SAMG Silvercrest Asset Management Group Inc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 1, 2024

SILVERCREST ASSET MANAGEMENT GROUP INC.

(Exact name of registrant as specified in its charter)

Delaware		001-35733		45-5146560
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

1330 Avenue of the Americas, 38th Floor New York, New York		10019
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 649-0600

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:		Trading Symbol(s)		Name of each exchange on which registered:
Class A common stock, $0.01 par value per share		SAMG		Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

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Item 2.02		Results of Operations and Financial Condition

On August 1, 2024, Silvercrest Asset Management Group Inc. (the “Company”) issued a press release announcing certain consolidated financial and operating results for the three and six months ended June 30, 2024. A copy of the press release is attached hereto as Exhibit 99.1, and is incorporated herein by reference.

The information furnished in this Form 8-K, including the exhibit hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof, except as expressly set forth by specific reference in such a filing.

 

Item 9.01		Financial Statements and Exhibits

 

Exhibit Number		Description of Exhibit
99.1		Press Release of Silvercrest Asset Management Group Inc. dated August 1, 2024.
104		Cover Page Interactive Data File (embedded within Inline XBRL document)

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 1, 2024

 

Silvercrest Asset Management Group Inc.
By:		/s/ Scott A. Gerard
		Name: Scott A. Gerard
		Title: Chief Financial Officer

 

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Silvercrest Asset Management Group Inc. Reports Q2 2024 Results

New York, NY – August 1, 2024 - Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company” or “Silvercrest”) today reported the results of its operations for the quarter ended June 30, 2024.

Business Update

Generally supportive markets and economic conditions continued their progress since the fourth quarter of 2023. Market leadership remained unusually narrow, however, during the second quarter. Large Cap Growth primarily drove higher markets, a persistent trend of the market’s recovery since 2022. Other market segments, including Large Cap Value and Small Cap, actually declined during the second quarter, which negatively affected Silvercrest’s assets. It is important to note that Silvercrest’s U.S. Value strategies and U.S. Small cap growth strategies continued to perform well on a relative basis. Broader market participation benefits Silvercrest long-term due to the firm’s diversified wealth management business and the firm’s exposure to the small cap institutional business. The markets have more recently broadened during the current quarter, and if sustained, should improve Silvercrest’s future assets under management (“AUM”) growth.

Silvercrest’s discretionary AUM decreased $1.1 billion during the quarter to $21.6 billion, primarily due to the loss of institutional mandates. New client accounts and relationships during the quarter were modest but positive. Total AUM at the end of the second quarter was $33.4 billion and increased modestly at 4.7% year-over-year from the second quarter of 2023. Quarterly revenue year-over-year increased $1.3 million or 4.2%. Silvercrest has been investing in the future growth of the business, including on higher compensation. As a result, while top-line revenue has increased, most metrics of the business are down due to higher expenses.

On our last call, I mentioned that Silvercrest has never had more business opportunities underway. We have made and will make investments to drive future growth in the business, including value-added hires. During the second quarter we announced the hiring of a high-quality, well-known global equity investment team to complement our international strategies. We are excited about the potential for significant institutional mandates in future quarters, raising the Silvercrest’s visibility globally with institutions and families alike. We also have invested in a new business development professional and market leader in the Southeast focused on serving ultra high net worth families and family offices. We expect to make more hires to complement our outstanding professional team and to drive future growth. Silvercrest continues to accrue a higher interim percentage of revenue for compensation. We will adjust variable compensation levels to match these important investments in the business and will keep you informed of our plans.

Silvercrest's pipeline of new institutional business opportunities decreased during the second quarter to $1.0 billion. The pipeline remains up from the fourth quarter of last year. Importantly, the firm’s pipeline does not yet include potential mandates for our new Global Equity team which has a high capacity for significant inflows. We continue to expect near-term positive flows to result from opportunities for both our institutional equity and OCIO capabilities.

As a high-end wealth and asset management firm, Silvercrest serves families and institutions from across the globe. Despite headline news of international tensions, we see substantial new opportunities globally for a firm with our high-quality capabilities coupled with superior client service.

On July 30, 2024, the Company’s Board of Directors approved an increase of approximately 5.0% to the Company’s quarterly dividend, from $0.19 per share of Class A common stock to $0.20 per share of Class A common stock. The dividend will be paid on or about September 20, 2024 to shareholders of record as of the close of business on September 13, 2024.

