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Salaries set to rise in 2021, but employers in the Philippines signal increased caution, says Mercer survey

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  • Companies forecast a 5.6% overall increase in salaries for 2021, but more than half say they expect changes to salary increment levels.
  • Nearly seven in 10 companies have implemented a hiring freeze
  • 14% of companies expect lower bonus payouts for 2021, with one in two stating it is too early to tell

MANILA, PHILIPPINES – Media OutReach – 1 December 2020 – Salaries in the Philippines are projected to increase in 2021 despite the economic fallout from the coronavirus pandemic. Companies in the Philippines are forecasting an average 5.6% overall increase in salaries for 2021, up from 5.3% this year.

 

This is according to the annual Philippines Total Remuneration Survey (TRS) 2020 by Mercer, a global consulting leader in talent, health, retirement, and investments. The survey polled 416 companies across multiple industries in the Philippines between April and June this year, with additional surveys conducted in July and August in light of the fast-changing market environment.

 

The projected salary increments come on the back of an uncertain economic outlook for the Philippines, with Gross Domestic Product (GDP) expected to contract by 8.3% this year. While growth is expected to rebound to 6.5% [1]in 2021, downside risks such as a slower-than-expected global recovery that could weigh heavily on trade and investment, have resulted in caution among companies.

 

Floriza Molon, Mercer’s Career Business Leader for the Philippines said, “Due to the uncertainty, more than half of the companies have indicated that they will delay the increase of salaries or revise salary increment levels. With sustained pressure on businesses to keep costs down, we see that companies are taking a cautious approach with regards to salary budgets.”

 

Across industries surveyed, the Chemical industry is expected to see the biggest rebound in salary increments at 5.5% in 2021, up from 3.9% in 2020. The Consumer, Life Sciences, Energy as well as Retail and Wholesale industries also saw slight increases compared to last year.

Ms Molon added, “While the salary increase budget remains stable in spite of the pandemic, what we are seeing is that companies are increasingly prudent with their compensation policies as well as the allocation of the salary budget. Some of the considerations include how business-critical the roles are, the potential and performance of the employees, flight risk and availability of jobs in the market.” 

Variable Bonuses for 2020 remained stable, but decreases expected in 2021


Overall, average budgeted bonuses for 2020 dipped slightly at 16%, compared to 17% in 2019. The Life Science industry saw the highest increase at 23% compared to 20% in 2019, while bonus payouts decreased in the Consumer, Logistics and Shared Services & Outsourcing industries.

Ms Molon said, “91% of companies provided bonuses in 2020, reflecting their strong performance in 2019. However, we foresee a decrease in bonus payout in 2021 due to the uncertain economic environment.”

Looking ahead, 14% of companies expect the bonus payout for 2021 to be less than the previous year, while 50% say it is too early to tell. Only 8% of companies expect budgeted bonuses to increase in 2021.

With the cautious business outlook, recruitment efforts are expected to slow in the year ahead. 69% of companies in the Philippines indicated that they have imposed a hiring freeze in 2020, with 10% reducing headcount due to the pandemic.

Embracing Flexible Working


The survey has also seen a shift to remote working arrangements among companies in the Philippines. 67% of the organization have implemented remote working arrangements in response to the COVID-19 outbreak with 58% projecting that employees will be more likely to use flexible working arrangement post-pandemic.

Teng Alday, Mercer’s CEO for the Philippines said, “Companies in the Philippines have successfully implemented flexible work arrangements amid the pandemic, with only 14% of companies stating a decrease in the level of productivity. We foresee more employers embracing flexible working arrangement which provides an opportunity for companies to review their compensation and total rewards packages more holistically to adopt variable pay and other reward initiatives such as work-from-home allowances to recognise and retain critical talent.

“As the financial impact of the pandemic continues to play out, companies are taking a cautious approach in light of cost pressures and the need to protect their core business. We encourage companies to adopt strategies that balance economics and empathy as employee engagement and retention will be critical in their road to recovery.”

About Mercer’s Total Remuneration Survey

The Total Remuneration Survey, Mercer’s flagship annual compensation and benefits benchmarking study, identifies current pay practices and benefits policies, as well as budget, hiring and turnover trends for the year ahead. In addition, Mercer also conducts regular pulse surveys throughout the year to keep up with the impact of the rapidly changing business environment and compensation and workforce trends.

For more data and insights from Mercer’s Philippines Total Remuneration Survey 2020, please see here.

