RT Marc Shawn Brown (@MarcShawnBrown)🚨 LATEST: $SEI perps volume has increased by over 600% in the past month. https://t.co/BWP2KMliW4 ...

#SEI IS GAINING MOMENTUM INSIDE THE CHANNEL – IF BULLS PUSH HIGHER, A TEST OF RESISTANCE COULD TRIGGER A BIG MOVE!🚀 https://t.co/qKNMeDRdsV ...

昨天 @circle 公布了继 IPO 之后的首次财报，表现非常不错，财报超预期，美股 $CRCL 昨天也应声拉盘。提到 Circle 这里也说一下 $SEI ，很多人可能还不知道 Circle 目前最大的加密资产持仓其实是 $SEI ，这个在他们申报 IPO 的时候就已经披露过了。然后结合最近 Sei 链上的 $USDC 的锻造量一直在上升的信息，大概可以知道 Circle 和 Sei 之间有比较紧密的合作关系，目前 Sei 链上的 $USDC 流通量已经来到了 2.27 亿美金。杀破狼 WolfyXBT (@Wolfy_XBT):$SEI 最近的动作也比较多，自从上个月 $USDC 正式入驻 @SeiNetwork 之后，目前 Sei 链上已经累积发行超过 1 亿美金的 $USDC 。Sei 大概只用了 10 天的时间就在 $USDC 的供应量方面超过了 Algorand、Hedera、Polkadot 和 Tron 等公链，TVL 和链上日活地址的增长也很快。 https://t.co/QIk6XmRtYz ...

昨天 @circle 公布了继 IPO 之后的首次财报，表现非常不错，财报超预期，美股 $CRCL 昨天也应声拉盘。提到 Circle 这里也说一下 $SEI ，很多人可能还不知道 Circle 目前最大的加密资产持仓其实是 $SEI ，这个在他们申报 IPO 的时候就已经披露过了。然后结合最近 Sei 链上的 $USDC 的锻造量一直在上升的信息，大概可以知道 Circle 和 Sei 之间有比较紧密的合作关系，目前 Sei 链上的 $USDC 流通量已经来到了 2.27 亿美金。杀破狼 WolfyXBT (@Wolfy_XBT):$SEI 最近的动作也比较多，自从上个月 $USDC 正式入驻 @SeiNetwork 之后，目前 Sei 链上已经累积发行超过 1 亿美金的 $USDC 。Sei 大概只用了 10 天的时间就在 $USDC 的供应量方面超过了 Algorand、Hedera、Polkadot 和 Tron 等公链，TVL 和链上日活地址的增长也很快。 https://t.co/QIk6XmRtYz ...

RT Michaël van de Poppe (@CryptoMichNL)We've seen this massive bullish divergence on $SEI.That resulted in more than a 2X.Now, it's also shown on $OP.I discussed why $OP is an interesting protocol in our recent show on @new_era_finance.Watch it here:https://t.co/1sMG5ohF4O$ETH has just provided a giant upwards swing, which makes it very likely that we'll see more upside on the ecosystem as the money is likely going to go through the ecosystem as a rotation game. ...

Cryptocurrency Market Analysis - Bullish divergence on $SEI resulted in a price increase of over 100% (2X) [1] - $OP is highlighted as an interesting protocol, suggesting potential investment opportunities [1] - $ETH's upward swing indicates potential upside for the Ethereum ecosystem due to capital rotation [1]

Cryptocurrency Market Analysis - Bullish divergence on $SEI resulted in a price increase of over 100% (2X) [1] - $OP is highlighted as an interesting protocol [1] - $ETH's upward swing suggests potential upside for the Ethereum ecosystem due to capital rotation [1]

We've seen this massive bullish divergence on $SEI.That resulted in more than a 2X.Now, it's also shown on $OP.I discussed why $OP is an interesting protocol in our recent show on @new_era_finance.Watch it here:https://t.co/1sMG5ohF4O$ETH has just provided a giant upwards swing, which makes it very likely that we'll see more upside on the ecosystem as the money is likely going to go through the ecosystem as a rotation game. ...

