Business
Silvercrest Asset Management Group Inc. Reports Q2 2020 Results
NEW YORK, Aug. 3, 2020 /PRNewswire/ -- Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the "Company" or "Silvercrest") today reported the results of
About this update from Silvercrest Asset Management Group Inc.
[{"type":"text","content":"NEW YORK, Aug. 3, 2020 /PRNewswire/ -- Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the \"Company\" or \"Silvercrest\") today reported the results of its operations for the quarter ended June 30, 2020.\nBusiness Update \nSilvercrest is pleased to report good results for the second quarter of 2020, ending June 30, despite the challenging backdrop of the coronavirus shutdown, due to organic growth in each segment of the business and supportive equity markets. We opened new discretionary accounts of $159 million during the quarter and saw total net organic inflows of $200 million in discretionary assets under management, delivering our best organic growth since the second quarter of 2019. Our discretionary assets under management, which drive top line revenue, grew 16% from the first quarter, and our total assets under management during the quarter increased 16% to $23.8 billion. Importantly, as of June 30, 2020, our assets under management stand at nearly the same level as Q3 2019. Finally, as a result of the recovery and our accretive combination with Cortina in July 2019, our total assets have increased 10% year-over-year.\nAccordingly, revenue, adjusted net income1, adjusted EBITDA1, adjusted EBITDA margins1, and adjusted diluted earnings per share1 each show increases or were flat for the quarter and first half versus a year ago.\nSilvercrest has maintained a proven ability over time, even during difficult environment and despite industry trends, to continue attracting net positive asset flows from new high net worth families, institutional asset management, and for our Outsourced Chief Investment Officer (OCIO) businesses. Last year, we announced that 2020 and 2021 would prove important for the OCIO business. While the current environment has slowed searches, we reported last quarter that OCIO had contributed half of the firm's organic growth. That business continues to develop and, with new wins in the second quarter of 2020, the OCIO business now advises on half a billion in assets under management. We are proud of our progress and expect to grow this business into a few billion in assets under management.\nSilvercrest's institutional asset management pipeline also is rebuilding after the initial shock and economic shutdown due to the coronavirus. The new business pipeline is recovering, and we expect the institu...