SEI Investments Company

Greetings. Welcome to SEI Third Quarter 2026 Earnings Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Brad Burke, Head of Investor Relations and Treasurer. Thank you, sir. You may begin.

Thank you and welcome everyone to SEI's third 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 Christy Edling-Day, Michael Lane, Bill McCabe, Mike Peterson, Sneha Shah, Sanjay Sharma, and Amy Sliwinski. Before we begin, I'd like to point out that our earnings press release and the presentation accompanying Thank you, Brad. Good afternoon, everyone. The results SEI delivered in the third quarter reinforce the conversations we have been having with this audience for the last couple of years, and they confirm why we had the conviction in the strategy we discussed the investor day last year.

The results provide repeatable evidence that the strategic changes we have made are showing up across the company. It also demonstrates that the nature of our client relationships have evolved. SEI is now engaging with clients at the top of the organization on more strategic issues and bringing a broader set of capabilities to the relationship. In the third quarter, SEI reported revenue growth of 14%, adjusted operating profit growth of 25%, and adjusted EPS growth of 24% compared to the prior year. And for some longer historical context, the adjusted EPS achieved in the third quarter is nearly 50% above where the company stood two years ago. Our growth continues to broaden across the company with contributions from multiple businesses in both financial performance and sales activity. And speaking of sales events, third quarter net events totaled $47 million. Bringing our year-to-date total to $157 million. With a full quarter still remaining in the year, we have already exceeded the highest level of full-year sales results in the history of the company. We're excited by the results and the trajectory of the business. Sean will walk through the results in more detail, but I want to spend a couple minutes talking about what we're seeing in each of the businesses at a macro level. In IMS, demand remains strong, especially among large alternative asset managers. We continue to be the partner of choice for those looking for global scale, asset class breadth, and modern technology. What has become clear to us over the last 18 months is that SEI's reputation is one of our strongest competitive advantages. When firms evaluate outsourcing partners, they speak with our existing clients. They ask, who can execute? Who can handle complexity? Who can support future growth? But they also asked, who has a client-centric culture and truly understands the nature of partnership? Those conversations are opening new doors with some of the largest first-time outsourcers in the industry. We are also encouraged by the strong demand for solutions in retail. We had a successful launch with our retail transfer agency, and our all-sense CIT capability is showing momentum. with multiple clients launched in Q3 and more expected to fund shortly. Our private banking business delivered another strong quarter and we expect sales activity to remain solid. Professional services is a key driver of this acceleration. When I step back and look at why we have seen sales activity accelerate and why our pipelines are strong, professional services looks less like a separate offering in banking and more like the missing piece that is now complementing the SCI offering. And this is a solution set that we believe has resonance across all of our client bases in the enterprise. What does that mean? Just a few years ago, our discussions with clients were driven entirely by the platform offering. Here's the platform. Do you want to buy it? And when you do that, you box yourself in as a vendor. Those client conversations have evolved into discussions around transformation, how to simplify technology environments, modernize operating models, increase client acquisition, improve the use of data, harness AI, and position for future growth. Clients are looking for a partner that can help them define the future state of their business. As a result, the largest opportunities in our pipeline are no longer just platform replacements. They are comprehensive enterprise transformation initiatives. And on AI specifically, I understand there's been a lot of concern in the market about how AI might impact SEI. The only effect we are seeing is that AI has accelerated client interest in partnering with SEI. It is driving more demand, not less. And we can point to multiple specific examples in our pipeline where this is the case. Turning to asset management business. The team has moved beyond reimagining and is building momentum in the execution phase. The progress we have seen reflects substantial effort around client segmentation, distribution, advisor engagement, pricing, product development, and new client acquisition. We're seeing stronger engagement with RIAs, improving activity across the institutional pipeline, and continued adoption of our ETF strategies, which now total more than $9 billion in AUM, up from only $4 billion just last year. We continue to invest in distribution, products, partnerships, and talent. That includes the recent addition of Christy Edling-Day as our new Chief Information Officer, bringing deep financial services and technology experience to help advance our technology and product strategy. We believe the business is moving in the right direction and we expect that direction to continue improving. Also, our conviction in independent financial advice and the Stratos partnership increases every day. We got to see that firsthand at our recent advisor conference in Nashville, where more than 500 advisors, including Stratos advisors and their leadership team, came together with real enthusiasm about what we can all accomplish together. After a year of working closely with Jeff and the Stratos team, we're even more confident that we chose the right partner to build alongside in the United States. The combination is already creating new opportunities across both Stratos and SEI, and we believe there is substantially more we can accomplish together. Before concluding, I want to touch on profitability. Adjusted operating margins in the third quarter remained near record levels. and this was not driven by some short-sighted cost cutting initiative. It is the result of building a more scalable business and pairing thoughtful investment with strong revenue growth. We believe that combination creates significant value for shareholders. As I often say on these calls, an enormous thank you goes to our global workforce for their passion and their delivery, but also to our clients for their continued trust and partnership. In conclusion, The results this quarter are great. But in the words of Jelly Roll, the windshield is bigger than the rearview mirror for a reason. Because what's in front of you is so much more important than what's behind you. I have a lot of confidence in what underpins our results. Strong pipelines, enthusiastic clients, and a business that is becoming more capable and efficient with each passing day. Some people tell us SEI is back. Well, to that we say thank you. But we believe SEI hasn't even remotely defined who we will be yet. With that, I will turn the call over to Sean.