Business
Silvercrest Asset Management Group Inc. Reports Q3 2020 Results
NEW YORK, Nov. 5, 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":"\n \n \n \n NEW YORK, Nov. 5, 2020 /PRNewswire/ -- Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the \"Company\" or \"Silvercrest\") today reported the results of its operations for the quarter ended September 30, 2020.\nBusiness Update \nSilvercrest's discretionary assets under management, which drive top-line revenue, grew approximately 4% during the third quarter to $17.9 billion as of September 30, 2020. The growth in discretionary assets under management was supported by markets increasing asset values by $0.7 billion, along with $0.2 billion in new client accounts. These increases were offset by outflows of $0.2 billion, primarily for tax payments as a result of delayed tax deadlines due to the coronavirus crisis. The firm's total assets under management during the quarter increased approximately 3% to end the third quarter with $24.4 billion in total assets under management.\nDue to this year's market recovery, continued organic growth, and our accretive acquisition in the second half of 2019, the firm's revenue, adjusted net income1, adjusted EBITDA1 and adjusted EBITDA margins1 for the nine months ended September 30, 2020 have each grown year over year. For the nine months ended September 30, 2020, adjusted diluted earnings per share1 increased approximately 13% year over year.\nSilvercrest's Outsourced Chief Investment Officer (OCIO) contributed meaningfully to new business development in the third quarter and is poised to cross important AUM thresholds to be considered for new mandates. We continue to be proud of our progress in that business.\nSilvercrest's institutional asset management pipeline is also rebuilding, along with new initiatives, and we expect the institutional business to improve and contribute new AUM to the firm.\nRegardless of the environment, Silvercrest will continue to opportunistically seek to effectively deploy capital to enhance and complement its organic growth. Silvercrest has successfully made investments to organically grow the business—and will continue to make investments—with its cash flow and reserves. We have hired new high net worth portfolio management professionals in New York and will continue to add new talent, both to maintain a high level of client service and to grow the business.\nOn November 4, 2020, the Company's Board of Directors declared a quarterly dividend of...