SilverCrest Asset Management ( (SAMG) ) has released its Q3 earnings. Here is a breakdown of the information SilverCrest Asset Management presented to its investors.
Silvercrest Asset Management Group Inc. is an independent, employee-owned registered investment adviser providing investment advisory and family office services to wealthy families and select institutional investors, operating within the financial services sector. In its recent Q3 2024 earnings report, Silvercrest showcased growth in assets under management (AUM) and a robust pipeline of new business opportunities, despite a challenging financial landscape marked by increased expenses. The firm reported a total AUM of $35.1 billion, an increase driven primarily by market appreciation, with discretionary AUM rising to $22.6 billion. Revenue for the quarter reached $30.4 million, reflecting a growth of 2.4% compared to the same period in the previous year. However, increased compensation and general administrative expenses led to a decrease in net income to $3.7 million from $5.4 million in Q3 2023. Silvercrest’s strategic focus remains on expanding its institutional business pipeline, which saw a 20% increase, and leveraging its newly developed Global Equity strategy. The company continues to invest in its workforce and infrastructure to support future growth. Looking ahead, Silvercrest is optimistic about securing significant organic net flows and revenue increases, driven by its strategic initiatives and market conditions.
