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Here are 1-2 brief analogies for Silvercrest Asset Management (SAMG):

• Imagine the private wealth management division of a major investment bank like Goldman Sachs or Morgan Stanley, but operating as a focused, independent firm.

• Think of it as a personal CFO and investment manager for affluent individuals and families, similar to the high-touch services offered by private banks such as Northern Trust.

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• Discretionary Investment Management: Silvercrest manages investment portfolios for clients, making all investment decisions within agreed-upon objectives and risk profiles.
• Non-Discretionary Investment Consulting: The firm provides investment advice and recommendations to clients who prefer to retain final decision-making authority over their portfolios.
• Family Office Services: Silvercrest offers comprehensive wealth management solutions for ultra-high-net-worth families, extending beyond investment management to include financial planning, estate planning coordination, and other advisory services.

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Silvercrest Asset Management (SAMG) primarily serves High Net Worth Individuals and Families, as evidenced by its asset under management (AUM) distribution. Therefore, its major customers can be categorized as follows:

1. High Net Worth Individuals and Families: This is the largest segment of Silvercrest's client base by AUM. These clients typically require comprehensive wealth management services, including investment advisory, financial planning, and family office services.

2. Institutional Investors: While a smaller portion of their AUM compared to individuals, this category represents a significant client segment. It includes:

   • Endowments
   • Foundations
   • Pension plans (both corporate and public)
   • Other corporations and organizations requiring investment management services.

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Richard R. Hough III, Chairman and Chief Executive Officer

Mr. Hough joined Silvercrest in 2003, becoming a partner in 2006. He has served on the firm's Executive Committee since 2007 and was Silvercrest's president and chief operating officer from 2010 to 2013. Prior to joining Silvercrest, he worked as a policy analyst and was the founding national program director of Children's Scholarship Fund. Mr. Hough was "groomed for the top job" by the former CEO. He instigated key deals for Silvercrest's growth, including the acquisition of Ten-Sixty Asset Management, which became the firm's internal investment policy and strategy group.

Scott A. Gerard, Chief Financial Officer

Mr. Gerard has served as Chief Financial Officer of Silvercrest Asset Management Group LLC since 2010. Prior to joining Silvercrest, he was Chief Financial Officer of Brand Connections, LLC, a private equity-backed marketing and media company from December 2008 through November 2009. Previously, Mr. Gerard was Chief Financial Officer of Guideline, Inc., a publicly-held business research firm, and a Division Controller with Citigroup Inc. He began his career with KPMG LLP and is a Certified Public Accountant.

Albert S. Messina, Managing Director and Portfolio Manager

Mr. Messina joined Silvercrest Asset Management at its founding as a Managing Director and portfolio manager. Prior to Silvercrest, he was a Managing Director at Credit Suisse Asset Management, a position he assumed as a result of that firm's merger with Donaldson, Lufkin & Jenrette (DLJ), where he had worked since 1983. He also spent 14 years with Bankers Trust Company.

David J. Campbell, General Counsel and Secretary

Mr. Campbell joined Silvercrest from Jefferies & Company, Inc., where he was a Managing Director and Associate General Counsel. He began his career at Donaldson, Lufkin & Jenrette Securities Corporation, providing advice and counsel to various divisions.

J. Allen Gray, Managing Director, Head of Institutional Business

Prior to Silvercrest, Mr. Gray served as a Managing Partner and a Member of the Management Committee of Osprey Partners Investment Management, LLC, and as President of the Osprey Concentrated Large Cap Value Equity Fund. Before Osprey Partners, he was a Managing Director with Radnor Capital Management, a start-up investment firm. Mr. Gray began his career with Kidder, Peabody & Co.

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1. Market Volatility and its Impact on Assets Under Management (AUM) and Revenue

   Silvercrest Asset Management's revenue is directly linked to the value of its Assets Under Management (AUM). Fluctuations in financial markets, particularly downturns, can lead to a decrease in AUM due to market depreciation, which subsequently reduces the company's revenue and overall financial performance. The company has noted that continued market volatility is expected to affect short-term results.

