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Mar 31, 2021
Silvercrest Q1 2021 Earnings Report
Silvercrest reported new highs in AUM, revenue, and Adjusted EBITDA.
Key Takeaways
Silvercrest Asset Management Group Inc. reported a strong first quarter in 2021, marked by record highs in assets under management (AUM), revenue, and Adjusted EBITDA. Discretionary AUM increased significantly, driving revenue growth. The firm's institutional equity new business opportunities and OCIO offering continue to expand, contributing to an optimistic outlook.
Total AUM reached $29.0 billion, including $21.9 billion in discretionary AUM and $7.1 billion in non-discretionary AUM.
Revenue for the quarter was $31.2 million.
GAAP consolidated net income was $4.3 million, with net income attributable to Silvercrest at $2.6 million.
Adjusted EBITDA was $9.7 million, with an Adjusted EBITDA margin of 30.9%.
Revenue by Segment
Forward Guidance
Silvercrest plans to continue its growth trajectory and high cash flow generation both organically and through careful, strategic acquisitions.
Positive Outlook
- Strong relative performance in institutional equity.
- Growing new business opportunities across proprietary equity capabilities.
- New sub-advisory relationships added assets.
- Optimistic growth prospects with a robust new business pipeline.
- Organically built Outsourced Chief Investment Officer (OCIO) offering continues to grow.
Challenges Ahead
- Unprecedented change in technology.
- Asset management challenges.
- Waves of consolidation threaten business models dedicated to the best interests of the client.
- General and administrative expenses increased by $7.9 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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