SEI Investments Company

Hello, and thank you for standing by. Welcome to FDI fourth quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. I would now like to hand the call over to Brad Burke, Head of Investor Relations. You may begin.

Thank you and welcome, everyone. We appreciate you joining us today for SEI's Fourth Quarter 2025 Earnings Call. On the call, we have Ryan Hickey, SEI's Chief Executive Officer, Sean Denham, Chief Financial Officer and Chief Operating Officer, and members of our Executive Management Team, including Michael Lane, Phil McCabe, Mike Peterson, Sneha Shah, Sanjay Sharma, and Amy Slowinski. Before we begin, I'd like to point out that our earnings press release and the presentation accompanying today's call can be found under the investor relations section of our website at seic.com. This call is being webcast live and a replay will be available on the events and webcast page of our website. With that, I'll now turn the call over to Ryan. Ryan?

Thank you, Brad, and good afternoon, everyone. I'm pleased to report that SEI ended the year with an exceptional quarter, capping off one of the strongest years in our 58-year history. Earnings per share totaled $1.38 for the quarter. After accounting for some of the noisier items that Sean will walk through, Q4 represents our highest ever quarterly earnings performance. What's most exciting is that these results were impressively broad-based, driven by revenue growth and margin expansion across almost all business segments. This was a total FDI effort, not driven by a single business or a one-off event. It's a testament to the power of our integrated approach and the relentless execution from teams across the globe. We also sprinted to the finish line with our sales events, posting a total of $44 million, one of our highest ever quarterly results and capping off our strongest year ever for sales events. Notably, private banking delivered a standout performance, posting $28 million in net sales events. As we discussed on our last earnings poll, we were confident in the strength of our private banking pipeline, and I'm pleased to report that we're doing exactly what we said we would, translating that pipeline into meaningful results. This quarter's success is the result of disciplined execution against a clear strategy. My expectation is that the sales momentum we generated in Q4 will carry into 2026, and it's not just banking. Asset management is building traction, and IMS continues to benefit from structural demand for outsourcing, especially amongst large alternative managers. We've been signaling for several quarters that we're working with some of the largest global alternative asset managers, including first-time outsourcers, and I expect we'll have some meaningful developments to announce by the April earnings call. During the quarter, we also achieved a major milestone with the first close of our Stratos partnership. Stratos brings a proven advisor and client-centric model that's a strong cultural fit with SCI. It also gives us deeper insight into the needs of end clients, strengthening our appreciation of how advisors and intermediaries run their businesses. We're already seeing tangible benefits, including greater awareness of SCI across the RIA and broker-dealer channels. and renewed inbound interest in our capabilities. Our focus now is on integrating our technology and investment management strengths with Stratos' platform and continuing to learn from their team as we scale together. This is a long-term strategic partnership, and we're focused on adding value in ways that support rather than disrupt their impressive organic growth. Stepping back from the numbers, it's important to focus on what's driving SCI's success. These outcomes are rooted in deliberate choices and a deep understanding of where our strengths align with the most attractive opportunities in the industry, specifically the growing demand for outsourcing, especially from alternative managers, and the continued convergence of public and private markets, as well as the enduring demand for advice from end clients. These themes are intensifying, and we've leaned into these secular tailwinds with intentional investments over the last several years, and these are translating into repeatable performance. For example, we commercialized our private banking professional services, data cloud, and SaaS offering, strengthening client retention and unlocking new growth opportunities. We added new leadership and talent across the organization, driving sharper execution, infusing fresh ideas, and increasing accountability. We laid the foundation for our global capability center, which we expect will help us scale operations more efficiently as we continue to grow. And through the Stratos partnership, we expanded our reach in the advisor channel, positioning SEI to capture new flows and deliver greater client value. As we look to 2026, we intend to double down on what's working. We're accelerating investment management product launches in ETFs, SMAs, models, and select alternative products where we have an edge. These launches build on our early traction, including more than $1 billion of net inflows into ETFs this year for SEI. We're continuing to evolve the operating model of our IMS business, transitioning from fund-by-fund operations to platform-level services. with shared tooling, workflow automation, and data services, so we can onboard and expand with large investment managers more efficiently. We are leveraging automation and AI to lower unit costs and expand access to our solutions, supporting entry into underserved segments while maintaining client experience at scale. For instance, in the fourth quarter, we made a strategic investment in Avantos, an AI-native operating system for client onboarding. It's a great example of SCI's commitment to creating a more connected, scalable, and intelligent experience across our platforms. And as always, we'll pursue these priorities with discipline, holding ourselves accountable for maximizing the enterprise value of SCI. You've heard us be ultra transparent for the last several quarters and at our investor day about our strategy and how we're running the company differently. The team is in place, our priorities are clear, And 2026 is about focus and execution on the roadmap we've laid out together. Against that backdrop, our job in 2026 is actually simple. Go execute. With that, Sean will take us through the quarterly results in more depth.