NASDAQ: SEIC

Core capabilities and competitive differentiation

SEI’s core capabilities unify technology, operations, and asset management to power clients’ transformation across advice, asset management, and administration. We deliver modular or end‑to‑end solutions through a single, modern infrastructure that integrates platform technology, custody, operations, and investment expertise.

SEI’s competitive strengths are rooted in our integrated business model, technology leadership, and deep industry expertise. The following factors distinguish SEI in the marketplace and position the company to deliver sustained value for clients and shareholders:

•Integrated ecosystem across advice, asset management, and administration. SEI differentiates by operating a unified platform that combines technology, custody, operations, and investment management, capabilities that will fortify and support scaled growth of the strategic investment in Stratos.

•Leadership in alternatives and private markets. SEI is a recognized leader in private credit and alternative investment administration, serving many of the world’s largest alternative managers. The SEI Access™ platform

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streamlines alternative investment access and processing for advisors and institutions, supporting the growing demand for private market solutions.

•Scaled, front‑to‑back capabilities for complex managers and private markets. SEI provides global fund administration, depositary, and middle‑office services and has distinctive strength serving large, multi‑strategy and private credit managers, benefiting from the continued shift from insourcing to outsourcing and expansion in retail‑accessible alternative structures (interval funds and Business Development Companies) and Collective Investment Trusts (CITs).

•Trust‑based custody integrated with modern wealth technology. Through SEI Private Trust Company (SPTC), client assets are held in the client’s name (no commingling, pledging, or margining), tightly integrated with the SEI Wealth PlatformSM to deliver an end‑to‑end, single‑infrastructure experience and multi‑custody data fidelity.

•Commitment to security, data, and AI. SEI invests heavily in cybersecurity, cloud infrastructure, and data analytics. The SEI Data Cloud, digital workflows, and embedded AI/automation tools drive operational efficiency, enhance reporting, and support scalable growth for clients.

•Strong, long-term client relationships. SEI’s client base includes leading banks, registered investment advisors (RIAs), institutional investors, and alternative managers, many of whom have partnered with SEI for decades. The firm’s focus on enterprise relationships and wallet share expansion is driving growth across segments.

Our clients include wealth managers, banks, investment advisors, asset managers, family offices, institutional investors, and ultra-high-net-worth investors.

For the Year Ended December 31, 2025

(all dollar amounts in thousands)Investment

Managers
Private

Banks
Investment

AdvisorsInstitutional

InvestorsInvestments

in New

BusinessesTotal

Investment Technology & Operations$773,262 $407,909 $98,143 $9,525 $15,380 $1,304,219

Asset Management602 137,247 455,246 262,122 21,967 877,184

Professional Services & Other41,141 27,783 24,008 10,851 12,195 115,978

Total Revenues$815,005 $572,939 $577,397 $282,498 $49,542 $2,297,381

Technology and operations

We provide the technology and operational infrastructure across the front, middle, and back office to help our clients scale, increase efficiency, and improve performance. Capabilities include:

•Business process outsourcing and custody;

•Fund administration, depositary services, investment accounting, and investor servicing;

•Curated suite of internally managed and third-party investment products, including ETFs, SMAs, and UMAs;

•Investment expertise in direct indexing, factor-based, alternatives, and tax management;

•Discretionary investment management for institutions in need of expertise, infrastructure and enhanced governance;

•Data and information management, analytics, and reporting;

•Regulatory and compliance service; and

•Network operations, cloud, and cybersecurity services.

Our proprietary technology platforms include the SEI Wealth PlatformSM (SWP) and its predecessor, TRUST 3000®. We use these technologies to deliver operations and administrative outsourcing services, including custodial and back-office accounting services.

SWP offers a modern, fully integrated, single‑infrastructure solution that unifies technology, operational outsourcing, and asset management. Capabilities span the front, middle, and back office and are designed to support a diverse mix of investors, accounts, and asset types. SWP’s open architecture and standardized integrations connect to other SEI capabilities (e.g., alternatives access, tax optimization) and client systems to enable a seamless wealth management experience.

