接近第一季的水準。至於保留彈藥，我們有大約 6 億美元左右的循環信用額度（revolver）基本上尚未動用。我們有足夠的彈藥來支持與 Stratos 相關的任何併購活動。因此，無論是透過股利或股票回購向股東回饋資本，都沒有這方面的疑慮。

I appreciate that. And then the question about investment advisors and maybe just about the broader, RIA custody space or advisor custody space, are you guys currently offering or contemplating offering the ability for advisers to utilize long, short, tax efficient SMAs that Schwab and Fidelity, are offering via their custodians?

了解，謝謝。另外關於投資顧問，以及更廣泛的 RIA 託管領域或顧問託管領域，你們目前是否提供或正在考慮提供，讓顧問能透過你們的託管平台使用 Schwab 和 Fidelity 透過其託管機構所提供的多空、稅務效率型 SMA？

Thank you, Patrick. We, as a trust-based custody platform, cannot actually hold long, short strategies and offer longer strategies on our platform, so we do not at this time, being that we're not a bank, have any plans to include those on the platform.

謝謝你，Patrick。我們作為以信託為基礎的託管平台，實際上無法持有多空策略並在我們的平台上提供多空策略；因此目前我們不提供，而且由於我們不是銀行，也沒有計畫把這些納入平台。

This concludes our question-and-answer session. I would like to turn the floor back over to Ryan Hicke for closing comments.

我們的問答環節到此結束。我想把時間交回給 Ryan Hicke 作結語。

Well, thank you all for the discussion today. We really appreciate it. We're encouraged by the execution and progress we've seen so far this year. I think the reminder we give ourselves as leaders in a management team is to stay humble during the highs, have courage through the lows, and maintain perspective and integrity throughout the whole process.

好的，感謝各位今天的討論。我們非常感謝。我們對今年迄今所看到的執行力與進展感到鼓舞。我想我們作為管理團隊的領導者提醒自己的是：在高峰時保持謙遜，在低谷時保持勇氣，並在整個過程中維持視角與正直。

Hope everybody has a great evening.

祝大家今晚愉快。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time and thank you for your participation.

各位女士先生，今天的電話會議到此結束。您現在可以掛斷電話線，感謝您的參與。