Investment In Unconsolidated Affiliate

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Affiliate

LSV Asset Management

The Company has an investment in 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 investment products. The Company's partnership interest in LSV as of June 30, 2023 was 38.6%. 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 affiliate on the accompanying Consolidated Balance Sheets and its interest in the earnings of LSV is reflected in Equity in earnings of unconsolidated affiliate on the accompanying Consolidated Statements of Operations.

At June 30, 2023, the Company’s total investment in LSV was $54,318. The Company receives partnership distributions from LSV on a quarterly basis. The Company received partnership distributions from LSV of $61,452 and $69,824 in the six months ended June 30, 2023 and 2022, respectively. 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’s proportionate share in the earnings of LSV was $32,711 and $29,813 during the three months ended June 30, 2023 and 2022, respectively. During the six months ended June 30, 2023 and 2022, the Company's proportionate share in the earnings of LSV was $61,590 and $62,272, respectively.

These tables contain condensed financial information of LSV:


Condensed Statement of Operations	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues	$	108,836	$	99,814	$	207,028	$	208,264
Net income	84,779		77,193		159,553		160,984


Condensed Balance Sheets	June 30, 2023		December 31, 2022
Current assets	$	130,951	$	158,326
Non-current assets	6,972		6,019
Total assets	$	137,923	$	164,345

Current liabilities	$	50,950	$	77,306
Non-current liabilities	2,625		3,050
Partners’ capital	84,348		83,989
Total liabilities and partners’ capital	$	137,923	$	164,345