Investment processing platforms are offered in Software‑as‑a‑Service (SaaS) or Platform‑as‑a‑Service (PaaS) delivery. SaaS includes investment processing software and information‑processing services. PaaS includes software and information‑processing services, as well as business‑process outsourcing services, including back‑ and middle‑office operations, accounting, and custodial services. We continue to expand SWP’s SaaS‑capabilities to support clients that prefer technology‑only deployments, while maintaining full‑service PaaS options for outsourced operations. We are also

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investing in SEI enterprise professional services delivery capabilities, enabling us to lead complex client change initiatives, streamline platform implementations, and deliver consultative solutions that drive operational efficiency and business transformation.

Our technology and operations platform also includes technology‑ and operationally‑enabled investment service capabilities for a broad range of traditional and alternative investment managers, delivered as unbundled product components for front, middle, and back offices through our Investment Managers segment. We are expanding wallet share with large, multi‑strategy managers by providing complex, cross‑jurisdiction solutions and retail‑accessible alternative investment operations and CIT administration for retirement plans.

We are embedding artificial intelligence (AI), robotic process automation (RPA), digital workflows and the SEI Data Cloud into core platforms to reduce manual processes and enhance analytics and reporting. AI adoption has accelerated productivity across teams. In May 2025, we launched a Global Capability Center (GCC) in Hyderabad, India to expand talent access and support follow‑the‑sun operations while maintaining excellent client service.

Asset management

We deliver comprehensive solutions for managing personal and institutional wealth, including investment strategies, customized model and portfolio management programs, and SEI-sponsored and third-party investment products designed to support clients’ organizational and personal goals.

Strategic Focus and Differentiation

Our asset management business is evolving to meet significant industry shifts, including the move from active to passive management, the rapid growth of alternatives, and the consolidation of the RIA sector. We have accelerated our pivot to address these trends, focusing on scalable, repeatable, and profitable solutions for clients.

Our strategic investment in the Stratos business repositions SEI in the private wealth and advisor ecosystem by giving the company a scaled, high‑growth, fee‑based advisory platform with proven recruiting, acquisition, and advisor‑enablement capabilities that SEI previously lacked. It creates an immediate and credible presence in advice delivery, expanding SEI beyond its historical role as a technology, custody, and asset‑management partner and into a more strategic, more central position across the entire wealth value chain. Stratos’ nationwide advisor network also broadens SEI’s distribution reach, creating natural entry points for SEI's outsourced chief investment officer, Private Wealth, SEI Access, alternatives, and asset management solutions, while its M&A engine strengthens SEI’s ability to meet growing advisor succession‑planning needs as the industry’s demographics shift.

The business is increasingly oriented toward serving larger, enterprise RIAs, banks, institutional clients, and independent broker-dealers, leveraging SEI’s technology, custody, and investment management capabilities as an integrated ecosystem. SEI’s trust-based custody model is particularly differentiated for upmarket RIAs and high-net-worth clients.

Product and Platform Innovation

Investment strategies are implemented through a broad suite of products, including ETFs, alternative investments, CITs, separately managed accounts, and mutual funds. We act as sponsor, administrator, transfer agent, investment advisor, distributor, and shareholder servicer for many of these products.

We are actively converting mutual fund assets to ETF structures to meet client demand for more attractive, flexible vehicles. Recent launches and conversions, such as the SEI DBi Multi-Strategy Alternative ETF (QALT), demonstrate our commitment to product innovation.

We are investing in technology platforms such as SEI Access, which is being developed into a marketplace for alternative investments, positioning us as a key provider for broker-dealers and advisors seeking access to alternatives. In addition, we are integrating our LifeYield acquisition to deliver industry‑leading tax management, tax‑transition, and tax‑alpha capabilities by incorporating LifeYield’s tax‑smart technology into the SEI Wealth Platform, enhancing multi‑account management, asset location, tax‑loss harvesting, and household‑level portfolio optimization.

Model Portfolio Leadership and Customization

We remain a leader in model portfolio solutions, with a long track record and significant market share. We are now integrating our institutional and advisor businesses to offer custom model portfolios, including alternatives, to larger RIAs and institutions. This “co-CIO” capability enables tailored solutions for clients with complex needs.

As of December 31, 2025, we managed $455.4 billion in assets including:

•$204.0 billion invested in fixed-income and equity funds and separately managed account programs;

•$243.2 billion invested in collective trust fund programs; and

•$8.2 billion invested in liquidity or money market funds.

