Michael F. Lane
SEI INVESTMENTSAbout Michael F. Lane
Executive Vice President and Head of Global Asset Management at SEI since September 16, 2024; previously joined “from BlackRock” and now leads SEI’s reimagined asset management strategy focused on advisors, RIAs, banks, and institutional OCIO . Company performance during his early tenure included record 2024 revenue, operating income, and EPS , with 2024 diluted EPS at $4.41 and Net Income of $581.2M; Pay vs. Performance metrics show Adjusted Pre-Tax EPS of $5.98 and cumulative SEI TSR of 134.70 over the measured period . Age and education not disclosed in SEI filings.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SEI Investments | EVP, Head of Global Asset Management | 2024–present | Leading asset management strategy and “ecosystem” build across advisors, RIAs, banks, and institutional clients |
| BlackRock | Prior employer | Pre-2024 | Brings distribution and wealth platform experience referenced by SEI leadership; specific role not disclosed |
External Roles
No public-company directorships or external board roles disclosed in SEI’s proxy or 8-Ks for Lane. (Not disclosed)
Fixed Compensation
| Metric | 2024 |
|---|---|
| Base Salary (annual rate) | $700,000 (derived from 1.5× base = $1,050,000 in severance table) |
| Salary Paid (partial year) | $201,923 |
| Target Bonus ($) | $1,500,000 |
| Actual Bonus Paid ($) | $600,000 (pro-rated guarantee for 2024) |
| Target Bonus (% of Base) | ~214% (derived from $1,500,000 ÷ $700,000) |
Performance Compensation
Annual Cash Incentive
| Component | Target | Actual | Metrics | Weighting | Notes |
|---|---|---|---|---|---|
| Annual Bonus (Cash) | $1,500,000 | $600,000 (contractual pro-rated guarantee) | Committee assessed quantitative and qualitative performance: EPS, sales events, revenue, margins, strategic/tactical goals | Not disclosed | Executives generally allocated at 110% of targets in 2024; Lane’s payout governed by hiring terms |
Equity Awards Granted in 2024
| Award Type | Grant Date | Shares/Options | Exercise Price | Grant-Date Fair Value | Vesting Terms |
|---|---|---|---|---|---|
| RSUs (onboarding) | 09/16/2024 | 30,000 | n/a | $2,024,400 | Vests ratably over 3 years on each Sept 16 (2025/2026/2027) |
| Options (onboarding) | 09/16/2024 | 20,000 | $62.00 | $349,393 | 50% vests when Adjusted Pre-Tax EPS ≥ $5.25, not earlier than 2nd anniversary; 100% vests when ≥ $7.10, not earlier than 4th anniversary |
| RSUs (year-end) | 12/12/2024 | 7,000 | n/a | $606,060 | Cliff vest on 3rd anniversary (12/12/2027) |
| Options (year-end) | 12/12/2024 | 36,000 | $86.58 | $847,800 | Vests on 12/31 of year in which Adjusted Pre-Tax EPS ≥ $7.48, not earlier than 2nd anniversary |
Option Vesting Thresholds (Lane’s awards)
| Option Expiration | 50% Vests ≥ EPS | 100% Vests ≥ EPS |
|---|---|---|
| 09/16/2034 (onboarding) | $5.25 | $7.10 |
| 12/12/2034 (year-end) | n/a | $7.48 (full vesting threshold and ≥ 2-year minimum) |
Equity Ownership & Alignment
Beneficial Ownership
| Holder | Shares Owned | % of Outstanding |
|---|---|---|
| Michael F. Lane | 21 | ~0.00002% (21 ÷ 125,744,605) |
- Shares outstanding: 125,744,605 as of March 20, 2025 .
- No pledging disclosed for Lane; company notes pledges by other insiders, but none for Lane in ownership footnotes .
Outstanding and Unvested Awards (as of Dec 31, 2024)
| Award | Quantity | Vesting Status | Market Value (RSUs) |
|---|---|---|---|
| RSUs (09/16/2024) | 30,000 | All unvested; scheduled 2025/2026/2027 | $2,474,400 (30,000 × $82.48) |
| RSUs (12/12/2024) | 7,000 | All unvested; cliff vest 12/12/2027 | $577,360 (7,000 × $82.48) |
| Options (09/16/2024) | 20,000 @ $62.00 | Unexercisable; EPS and time conditions | n/a |
| Options (12/12/2024) | 36,000 @ $86.58 | Unexercisable; EPS and time conditions | n/a |
Ownership Policies and Alignment
- Stock Ownership Policy: executives must hold equity valued at 4× annual base salary; compliance required within 5 years for new executives. Company states all directors and executive officers other than one are in compliance as of March 2025 .
