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Investment in Unconsolidated Affiliates
12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Affiliates Investment in Unconsolidated Affiliates
LSV Asset Management
The Company has an investment in the general partnership LSV Asset Management (LSV), a registered investment advisor that provides investment advisory services primarily to institutions, including pension plans and investment companies. LSV is currently an investment sub-advisor for a limited number of SEI-sponsored mutual funds. As of December 31, 2021, the Company's total partnership interest in LSV was approximately 38.7%. On April 1, 2021, LSV provided an interest in the partnership to select key employees which reduced the ownership percentage of each existing partner on a pro-rata basis. As a result, the Company's total partnership interest in LSV was reduced slightly to approximately 38.7% from approximately 38.8%.
The Company accounts for its interest in LSV using the equity method because of its less than 50% ownership. The Company’s interest in the net assets of LSV is reflected in Investment in unconsolidated affiliates on the accompanying Consolidated Balance Sheets and its interest in the earnings of LSV is reflected in Equity in earnings of unconsolidated affiliates on the accompanying Consolidated Statements of Operations.
At December 31, 2021, the Company’s total investment in LSV was $107,918. The Company’s proportionate share in the earnings of LSV was $137,572, $117,134 and $151,891 in 2021, 2020 and 2019, respectively. The Company receives partnership distributions related to the earnings of LSV on a quarterly basis. As such, the Company considers these distribution payments as returns on investment rather than returns of the Company's original investment in LSV and has therefore classified the associated cash inflows as an operating activity on the Consolidated Statements of Cash Flows. The Company received partnership distribution payments from LSV of $131,170, $125,534 and $148,936 in 2021, 2020 and 2019, respectively.
These tables contain condensed financial information of LSV:
Condensed Statement of Operations
Year ended December 31,
202120202019
Revenues$456,259 $391,648 $491,700 
Net income$354,964 $301,620 $390,533 
Condensed Balance Sheets
December 31,
20212020
Current assets$171,058 $151,515 
Non-current assets4,792 4,296 
Total assets$175,850 $155,811 
 
Current liabilities$82,858 $77,077 
Non-current liabilities3,863 4,620 
Partners’ capital89,129 74,114 
Total liabilities and partners’ capital$175,850 $155,811