Intrinsic value of SEI Investments - SEIC

Previous Close

$73.76

  Intrinsic Value

$34.36

stock screener

  Rating & Target

str. sell

-53%

Previous close

$73.76

 
Intrinsic value

$34.36

 
Up/down potential

-53%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as SEIC.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of SEIC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of SEI Investments (SEIC) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.10
  8.70
  8.33
  8.00
  7.70
  7.43
  7.18
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
Revenue, $m
  1,402
  1,524
  1,651
  1,783
  1,920
  2,063
  2,211
  2,365
  2,525
  2,692
  2,865
  3,045
  3,233
  3,428
  3,632
  3,844
  4,065
  4,297
  4,538
  4,790
  5,053
  5,329
  5,617
  5,918
  6,234
  6,564
  6,909
  7,271
  7,650
  8,048
  8,464
Variable operating expenses, $m
 
  1,113
  1,205
  1,302
  1,402
  1,506
  1,614
  1,726
  1,843
  1,965
  2,091
  2,223
  2,360
  2,502
  2,651
  2,806
  2,968
  3,137
  3,313
  3,497
  3,689
  3,890
  4,100
  4,320
  4,550
  4,791
  5,044
  5,308
  5,585
  5,875
  6,179
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,023
  1,113
  1,205
  1,302
  1,402
  1,506
  1,614
  1,726
  1,843
  1,965
  2,091
  2,223
  2,360
  2,502
  2,651
  2,806
  2,968
  3,137
  3,313
  3,497
  3,689
  3,890
  4,100
  4,320
  4,550
  4,791
  5,044
  5,308
  5,585
  5,875
  6,179
Operating income, $m
  378
  411
  446
  481
  518
  557
  597
  639
  682
  727
  773
  822
  873
  926
  981
  1,038
  1,098
  1,160
  1,225
  1,293
  1,364
  1,439
  1,517
  1,598
  1,683
  1,772
  1,865
  1,963
  2,066
  2,173
  2,285
EBITDA, $m
  449
  488
  529
  571
  615
  661
  709
  758
  809
  863
  918
  976
  1,036
  1,099
  1,164
  1,232
  1,303
  1,377
  1,454
  1,535
  1,620
  1,708
  1,800
  1,897
  1,998
  2,104
  2,214
  2,330
  2,452
  2,579
  2,713
Interest expense (income), $m
  1
  0
  1
  2
  3
  4
  6
  7
  8
  9
  11
  12
  14
  15
  17
  19
  20
  22
  24
  26
  28
  30
  33
  35
  38
  40
  43
  46
  49
  52
  55
Earnings before tax, $m
  508
  411
  445
  479
  515
  553
  591
  632
  674
  717
  763
  810
  859
  910
  964
  1,019
  1,077
  1,138
  1,201
  1,267
  1,336
  1,408
  1,484
  1,563
  1,645
  1,732
  1,822
  1,917
  2,017
  2,121
  2,230
Tax expense, $m
  174
  111
  120
  129
  139
  149
  160
  171
  182
  194
  206
  219
  232
  246
  260
  275
  291
  307
  324
  342
  361
  380
  401
  422
  444
  468
  492
  518
  545
  573
  602
Net income, $m
  334
  300
  325
  350
  376
  403
  432
  461
  492
  524
  557
  591
  627
  665
  703
  744
  786
  831
  877
  925
  975
  1,028
  1,083
  1,141
  1,201
  1,264
  1,330
  1,400
  1,472
  1,548
  1,628

