09: SEI: The Connective Tissue of Modern Finance

What if the “connective tissue” of asset management, fund administration, and wealth advice isn’t who you think it is? In this episode, Glenn Schorr sits down with Ryan Hicke, CEO of SEI, to pull back the curtain on a 58-year-old financial giant that’s quietly shaping the future of the industry. Find out why leading alternative asset managers are suddenly rushing to outsource, how the explosion of private credit is changing the game, and what SEI is doing to capitalize on the AI revolution. Ryan Hicke also shares candid insights on the company’s culture shift, the evolving wealth management landscape, and why transparency and speed are becoming as crucial as investment performance. Plus, a surprising connection between basketball and business success!Episode Overview:00:00 Introduction to SEI’s unique position and business mix03:08 Evolution of outsourcing in public and private markets05:39 Early adoption by private credit and asset classes07:50 Scale, client concentration, and the future of consolidation09:08 SEI’s role and growth in private credit11:15 The nuts and bolts of fund administration and daily NAV13:18 Partnerships, transparency, and the future of alternative products16:16 Collaborations to penetrate the retirement and wealth channels17:46 Technical debt, infrastructure, and organic growth philosophy20:09 Asset management trends and fee pressure22:29 Growth areas: tax optimization, digital infrastructure, AI25:31 Data, automation, and the disruptive force of AI29:14 Defending the moat: Incumbency, Copilot, and strategic culture32:29 Cash sweep modernization and tech for wealth managers33:51 Stratos acquisition: rationale and long-term strategy36:36 Scaling Stratos and the “enterprise RIA” trend38:27 Balancing advisor relationships with internal growth40:07 Lightning round: tokenized funds, international expansion42:29 Leadership transition, culture change, and core priorities44:29 Growth drivers for the next few years44:47 The basketball-biz connection—finishing with heartApplicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: evercoreisi.mediasterling.com/disclosure⁠