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Jeff Schmitz

Research Analyst at William Blair Investment Management, LLC

Jeff Schmitt is a Research Analyst at William Blair, specializing in the financial services and technology sectors. He currently covers public companies including StoneX Group (SNEX), Nasdaq (NDAQ), and Ameriprise Financial (AMP), with a notable track record of issuing majority buy recommendations and achieving a reported 66.7% buy rate among his ratings, while his publicly available performance metrics show a 100% success rate and an average return of 19.16% over recent periods. Schmitt joined William Blair in 2014, bringing prior experience as a Vice President in investment banking at Macquarie Capital and Fox-Pitt Kelton, where he focused on mergers and acquisitions within financial services. He holds a B.S. in Finance with high honors from the University of Illinois at Urbana-Champaign and is registered as a broker with FINRA.

Jeff Schmitz's questions to SEI INVESTMENTS (SEIC) leadership

Question · Q3 2025

Jeff Schmitz asked about the integrated cash program, specifically if SEI is earning near the Fed funds rate, if any portion is fixed-rate, and how potential Fed easing might impact it. He also questioned the recent higher expense growth in private banking, asking if it was due to talent investments and if offshoring would reduce future growth.

Answer

Paul Klauder (EVP and Head of Independent Advisors Solutions Unit) explained that SEI earns about 370 basis points on integrated cash, yielding 55 basis points to investors, and outlined how investor yield would be adjusted with rate changes. Ryan Hicke (CEO) and Sanjay Sharma (EVP, CEO, and Global Head of Private Banking and Wealth Management) stated that private banking expense growth was primarily due to investments in talent and onboarding backlog for new clients, with no unusual trends, and that successful delivery is paramount.

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