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An additional $99.2 billion in assets is managed by our unconsolidated affiliate LSV Asset Management (LSV), an RIA that specializes in value equity management for its clients.

Business segments overview

Our business segments are generally organized around our target markets. Financial information about each business segment is contained in "Note 12. Business Segment Information" included in our Notes to Consolidated Financial Statements.

The percentage of consolidated revenues generated by our business segments for the last three years was:

202520242023

Investment Managers35 %34 %33 %

Private Banks26 %26 %26 %

Investment Advisors25 %24 %23 %

Institutional Investors12 %13 %15 %

Investments in New Businesses2 %3 %3 %

100 %100 %100 %

Investment Managers

We provide a comprehensive, outsourced investment management operating platform to alternative and traditional asset managers, fund companies, and sovereign wealth funds. Our clients include asset owners and a diverse, sophisticated group of alternative, traditional, and hybrid investment managers globally.

Our capabilities span the front, middle, and back office to manage assets, including supporting complex fund structures through best-in-class data and information management and analytics; investment operations; regulatory and compliance support; fund administration, fund accounting and depository services; investor reporting; distribution support; and middle office services. We also offer trustee, investment management, and administration services for CITs, serving the U.S. retirement market.

We are increasingly winning large, complex, multi‑strategy mandates and expanding wallet share with top managers, supported by our global footprint (including Luxembourg) and follow‑the‑sun delivery. SEI is a leader in private credit administration and services many of the largest alternative managers globally, and we are benefiting from the ongoing shift from insourcing to outsourcing among the largest firms. We are also investing in retail‑accessible alternatives and CITs for retirement plans to meet growing client demand.

SEI’s global operational footprint services funds in all major jurisdictions amid a constantly evolving regulatory environment. Our outsourcing solutions across the front-to-back office with best-in-breed technology accommodate investment managers of all sizes and complexities and enables them to focus on core business activities—from the unique needs of emerging and start-up managers to the complex needs of global, multi-asset hybrid managers.

Contracts for the outsourcing services we provide generally have terms ranging from three to five years, and fees are earned primarily as a percentage of assets under management and administration. In addition, 16% of the revenues for this segment is earned as account servicing fees. Investment Managers had $1.5 trillion in assets under management or administration as of December 31, 2025, with $1.0 trillion in alternative assets and $0.5 trillion in public assets.

Our competitors vary according to the asset class or solutions provided and the domiciles in which they operate. They include SS&C Technologies, State Street, BNY Mellon, Northern Trust, and Citco.

Private Banks

We provide technology, operations, and asset management solutions primarily to the wealth management businesses embedded within banks and trust companies, in addition to independent wealth advisors. Clients include several financial institutions whose relationships span decades with SEI.

Our solutions provide the investment processing, operations, and administrative capabilities that are vital to helping wealth management businesses achieve their business objectives, manage change and complex operations, replace legacy platforms, comply with regulations, and deploy capital more effectively.

We have meaningfully improved delivery and margins in recent years through stronger client engagement, standardized implementations, and the build‑out of SEI Professional Services to lead end‑to‑end change programs. Our strategy now emphasizes an enterprise approach; expanding wallet share with existing banks, moving down‑market with right‑sized offerings, and integrating asset management with technology and custody to deliver a unified ecosystem. We are also

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monetizing multi-custody solutions, digital workflows, data and AI capabilities (including SEI Data Cloud) and leveraging our Global Capability Center to scale while maintaining outstanding client service.

Contracts generally range from five to seven years. As of December 31, 2025, SEI has approximately $8.1 trillion in assets on SEI’s wealth management platforms, with $1.9 trillion in assets on SWP and $1.2 trillion in assets custodied with SPTC.

Our competitors include in-house information technology organizations, as well as wealth management technology service providers such as Fidelity National Information Services, Inc. (FIS), Fi-Tek, SS&C Innovest, FNZ UK Ltd. and Avaloq.

This segment also provides asset management programs to banks, wealth managers and other financial services firms. We are sharpening our upmarket focus and cross‑selling SEI’s investment capabilities alongside technology and trust‑based custody, with increasing attention to alternatives access. Competitors for our asset management services may include in-house investment teams and global asset management firms, such as LPL Financial and BlackRock.

