The following is a summary of the Silvercrest Asset Management Group Inc. (SAMG) Q1 2024 Earnings Call Transcript:
Financial Performance:
Silvercrest reported Q1 discretionary assets under management (AUM) at $22.7 billion, up 3.7%, with total AUM at $34.5 billion, up $1.2 billion.
Year over year, total and discretionary AUM have grown 15.4% and 6.6%, respectively, with a 2.9% revenue increase.
However, higher expenses, primarily compensation-related, have led to a decrease in most business metrics.
The firm posted consolidated net income of $4.9 million and an adjusted EBITDA of $7.5 million, which is 24.6% of the quarter's revenue.
Business Progress:
Firm's business pipeline has grown to $2 billion, indicating near-term positive flow.
Silvercrest is expanding its workforce to bolster international equity investment capabilities and global outreach.
Strategic investments in next-generation associates are promoted to drive future growth.
The firm is on the verge of change, committing to growth variability and emphasizing new initiatives for business expansion while maintaining its core principles.
More details: Silvercrest Asset Management IR
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