About Mercer

Mercer builds brighter futures by redefining the world of work, reshaping retirement and investment outcomes, and unlocking real health and well-being. Mercer’s more than 25,000 employees are based in 44 countries and the firm operates in over 130 countries. Mercer is a business of Marsh & McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, with 75,000 colleagues and annualized revenue approaching $17 billion. Through its market-leading businesses including Marsh, Guy Carpenter and Oliver Wyman, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment. For more information, visit www.mercer.com. Follow Mercer on Twitter [View Image]@Mercer.

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As New NAIC/BetterInvesting Director, Calbert Offers Strong Background in Investing Field

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MADISON HEIGHTS, Mich., Jan. 27, 2021 /PRNewswire/ — The NAIC/BetterInvesting Board of Directors has named Michael M. Calbert of Woodside, California, as its newest director. 

BetterInvesting is a national, 501(c)(3) nonprofit educational organization based in Troy, Michigan, that has helped millions of  people from all walks of life learn how to improve their financial future by becoming more informed investors in the stock market. Director's terms are for four years.

Calbert also serves as chairman of the board of directors of Dollar General (ticker: DG). In addition, he serves on the boards of AutoZone (AZO), Vestcom International (private) and as lead director for Brookshire Grocery Company (private).

“We are pleased to have Mike join our board of directors,”said NAIC/BetterInvesting Board of Directors Chair Eve Lewis. “Introduced to NAIC as a young man attending his first national convention in San Antonio by his future father-in-law, Mike told me he believes the knowledge gained from his lifetime membership greatly contributed to his personal and career success. At this point in his life, he wishes to give back to the organization by serving on the board.”

Lewis added that, “Mike's vast corporate, private and nonprofit board experience will help our organization grow and continue sustained profitability.”

Calbert retired as a senior partner with Kohlberg Kravis Roberts & Co., where he was responsible for the global retail private equity practice. While at KKR, Mike served on all the firm's global private equity investment committees and portfolio management committees.

Calbert previously served on the board of directors of Shoppers Drug Mart (SC, Canada) Toys “R” Us (private), chairman of Academy Sports & Outdoors (private), Pets at Home (public/U.K.) and U.S. Foods (private).

Prior to KKR, Calbert was chief financial officer of Randall's Food Markets, a $2.5 billion revenue retailer based in Texas. While at Randall's, Calbert took the company through a buyout with KKR. Calbert began his professional career with Arthur Andersen Worldwide, first as a staff auditor and later in the consulting practice.

He has a bachelor's degree in business, with a concentration in accounting, from Stephen F. Austin State University, and a master of business administration from the University of Houston. 

Photo available upon request.

For further information, please contact Jan Jeffres at [email protected].

 

Cision View original content:http://www.prnewswire.com/news-releases/as-new-naicbetterinvesting-director-calbert-offers-strong-background-in-investing-field-301216651.html

SOURCE NAIC-BetterInvesting

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SEI Reports Fourth-Quarter 2020 Financial Results

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OAKS, Pa., Jan. 27, 2021 /PRNewswire/ — SEI Investments Company (NASDAQ:SEIC) today announced financial results for the fourth-quarter 2020. Diluted earnings per share were $0.86 in fourth-quarter 2020 compared to $0.84 in fourth-quarter 2019.

Consolidated Overview

(In thousands, except
earnings per share)

For the Three Months
Ended Dec. 31,

For the Twelve Months
Ended Dec. 31,

2020

2019

%

2020

2019

%

Revenues

$443,723

$423,225

5%

$1,684,058

$1,649,885

2%

Net income

125,882

128,737

(2)%

447,286

501,426

(11)%

Diluted earnings per share

$0.86

$0.84

2%

$3.00

$3.24

(7)%

“Our financial results for 2020 reflect steady recovery from the pandemic's impact on the markets we serve. The health and safety of our workforce continue to be a priority, and I want to thank all of our employees and the firms that support us for helping us stay safe and thrive,” said Alfred P. West, Jr., SEI Chairman and CEO.

“We're living and operating in extraordinary times, but we are unwavering in our focus on executing our long-term strategy to be the provider of choice in the wealth and investment management markets. We believe we have made significant progress on our One SEI approach, making all of our assets available to all of our markets, delivering new, dynamic solutions and creating new opportunities. Our solutions, backed by our talented workforce, are what uniquely position us to capture growth opportunities that will lead to increased shareholder value. Despite 2020's challenging environment, our investments and success in adding new clients and building our backlog of new revenue situate us well for the future.”