Investment Advisors

We provide wealth management technology, operations, and asset management solutions for independent financial advisors across the RIA, bank, and independent broker-dealer market segments.

This segment offers both fully integrated and unbundled solutions that enable advisors to devote more of their resources to growing their businesses and achieving better financial outcomes for their clients.

Our clients are responsible for the investor relationship, including financial plan creation, investment strategy implementation, tax management, and customer education and servicing. We provide advisors with a flexible operating platform offering a complete end-to-end business, technology and operational solution with capabilities across the front, middle, and back office, including:

•Technology and administrative services: Enabled by the SEI Wealth Platform, these services include front-office investment management and end-investor collaboration capabilities, middle-office administrative outsourcing, and back-office processing and custody services.

•Customized investment management programs: We provide advisors with an array of investment programs to customize portfolios for their personal or institutional investors. These programs include goals-based strategies, SEI-curated models that utilized multiple structures such as direct indexing, separately managed accounts, ETFs, and mutual funds, to help advisors align diversified portfolios with client needs. In addition, we are expanding our tax‑management capabilities, including asset location, tax‑loss harvesting, tax‑efficient multi‑account household portfolio management, and tax‑transition services, enabling advisors to optimize after‑tax outcomes for their clients.

•Advisor services: We help advisors manage and grow their businesses by offering consultative practice management services, including access to our business transition services, case management expertise, third-party applications, thought leadership, and marketing and growth programs.

Fees are typically bundled and embedded in asset management or custody fees.

We compete with other custodians and providers of advisor technology products, money managers (both active and passive), turnkey asset management platform providers, and broker-dealers with affiliated advisor networks. Principal competitors include investment advisory platform providers, such as Envestnet and Orion, as well as diversified firms that focus on custody operations, such as Charles Schwab & Co., Inc., and Fidelity Investments.

Institutional Investors

Our Institutional Investors business is one of the first and largest providers of outsourced investment management services. Providing fully outsourced CIO (OCIO) and unbundled OCIO services, we primarily serve retirement plan sponsors, healthcare systems, higher education, not-for-profit organizations, and other institutional asset owners.

•OCIO: Supports institutional investors who delegate investment management decisions through a flexible implementation model. Investors outsource some or all investment management functions based on their preferred governance structure, business needs, and financial objectives.

•Unbundled OCIO: Supports internal investment teams through SEI NovusSM, a global portfolio intelligence tool, and SEI’s comprehensive investment processing, shadow accounting, and data and workflow management, as well as access to alternative investment product analytics.

Both fully outsourced and unbundled solutions leverage the breadth of our investment management, advisory, administration, technology, and operational capabilities to help institutional investors make more confident decisions, achieve greater control, reduce risk, and improve efficiencies.

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Competitors for OCIO services at larger institutional investors may include global advisory firms offering fiduciary consulting and management services, such as Mercer, Aon Hewitt and Willis Towers Watson, as well as asset management firms like BlackRock and Goldman Sachs. Competitors for unbundled OCIO services include data analytics software firms and investment data management providers.

Fees in our Institutional Investors business are primarily earned as a percentage of average assets under management calculated using the average of the four-month ending balances preceding the billing date.

Investments in New Businesses

The Investments in New Businesses segment represents other business ventures or research and development activities intended to expand our solutions to new or existing markets, including ultra-high-net-worth families who reside in the United States. This segment also includes costs associated with providing managed security services through SEI Sphere™ and the modularization of larger technology platforms.

Human capital

Our talented workforce is the key to our ability to serve our clients globally. At December 31, 2025, we had 4,997 full-time and 32 part-time employees.

Employee unions do not represent any of our employees.

Corporate sustainability

Our values are the foundation from which we drive our company’s and our clients’ long-term success and make an impact on our communities. We work with each other and welcome diverse perspectives to foster an inclusive environment and solve problems that matter. We think and act like owners, having the courage to push boundaries and do the right thing in the best interest of our company, clients, and community.