- Clawback (Recoupment) Policy: applies to incentive compensation upon any required accounting restatement due to material noncompliance with financial reporting requirements .
- Hedging/Hedging-like transactions prohibited for insiders under SEI’s Insider Trading Policy .
Employment Terms
Start and Role
- Appointed EVP, Head of Global Asset Management; joined Sept 16, 2024 .
Executive Severance and Change-of-Control (standard plan)
| Scenario | Cash (Salary Multiple) | Cash (Bonus/Target) | Equity Vesting | Health Benefits |
|---|---|---|---|---|
| Termination w/o Cause or Resignation for Good Reason | 1.5× base salary | 1.5× target bonus + pro-rata target | Options continue vesting for 24 months; RSUs vest pro-rata; extended exercise windows | Company-paid premiums for 18 months |
| Disability | Pro-rata target bonus | — | Full vesting of unvested RSUs and options; 12-month exercise window | — |
| Death | Target bonus | — | Full vesting of unvested RSUs and options; 12-month exercise window | — |
| Retirement | Vesting and exercisability continue per schedule, subject to Restrictive Covenant compliance | — | As scheduled | — |
| Qualifying Termination in Change-of-Control Period | 1.5× base salary | 1.5× target bonus + pro-rata target | Full vesting of all unvested RSUs and options; 12-month exercise window | Company-paid premiums for 18 months |
- Lane-specific severance values (illustrative, as of 12/31/2024): 1.5× salary = $1,050,000; Change-of-control scenario cash bonus component shown as $1,935,616; RSUs accelerated value $3,051,760 depending on scenario .
- Restrictive Covenant Obligations referenced in Severance Plan (non-compete/non-solicit scope and duration for Lane not specifically disclosed) .
Performance & Track Record
- Company cited record 2024 results in revenue, operating income, and EPS .
- Pay vs. Performance table: 2024 Net Income $581.2M, Adjusted Pre-Tax EPS $5.98; SEI cumulative TSR 134.70 over measurement window .
- Lane’s strategic focus areas: growing advisor and institutional businesses, moving upmarket with RIAs and banks, and building alt-platform capabilities (SEI Access), as presented at Investor Day .
Compensation Structure Analysis
- Cash vs. equity mix: Lane’s 2024 total comp $4.631M with substantial equity component (stock awards $2.630M; options $1.197M) vs. cash salary $201,923 and bonus $600,000 .
- Shift toward RSUs alongside performance-vested options; RSUs now feature 3-year cliff or ratable vesting, while options require Adjusted Pre-Tax EPS hurdles plus time-based minimums .
- Standardized severance/change-of-control plan adopted in 2024 following 61.8% Say-on-Pay support in 2024 and shareholder feedback on severance practices .
Related Party Transactions and Red Flags
- No related person transactions since January 1, 2024 involving Lane or other executives, per Item 404 policy and disclosures .
- Hedging prohibited; pledging by Lane not disclosed (pledges noted for other insiders), reducing misalignment risks .
- Clawback policy in place aligned with NASDAQ listing rules .
- 2024 Say-on-Pay support lower than prior years (61.8%), prompting governance changes (standardized severance) .
Compensation Peer Group and Benchmarking
- Committee retained Semler Brossy; used unchanged “peer group” from 2023 Compensation Analysis Project for comparative purposes due to recency .
Say-on-Pay & Shareholder Feedback
- 2024 Say-on-Pay approval: 61.8%, with investor feedback influencing adoption of Executive Severance and Change-of-Control Plan and enhanced disclosures (e.g., sales events) .
Investment Implications
- Alignment: Large unvested equity (37,000 RSUs; 56,000 options) tied to multi-year vesting and EPS hurdles aligns Lane’s incentives with sustained earnings growth and enterprise execution .
- Retention risk: Severance plan provides 1.5× salary+target bonus plus equity vesting accommodations, reducing near-term departure risk; restrictive covenants referenced for retirement vesting .
- Trading signals: Upcoming RSU vest dates (Sept 16, 2025/2026/2027 and Dec 12, 2027) and option hurdle thresholds ($5.25/$7.10/$7.48) create potential insider selling windows upon vest/exercise; 2024 diluted EPS ($4.41) suggests option hurdles require further EPS growth before vesting .
- Skin-in-the-game: Direct share ownership is de minimis (21 shares), but policy requires 4× salary ownership and company reports broad compliance; equity grants are primary exposure driver .