Summary of Fourth-Quarter Results by Business Segment

(In thousands)

For the Three Months
Ended Dec. 31,

For the Twelve Months
Ended Dec. 31,

2020

2019

%

2020

2019

%

Private Banks:

Revenues

$119,654

$118,675

1%

$455,393

$470,276

(3)%

Expenses

115,039

113,596

1%

446,481

443,136

1%

Operating Profit

4,615

5,079

(9)%

8,912

27,140

(67)%

Operating Margin

4

%

4

%

2

%

6

%

Investment Advisors:

Revenues

108,346

105,862

2%

407,564

403,778

1%

Expenses

51,813

53,939

(4)%

205,913

208,508

(1)%

Operating Profit

56,533

51,923

9%

201,651

195,270

3%

Operating Margin

52

%

49

%

49

%

48

%

Institutional Investors:

Revenues

82,318

80,503

2%

317,627

322,062

(1)%

Expenses

36,893

38,554

(4)%

149,909

153,937

(3)%

Operating Profit

45,425

41,949

8%

167,718

168,125

—%

Operating Margin

55

%

52

%

53

%

52

%

Investment Managers:

Revenues

129,647

114,759

13%

489,462

440,796

11%

Expenses

80,204

72,698

10%

308,999

282,024

10%

Operating Profit

49,443

42,061

18%

180,463

158,772

14%

Operating Margin

38

%

37

%

37

%

36

%

Investments in New
Businesses:

Revenues

3,758

3,426

10%

14,012

12,973

8%

Expenses

15,180

8,997

69%

52,871

29,660

78%

Operating Loss

(11,422)

(5,571)

NM

(38,859)

(16,687)

NM

Totals:

Revenues

$443,723

$423,225

5%

$1,684,058

$1,649,885

2%

Expenses

299,129

287,784

4%

1,164,173

1,117,265

4%

Corporate Overhead Expenses

20,584

19,351

6%

73,998

72,196

2%

Income from Operations

$124,010

$116,090

7%

$445,887

$460,424

(3)%

Fourth-Quarter Business Highlights:

  • Sales events, net of client losses, during fourth-quarter 2020 totaled approximately $8.8 million and are expected to generate net annualized recurring revenues of approximately $4.9 million when contract values are fully realized. For the year ended 2020, sales events, net of client losses, totaled $94.0 million and are expected to generate net annualized recurring revenues of approximately $68.6 million when contract values are fully realized.
  • Revenues from Asset management, administration, and distribution fees increased primarily from higher assets under administration in our Investment Managers segment due to sales of new business and market appreciation.
  • Our average assets under administration increased $108.2 billion, or 16%, to $779.7 billion in the fourth-quarter 2020, as compared to $671.5 billion during the fourth-quarter 2019 (see attached Average Asset Balances schedules for further details).
  • Our average assets under management, excluding LSV, increased $21.2 billion, or 9%, to $260.4 billion in the fourth-quarter 2020, as compared to $239.2 billion during the fourth-quarter 2019 (see attached Average Asset Balances schedules for further details).
  • The increase in our operational expenses was primarily due to increased consulting costs related to our continued investments in new business opportunities, such as our One SEI strategy and IT Services offering, as well as increased personnel costs to service new clients in our Investment Managers segment. This increase was partially offset by a decline in travel and promotional-related expenses, as our sales and client relationship personnel adapted to COVID-19 restrictions.
  • Our earnings from LSV decreased by $8.5 million, or 22%, to $30.6 million in fourth-quarter 2020 as compared to $39.1 million in fourth-quarter 2019. The decrease in earnings was primarily due to lower assets under management from market depreciation, negative cash flows from existing clients and client losses. LSV's revenues were $102.1 million in the fourth-quarter 2020, as compared to $126.5 million during the fourth-quarter of 2019.
  • Stock-based compensation expense in fourth-quarter 2020 decreased $2.5 million as compared to fourth-quarter 2019 primarily due to a change in our estimate of the timing of when stock option vesting targets would be achieved. We expect stock-based compensation expense during 2021 to be approximately $42.7 million as compared to $27.0 million during 2020 as a result of new options granted in fourth-quarter 2020 net of awards granted in the prior year.
  • We capitalized $5.5 million of software development costs in fourth-quarter 2020, which includes $5.0 million for continued enhancements to the SEI Wealth PlatformSM (SWP). Amortization expense related to capitalized software was $12.6 million in fourth-quarter 2020.
  • Our effective tax rates were 19.6% in fourth-quarter 2020 and 19.5% in fourth-quarter 2019.
  • We repurchased 1.8 million shares of our common stock for $99.1 million during the fourth-quarter 2020 at an average price of $54.36 per share. For the year ended 2020, we repurchased 8.0 million shares of our common stock for $424.7 million at an average price of $53.04 per share.

Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern time on Jan. 27, 2021. Investors may listen to the call at seic.com/ir-events. Investors may also listen to a replay by telephone at (USA) 866-207-1041; (International) 402-970-0847; Access Code: 5584674.

About SEI
After 50 years in business, SEI (NASDAQ:SEIC) remains a leading global provider of investment processing, investment management, and investment operations solutions designed to help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of Dec. 31, 2020, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers approximately $1 trillion in hedge, private equity, mutual fund and pooled or separately managed assets, including approximately $369 billion in assets under management and $787 billion in client assets under administration. For more information, visit seic.com.

This release contains, and the comments we expect to deliver during the earnings call referenced above will contain, forward-looking statements within the meaning or the rules and regulations of the Securities and Exchange Commission. In some cases you can identify forward-looking statements by terminology, such as ''may,'' ''will,'' ''expect,'' ''believe'' and ''continue'' or ''appear.'' Our forward-looking statements in today's release include our current expectations as to:

  • revenue that we believe will be generated by sales events that occurred during the quarter,
  • the rebound of our business,
  • our strategic priorities and the degree to which we will execute on them,
  • whether our solutions position us to capture growth opportunities or will lead to increased shareholder value, and
  • whether our investments and new clients and backlog of new revenue situate us well for the future.

We anticipate that we may deliver forward-looking statements during today's earnings call that include our current expectations as to:

  • our ability to capture the opportunities inherent in significant change,
  • the timing and success of client implementations and conversions,
  • our ability to expand our relationships and revenue opportunities with new and existing clients,
  • our ability to leverage our technologies and scale our businesses,
  • the degree to which one-time and transaction-based revenues during the quarter will be repeated,
  • revenue that we believe will be generated by sales events that occurred during the quarter or when our unfunded backlog may fund,
  • the strategic initiatives and business segments that we will pursue and those in which we will invest,
  • the strength of our pipelines,
  • how we will manage our expenses,
  • the organic and inorganic opportunities that will drive our growth, and
  • the success of our strategic investments.

You should not place undue reliance on our forward-looking statements, as they are based on the current beliefs and expectations of our management and subject to significant risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe the assumptions upon which we base our forward-looking statements are reasonable, they could be inaccurate. Some of the risks and important factors that could cause actual results to differ from those described in our forward-looking statements can be found in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended Dec. 31, 2019, filed with the Securities and Exchange Commission.

Investor Contact:  

Media Contact:

Lindsey Opsahl      

Leslie Wojcik

SEI   

SEI

+1 610-676-4052 

+1 610-676-4191

[email protected]   

[email protected]

 

 

SEI INVESTMENTS COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

For the Three Months       Ended Dec. 31,

For the Twelve Months       Ended Dec. 31,

2020

2019

2020

2019

Asset management, admin. and distribution fees

$353,610

$337,232

$1,345,649

$1,307,044

Information processing and software servicing fees

90,113

85,993

338,409

342,841

Total revenues

443,723

423,225

1,684,058

1,649,885

Subadvisory, distribution and other asset mgmt. costs

46,973

46,458

181,618

181,418

Software royalties and other information processing costs

7,109

7,274

28,937

29,993

Compensation, benefits and other personnel

135,902

131,004

527,509

517,917

Stock-based compensation

6,556

9,027

27,014

24,582

Consulting, outsourcing and professional fees

59,566

50,235

227,916

194,560

Data processing and computer related

24,681

22,544

96,328

88,058

Facilities, supplies and other costs

17,467

20,307

64,915

72,078

Amortization

13,558

13,012

52,975

51,419

Depreciation

7,901

7,274

30,959

29,436

Total expenses

319,713

307,135

1,238,171

1,189,461

Income from operations

124,010

116,090

445,887

460,424

Net gain (loss) on investments

1,024

1,053

(286)

3,174

Interest and dividend income

986

3,845

6,568

16,582

Interest expense

(153)