Group 1 - The core viewpoint of the article emphasizes the importance of the "five major financial themes" in China's financial sector, including technology finance, green finance, inclusive finance, pension finance, and digital finance, as outlined in the Central Financial Work Conference held at the end of October 2023 [1] - The article discusses the ongoing transformation of wealth management in China, particularly the integration of inclusive finance, digital finance, and technology finance, which presents new opportunities and challenges [1][2] - The article highlights the need for a shift from a "sales-driven" to a "service-driven" approach in wealth management, as evidenced by the increasing asset management scale of public funds and the emergence of the "investor advisory" model [1][2] Group 2 - The TAMP (Turnkey Asset Management Platform) model is introduced as a key component of wealth management, having matured over 30 years in the U.S., focusing on providing services to registered investment advisors (RIAs) and family offices [3][5] - The article outlines the general business state of TAMP, which consolidates various services into a single platform, allowing clients to choose the services they need and pay based on asset size or subscription [5][6] - The U.S. TAMP model is characterized by diverse revenue sources, including advisory fees, commission income, and asset-based income, with LPL Financial being a prominent example of a TAMP provider [7][12] Group 3 - The article compares the U.S. TAMP model with the nascent TAMP development in China, noting that while the conditions for TAMP have begun to emerge in China, the model is still in the exploratory phase [22][23] - It discusses the challenges faced by Chinese securities firms in developing TAMP services, including regulatory uncertainties and the need for effective resource integration [23][24] - The article emphasizes the role of financial technology and AI in accelerating the development of TAMP in China, suggesting that these technologies can enhance client service and operational efficiency [26][27] Group 4 - The article outlines the potential for securities firms in China to develop TAMP platforms, with larger firms focusing on comprehensive service offerings while smaller firms may partner with third-party platforms [27][28] - It highlights the importance of a clear regulatory framework and mature advisory ecosystem for the successful implementation of TAMP in China, indicating that the current environment is still evolving [29][30] - The article concludes with a call for institutions to clarify their service needs in the advisory business to effectively support the development of TAMP services [29]

