Q2 2024 Silvercrest Asset Management Group Inc Earnings Call Transcript
Key Points
- Quarterly revenue increased year over year by $1.3 million or 4.2%.
- Total AUM at the end of the second quarter was $33.4 billion, a 4.7% increase year over year.
- Silvercrest announced the hiring of a high-quality global equity investment team to complement international strategies.
- The firm's pipeline of new institutional business opportunities remains strong, with significant potential mandates for the new global equity team.
- The Company's Board of Directors approved a 5% increase in the quarterly dividend, rising from $0.19 per share to $0.2 per share.
- Discretionary AUM decreased by $1.1 billion during the quarter to $21.6 billion, primarily due to the loss of institutional mandates.
- Expenses for the quarter increased year over year by $2.5 million or 10.6%, driven by higher compensation and benefits expenses.
- Net client outflows partially offset the increased discretionary AUM resulting from market appreciation.
- The firm's pipeline of new institutional business opportunities decreased during the second quarter to $1 billion.
- General and administrative expenses increased by $0.7 million or approximately 11.3%, primarily due to increases in professional fees and recruiting expenses.
Good morning, and welcome to the Silvercrest Asset Management Group, Inc. Q2 2024 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded.
Before we begin, let me remind you that during today's call, certain statements made regarding our future performance are forward-looking statements. They are based on current expectations and projections which are subject to a number of risks and uncertainties, and many factors could cause actual results to differ materially from the statements that are made. Those factors are disclosed in our filings with the SEC under the caption Risk Factors. We're also forward looking statements. We claim the protection provided by the Litigation Reform Act of 1995. All forward-looking statements made on this call are made as of the date hereof and Silvercrest assumes no obligations to update them.
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