(153)

(609)

(630)

Equity in earnings of unconsolidated affiliate

30,646

39,133

117,134

151,891

Income before income taxes

156,513

159,968

568,694

631,441

Income taxes

30,631

31,231

121,408

130,015

Net income

$125,882

$128,737

$447,286

$501,426

Basic earnings per common share

$0.87

$0.86

$3.05

$3.31

Shares used to calculate basic earnings per share

144,077

150,131

146,709

151,540

Diluted earnings per common share

$0.86

$0.84

$3.00

$3.24

Shares used to calculate diluted earnings per share

146,140

153,672

149,003

154,901

Dividends declared per common share

$0.37

$0.35

$0.72

$0.68

 

 

SEI INVESTMENTS COMPANY

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

Dec. 31,

Dec. 31,

2020

2019

Assets

Current Assets:

Cash and cash equivalents

$784,626

$841,446

Restricted cash

3,101

3,101

Receivables from investment products

55,271

54,165

Receivables, net of allowance for doubtful accounts of $1,100 and $1,201

385,219

340,358

Securities owned

34,064

33,486

Other current assets

38,696

32,289

Total Current Assets

1,300,977

1,304,845

Property and Equipment, net of accumulated depreciation of $378,639 and $353,453

189,052

160,859

Operating Lease Right-of-Use Assets

38,397

42,789

Capitalized Software, net of accumulated amortization of $491,739 and $442,677

270,977

296,068

Investments Available for Sale

105,419

116,917

Investments in Affiliated Funds, at fair value

6,166

5,988

Investment in Unconsolidated Affiliate

98,433

67,413

Goodwill

64,489

64,489

Intangible Assets, net of accumulated amortization of $12,456 and $8,773

24,304

27,987

Deferred Contract Costs

33,781

30,991

Deferred Income Taxes

2,972

2,822

Other Assets, net

32,289

30,202

Total Assets

$2,167,256

$2,151,370

Liabilities and Equity

Current Liabilities:

Accounts payable

$7,766

$4,423

Accrued liabilities

299,845

272,801

Current portion of long-term operating lease liabilities

8,579

9,156

Deferred revenue

1,085

7,185

Total Current Liabilities

317,275

293,565

Long-term Taxes Payable

803

803

Deferred Income Taxes

55,159

55,722

Long-term Operating Lease Liabilities

34,058

38,450

Other Long-term Liabilities

20,054

24,052

Total Liabilities

427,349

412,592

Shareholders' Equity:

Common stock, $0.01 par value, 750,000 shares authorized; 143,396 and 149,745
shares issued and outstanding

1,434

1,497

Capital in excess of par value

1,190,001

1,158,900

Retained earnings

565,270

601,885

Accumulated other comprehensive loss, net

(16,798)

(23,504)

Total Shareholders' Equity

1,739,907

1,738,778

Total Liabilities and Shareholders' Equity

$2,167,256

$2,151,370

 

 

ENDING ASSET BALANCES

(In millions)  (Unaudited)

 

Dec. 31,

Mar. 31,

Jun. 30,

Sept. 30,

Dec. 31,

2019

2020

2020

2020

2020

Private Banks:

Equity and fixed-income programs

$23,851

$21,160

$22,974

$23,499

$25,498

Collective trust fund programs

4

5

5

6

6

Liquidity funds

3,405

4,143

4,291

3,718

3,778

Total assets under management

$27,260

$25,308

$27,270

$27,223

$29,282

Client assets under administration

25,801

21,497

23,903

24,174

26,346

Total assets

$53,061

$46,805

$51,173

$51,397

$55,628

Investment Advisors:

Equity and fixed-income programs

$67,895

$54,856

$59,958

$65,581

$71,247

Collective trust fund programs

4

2

3

3

1

Liquidity funds

2,887

5,969

6,648

3,866

3,832

Total assets under management

$70,786

$60,827

$66,609

$69,450

$75,080

Institutional Investors:

Equity and fixed-income programs

$84,291

$72,399

$80,257

$83,846

$90,869

Collective trust fund programs

83

94

103

101

98

Liquidity funds

1,746

3,672

1,924

2,096

2,128

Total assets under management

$86,120

$76,165

$82,284

$86,043

$93,095

Client assets under advisement

3,948

3,406

3,326

3,618

4,063

Total assets

$90,068

$79,571

$85,610

$89,661

$97,158

Investment Managers:

Collective trust fund programs

$

58,070

$

48,226

$

58,178

$

63,277

$

75,214

Liquidity funds

479

392

664

389

424

Total assets under management

$58,549

$48,618

$58,842

$63,666

$75,638

Client assets under administration (A)

657,541

610,794

668,611

730,369

760,397

Total assets

$716,090

$659,412

$727,453

$794,035

$836,035

Investments in New Businesses:

Equity and fixed-income programs

$1,688

$1,484

$1,498

$1,572

$1,711

Liquidity funds

158

152

194

169

162

Total assets under management

$1,846

$1,636

$1,692

$1,741

$1,873

Client assets under advisement

1,343

1,056

1,193

1,179

1,299

Total assets

$3,189

$2,692

$2,885

$2,920

$3,172

LSV Asset Management:

Equity and fixed-income programs (B)

$107,476

$70,851

$81,134

$82,051

$93,692

Total:

Equity and fixed-income programs (C)

$285,201

$220,750

$245,821

$256,549

$283,017

Collective trust fund programs

58,161

48,327

58,289

63,387

75,319

Liquidity funds

8,675

14,328

13,721

10,238

10,324

Total assets under management

$352,037

$283,405

$317,831

$330,174

$368,660

Client assets under advisement

5,291

4,462

4,519

4,797

5,362

Client assets under administration (D)

683,342

632,291

692,514

754,543

786,743

Total assets

$1,040,670

$920,158

$1,014,864

$1,089,514

$1,160,765

(A)  

Client assets under administration in the Investment Managers segment include $54.3 billion of assets that are at fee levels
below our normal full-service assets (as of Dec. 31, 2020).

(B) 

Equity and fixed-income programs include $2.0 billion of assets managed by LSV in which fees are based on performance
only (as of Dec. 31, 2020).

(C) 

Equity and fixed-income programs include $7.9 billion of assets invested in various asset allocation funds at Dec. 31, 2020.

(D) 

In addition to the numbers presented, SEI also administers an additional $12.9 billion in Funds of Funds assets (as of
Dec. 31, 2020 on which SEI does not earn an administration fee.

 

 

AVERAGE ASSET BALANCES

(In millions) (Unaudited)

 

4th Qtr.

1st Qtr.

2nd Qtr.

3rd Qtr.

4th Qtr.

2019

2020

2020

2020

2020

Private Banks:

Equity and fixed-income programs

$23,106

$24,657

$22,229

$23,740

$24,284

Collective trust fund programs

4

4

5

7

6

Liquidity funds

3,581

3,581

4,366

3,948

3,712

Total assets under management

$26,691

$28,242

$26,600

$27,695

$28,002

Client assets under administration

24,930

24,840

23,819

25,295

25,368

Total assets

$51,621

$53,082

$50,419

$52,990

$53,370

Investment Advisors:

Equity and fixed-income programs

$66,371

$64,933

$57,429

$64,479

$68,396

Collective trust fund programs

4

3

3

3

2

Liquidity funds

2,673

3,284

6,923

4,569

3,788

Total assets under management

$69,048

$68,220

$64,355

$69,051

$72,186

Institutional Investors:

Equity and fixed-income programs

$83,304

$79,926

$77,037

$82,830

$86,277

Collective trust fund programs

82

86

100

102

102

Liquidity funds

2,106

2,342

2,476

2,120

2,271

Total assets under management

$85,492

$82,354

$79,613

$85,052

$88,650

Client assets under advisement

4,106

3,760

3,362

3,565

3,746

Total assets

$89,598

$86,114

$82,975

$88,617

$92,396

Investment Managers:

Collective trust fund programs

$

55,499

$

55,952

$

54,061

$

62,028

$

69,349

Liquidity funds

642

617

482

565

411

Total assets under management

$56,141

$56,569

$54,543

$62,593

$69,760

Client assets under administration (A)

646,592

654,386

649,012

713,528

754,350

Total assets

$702,733

$710,955

$703,555

$776,121

$824,110

Investments in New Businesses:

Equity and fixed-income programs

$1,649

$1,663

$1,468

$1,560

$1,634

Liquidity funds

145

168

182

180

165

Total assets under management

$1,794

$1,831

$1,650

$1,740

$1,799

Client assets under advisement

1,044

1,222

1,148

1,206

1,218

Total assets

$2,838

$3,053

$2,798

$2,946

$3,017

LSV Asset Management:

Equity and fixed-income programs (B)

$104,814

$88,059

$80,395

$83,536

$88,182

Total:

Equity and fixed-income programs (C)

$279,244

$259,238

$238,558

$256,145

$268,773

Collective trust fund programs

55,589

56,045

54,169

62,140

69,459

Liquidity funds

9,147

9,992

14,429

11,382

10,347

Total assets under management

$343,980

$325,275

$307,156

$329,667

$348,579

Client assets under advisement

5,150

4,982

4,510

4,771

4,964

Client assets under administration (D)

671,522

679,226

672,831

738,823

779,718

Total assets

$1,020,652

$1,009,483

$984,497

$1,073,261

$1,133,261

(A) 

Average client assets under administration in the Investment Managers segment during fourth-quarter 2020 include $53.3
billion that are at fee levels below our normal full-service assets.

(B) 

Equity and fixed-income programs include $1.8 billion of average assets managed by LSV in which fees are based on
performance only during fourth-quarter 2020.

(C) 

Equity and fixed-income programs include $7.9 billion of average assets invested in various asset allocation funds during
fourth-quarter 2020.

(D) 

In addition to the numbers presented, SEI also administers an additional $12.3 billion of average assets in Funds of Funds
assets during fourth-quarter 2020 on which SEI does not earn an administration fee.

Cision View original content:http://www.prnewswire.com/news-releases/sei-reports-fourth-quarter-2020-financial-results-301216617.html

SOURCE SEI Investments Company

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News

The Bank of Princeton Announces Declaration of a $0.12 Quarterly Cash Dividend

gbafNews28

PRINCETON, N.J., Jan. 27, 2021 /PRNewswire/ — The Bank of Princeton (the “Bank”) (NASDAQ – BPRN) announced that its Board of Directors, at a meeting held on January 27, 2021, declared a cash dividend of $0.12 per share of the common stock of the Bank.  This dividend will be paid on March 1, 2021 to shareholders of record at the close of business on February 12, 2021.  “This dividend reflects the Board of Director's commitment in providing a return to shareholders,” stated Edward Dietzler, President and CEO. 

The paying cash dividends on a quarterly basis, subject to a determination and declaration each quarter by its Board of Directors, which will take into account a number of factors, including the financial condition of the Bank, and any applicable legal and regulatory restrictions on the payment of dividends by the Bank.  If paid, such dividends may be reduced or eliminated in future periods.

About The Bank of Princeton

The Bank of Princeton is a community bank founded in 2007.  The Bank is a New Jersey state-chartered commercial bank with twenty branches in New Jersey, including four in Princeton and others in Bordentown, Browns Mills, Chesterfield, Cream Ridge, Deptford, Hamilton, Lakewood, Lambertville, Lawrenceville, Monroe Township, New Brunswick, Pennington, Piscataway, Princeton Junction, and Sicklerville.  There are also four branches in the Philadelphia, Pennsylvania area. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation (“FDIC”).

Forward-Looking Statements

The Bank of Princeton may from time to time make written or oral “forward-looking statements,” including statements contained in the Bank's filings with the FDIC, in its reports to stockholders and in other communications by the Bank (including this press release), which are made in good faith by the Bank pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended.

These forward-looking statements involve risks and uncertainties, such as statements of the Bank's plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Bank's control). The following factors, among others, could cause the Bank's financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements: the impact of the recent global coronavirus outbreak, the strength of the United States economy in general and the strength of the local economies in which the Bank conducts operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; market volatility; the value of the Bank's products and services as perceived by actual and prospective customers, including the features, pricing and quality compared to competitors' products and services; the willingness of customers to substitute competitors' products and services for the Bank's products and services; credit risk associated with the Bank's lending activities; risks relating to the real estate market and the Bank's real estate collateral; the impact of changes in applicable laws and regulations and requirements arising out of our supervision by banking regulators; other regulatory requirements applicable to the Bank; technological changes; acquisitions; changes in consumer spending and saving habits; those risks set forth in the Bank's Annual Report on Form 10-K for the year ended December 31, 2019 under the heading “Risk Factors,” and the success of the Bank at managing the risks involved in the foregoing.

Contact George Rapp
609.454.0718
[email protected]

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/the-bank-of-princeton-announces-declaration-of-a-0-12-quarterly-cash-dividend-301216632.html

SOURCE The Bank of Princeton

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Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

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