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  717
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,637
  1,000
  1,083
  1,170
  1,260
  1,354
  1,451
  1,552
  1,657
  1,766
  1,880
  1,998
  2,121
  2,249
  2,383
  2,522
  2,668
  2,819
  2,978
  3,143
  3,316
  3,497
  3,686
  3,883
  4,090
  4,307
  4,534
  4,771
  5,020
  5,281
  5,554
Adjusted assets (=assets-cash), $m
  920
  1,000
  1,083
  1,170
  1,260
  1,354
  1,451
  1,552
  1,657
  1,766
  1,880
  1,998
  2,121
  2,249
  2,383
  2,522
  2,668
  2,819
  2,978
  3,143
  3,316
  3,497
  3,686
  3,883
  4,090
  4,307
  4,534
  4,771
  5,020
  5,281
  5,554
Revenue / Adjusted assets
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
Average production assets, $m
  439
  477
  517
  558
  601
  646
  692
  740
  790
  842
  897
  953
  1,012
  1,073
  1,137
  1,203
  1,272
  1,345
  1,420
  1,499
  1,582
  1,668
  1,758
  1,852
  1,951
  2,054
  2,163
  2,276
  2,395
  2,519
  2,649
Working capital, $m
  789
  78
  84
  91
  98
  105
  113
  121
  129
  137
  146
  155
  165
  175
  185
  196
  207
  219
  231
  244
  258
  272
  286
  302
  318
  335
  352
  371
  390
  410
  432
Total debt, $m
  0
  29
  59
  91
  123
  157
  193
  229
  267
  307
  348
  391
  436
  483
  531
  582
  634
  689
  747
  807
  870
  935
  1,004
  1,076
  1,151
  1,229
  1,312
  1,398
  1,488
  1,583
  1,682
Total liabilities, $m
  334
  363
  393
  425
  457
  491
  527
  563
  601
  641
  682
  725
  770
  817
  865
  916
  968
  1,023
  1,081
  1,141
  1,204
  1,269
  1,338
  1,410
  1,485
  1,563
  1,646
  1,732
  1,822
  1,917
  2,016
Total equity, $m
  1,303
  637
  690
  745
  803
  862
  924
  989
  1,055
  1,125
  1,197
  1,273
  1,351
  1,433
  1,518
  1,607
  1,699
  1,796
  1,897
  2,002
  2,112
  2,227
  2,348
  2,474
  2,605
  2,743
  2,888
  3,039
  3,198
  3,364
  3,538
Total liabilities and equity, $m
  1,637
  1,000
  1,083
  1,170
  1,260
  1,353
  1,451
  1,552
  1,656
  1,766
  1,879
  1,998
  2,121
  2,250
  2,383
  2,523
  2,667
  2,819
  2,978
  3,143
  3,316
  3,496
  3,686
  3,884
  4,090
  4,306
  4,534
  4,771
  5,020
  5,281
  5,554
Debt-to-equity ratio
  0.000
  0.050
  0.090
  0.120
  0.150
  0.180
  0.210
  0.230
  0.250
  0.270
  0.290
  0.310
  0.320
  0.340
  0.350
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.430
  0.440
  0.450
  0.450
  0.460
  0.470
  0.470
  0.480
Adjusted equity ratio
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  334
  300
  325
  350
  376
  403
  432
  461
  492
  524
  557
  591
  627
  665
  703
  744
  786
  831
  877
  925
  975
  1,028
  1,083
  1,141
  1,201
  1,264
  1,330
  1,400
  1,472
  1,548
  1,628
Depreciation, amort., depletion, $m
  71
  77
  83
  90
  97
  104
  112
  119
  127
  136
  145
  154
  163
  173
  183
  194
  205
  217
  229
  242
  255
  269
  284
  299
  315
  331
  349
  367
  386
  406
  427
Funds from operations, $m
  553
  377
  408
  440
  473
  508
  543
  581
  619
  660
  701
  745
  790
  838
  887
  938
  992
  1,048
  1,106
  1,167
  1,231
  1,297
  1,367
  1,440
  1,516
  1,596
  1,679
  1,767
  1,858
  1,954
  2,055
Change in working capital, $m
  128
  6
  6
  7
  7
  7
  8
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
Cash from operations, $m
  425
  371
  402
  433
  466
  500
  536
  573
  611
  651
  693
  736
  781
  828
  876
  927
  980
  1,036
  1,094
  1,154
  1,217
  1,283
  1,352
  1,424
  1,500
  1,579
  1,662
  1,748
  1,839
  1,934
  2,034
Maintenance CAPEX, $m
  0
  -71
  -77
  -83
  -90
  -97
  -104
  -112
  -119
  -127
  -136
  -145
  -154
  -163
  -173
  -183
  -194
  -205
  -217
  -229
  -242
  -255
  -269
  -284
  -299
  -315
  -331
  -349
  -367
  -386
  -406
New CAPEX, $m
  -82
  -39
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -76
  -79
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -119
  -124
  -130
Cash from investing activities, $m
  -80
  -110
  -117
  -124
  -133
  -142
  -150
  -160
  -169
  -179
  -190
  -201
  -213
  -224
  -237
  -249
  -263
  -277
  -293
  -308
  -324
  -341
  -359
  -378
  -398
  -418
  -439
  -462
  -486
  -510
  -536
Free cash flow, $m
  345
  262
  285
  309
  333
  359
  385
  413
  442
  471
  503
  535
  568
  603
  640
  678
  717
  758
  801
  846
  893
  942
  993
  1,046
  1,102
  1,161
  1,222
  1,286
  1,353
  1,424
  1,497
Issuance/(repayment) of debt, $m
  0
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  57
  60
  63
  66
  69
  72
  75
  79
  82
  86
  90
  95
  99
Issuance/(repurchase) of shares, $m
  -235
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -235
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  57
  60
  63
  66
  69
  72
  75
  79
  82
  86
  90
  95
  99
Total cash flow (excl. dividends), $m
  101
  291
  315
  340
  366
  393
  421
  450
  480
  511
  544
  578
  613
  650
  688
  728
  770
  813
  859
  906
  956
  1,007
  1,061
  1,118
  1,177
  1,239
  1,304
  1,372
  1,444
  1,518
  1,596
Retained Cash Flow (-), $m
  -13
  -51
  -53
  -55
  -57
  -60
  -62
  -64
  -67
  -70
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -174
Prev. year cash balance distribution, $m
 
