Q3 2024 Silvercrest Asset Management Group Inc Earnings Call Transcript
Key Points
- Silvercrest Asset Management Group Inc (SAMG) reported a 5% increase in discretionary assets under management (AUM) during the third quarter, reaching $22.6 billion.
- The company's total AUM increased by 13% year over year, reaching $35.1 billion by the end of the third quarter.
- Silvercrest's pipeline of new institutional business opportunities increased by 20% during the third quarter, now standing at $1.2 billion.
- The firm is optimistic about securing significant organic net flows over the next two quarters, driven by a robust pipeline and market conditions.
- Silvercrest has successfully hired a high-quality team for its global equity strategy, positioning the firm for significant inflows in this high-demand area.
- Despite increased topline revenue, most business metrics are down due to higher expenses, particularly in compensation and benefits.
- Expenses for the quarter increased by 12% year over year, driven by increased compensation and benefits expenses.
- The company reported discretionary outflows during the quarter, although they were revenue neutral overall.
- General and administrative expenses increased by 13% year over year, primarily due to professional fees and portfolio and systems expenses.
- Cash and cash equivalents decreased from $70.3 million at the end of last year to $58.1 million as of September 30th, 2024.
Good morning and welcome to the Silvercrest Asset Management Group Inc third quarter, 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. For all such forward-looking statements, we claim the protections provided by the Litigation Reform Act of 1,995. All forward-looking statements made on this call are made as of the date hereof and Silvercrest assumes no obligation to update them. I would now like
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
