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Business Segment Information
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Company’s reportable business segments are:
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 OCIO solutions, including investment management and administrative outsourcing platforms to retirement plan sponsors, healthcare systems, higher education and other not-for-profit organizations worldwide;
Investment Managers – Provides investment operations outsourcing platforms to fund companies, banking institutions, traditional and non-traditional investment managers worldwide and family offices in the United States; and
Investments in New Businesses – Focuses on providing investment management solutions to ultra-high-net-worth families residing in the United States; developing network and data protection services; modularizing larger technology platforms into stand-alone components; entering new markets; and conducting other research and development activities.
The information in the following tables is derived from internal financial reporting used for corporate management purposes. There are no inter-segment revenues for the three and six months ended June 30, 2021 and 2020. Management evaluates Company assets on a consolidated basis during interim periods. 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, 2020.
The following tables highlight certain financial information about each of the business segments for the three months ended June 30, 2021 and 2020:
Private
Banks
Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Three Months Ended June 30, 2021
Revenues$123,676 $119,396 $85,699 $142,808 $4,072 $475,651 
Expenses117,654 59,133 41,895 84,995 13,631 317,308 
Operating profit (loss)$6,022 $60,263 $43,804 $57,813 $(9,559)$158,343 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Three Months Ended June 30, 2020
Revenues$107,726 $93,708 $76,523 $119,340 $3,349 $400,646 
Expenses107,723 50,149 36,937 74,668 13,466 282,943 
Operating profit (loss)$3 $43,559 $39,586 $44,672 $(10,117)$117,703 
A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the three months ended June 30, 2021 and 2020 is as follows:
20212020
Total operating profit from segments$158,343 $117,703 
Corporate overhead expenses(22,322)(17,391)
Income from operations$136,021 $100,312 
The following tables provide additional information for the three months ended June 30, 2021 and 2020 pertaining to the business segments:
 Capital Expenditures (1)Depreciation
 2021202020212020
Private Banks$8,594 $6,634 $4,178 $3,965 
Investment Advisors3,580 3,803 1,417 1,172 
Institutional Investors884 1,029 353 301 
Investment Managers3,373 7,259 2,027 1,869 
Investments in New Businesses313 332 100 76 
Total from business segments$16,744 $19,057 $8,075 $7,383 
Corporate overhead418 798 349 257 
$17,162 $19,855 $8,424 $7,640 
(1) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20212020
Private Banks$8,633 $7,464 
Investment Advisors2,909 2,664 
Institutional Investors427 427 
Investment Managers2,444 2,342 
Investments in New Businesses185 185 
Total from business segments$14,598 $13,082 
Corporate overhead125 58 
$14,723 $13,140 
The following tables highlight certain financial information about each of business segment for the six months ended June 30, 2021 and 2020:
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Six Months Ended June 30, 2021
Revenues$241,284 $232,690 $170,198 $279,227 $7,938 $931,337 
Expenses228,378 114,160 81,053 168,015 27,035 618,641 
Operating profit (loss)$12,906 $118,530 $89,145 $111,212 $(19,097)$312,696 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Six Months Ended June 30, 2020
Revenues$220,947 $196,029 $155,726 $235,969 $6,737 $815,408 
Expenses218,376 102,581 75,204 148,957 24,376 569,494 
Operating profit (loss)$2,571 $93,448 $80,522 $87,012 $(17,639)$245,914 
A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the six months ended June 30, 2021 and 2020:
20212020
Total operating profit from segments$312,696 $245,914 
Corporate overhead expenses(43,838)(35,374)
Income from operations$268,858 $210,540 
The following tables provide additional information for the six months ended June 30, 2021 and 2020:
 Capital Expenditures (1)Depreciation
 2021202020212020
Private Banks$14,423 $16,559 $8,310 $7,847 
Investment Advisors5,888 9,193 2,706 2,323 
Institutional Investors1,395 2,387 711 603 
Investment Managers5,004 16,291 4,080 3,681 
Investments in New Businesses452 750 246 146 
Total from business segments$27,162 $45,180 $16,053 $14,600 
Corporate Overhead578 1,795 680 513 
$27,740 $46,975 $16,733 $15,113 
 Amortization
 20212020
Private Banks$17,209 $14,885 
Investment Advisors5,536 5,316 
Institutional Investors853 854 
Investment Managers4,924 4,677 
Investments in New Businesses370 370 
Total from business segments$28,892 $26,102 
Corporate Overhead183 115 
$29,075 $26,217