Business
Silvercrest Asset Management Group Inc. Reports Q3 2021 Results
NEW YORK, Nov. 4, 2021 /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, Nov. 4, 2021 /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, 2021.\nBusiness Update \nSilvercrest is pleased to report strong financial results for the third quarter of 2021, despite anemic markets and institutional rebalancing during the third quarter. The firm's discretionary assets under management (\"AUM\"), which drives revenue, increased 25.7% year over year. Commensurate with that increase, Silvercrest concluded the quarter with $33.5 million in revenue and quarterly Adjusted EBITDA1 of $10.3 million, representing year-over-year increases of 23.1% and 27.4% respectively. Adjusted Diluted Earnings Per Share1 increased 25.7% year over year to $0.44 per Adjusted Diluted Earnings Per Share.\nSilvercrest sought to achieve $1.0 billion in AUM with its relatively new Outsourced Chief Investment Officer (OCIO) capability by the end of 2021. We are pleased to report that the OCIO business now has $1.1 billion in AUM. We have a strong new business pipeline of opportunities and crossing this AUM threshold will be helpful to building that business.\nSilvercrest's new business opportunities continue to grow thanks to continued strong relative investment performance for high net worth and institutional clients alike.\nDuring the third quarter, Silvercrest repurchased approximately 27 thousand shares of Class A common stock for approximately $0.4 million pursuant to its previously announced share repurchase program on July 28, 2021.\nOn November 2, 2021, the Company's Board of Directors declared a quarterly dividend of $0.17 per share of Class A common stock which represents an annual yield of approximately 4.1% based on the closing price of the Company's Class A common stock on November 3, 2021. The dividend will be paid on or about December 17, 2021 to shareholders of record as of the close of business on December 10, 2021.\nThird Quarter 2021 Highlights\nTotal assets under management (\"AUM\") of $31.0 billion, inclusive of discretionary AUM of $22.5 billion and non-discretionary AUM of $8.5 billion at September 30, 2021. Revenue of $33.5 million. U.S. Generally Accepted Accounting Principles (\"GAAP\") consolidated net income and net income attributable to Silvercrest of $6.4 million ...