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Second Quarter 2024 Highlights

The table below presents a comparison of certain GAAP and non-GAAP (“Adjusted”) financial measures and AUM.

 

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
(in thousands except as indicated)		2024				2023				2024				2023
Revenue		$	30,993			$	29,734			$	61,265			$	59,164
Income before other income (expense), net		$	5,309			$	6,518			$	11,213			$	13,269
Net income		$	4,380			$	5,135			$	9,295			$	10,445
Net income margin			14.1	%			17.3	%			15.2	%			17.7	%
Net income attributable to Silvercrest		$	2,665			$	3,085			$	5,665			$	6,289
Net income per basic share		$	0.28			$	0.33			$	0.60			$	0.66
Net income per diluted share		$	0.28			$	0.33			$	0.60			$	0.66
Adjusted EBITDA1		$	7,232			$	8,116			$	14,685			$	16,297
Adjusted EBITDA Margin1			23.3	%			27.3	%			24.0	%			27.5	%
Adjusted net income1		$	4,402			$	4,877			$	9,121			$	9,919
Adjusted basic earnings per share1, 2		$	0.31			$	0.35			$	0.65			$	0.71
Adjusted diluted earnings per share1, 2		$	0.30			$	0.34			$	0.63			$	0.69
Assets under management at period end (billions)		$	33.4			$	31.9			$	33.4			$	31.9
Average assets under management (billions)3		$	34.0			$	30.9			$	33.4			$	30.4
Discretionary assets under management (billions)		$	21.6			$	21.5			$	21.6			$	21.5

 

 

1	Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibits 2 and 3.
2	Adjusted basic and diluted earnings per share measures for the three and six months ended June 30, 2024 are based on the number of shares of Class A common stock and Class B common stock outstanding as of June 30, 2024. Adjusted diluted earnings per share are further based on the addition of unvested restricted stock units, and non-qualified stock options to the extent dilutive at the end of the reporting period.
3	We have computed average AUM by averaging AUM at the beginning of the applicable period and AUM at the end of the applicable period.

AUM at $33.4 Billion

Silvercrest’s discretionary assets under management increased by $0.1 billion, or 0.5%, to $21.6 billion at June 30, 2024, from $21.5 billion at June 30, 2023. The increase was attributable to market appreciation of $2.1 billion partially offset by net client outflows of $2.0 billion. Silvercrest’s total AUM increased by $1.5 billion, or 4.7%, to $33.4 billion at June 30, 2024, from $31.9 billion at June 30, 2023. The increase was attributable to market appreciation of $3.3 billion partially offset by net client outflows of $1.8 billion.

Silvercrest’s discretionary assets under management decreased by $1.1 billion, or 4.8%, to $21.6 billion at June 30, 2024, from $22.7 billion at March 31, 2024. The decrease was attributable to market depreciation of $0.2 billion and net client outflows of $0.9 billion. Silvercrest’s total AUM decreased by $1.1 billion, or 3.2%, to $33.4 billion at June 30, 2024, from $34.5 billion at March 31, 2024. The decrease was attributable to market depreciation of $0.2 billion and net client outflows of $0.9 billion.

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Second Quarter 2024 vs. Second Quarter 2023

Revenue increased by $1.3 million, or 4.2%, to $31.0 million for the three months ended June 30, 2024, from $29.7 million for the three months ended June 30, 2023. This increase was driven by market appreciation partially offset by net client outflows.

Total expenses increased by $2.5 million, or 10.6%, to $25.7 million for the three months ended June 30, 2024, from $23.2 million for the three months ended June 30, 2023. Compensation and benefits expense increased by $1.7 million, or 10.4%, to $18.5 million for the three months ended June 30, 2024, from $16.8 million for the three months ended June 30, 2023. The increase was primarily attributable to an increase in the accrual for bonuses of $1.3 million and an increase in salaries and benefits of $0.4 million primarily as a result of merit-based increases. General and administrative expenses increased by $0.7 million, or 11.3%, to $7.2 million for the three months ended June 30, 2024, from $6.5 million for the three months ended June 30, 2023. This was primarily attributable to increases in travel and entertainment expenses of $0.1 million, occupancy and related costs of $0.1 million, professional fees of $0.3 million, portfolio systems expense of $0.1 million and recruiting expenses of $0.3 million, partially offset by decreases in marketing expenses of $0.1 million and shareholder expenses of $0.1 million.

