{"id":451209,"date":"2021-03-04T16:04:41","date_gmt":"2021-03-04T21:04:41","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=451209"},"modified":"2021-03-04T16:04:41","modified_gmt":"2021-03-04T21:04:41","slug":"silvercrest-asset-management-group-inc-reports-q4-and-year-end-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/silvercrest-asset-management-group-inc-reports-q4-and-year-end-2020-results\/","title":{"rendered":"Silvercrest Asset Management Group Inc. Reports Q4 and Year-end 2020 Results"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n NEW YORK<\/span>, March 4, 2021<\/span> \/PRNewswire\/ —\u00a0Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company” or “Silvercrest”) today reported the results of its operations for the quarter and year ended December 31, 2020<\/span>.<\/p>\n

\n Business Update <\/b>\n <\/p>\n

Silvercrest ended the fourth quarter of 2020 and the year on a high note, paving the way for a good start to 2021 with a potential new high revenue run rate. Silvercrest discretionary asset under management, which drive revenue, increased 15% during the fourth quarter to reach $20.6 billion<\/span>, due to both organic as well as market growth. The firm’s total assets under management under management (“AUM”) grew to $27.8 billion<\/span> by the end of the fourth quarter. These new AUM high watermarks for the firm represent increases of 10.8% in total AUM and 9.6% in discretionary AUM year over year from the end of 2019 to the end of 2020.<\/p>\n

The firm’s financial measurements all meaningfully improved for fiscal year 2020 over 2019. Revenue increased 5.7% to $108 million<\/span> from $102 million<\/span>; the firm’s Adjusted EBITDA1<\/sup> increased 6.0% to $30 million<\/span> from $29 million<\/span>; and adjusted diluted earnings per share1<\/sup> increased 9.4% to $1.28<\/span> from $1.17<\/span> per share. The firm’s full year 2020 adjusted EBITDA margin1<\/sup> was 28.1%.<\/p>\n

Silvercrest’s Outsourced Chief Investment Officer (“OCIO”) initiative won its first OCIO clients during the third quarter of 2019, and we ended 2019 with $300 million<\/span> in OCIO AUM. That business more than doubled during 2020, to over $700 million<\/span>, and we hope to cross the important $1 billion<\/span> AUM threshold during 2021. We are proud of building our OCIO capability organically from scratch. Our team and performance track record remain strong, our OCIO new business pipeline has grown, and we expect continued success in the OCIO business during 2021.<\/p>\n

With strong relative performance, Silvercrest’s institutional equity new business opportunities are rebuilding across our product suite. We expect new sub-advisory relationships to continue adding new AUM and for search activity to pick up during 2021.<\/p>\n

We have hired new high net worth portfolio management professionals and will continue to add new talent, both to maintain a high level of client service and to grow the business. Silvercrest has a track record of growing new talent and will continue to do so, especially with the current M&A environment for wealth management firms remaining active and expensive. We believe our brand, culture, capabilities and technological innovation make Silvercrest a premier partner for select businesses and professionals. Regardless of the environment, Silvercrest will continue to seek to effectively deploy capital to complement our organic growth.<\/p>\n

\n Fourth Quarter<\/b>\u00a02020 Highlights<\/b><\/p>\n