  717
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  957
  262
  285
  308
  333
  359
  385
  413
  442
  471
  502
  535
  568
  603
  639
  677
  717
  758
  801
  845
  892
  941
  992
  1,046
  1,101
  1,160
  1,221
  1,285
  1,352
  1,422
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  917
  240
  248
  254
  258
  260
  260
  258
  254
  247
  239
  228
  216
  202
  188
  172
  156
  140
  123
  107
  92
  78
  65
  53
  43
  34
  26
  20
  15
  11
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

SEI Investments Company provides investment processing, investment management and investment operations solutions. The Company provides its solutions to financial institutions, financial advisors, institutional investors, investment managers and ultra-high-net-worth families in the United States, Canada, the United Kingdom, continental Europe and various other locations around the world. The Company's segments are Private Banks, Investment Advisors, Institutional Investors, Investment Managers and Investments in New Businesses. The Company's investment management business solutions include investment processing outsourcing solutions for providers of institutional and private-client wealth management services, including banks, trust companies, independent wealth advisors and other financial services firms, and investment management solutions for institutional investors, including retirement plan sponsors, not-for-profit organizations and individual investors.

FINANCIAL RATIOS  of  SEI Investments (SEIC)

Valuation Ratios
P/E Ratio 35.1
Price to Sales 8.4
Price to Book 9
Price to Tangible Book
Price to Cash Flow 27.6
Price to Free Cash Flow 34.2
Growth Rates
Sales Growth Rate 5.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 10.8%
Cap. Spend. - 3 Yr. Gr. Rate 7.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 509
Management Effectiveness
Return On Assets 20.7%
Ret/ On Assets - 3 Yr. Avg. 21.1%
Return On Total Capital 25.8%
Ret/ On T. Cap. - 3 Yr. Avg. 26.2%
Return On Equity 25.8%
Return On Equity - 3 Yr. Avg. 26.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 79.2%
Gross Margin - 3 Yr. Avg. 78.6%
EBITDA Margin 41.4%
EBITDA Margin - 3 Yr. Avg. 42.5%
Operating Margin 27%
Oper. Margin - 3 Yr. Avg. 27.5%
Pre-Tax Margin 36.2%
Pre-Tax Margin - 3 Yr. Avg. 37.5%
Net Profit Margin 23.8%
Net Profit Margin - 3 Yr. Avg. 24.6%
Effective Tax Rate 34.3%
Eff/ Tax Rate - 3 Yr. Avg. 34.2%
Payout Ratio 25.4%

SEIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SEIC stock intrinsic value calculation we used $1402 million for the last fiscal year's total revenue generated by SEI Investments. The default revenue input number comes from 2016 income statement of SEI Investments. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SEIC stock valuation model: a) initial revenue growth rate of 8.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SEIC is calculated based on our internal credit rating of SEI Investments, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of SEI Investments.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SEIC stock the variable cost ratio is equal to 73%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SEIC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for SEI Investments.

Corporate tax rate of 27% is the nominal tax rate for SEI Investments. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SEIC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SEIC are equal to 31.3%.

Life of production assets of 6.2 years is the average useful life of capital assets used in SEI Investments operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SEIC is equal to 5.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1303 million for SEI Investments - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 157.946 million for SEI Investments is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of SEI Investments at the current share price and the inputted number of shares is $11.7 billion.

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COMPANY NEWS

▶ SEI misses 4Q profit forecasts   [Jan-31-18 04:23PM  Associated Press]
▶ Can State Street Recover Its Discounted Valuations?   [Dec-20-17 09:00AM  Market Realist]
▶ SEI Declares Dividend of $0.30 Per Share   [Dec-12-17 04:48PM  PR Newswire]
▶ SEI To Hold Investor Conference   [Nov-09-17 03:00PM  PR Newswire]
▶ Regions Bank Goes Live on SEI Wealth Platform   [Oct-26-17 09:00AM  PR Newswire]
▶ SEI beats Street 3Q forecasts   [Oct-25-17 05:17PM  Associated Press]
▶ SEI Names David Hintz US Equity Portfolio Manager   [Oct-05-17 04:11PM  PR Newswire]
▶ How Wall Street Analysts View State Street   [Sep-28-17 10:39AM  Market Realist]
▶ What Is SEI Investments Cos (SEIC) Share Price Doing?   [Sep-13-17 03:07PM  Simply Wall St.]
▶ SEI Wealth Platform UK Records Strong First Half of 2017   [Aug-24-17 09:38AM  PR Newswire]
▶ SEI Adds $2 Billion in New Defined Contribution Assets   [Aug-02-17 09:00AM  GlobeNewswire]
▶ SEI beats Street 2Q forecasts   [Jul-26-17 11:23PM  Associated Press]
▶ SEI buys Midwest fintech company for $80M   [Jul-14-17 04:30PM  American City Business Journals]
▶ Tilney Group Extends Relationship with SEI Wealth Platform   [Jun-13-17 09:00AM  GlobeNewswire]
▶ SEI Survey Exposes Gaps in Wealthys Investment Knowledge   [Jun-05-17 09:00AM  GlobeNewswire]
▶ SEI Board of Directors Declares Dividend   [May-24-17 04:10PM  GlobeNewswire]
Financial statements of SEIC
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