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements.) This section presents the unaudited consolidated financial statements for the three and six months ended June 30, 2025 and 2024, highlighting a 7.8% year-over-year increase in total revenues to $1.11 billion and a 40% increase in net income to $378.6 million, significantly boosted by a $94.4 million gain on the sale of a business Consolidated Statement of Operations Highlights (Six Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenues** | $1,110,945 | $1,030,565 | +7.8% | | **Income from Operations** | $305,732 | $262,365 | +16.5% | | **Gain on sale of business** | $94,412 | $0 | N/A | | **Net Income** | $378,600 | $270,520 | +40.0% | | **Diluted EPS** | $2.95 | $2.04 | +44.6% | Consolidated Balance Sheet Highlights | Metric | June 30, 2025 (in thousands) | Dec 31, 2024 (in thousands) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | $2,626,266 | $2,684,606 | -2.2% | | **Cash and cash equivalents** | $746,349 | $840,193 | -11.2% | | **Total Liabilities** | $287,827 | $432,494 | -33.5% | | **Total Shareholders' Equity** | $2,338,439 | $2,252,112 | +3.8% | Consolidated Cash Flow Highlights (Six Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $243,005 | $227,030 | | **Net cash provided by/(used in) investing activities** | $65,268 | $(61,082) | | **Net cash used in financing activities** | $(419,220) | $(229,687) | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of accounting policies and breakdowns of financial statement items, including revenue recognition, equity method investments, segment performance, a business divestiture, and subsequent strategic investment agreements - The company operates through three main platforms: Investment processing, Investment operations, and Investment management, which form the basis of its revenue streams[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - The company's **38.5% interest in LSV Asset Management** contributed **$62.4 million** to earnings in the first six months of 2025, a decrease from **$65.9 million** in the prior year period[45](index=45&type=chunk)[47](index=47&type=chunk) - On June 30, 2025, the company completed the sale of its Family Office Services business to Aquiline Capital Partners, recognizing a gain of **$94.4 million**[132](index=132&type=chunk) - Subsequent to the quarter end, on July 17, 2025, the company entered into a definitive agreement to acquire a **57.5% equity stake in Stratos Wealth Holdings** for approximately **$527 million**[133](index=133&type=chunk) Segment Profit (Six Months Ended June 30, 2025) | Segment | Revenue (in thousands) | Segment Profit (in thousands) | | :--- | :--- | :--- | | **Investment Managers** | $387,115 | $148,268 | | **Private Banks** | $279,163 | $45,690 | | **Investment Advisors** | $273,769 | $125,513 | | **Institutional Investors** | $137,849 | $66,122 | | **Investments in New Businesses** | $33,049 | $(3,877) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management attributes the 8% revenue growth for the first half of 2025 to higher assets under administration in the Investment Managers segment, market appreciation, and positive cash flows in the Investment Advisors segment, with net income growth significantly impacted by a $94.4 million gain from a business sale [Overview](index=37&type=section&id=Overview) Consolidated revenues for the first six months of 2025 increased by 8% year-over-year, driven by growth in asset management and administration fees, while net income rose 40% largely due to a one-time gain of $94.4 million from a business divestiture - The sale of the Family Office Services business on June 30, 2025, resulted in a net gain of **$94.4 million**, contributing **$0.58** to diluted earnings per share[138](index=138&type=chunk) - Revenue from Asset management, administration and distribution fees increased due to higher assets under administration in the Investment Managers segment (average AUA up **12% to $1.1 trillion**) and market appreciation in the Investment Advisors segment[138](index=138&type=chunk) - Earnings from the company's affiliate, LSV, decreased to **$62.4 million** in the first half of 2025 from **$65.9 million** in the prior year, attributed to client losses and negative cash flows[139](index=139&type=chunk) - The company repurchased **4.7 million shares** of its common stock for **$373.6 million** in the first six months of 2025[139](index=139&type=chunk) [Business Segments Analysis](index=43&type=section&id=Business%20Segments) The analysis details the performance of SEI's five business segments, showing revenue increases in Investment Managers, Private Banks, and Investment Advisors, a decline in Institutional Investors, and growth in Investments in New Businesses Segment Performance (Six Months Ended June 30) | Segment | 2025 Revenue (in thousands) | YoY Revenue Change | 2025 Operating Profit (in thousands) | YoY Profit Change | | :--- | :--- | :--- | :--- | :--- | | **Investment Managers** | $387,115 | +10% | $148,268 | +13% | | **Private Banks** | $279,163 | +6% | $45,690 | +21% | | **Investment Advisors** | $273,769 | +13% | $125,513 | +17% | | **Institutional Investors** | $137,849 | -4% | $66,122 | +2% | | **Investments in New Businesses** | $33,049 | +14% | $(3,877) | N/A | - The Investment Advisors segment's revenue growth was significantly impacted by a **$21.8 million** increase in fees from the SEI Integrated Cash Program[157](index=157&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with $746.3 million in cash and cash equivalents and a $325 million credit facility, with operating cash flows increasing to $243.0 million, while financing activities were dominated by $383.3 million in stock repurchases and $123.3 million in dividend payments - As of July 10, 2025, the company had **$320.1 million** available for corporate purposes under its credit facility[177](index=177&type=chunk) - Cash flows from operations increased by **$16.0 million** year-over-year for the six-month period, driven by higher net income[181](index=181&type=chunk) Key Uses of Cash in Financing Activities (Six Months Ended June 30, 2025) | Activity | Amount (in thousands) | | :--- | :--- | | **Repurchase of common stock** | $(383,304) | | **Dividend payments** | $(123,297) | | **Proceeds from issuance of common stock** | $87,381 | [Quantitative and Qualitative Disclosures About Market Risk](index=54&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) This section states that there have been no material changes to the market risk information previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - The company confirms no material changes to its market risk disclosures from the 2024 Form 10-K[200](index=200&type=chunk)[201](index=201&type=chunk) [Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures are effective[202](index=202&type=chunk) - There were no material changes in internal control over financial reporting during the quarter ended June 30, 2025[203](index=203&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=57&type=section&id=Item%201.%20Legal%20Proceedings.) The company states that it is party to various legal proceedings and investigations that arise in the ordinary course of business, but it does not believe the outcome of these matters will have a material adverse effect - The company does not believe that the outcome of any ongoing legal proceedings will have a material adverse effect on its financial position. For specific details, the report refers to Note 11[205](index=205&type=chunk) [Risk Factors](index=57&type=section&id=Item%201A.%20Risk%20Factors.) The company reports that there have been no material changes in its risk factors from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes to the risk factors previously disclosed in the 2024 Annual Report on Form 10-K[206](index=206&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=57&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) This section details the company's common stock repurchases during the second quarter of 2025, totaling 2,162,000 shares at an average price of $83.18 per share, with approximately $296 million remaining available for future repurchases Common Stock Repurchases (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 351,000 | $71.28 | | May 2025 | 735,000 | $84.63 | | June 2025 | 1,076,000 | $86.06 | | **Total** | **2,162,000** | **$83.18** | - As of June 30, 2025, approximately **$296 million** remained authorized for future stock repurchases[207](index=207&type=chunk) [Other Information](index=57&type=section&id=Item%205.%20Other%20Information) The company reports that none of its officers or directors adopted or terminated any Rule 10b5-1 trading plans or other non-Rule 10b5-1 trading arrangements during the three months ended June 30, 2025 - No officers or directors adopted or terminated Rule 10b5-1 trading plans during the second quarter of 2025[208](index=208&type=chunk) [Exhibits](index=58&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed as part of the Form 10-Q, which include certifications from the Principal Executive Officer and Principal Financial Officer, Section 1350 certifications, and various XBRL data files - The exhibits filed with this report include CEO and CFO certifications and XBRL interactive data files[209](index=209&type=chunk)[210](index=210&type=chunk)