v3.26.1
Business Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Company's business segments are generally organized around its target markets. The Company’s reportable business segments are:
Investment Managers – Provides an outsourced investment management operating platform to alternative and traditional asset managers, fund companies, and sovereign wealth funds;
Private Banks – Provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers, and financial advisors worldwide;
Investment Advisors – Provides investment management and investment processing platforms to affluent investors through a network of independent registered investment advisors, financial planners, and other investment professionals in the United States;
Institutional Investors – Provides Outsourced Chief Investment Officer solutions, including investment management and administrative outsourcing platforms to retirement plan sponsors, healthcare systems, higher education and other not-for-profit organizations worldwide; and
Investments in New Businesses – Focuses on providing investment management solutions to ultra-high-net-worth families residing in the United States; hosted technology services to family offices and financial institutions; developing network and data protection services; entering new markets; and conducting other research and development activities.
The Company's CODM is the chief executive officer who uses the reported measures of each business segment's profit or loss to allocate resources and assess performance by comparing historical, actual and forecasted amounts. The Company's CODM does not evaluate business segments using asset or capital expenditure information.
There are no inter-segment revenues for the three and six months ended June 30, 2026 and 2025. The accounting policies of the reportable business segments are the same as those described in Note 1 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
The following tables highlight certain financial information about each of the business segments for the three months ended June 30, 2026 and 2025:
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
In New
Businesses		Total
 For the Three Months Ended June 30, 2026
Total revenue$227,679 $156,879 $177,897 $69,702 $9,460 $641,617 
Less:
Operations & services96,643 57,113 50,833 20,747 2,515 227,851 
Sales, marketing & client service11,363 12,488 20,409 9,391 2,597 56,248 
Technology services & infrastructure13,578 30,544 8,828 1,561 1,333 55,844 
Strategic initiatives & new business development11,339 20,387 19,809 3,668 2,966 58,169 
Other segment expenses (1)
3,155 4,688 1,987 1,459 628 11,917 
Total segment expenses136,078 125,220 101,866 36,826 10,039 410,029 
Non-controlling interest & other, net— — 1,361 — — 1,361 
Segment profit (loss)$91,601 $31,659 $74,670 $32,876 $(579)$230,227 
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
In New
Businesses		Total
 For the Three Months Ended June 30, 2025
Total revenue$195,067 $141,449 $137,193 $69,343 $16,549 $559,601 
Less:
Operations & services88,371 53,245 42,799 20,718 5,637 210,770 
Sales, marketing & client service10,501 10,122 10,237 10,099 4,797 45,756 
Technology services & infrastructure13,768 28,268 8,908 1,584 1,502 54,030 
Strategic initiatives & new business development6,283 21,500 12,094 2,268 4,824 46,969 
Other segment expenses (1)
2,713 5,589 1,763 1,188 1,670 12,923 
Total segment expenses121,636 118,724 75,801 35,857 18,430 370,448 
Segment profit (loss)$73,431 $22,725 $61,392 $33,486 $(1,881)$189,153 
(1) Other segment expenses for each reportable segment includes professional services, occupancy and certain overhead expenses.
A reconciliation of the total segment profit to income from operations on the Consolidated Statements of Operations for the three months ended June 30, 2026 and 2025 is as follows:
Three Months Ended June 30,
20262025
Total segment profit$230,227 $189,153 
Corporate overhead expenses(34,572)(40,518)
Segment reclassification (2)
1,361 — 
Income from operations$197,016 $148,635 
(2) Primarily includes non-controlling interest and earnings from equity method investments.
Other income and expense items to reconcile income from operations to income before income taxes on the Consolidated Statements of Operations include net gain from investments, interest and dividend income, interest expense, gain on sale of business, other income, the Company's portion of the earnings of LSV included in equity in earnings of unconsolidated affiliates and net gain from consolidated variable interest entities. These items are not allocated to the Company's segments.
The following tables provide additional information for the three months ended June 30, 2026 and 2025 pertaining to the business segments:
 AmortizationDepreciation
 2026202520262025
Investment Managers$1,698 $201 $1,795 $1,732 
Private Banks5,664 5,344 2,587 2,694 
Investment Advisors9,325 2,450 1,668 2,000 
Institutional Investors1,950 1,944 455 494 
Investments in New Businesses415 416 114 211 
Total from business segments$19,052 $10,355 $6,619 $7,131 
Corporate overhead85 94 452 534 
$19,137 $10,449 $7,071 $7,665 
The following tables highlight certain financial information about each of business segment for the six months ended June 30, 2026 and 2025:
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
In New
Businesses		Total
 For the Six Months Ended June 30, 2026
Total revenue$448,396 $309,141 $347,592 $141,218 $17,453 $1,263,800 
Less:
Operations & services191,509 111,701 98,287 42,320 4,555 448,372 
Sales, marketing & client service22,828 23,312 38,717 17,846 4,939 107,642 
Technology services & infrastructure26,997 60,138 17,652 3,144 2,626 110,557 
Strategic initiatives & new business development21,818 40,067 38,767 7,279 5,738 113,669 
Other segment expenses (3)
6,765 10,033 4,800 3,374 1,374 26,346 
Total segment expenses269,917 245,251 198,223 73,963 19,232 806,586 
Non-controlling interest & other, net— — 2,698 — — 2,698 
Segment profit (loss)$178,479 $63,890 $146,671 $67,255 $(1,779)$454,516 
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
In New
Businesses		Total
 For the Six Months Ended June 30, 2025
Total revenue$387,115 $279,163 $273,769 $137,849 $33,049 $1,110,945 
Less:
Operations & services174,610 103,531 83,837 41,391 10,598 413,967 
Sales, marketing & client service20,333 19,032 19,432 19,755 9,725 88,277 
Technology services & infrastructure26,520 56,603 17,775 3,132 2,870 106,900 
Strategic initiatives & new business development12,671 43,880 23,802 4,827 10,522 95,702 
Other segment expenses (3)
4,713 10,427 3,410 2,622 3,211 24,383 
Total segment expenses238,847 233,473 148,256 71,727 36,926 729,229 
Segment profit (loss)$148,268 $45,690 $125,513 $66,122 $(3,877)$381,716 
(3) Other segment expenses for each reportable segment includes professional services, occupancy and certain overhead expenses.
A reconciliation of the total segment profit to income from operations in the Consolidated Statements of Operations for the six months ended June 30, 2026 and 2025 is as follows:
20262025
Total segment profit$454,516 $381,716 
Corporate overhead expenses (70,712)(75,984)
Segment reclassification (4)
2,698 — 
Income from operations$386,502 $305,732 
(4) Primarily includes non-controlling interest and earnings from equity method investments.
Other income and expense items to reconcile income from operations to income before income taxes on the Consolidated Statements of Operations include net gain from investments, interest and dividend income, interest expense, gain on sale of business, other income, the Company's portion of the earnings of LSV included in equity in earnings of unconsolidated affiliates and net gain from consolidated variable interest entities. These items are not allocated to the Company's segments.
The following tables provide additional information for the six months ended June 30, 2026 and 2025:
 AmortizationDepreciation
 2026202520262025
Investment Managers$3,409 $403 $3,608 $1,794 
Private Banks11,309 10,619 5,225 4,953 
Investment Advisors17,866 4,869 3,439 4,025 
Institutional Investors3,906 3,819 919 813 
Investments in New Businesses831 1,291 231 289 
Total from business segments$37,321 $21,001 $13,422 $11,874 
Corporate Overhead170 158 905 3,718 
$37,491 $21,159 $14,327 $15,592