Consolidated net income was $4.4 million or 14.1% of revenue for the three months ended June 30, 2024, as compared to consolidated net income of $5.1 million or 17.3% of revenue for the same period in the prior year. Net income attributable to Silvercrest was $2.7 million, or $0.28 per basic share and diluted share for the three months ended June 30, 2024. Our Adjusted Net Income1 was $4.4 million, or $0.31 per adjusted basic share and $0.30 per adjusted diluted share2 for the three months ended June 30, 2024.

Adjusted EBITDA1 was $7.2 million, or 23.3% of revenue for the three months ended June 30, 2024, as compared to $8.1 million or 27.3% of revenue for the same period in the prior year.

Six Months Ended June 30, 2024 vs. Six Months Ended June 30, 2023

Revenue increased by $2.1 million, or 3.6%, to $61.3 million for the six months ended June 30, 2024, from $59.2 million for the six months ended June 30, 2023. This increase was driven by market appreciation partially offset by net client outflows.

Total expenses increased by $4.2 million, or 9.1%, to $50.1 million for the six months ended June 30, 2024, from $45.9 million for the six months ended June 30, 2023. Compensation and benefits expense increased by $2.9 million, or 8.7%, to $36.2 million for the six months ended June 30, 2024, from $33.3 million for the six months ended June 30, 2023. The increase was primarily attributable to an increase in the accrual for bonuses of $2.2 million, an increase in salaries and benefits of $0.6 million primarily as a result of merit-based increases and severance of $0.1 million paid in the current quarter and an increase in equity-based compensation of $0.1 million. General and administrative expenses increased by $1.3 million, or 9.9%, to $13.9 million for the six months ended June 30, 2024 and 2023, from $12.6 million for the six months ended June 30, 2023. This was primarily attributable to increases in travel and entertainment expenses of $0.2 million, occupancy and related costs of $0.2 million, professional fees of $0.5 million, portfolio and systems expenses of $0.1 million, recruiting expenses of $0.3 million and depreciation and amortization expense of $0.1 million, partially offset by a decrease in marketing expenses of $0.1 million.

Consolidated net income was $9.3 million or 15.2% of revenue for the six months ended June 30, 2024, as compared to consolidated net income of $10.4 million or 17.7% of revenue for the same period in the prior year. Net income attributable to Silvercrest was $5.7 million, or $0.60 per basic share and diluted share for the six months ended June 30, 2024. Our Adjusted Net Income1 was $9.1 million, or $0.65 per adjusted basic share and $0.63 per adjusted diluted share2 for the six months ended June 30, 2024.

Adjusted EBITDA1was $14.7 million or 24.0% of revenue for the six months ended June 30, 2024, as compared to $16.3 million or 27.5% of revenue for the same period in the prior year.

Liquidity and Capital Resources

Cash and cash equivalents were $49.9 million at June 30, 2024, compared to $70.3 million at December 31, 2023. As of June 30, 2024, there was nothing outstanding under our term loan or under our revolving credit facility with City National Bank.

Silvercrest Asset Management Group Inc.’s total equity was $85.3 million at June 30, 2024. We had 9,547,396 shares of Class A common stock outstanding and 4,443,159 shares of Class B common stock outstanding at June 30, 2024.

Non-GAAP Financial Measures

To provide investors with additional insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, we supplement our consolidated financial statements presented on a basis consistent with GAAP with Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per Share, which are non-GAAP financial measures of earnings. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time.

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Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

Conference Call

The Company will host a conference call on August 2, 2024, at 8:30 am (Eastern Time) to discuss these results. Hosting the call will be Richard R. Hough III, Chief Executive Officer and President and Scott A. Gerard, Chief Financial Officer. Listeners may access the call by dialing 1-844-836-8743 or for international listeners the call may be accessed by dialing 1-412-317-5723. A live, listen-only webcast will also be available via the investor relations section of www.silvercrestgroup.com. An archived replay of the call will be available after the completion of the live call on the Investor Relations page of the Silvercrest website at http://ir.silvercrestgroup.com/.