Regulatory considerations

We conduct our operations through several regulated wholly-owned subsidiaries. These subsidiaries include:

•SEI Investments Distribution Co., or SIDCO, a broker-dealer registered with the SEC under the Securities Exchange Act of 1934 and a member of the Financial Industry Regulatory Authority, Inc., or FINRA;

•SEI Investments Management Corporation, or SIMC, an investment advisor registered with the SEC under the Investment Advisers Act of 1940 and with the Commodity Futures Trading Commission, or CFTC, under the Commodity Exchange Act;

•SEI Private Trust Company, or SPTC, a limited purpose federal thrift chartered and regulated by the Office of the Comptroller of the Currency;

•SEI Trust Company, or STC, a Pennsylvania trust company, regulated by the Pennsylvania Department of Banking and Securities;

•SEI Institutional Transfer Agent, Inc., or SITA, a transfer agent registered with the SEC under the Securities Exchange Act of 1934.

•SEI Investments (Europe) Limited, or SIEL, an investment manager and financial institution subject to regulation by the Financial Conduct Authority of the United Kingdom, or FCA;

•SEI Investments Canada Company, or SEI Canada, an investment fund manager that has various other capacities that is regulated by the Ontario Securities Commission and various provincial authorities;

•SEI Investments Global, Limited, or SIGL, a management company for Undertakings for Collective Investment in Transferable Securities, or UCITS, and for Alternative Investment Funds, or AIFs, that is regulated primarily by the Central Bank of Ireland, or CBI;

•SEI Investments - Global Fund Services, Ltd., or GFSL, an authorized provider of administration services for Irish and non-Irish collective investment schemes that is regulated by the CBI;

•SEI Investments - Depositary and Custodial Services (Ireland) Limited, or D&C, an authorized provider of depositary and custodial services that is regulated by the CBI;

•SEI Investments - Luxembourg S.A., or SEI Lux, a professional of the specialized financial sector subject to regulation by the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg;

•SEI Investments Global (Cayman), Ltd., a full mutual fund administrator that is regulated by the Cayman Island Monetary Authority;

•SEI Investments (South Africa) (PTY) Limited, a Private Company that is a licensed Financial Service Provider regulated by the Financial Sector Conduct Authority; and

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•SEI Investments - Guernsey Limited, a provider of custody, administration and reporting services that is regulated by the Guernsey Financial Services Commission.

In addition to the regulatory authorities listed above, our subsidiaries are subject to the jurisdiction of regulatory authorities in other foreign countries or jurisdictions. Further, in connection with completing the first stage of our strategic investment in Stratos, we own 57.5% of the holding company that holds the equity of Stratos Wealth Securities, LLC, a limited purpose broker-dealer registered with the SEC under the Securities Exchange Act of 1934 and a member of FINRA, and the following SEC registered investment advisors:

•Stratos Wealth Advisors, LLC;

•Stratos Wealth Partners, Ltd.;

•Stratos Investment Management, LLC;

•Renaissance Investment Group, LLC; and

•Norland LLC.

In addition to our wholly-owned or majority-owned subsidiaries, we also own a minority interest of approximately 38.5% in LSV, which is also an investment advisor registered with the SEC.

The Company, its regulated subsidiaries, their regulated services and solutions and their customers are all subject to extensive legislation, regulation, and supervision that recently has been subject to, and continues to experience, significant change and increased regulatory activity. These changes and regulatory activities could have a material adverse effect on us and our clients.

The various governmental agencies and self-regulatory authorities that regulate or supervise the Company and its subsidiaries have broad administrative powers. In the event of a failure to comply with laws, regulations, and requirements of these agencies and authorities, or to meet regulator expectations, the possible business process changes required or sanctions that may be imposed include the suspension of individual employees, limitations on our ability to engage in business for specified periods of time or a direction that we comply with certain restrictions, the revocation of applicable registration as a broker-dealer, investment advisor or other regulated entity, and, as the case may be, censures and fines. Currently, our subsidiary in the United Kingdom, SIEL, is working with the FCA to determine the nature and scope of remedial actions in which SIEL will engage in order to meet the FCA's expectations and to enable SIEL to continue to grow and execute on its development and offering of new products and solutions. Additionally, certain securities and banking laws applicable to us and our subsidiaries provide for certain private rights of action that could give rise to civil litigation. Any litigation could have significant financial and non-financial consequences including monetary judgments and the requirement to take action or limit activities that could ultimately affect our business.

