v3.26.1
Business Segment Information
 3 Months Ended
Mar. 31, 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 months ended March 31, 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 March 31, 2026 and 2025:
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
In New
Businesses		Total
 For the Three Months Ended March 31, 2026
Total revenue$220,717 $152,262 $169,695 $71,516 $7,993 $622,183 
Less:
Operations & services94,866 54,588 47,453 21,573 2,040 220,520 
Sales, marketing & client service11,465 10,824 18,308 8,455 2,342 51,394 
Technology services & infrastructure13,419 29,594 8,824 1,583 1,292 54,712 
Strategic initiatives & new business development10,479 19,680 18,958 3,611 2,772 55,500 
Other segment expenses (1)
3,610 5,345 2,814 1,915 747 14,431 
Total segment expenses133,839 120,031 96,357 37,137 9,193 396,557 
Non-controlling interest & other, net— — 1,337 — — 1,337 
Segment profit (loss)$86,878 $32,231 $72,001 $34,379 $(1,200)$224,289 
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
In New
Businesses		Total
 For the Three Months Ended March 31, 2025
Total revenue$192,048 $137,714 $136,576 $68,506 $16,500 $551,344 
Less:
Operations & services86,239 50,286 41,038 20,673 4,961 203,197 
Sales, marketing & client service9,832 8,910 9,195 9,656 4,927 42,520 
Technology services & infrastructure12,752 28,335 8,866 1,549 1,368 52,870 
Strategic initiatives & new business development6,387 22,379 11,708 2,559 5,698 48,731 
Other segment expenses (1)
2,001 4,839 1,648 1,433 1,542 11,463 
Total segment expenses117,211 114,749 72,455 35,870 18,496 358,781 
Segment profit (loss)$74,837 $22,965 $64,121 $32,636 $(1,996)$192,563 
(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 March 31, 2026 and 2025 is as follows:
Three Months Ended March 31,
20262025
Total segment profit$224,289 $192,563 
Corporate overhead expenses(36,140)(35,466)
Segment reclassification (2)
1,337 — 
Income from operations$189,486 $157,097 
(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, 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 March 31, 2026 and 2025 pertaining to the business segments:
 AmortizationDepreciation
 2026202520262025
Investment Managers$1,711 $202 $1,813 $62 
Private Banks5,645 5,275 2,638 2,259 
Investment Advisors8,541 2,419 1,771 2,025 
Institutional Investors1,956 1,875 464 319 
Investments in New Businesses416 875 117 78 
Total from business segments$18,269 $10,646 $6,803 $4,743 
Corporate overhead85 64 453 3,184 
$18,354 $10,710 $7,256 $7,927