Forward-Looking Statements and Other Disclosures

This release contains, and from time to time our management may make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and assumptions. These statements are only predictions based on our current expectations and projections about future events. Important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements include, but are not limited to: incurrence of net losses; fluctuations in quarterly and annual results; adverse economic or market conditions; our expectations with respect to future levels of assets under management, inflows and outflows; our ability to retain clients; our ability to maintain our fee structure; our particular choices with regard to investment strategies employed; our ability to hire and retain qualified investment professionals; the cost of complying with current and future regulation coupled with the cost of defending ourselves from related investigations or litigation; failure of our operational safeguards against breaches in data security, privacy, conflicts of interest or employee misconduct; our expected tax rate; and our expectations with respect to deferred tax assets, adverse economic or market conditions, including the continued adverse effects of the coronavirus pandemic; incurrence of net losses; adverse effects of management focusing on implementation of a growth strategy; failure to develop and maintain the Silvercrest brand; and other factors

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disclosed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2023, which is accessible on the U.S. Securities and Exchange Commission’s website at www.sec.gov. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

About Silvercrest

Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California and Wisconsin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors.

Silvercrest Asset Management Group Inc.

Contact: Richard Hough

212-649-0601

rhough@silvercrestgroup.com

 

 

 

 

 

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Exhibit 1

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Operations

(Unaudited and in thousands, except share and per share amounts or as noted)

 

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2024				2023				2024				2023
Revenue
Management and advisory fees		$	29,900			$	28,652			$	59,065			$	57,020
Family office services			1,093				1,082				2,200				2,144
Total revenue			30,993				29,734				61,265				59,164
Expenses
Compensation and benefits			18,493				16,756				36,162				33,254
General and administrative			7,191				6,460				13,890				12,641
Total expenses			25,684				23,216				50,052				45,895
Income before other (expense) income, net			5,309				6,518				11,213				13,269
Other (expense) income, net
Other (expense) income, net			7				23				15				68
Interest income			289				26				636				45
Interest expense			(29	)			(112	)			(80	)			(228	)
Total other (expense) income, net			267				(63	)			571				(115	)
Income before provision for income taxes			5,576				6,455				11,784				13,154
Provision for income taxes			(1,196	)			(1,320	)			(2,489	)			(2,709	)
Net income			4,380				5,135				9,295				10,445
Less: net income attributable to non-controlling interests			(1,715	)			(2,050	)			(3,630	)			(4,156	)
Net income attributable to Silvercrest		$	2,665			$	3,085			$	5,665			$	6,289
Net income per share:
Basic		$	0.28			$	0.33			$	0.60			$	0.66
Diluted		$	0.28			$	0.33			$	0.60			$	0.66
Weighted average shares outstanding:
Basic			9,509,711				9,456,347				9,494,869				9,502,301
Diluted			9,547,879				9,480,079				9,531,730				9,528,720

 

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Exhibit 2

Silvercrest Asset Management Group Inc.

Reconciliation of GAAP to non-GAAP (“Adjusted”) Adjusted EBITDA Measure

(Unaudited and in thousands, except share and per share amounts or as noted)

 

Adjusted EBITDA		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2024				2023				2024				2023
Reconciliation of non-GAAP financial measure:
Net income		$	4,380			$	5,135			$	9,295			$	10,445
Provision for income taxes			1,196				1,320				2,489				2,709
Delaware Franchise Tax			50				50				100				100
Interest expense			29				112				80				228
Interest income			(289	)			(26	)			(636	)			(45	)
Depreciation and amortization			1,058				1,057				2,077				2,016
Equity-based compensation			485				382				839				694
Other adjustments (A)			323				86				441				150
Adjusted EBITDA		$	7,232			$	8,116			$	14,685			$	16,297
Adjusted EBITDA Margin			23.3	%			27.3	%			24.0	%			27.5	%

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Acquisition costs (a)		$	—			$	—			$	—			$	5
Severance			—				19				60				19
Other (b)			323				67				381				126
Total other adjustments		$	323			$	86			$	441			$	150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Exhibit 3

Silvercrest Asset Management Group Inc.

