Business
Silvercrest Asset Management Group Inc. Reports Q2 2024 Results
NEW YORK, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company” or “Silvercrest”) today reported the results
About this update from Silvercrest Asset Management Group Inc.
[{"type":"text","content":"NEW YORK, Aug. 01, 2024 (GLOBE NEWSWIRE) -- 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 ...