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A Challenging Year

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A Challenging Year SEI 2008 ANNUAL REPORT A Challenging Year Although revenues and earnings per share declined significantly, we were profitable, generated positive cash flow, repurchased company stock, and continued to invest in key growth strategies. SEI is a leading global provider of asset management, investment processing, and investment operations solutions. We help banks, investment advisors, institutional investors, investment managers, and ultra-high-net-worth investors create and manage wealth — and enable their long-term success — by providing comprehensive, innovative, investment and investment business solutions. CONTENTS FORWarD-LOOKING STATEMENTS Financial Highlights . 1 This report contains statements that constitute forward-looking statements as defined under U.S. federal securities laws. These statements include Letter to Shareholders . 2 discussions about future strategies, operations, and financial results. These Annual Report on Form 10-K . 7 statements are based upon estimates and assumptions that involve risk and uncertainties and may not prove to be accurate. Future revenues and income ADDITIONAL INFORMATION could differ materially from expected results. You should refer to the 2008 SEI’s Internet site, www.seic.com, offers additional information about the Annual Report on Form 10-K, included herein, for a description of various company, including earnings announcements, corporate press releases, and risks and uncertainties that could affect our future financial results. regulatory filings. This Annual Report, Form 10-K, and Proxy Statement are available in the Investors section of the website. SEI 2008 Annual Report FiNANciaL SUMMARY (In thousands, except per-share data) 2008 Percent Change from 2007 Revenues $1,247,919 (9%) Net Income Before Taxes $224,974 (45%) Net Income $139,254 (46%) Diluted common shares outstanding 195,233 (3%) Diluted Earnings Per Share $0.71 (45%) HIGHLIGHTS SEI’s financial performance in 2008 was significantly affected by the downturn in the capital markets. This decline depressed revenues and significantly reduced profits from assets under management or administration in each of SEI’s primary segments, as well as in LSV, a consolidated affiliate. We increased investments to develop, deliver, and support new company strategies and solutions. Net income was negatively affected by a $158.2 million pre-tax charge, or about $0.50 per share post-tax, for structured investment vehicle-related issues involving SEI-sponsored money market funds. We purchased 5.8 million shares of SEI common stock for $129.6 million of stock through our stock repurchase program, reducing outstanding shares on which diluted earnings per share is calculated. 1 TO OUR SharehOLDers Severe turmoil in the financial markets adversely affected our financial results and made the year a particularly challenging one for your company. Although revenues and earnings per share declined significantly, we were profitable, generated positive cash flow, repurchased company stock, and continued to invest in the key growth strategies needed to transform SEI into a provider of global wealth management solutions. The current market and economic environment promises to make 2009 challenging as well. We are focused on maintaining a strong balance sheet, improving our business results, and sustaining investments in growth strategies. Longer-term, we remain confident that our outsourcing solutions will provide our clients with opportunities for success and position us to prosper as times get better. 2 ALFRED P. WEST, JR., CHAIRMAN AND CHIEF EXECUTIVE OFFICER Financial Results Revenues decreased nine percent to $1,248 million, net income after taxes decreased 46 percent to $139 million, and diluted earnings per share decreased 45 percent to $0.71. Our financial performance in 2008 was significantly affected by the downturn in the capital markets. Market valuations declined steadily over the first nine months of 2008, and deteriorated sharply in the last three months of the year. This decline depressed revenues and significantly reduced profits from assets under management or administration in each of SEI’s primary segments, as well as in LSV, a consolidated affiliate. One key measure, total assets under management, fell $62.5 billion to $134.3 billion. SEI’s affiliate LSV was responsible for about one-half of the decrease, or $29.9 billion. New business activity helped to mitigate the losses from capital market weakness. The Institutional Investor segment achieved record sales, and the Investment Manager segment had its second-best sales year ever. Net income was affected by increased costs to develop and deliver new company strategies and solutions, notably for SEI’s Global Wealth Platform and its operational infrastructure. As the year progressed and the market downturn deepened, we acted to protect profitability, cash flow, and the strength of our balance sheet. We reduced workforce-related expenses and adjusted incentive compensation awards, since we did not achieve our financial objectives. 3 “ We continue to invest in key strategies that present opportunities for future growth. It is fundamentally important to both clients and shareholders that we sustain longer-term investments even as we focus on improving short-term business results.” Net income was negatively affected by a $158.2 million pre-tax charge, or about $0.50 per share post-tax, for structured investment vehicle-related issues involving SEI-sponsored money market funds. In 2009, we will begin to commit additional capital and we may incur additional charges against earnings as we begin to work down the exposure of SEI and the funds to these structured investment vehicles. Fortunately, we have the capital strength to effectively manage this issue in the best interests of both clients and shareholders. Inside the Numbers A look inside 2008 results reveals meaningful sales of new business, SEI’s resilient business model, and continued achievements in delivering solutions to support new growth strategies. A detailed discussion of company and segment results is included in the 2008 Annual Report on Form 10-K, which accompanies this letter. We achieved meaningful sales of new business. These successes show that our business propositions remain valuable to clients, even in this difficult business environment. Some highlights from 2008: We received commitments for $7.2 billion in new assets under management from institutional investors, a record for this segment. We continue to see strong demand for SEI’s integrated solutions for managing pensions, endowments, and operating funds. New clients were diversified by geographic market and represent a healthy mix of client types including retirement plans, endowments, and healthcare organizations. The investment managers segment won $19.5 billion in new assets under administration, achieving the second-best sales year on record for this business. New clients represented all product lines including solutions for traditional, hedge, and separately managed accounts. We are also encouraged by the growing market acceptance of our solutions by investment managers in Europe and the Middle East, both of which are new markets for this segment. We achieved modest growth in the investment processing outsourcing business for private banks, notably in the U.S. community bank market. We also achieved progress in non-U.S. markets. We signed Towry Law, a prominent independent wealth adviser in the United Kingdom, to our Global Wealth Services solution. This new client will be implemented in 2009. In the investment advisors segment, our energies in 2008 were highly focused on helping clients and their investors weather the market downturn. But we also achieved progress in recruiting new 4 “ We are sharply focused on our clients’ well-being, and we are firm in our belief that what we are doing will provide our clients with opportunities for success.” advisors to our network, and initiated relationships with approximately 175 new registered investment advisors. SEI’s business fundamentals remain sound. A strong balance sheet and sound business model served us well in 2008. Although revenues and earnings per share declined significantly, we were profitable and continued to generate positive cash flow. SEI operates in large and global markets, spanning a dozen nations. Most of our revenue is recurring, earned from long-term outsourcing contracts, or from client investments in portfolios of mutual funds and other investment products. Long-term client relationships, recurring revenue, and an efficient operating model help generate positive cash flows, affording SEI resiliency in markets like these. We also take little risk with our principal or other balance sheet assets. We do not engage in proprietary trading, nor do we rely on the financial markets to provide liquidity to fund operations. We achieved solid progress in developing and delivering solutions to support new growth strategies. We continue to invest in key strategies that present opportunities for future growth. It is fundamentally important to both clients and shareholders that we sustain longer-term investments even as we focus on improving short-term business results. SEI’s largest investment is in the Global Wealth Platform, which provides the technology back-bone for many of our global wealth services solutions. HSBC Private Bank (UK) has outsourced their operations to SEI, and we use the platform to process transactions for their wealth management clients around the world. In early 2009, we
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