Reconciliation of GAAP to non-GAAP (“Adjusted”)
Adjusted Net Income and Adjusted Earnings Per Share Measures
(Unaudited and in thousands, except per share amounts or as noted)

 

Adjusted Net Income and Adjusted Earnings Per Share		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Reconciliation of non-GAAP financial measure:
Net income		$	4,380			$	5,135			$	9,295			$	10,445
Consolidated GAAP Provision for income taxes			1,196				1,320				2,489				2,709
Delaware Franchise Tax			50				50				100				100
Other adjustments (A)			323				86				441				150
Adjusted earnings before provision for income taxes			5,949				6,591				12,325				13,404
Adjusted provision for income taxes:
Adjusted provision for income taxes (26% assumed tax rate)			(1,547	)			(1,714	)			(3,205	)			(3,485	)
Adjusted net income		$	4,402			$	4,877			$	9,121			$	9,919
GAAP net income per share (B):
Basic		$	0.28			$	0.33			$	0.60			$	0.66
Diluted		$	0.28			$	0.33			$	0.60			$	0.66
Adjusted earnings per share/unit (B):
Basic		$	0.31			$	0.35			$	0.65			$	0.71
Diluted		$	0.30			$	0.34			$	0.63			$	0.69
Shares/units outstanding:
Basic Class A shares outstanding			9,547				9,373				9,547				9,373
Basic Class B shares/units outstanding			4,443				4,529				4,443				4,529
Total basic shares/units outstanding			13,990				13,902				13,990				13,902
Diluted Class A shares outstanding (C)			9,586				9,397				9,586				9,397
Diluted Class B shares/units outstanding (D)			5,038				5,046				5,038				5,046
Total diluted shares/units outstanding			14,624				14,443				14,624				14,443

 

 

 

 

 

 

 

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Exhibit 4

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Financial Condition
(Unaudited and in thousands)

 

		June 30, 2024				December 31, 2023
Assets
Cash and cash equivalents		$	49,947			$	70,301
Investments			219				219
Receivables, net			11,466				9,526
Due from Silvercrest Funds			852				558
Furniture, equipment and leasehold improvements, net			7,511				7,422
Goodwill			63,675				63,675
Operating lease assets			17,369				19,612
Finance lease assets			265				330
Intangible assets, net			17,788				18,933
Deferred tax asset—tax receivable agreement			4,488				5,034
Prepaid expenses and other assets			4,005				3,964
Total assets		$	177,585			$	199,574
Liabilities and Equity
Accounts payable and accrued expenses		$	2,434			$	1,990
Accrued compensation			18,212				37,371
Borrowings under credit facility			—				2,719
Operating lease liabilities			23,886				26,277
Finance lease liabilities			273				336
Deferred tax and other liabilities			9,275				9,071
Total liabilities			54,080				77,764
Commitments and Contingencies (Note 10)
Equity
Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued    and outstanding			—				—
Class A Common Stock, par value $0.01, 50,000,000 shares authorized; 10,355,851    and 9,547,396 issued and outstanding, respectively, as of June 30, 2024;   10,287,452 and 9,478,997 issued and outstanding, respectively, as of December 31, 2023			103				103
Class B Common Stock, par value $0.01, 25,000,000 shares authorized; 4,443,159    and 4,431,105 issued and outstanding as of June 30, 2024 and December 31, 2023,    respectively			43				43
Additional Paid-In Capital			56,375				55,809
Treasury Stock, at cost, 808,455 shares as of June 30, 2024 and    December 31, 2023, respectively			(15,057	)			(15,057	)
Accumulated other comprehensive income (loss)			(28	)			(12	)
Retained earnings			43,888				41,851
Total Silvercrest Asset Management Group Inc.’s equity			85,324				82,737
Non-controlling interests			38,181				39,073
Total equity			123,505				121,810
Total liabilities and equity		$	177,585			$	199,574

 

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Exhibit 5

Silvercrest Asset Management Group Inc.

Total Assets Under Management

(Unaudited and in billions)

Total Assets Under Management:

 

		Three Months Ended June 30,								% Change from June 30,
		2024				2023				2023
Beginning assets under management		$	34.5			$	29.9				15.4	%
Gross client inflows			0.6				2.4				-75.0	%
Gross client outflows			(1.5	)			(1.1	)			36.4	%
Net client flows			(0.9	)			1.3				-169.2	%
Market (depreciation)/appreciation			(0.2	)			0.7				-128.6	%
Ending assets under management		$	33.4			$	31.9				4.7	%

 

		Six Months Ended June 30,								% Change from June 30,
		2024				2023				2023
Beginning assets under management		$	33.3			$	28.9				15.2	%
Gross client inflows			1.7				3.9				-56.4	%
Gross client outflows			(3.0	)			(2.7	)			11.1	%
Net client flows			(1.3	)			1.2				-208.3	%
Market appreciation			1.4				1.8				-22.2	%
Ending assets under management		$	33.4			$	31.9				4.7	%

 

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Exhibit 6

Silvercrest Asset Management Group Inc.