Governmental scrutiny from regulators, legislative bodies, and law enforcement agencies with respect to matters relating to our regulated subsidiaries and their activities, services and solutions, our business practices, our past actions and other matters has increased dramatically in the past several years. Responding to these examinations, investigations, actions, and lawsuits, regardless of the ultimate outcome of the proceeding, is time consuming and expensive and can divert the time and effort of our senior management from our business. Penalties, fines and changes to business processes sought by regulatory authorities have increased substantially over the last several years, and certain regulators have been more likely in recent years to commence enforcement actions or to advance or support legislation targeted at the financial services industry. We continue to be subject to inquiries from examinations and investigations by supervisory and enforcement divisions of regulatory authorities and expect this to continue in the future. We believe this is also the case with many of our regulated clients. Governmental scrutiny and legal and enforcement proceedings can also have a negative impact on our reputation, our relationship with clients and prospective clients, and on the morale and performance of our employees, which could adversely affect our businesses and results of operations.

We are subject to U.S. and foreign anti-money laundering and financial transparency laws that require implementation of regulations applicable to financial services companies, including standards for verifying client identification and monitoring client transactions and detecting and reporting suspicious activities. We offer investment and banking solutions that also are subject to regulation by the federal and state securities and banking authorities, as well as foreign regulatory authorities, where applicable. Existing or future regulations that affect these solutions could lead to a reduction in sales of these solutions or require modifications of these solutions.

We must comply with economic sanctions and embargo programs administered by the Office of Foreign Assets Control (OFAC) and similar national and multinational bodies and governmental agencies outside the United States, as well as anti-corruption and anti-money laundering laws and regulations throughout the world. We can incur higher costs and face greater compliance risks in structuring and operating our businesses to comply with these requirements. Furthermore, a violation of a sanction or embargo program or anti-corruption or anti-money laundering laws and regulations could subject

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us and our subsidiaries, and individual employees, to regulatory enforcement actions as well as significant civil and criminal penalties.

Our businesses are also subject to privacy and data protection information security legal requirements concerning the use and protection of certain personal information. These include those adopted pursuant to the Gramm-Leach-Bliley Act and the Fair and Accurate Credit Transactions Act of 2003 in the United States, the General Data Protection Regulation (GDPR) in the EU, Canada’s Personal Information Protection and Electronic Documents Act, the Cayman Islands' Data Protection Law, and various other laws. Privacy and data security legislation is a priority issue in many states and localities in the United States, as well as foreign jurisdictions outside of the EU. For example, California enacted the California Consumer Privacy Act (CCPA) which broadly regulates the sale of the consumer information of California residents and grants California residents certain rights to, among other things, access and delete data about them in certain circumstances. Other states are considering similar proposals. Such attempts by the states to regulate have the potential to create a patchwork of differing and/or conflicting state regulations. Ensuring compliance under ever-evolving privacy legislation, such as GDPR and CCPA, is an ongoing commitment, which involves substantial costs.

Compliance with existing and future regulations and responding to and complying with recent increased regulatory activity affecting broker-dealers, investment advisors, investment companies, financial institutions, and their service providers could have a significant impact on us. We periodically undergo regulatory examinations and respond to regulatory inquiries and document requests. In addition, recent and continuing legislative activity in the United States and in other jurisdictions (including the European Union and the United Kingdom) have made and continue to make extensive changes to the laws regulating financial services firms. As a result of these examinations, inquiries, and requests, as a result of increased civil litigation activity, and as a result of these new laws and regulations, we engage legal counsel and other subject matter experts, review our compliance procedures, solution and service offerings, and business operations, and make changes as we deem necessary or as may be required by the applicable authority. These additional activities and required changes may result in increased expense or may reduce revenues.

Our bank clients are subject to supervision by federal, state, and foreign banking and financial services authorities concerning the manner in which such clients purchase and receive our products and services. Our plan sponsor clients and our subsidiaries providing services to those clients are subject to supervision by the Department of Labor and compliance with employee benefit regulations. Investment advisor and broker-dealer clients are regulated by the SEC, state securities authorities, or FINRA. Existing or future regulations applicable to our clients may affect our clients’ purchase of our products and services.

In addition, see the discussion of governmental regulations in Item 1A, Risk Factors for a description of the risks that the current regulatory regimes and proposed regulatory changes may present for our business. See also “Note 10. Commitments and Contingencies” included in our Notes to Consolidated Financial Statements for a more fulsome summary of our current regulatory matters with the FCA.