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Business Segment Information
 12 Months Ended
Dec. 31, 2024
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 information.
During the first quarter 2024 and made effective January 1, 2024, the Company made a determination to reorganize some of its business segments based on how its current CODM manages its businesses. As a result, one of the Company's client relationships formerly reported in the Private Banks segment will be reported in the Investment Managers segment and the Company’s family office services business, formerly reported in the Investment Managers segment, will be reported in the Investments in New Businesses segment. The business segment financial presentation was reclassified in 2024 to conform to this reorganization. Prior year amounts have been reclassified to conform to current year presentation.
In 2024, 2023 and 2022, no single customer accounted for more than 10% of revenues in any business segment.
The following tables highlight certain financial information about each of the Company’s business segments for the years ended December 31, 2024, 2023 and 2022:
Investment
Managers
Private
Banks
Investment
Advisors		Institutional
Investors		Investments
in New
Businesses		Total
For the Year Ended December 31, 2024
Total revenue$728,390 $541,414 $509,408 $285,723 $60,216 $2,125,151 
Less:
Operations & services324,602 200,250 162,396 85,807 19,454 792,509 
Sales, marketing & client service40,143 41,463 31,872 41,612 19,408 174,498 
Technology services & infrastructure43,293 110,154 33,812 5,998 5,531 198,788 
Strategic initiatives & new business development33,804 85,662 48,526 14,241 23,427 205,660 
Other segment expenses (1)11,243 22,846 6,296 7,043 6,879 54,307 
Segment profit (loss)$275,305 $81,039 $226,506 $131,022 $(14,483)$699,389 
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
in New
Businesses		Total
For the Year Ended December 31, 2023
Total revenue$645,254 $496,317 $436,298 $289,708 $52,216 $1,919,793 
Less:
Operations & services289,348 200,946 145,094 87,778 17,553 740,719 
Sales, marketing & client service35,914 37,271 28,547 52,056 17,171 170,959 
Technology services & infrastructure42,001 105,698 31,246 5,284 5,307 189,536 
Strategic initiatives & new business development42,811 86,888 49,657 14,567 27,227 221,150 
Other segment expenses (1)9,122 17,687 4,598 5,770 3,487 40,664 
Segment profit (loss)$226,058 $47,827 $177,156 $124,253 $(18,529)$556,765 
Investment
Managers		Private
Banks		Investment
Advisors		Institutional
Investors		Investments
in New
Businesses		Total
For the Year Ended December 31, 2022
Total revenue$599,661 $570,010 $447,766 $323,353 $50,247 $1,991,037 
Less:
Operations & services270,129 201,113 137,979 95,860 16,629 721,710 
Sales, marketing & client service39,116 49,449 26,774 50,849 22,146 188,334 
Technology services & infrastructure37,867 102,839 28,247 5,197 5,754 179,904 
Strategic initiatives & new business development27,842 96,484 54,605 15,207 22,013 216,151 
Other segment expenses (1)7,011 17,936 4,045 5,139 6,890 41,021 
Segment profit (loss)$217,696 $102,189 $196,116 $151,101 $(23,185)$643,917 
(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 years ended December 31, 2024, 2023 and 2022 is as follows:
Year Ended December 31,202420232022
Total segment profit$699,389 $556,765 $643,917 
Corporate overhead expenses (2)
(147,648)(132,241)(168,164)
Income from operations551,741 424,524 475,753 
(2) Corporate overhead expenses in 2022 include the total costs of the Voluntary Separation Program (See Note 14).
Other income and expense items to reconcile income from operations to income before income taxes on the Consolidated Statements of Operations include net gain (loss) from investments, interest and dividend income, interest expense, other income and equity in the earnings of unconsolidated affiliates. These items are not allocated to the Company's segments.
The following tables provide additional information for the years ended December 31, 2024, 2023 and 2022 pertaining to the Company's business segments:
 Capital Expenditures (3)Depreciation
Year Ended December 31,202420232022202420232022
Investment Managers$25,115 $26,603 $20,931 $6,527 $8,327 $7,807 
Private Banks18,118 19,331 32,454 11,129 21,887 21,237 
Investment Advisors8,332 9,329 13,027 8,754 2,040 1,933 
Institutional Investors2,895 1,639 3,884 2,411 1,207 1,142 
Investments in New Businesses878 857 824 712 971 825 
Total from business segments$55,338 $57,759 $71,120 $29,533 $34,432 $32,944 
Corporate Overhead1,228 1,384 1,714 3,825 868 713 
$56,566 $59,143 $72,834 $33,358 $35,300 $33,657 
(3) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
Year Ended December 31,202420232022
Investment Managers$362 $771 $6,400 
Private Banks20,514 19,094 25,886 
Investment Advisors8,540 7,620 9,905 
Institutional Investors7,576 7,324 8,166 
Investments in New Businesses4,556 3,579 3,660 
Total from business segments$41,548 $38,388 $54,017 
Corporate Overhead321 281 263 
$41,869 $38,669 $54,280 
The following table presents revenues based on the location of the use of the products or services:
For the Year Ended December 31,202420232022
United States$1,816,650 $1,640,109 $1,623,022 
International operations308,501 279,684 368,015 
$2,125,151 $1,919,793 $1,991,037 
The following table presents assets based on their location:
20242023
United States$2,223,489 $2,041,083 
International operations461,117 478,920 
$2,684,606 $2,520,003