Discretionary Assets Under Management

(Unaudited and in billions)

Discretionary Assets Under Management:

 

		Three Months Ended June 30,								% Change from June 30,
		2024				2023				2023
Beginning assets under management		$	22.7			$	21.3				6.6	%
Gross client inflows			0.6				0.5				20.0	%
Gross client outflows			(1.5	)			(0.9	)			66.7	%
Net client flows			(0.9	)			(0.4	)			125.0	%
Market (depreciation)/ appreciation			(0.2	)			0.6				-133.3	%
Ending assets under management		$	21.6			$	21.5				0.5	%

 

		Six Months Ended June 30,								% Change from June 30,
		2024				2023				2023
Beginning assets under management		$	21.9			$	20.9				4.8	%
Gross client inflows			1.2				1.9				-36.8	%
Gross client outflows			(2.5	)			(2.4	)			4.2	%
Net client flows			(1.3	)			(0.5	)			160.0	%
Market appreciation			1.0				1.1				-9.1	%
Ending assets under management		$	21.6			$	21.5				0.5	%

 

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Exhibit 7

Silvercrest Asset Management Group Inc.

Non-Discretionary Assets Under Management

(Unaudited and in billions)

Non-Discretionary Assets Under Management:

 

		Three Months Ended June 30,								% Change from June 30,
		2024				2023				2023
Beginning assets under management		$	11.8			$	8.6				37.2	%
Gross client inflows			—				1.9				-100.0	%
Gross client outflows			—				(0.2	)			-100.0	%
Net client flows			—				1.7				-100.0	%
Market appreciation			—				0.1				-100.0	%
Ending assets under management		$	11.8			$	10.4				13.5	%

 

		Six Months Ended June 30,								% Change from June 30,
		2024				2023				2023
Beginning assets under management		$	11.4			$	8.0				42.5	%
Gross client inflows			0.5				2.0				-75.0	%
Gross client outflows			(0.5	)			(0.3	)			66.7	%
Net client flows			—				1.7				-100.0	%
Market appreciation			0.4				0.7				-42.9	%
Ending assets under management		$	11.8			$	10.4				13.5	%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Exhibit 8

Silvercrest Asset Management Group Inc.

Assets Under Management

(Unaudited and in billions)

 

		Three Months Ended June 30,
		2024				2023
Total AUM as of March 31,		$	34.509			$	29.902
Discretionary AUM:
Total Discretionary AUM as of March 31,		$	22.681			$	21.251
New client accounts/assets (1)			0.068				0.022
Closed accounts (2)			(0.036	)			(0.037	)
Net cash inflow/(outflow) (3)			(0.955	)			(0.332	)
Non-discretionary to Discretionary AUM (4)			—				(0.040	)
Market (depreciation)/appreciation			(0.112	)			0.636
Change to Discretionary AUM			(1.035	)			0.249
Total Discretionary AUM at June 30,			21.646				21.500
Change to Non-Discretionary AUM (5)			(0.044	)			1.773
Total AUM as of June 30,		$	33.430			$	31.924

 

		Six Months Ended June 30,
		2024				2023
Total AUM as of January 1,		$	33.281			$	28.905
Discretionary AUM:
Total Discretionary AUM as of January 1,		$	21.885			$	20.821
New client accounts/assets (1)			0.103				0.097
Closed accounts (2)			(0.475	)			(0.085	)
Net cash inflow/(outflow) (3)			(0.948	)			(0.506	)
Non-discretionary to Discretionary AUM (4)			(0.002	)			(0.038	)
Market appreciation			1.083				1.181
Change to Discretionary AUM			(0.239	)			0.649
Total Discretionary AUM at June 30,			21.646				21.470
Change to Non-Discretionary AUM (5)			0.388				2.370
Total AUM as of June 30,		$	33.430			$	31.924

 

 

 

 

 

 

 

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Exhibit 9

Silvercrest Asset Management Group Inc.

