v3.26.3
Business Segment Information
 9 Months Ended
Sep. 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 nine months ended September 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 September 30, 2026 and 2025:
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
In New
Businesses		Total
For the Three Months Ended September 30, 2026
Total revenue$235,817 $160,439 $185,378 $70,638 $9,771 $662,043 
Less:
Operations & services98,035 57,945 49,326 20,966 3,004 229,276 
Sales, marketing & client service10,993 11,736 24,382 9,014 2,261 58,386 
Technology services & infrastructure14,156 31,418 9,541 1,458 1,223 57,796 
Strategic initiatives & new business development12,292 20,815 21,016 3,838 3,180 61,141 
Other segment expenses (1)
8,086 6,361 3,413 2,525 920 21,305 
Total segment expenses143,562 128,275 107,678 37,801 10,588 427,904 
Non-controlling interest & other, net— — 2,034 — — 2,034 
Segment profit (loss)$92,255 $32,164 $75,666 $32,837 $(817)$232,105 
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
In New
Businesses		Total
For the Three Months Ended September 30, 2025
Total revenue$207,050 $143,994 $147,465 $71,826 $8,176 $578,511 
Less:
Operations & services89,335 54,044 46,211 21,010 1,810 212,410 
Sales, marketing & client service11,240 10,723 8,819 9,820 3,844 44,446 
Technology services & infrastructure12,887 28,809 9,074 1,678 1,603 54,051 
Strategic initiatives & new business development8,316 21,305 13,389 4,168 3,471 50,649 
Other segment expenses (1)
4,156 5,882 1,635 1,392 1,135 14,200 
Total segment expenses125,934 120,763 79,128 38,068 11,863 375,756 
Segment profit (loss)$81,116 $23,231 $68,337 $33,758 $(3,687)$202,755 
(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 September 30, 2026 and 2025 is as follows:
Three Months Ended September 30,
20262025
Total segment profit$232,105 $202,755 
Corporate overhead expenses(36,140)(42,794)
Segment reclassification (2)
2,034 — 
Income from operations$197,999 $159,961 
(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 September 30, 2026 and 2025 pertaining to the business segments:
AmortizationDepreciation
2026202520262025
Investment Managers$1,700 $1,301 $1,764 $1,788 
Private Banks5,634 5,427 2,645 2,681 
Investment Advisors9,871 2,473 1,689 1,889 
Institutional Investors1,953 1,956 420 474 
Investments in New Businesses416 416 109 122 
Total from business segments$19,574 $11,573 $6,627 $6,954 
Corporate overhead110 339 492 531 
$19,684 $11,912 $7,119 $7,485 
The following tables highlight certain financial information about each of business segment for the nine months ended September 30, 2026 and 2025:
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
In New
Businesses		Total
For the Nine Months Ended September 30, 2026
Total revenue$684,213 $469,580 $532,970 $211,856 $27,224 $1,925,843 
Less:
Operations & services289,544 169,647 147,613 63,286 7,559 677,649 
Sales, marketing & client service33,821 35,048 63,098 26,860 7,200 166,027 
Technology services & infrastructure41,154 91,556 27,193 4,602 3,849 168,354 
Strategic initiatives & new business development34,110 60,882 59,783 11,118 8,919 174,812 
Other segment expenses (3)
14,850 16,393 8,214 5,898 2,293 47,648 
Total segment expenses413,479 373,526 305,901 111,764 29,820 1,234,490 
Non-controlling interest & other, net— — 4,732 — — 4,732 
Segment profit (loss)$270,734 $96,054 $222,337 $100,092 $(2,596)$686,621 
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
In New
Businesses		Total
For the Nine Months Ended September 30, 2025
Total revenue$594,165 $423,157 $421,234 $209,675 $41,225 $1,689,456 
Less:
Operations & services263,945 157,576 130,048 62,401 12,408 626,378 
Sales, marketing & client service31,573 29,756 28,251 29,574 13,569 132,723 
Technology services & infrastructure39,407 85,412 26,849 4,810 4,473 160,951 
Strategic initiatives & new business development20,987 65,185 37,191 8,994 13,993 146,350 
Other segment expenses (3)
8,869 16,307 5,045 4,016 4,346 38,583 
Total segment expenses364,781 354,236 227,384 109,795 48,789 1,104,985 
Segment profit (loss)$229,384 $68,921 $193,850 $99,880 $(7,564)$584,471 
(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 nine months ended September 30, 2026 and 2025 is as follows:
20262025
Total segment profit$686,621 $584,471 
Corporate overhead expenses (106,852)(118,778)
Segment reclassification (4)
4,732 — 
Income from operations$584,501 $465,693 
(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 nine months ended September 30, 2026 and 2025:
AmortizationDepreciation
2026202520262025
Investment Managers$5,109 $1,704 $5,372 $3,582 
Private Banks16,943 16,046 7,870 7,634 
Investment Advisors27,737 7,342 5,128 5,914 
Institutional Investors5,859 5,775 1,339 1,287 
Investments in New Businesses1,247 1,707 340 411 
Total from business segments$56,895 $32,574 $20,049 $18,828 
Corporate Overhead280 497 1,397 4,249 
$57,175 $33,071 $21,446 $23,077