Equity Investment Strategy Composite Performance1, 2

As of June 30, 2024

(Unaudited)

 

PROPRIETARY EQUITY PERFORMANCE 1, 2		ANNUALIZED PERFORMANCE
		INCEPTION		1-YEAR				3-YEAR				5-YEAR				7-YEAR				INCEPTION
Large Cap Value Composite		4/1/02			15.1				6.5				10.9				11.7				9.5
Russell 1000 Value Index					13.1				5.5				9.0				8.6				7.7
Small Cap Value Composite		4/1/02			11.5				3.9				9.0				7.5				10.2
Russell 2000 Value Index					10.9				-0.5				7.1				5.9				7.6
Smid Cap Value Composite		10/1/05			11.8				1.7				7.2				7.2				9.2
Russell 2500 Value Index					11.2				2.1				8.0				7.0				7.5
Multi Cap Value Composite		7/1/02			14.4				3.4				9.0				9.2				9.5
Russell 3000 Value Index					12.9				5.1				8.9				8.4				8.2
Equity Income Composite		12/1/03			11.8				4.4				7.2				8.6				10.8
Russell 3000 Value Index					12.9				5.1				8.9				8.4				8.4
Focused Value Composite		9/1/04			10.9				-1.1				4.1				5.7				9.1
Russell 3000 Value Index					12.9				5.1				8.9				8.4				8.2
Small Cap Opportunity Composite		7/1/04			11.3				1.5				9.7				9.9				10.8
Russell 2000 Index					10.1				-2.6				6.9				6.8				7.8
Small Cap Growth Composite		7/1/04			1.0				-6.7				10.0				10.8				10.3
Russell 2000 Growth Index					9.1				-4.9				6.2				7.3				8.2
Smid Cap Growth Composite		1/1/06			4.6				-8.4				11.0				12.4				10.4
Russell 2500 Growth Index					9.0				-4.1				7.6				9.3				9.2

 

1	Returns are based upon a time weighted rate of return of various fully discretionary equity portfolios with similar investment objectives, strategies and policies and other relevant criteria managed by Silvercrest Asset Management Group LLC (“SAMG LLC”), a subsidiary of Silvercrest. Performance results are gross of fees and net of commission charges. An investor’s actual return will be reduced by the advisory fees and any other expenses it may incur in the management of the investment advisory account. SAMG LLC’s standard advisory fees are described in Part 2 of its Form ADV. Actual fees and expenses will vary depending on a variety of factors, including the size of a particular account. Returns greater than one year are shown as annualized compounded returns and include gains and accrued income and reinvestment of distributions. Past performance is no guarantee of future results. This piece contains no recommendations to buy or sell securities or a solicitation of an offer to buy or sell securities or investment services or adopt any investment position. This piece is not intended to constitute investment advice and is based upon conditions in place during the period noted. Market and economic views are subject to change without notice and may be untimely when presented here. Readers are advised not to infer or assume that any securities, sectors or markets described were or will be profitable. SAMG LLC is an independent investment advisory and financial services firm created to meet the investment and administrative needs of individuals with substantial assets and select institutional investors. SAMG LLC claims compliance with the Global Investment Performance Standards (GIPS®).
2	The market indices used to compare to the performance of Silvercrest’s strategies are as follows:
	The Russell 1000 Index is a capitalization-weighted, unmanaged index that measures the 1000 largest companies in the Russell 3000. The Russell 1000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.
	The Russell 2000 Index is a capitalization-weighted, unmanaged index that measures the 2000 smallest companies in the Russell 3000. The Russell 2000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.
	The Russell 2500 Index is a capitalization-weighted, unmanaged index that measures the 2500 smallest companies in the Russell 3000. The Russell 2500 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.
	The Russell 3000 Value Index is a capitalization-weighted, unmanaged index that measures those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth.

 

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v3.24.2.u1

Document and Entity Information	Aug. 01, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 01, 2024
Entity Registrant Name	SILVERCREST ASSET MANAGEMENT GROUP INC.
Entity Central Index Key	0001549966
Entity Emerging Growth Company	false
Title of 12(b) Security	Class A common stock, $0.01 par value per share
Trading Symbol	SAMG
Security Exchange Name	NASDAQ
Entity File Number	001-35733
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-5146560
Entity Address, Address Line One	1330 Avenue of the Americas
Entity Address, Address Line Two	38th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	649-0600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false

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