2. Loss of Key Investment Professionals

   Silvercrest's business heavily relies on the expertise, skills, and client relationships of its investment professionals and senior management team. The firm prides itself on its "institutional-quality intellectual capital" and "long-tenured professionals." The departure of these key individuals could materially and adversely affect the company's business, including its ability to maintain strong investment performance and retain clients.

3. Intense Competition

   The wealth management and financial services sector in which Silvercrest operates is highly competitive. Silvercrest competes with a wide array of entities, ranging from large, diversified financial institutions to specialized independent wealth management firms. This intense competition could lead to pressures on fees, challenges in attracting new clients, and potential client outflows, all of which could negatively impact the firm's growth and profitability.

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Silvercrest Asset Management (SAMG) provides portfolio and investment management services, financial planning, and family office services primarily to high-net-worth individuals and select institutional investors.

Addressable Market Sizes:

1. Family Office Services

The global family office market was valued at approximately USD 19.25 billion in 2024 and is projected to reach USD 30.91 billion by 2031, growing at a compound annual growth rate (CAGR) of 7.00% from 2024 to 2031. Another estimate places the global market at USD 20.13 billion in 2025, forecasted to reach USD 27.61 billion by 2030 with a CAGR of 6.52%. In North America, the family office market held a significant share, with some reports indicating it accounted for over 40% of the global revenue in 2024 and is predicted to hold the largest revenue share of 44% by 2037. Specifically, the U.S. family office market size was estimated at USD 6.08 billion in 2024.

2. Wealth Management Services (for High-Net-Worth Individuals)

The global wealth management market was valued at USD 1.8 trillion in 2023 and is expected to grow to USD 3.5 trillion by 2033. Other estimates indicate the market was USD 1.68 trillion in 2023 and is poised to grow to USD 3.62 trillion by 2032, at a CAGR of 14.0% from 2025 to 2032. North America holds a substantial portion of this market, accounting for 51.63% or approximately USD 937.45 billion of the total global wealth management market in 2023. The U.S. wealth management market alone had approximately USD 64.4 trillion in assets under management (AUM) in 2024, with expectations to reach USD 87.35 trillion by 2028.

3. Asset Management Services (for Institutions and Individuals)

The U.S. asset management market was valued at USD 52.08 trillion in 2024 and is expected to reach USD 134.67 trillion by 2030, demonstrating a CAGR of 17.22% during the forecast period. Another report states the U.S. asset management market is valued at USD 63.28 trillion in 2025 and is forecast to expand to USD 112.17 trillion by 2030, with a CAGR of 12.13%. Globally, the asset management market size was valued at USD 432.77 billion in 2024 and is projected to grow to USD 1,122.04 billion by 2032, exhibiting a CAGR of 12.6% during this period. Institutional investors accounted for 64.7% of the U.S. asset management market size in 2024.

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1. Organic Net Client Inflows and New Client Acquisition: Silvercrest Asset Management consistently emphasizes strong new client organic flows and a robust pipeline of new business opportunities. The firm concluded 2024 with $1.5 billion in new organic client inflows, marking its best year for new organic client inflows since at least 2015. Similarly, Q1 2025 saw strong new client organic flows of $0.4 billion, building on the significant $1.4 billion from Q4 2024. Management remains optimistic about securing more significant organic flows throughout 2025 and 2026.
2. Market Appreciation and Supportive Market Conditions: Increases in total and discretionary Assets Under Management (AUM) are significantly influenced by broader market performance. Supportive market conditions and overall market increases are consistently cited as positive factors that drive future revenue. The company anticipates that supportive markets, combined with continued business development, will help discretionary AUM exceed previous all-time highs in the coming quarters.
3. International Expansion and New Geographic Markets: Silvercrest is actively pursuing global expansion, which is expected to be a key driver of future revenue. The firm has hired business development and market leads in Atlanta and Singapore, and has secured its full MAS license for operations in Singapore, with plans to open an office there. Management also intends to pursue more initiatives to enhance Silvercrest's presence in European and Asian markets, recognizing the appealing growth story of international wealth.
4. Launch and Growth of New Global Value Equity Strategy: A significant recent initiative is the development of a new Global Value Equity strategy. This strategy garnered a successful seed investment of $1.3 billion (AUD2 billion) in partnership with CBUS, one of Australia's largest superannuation funds, during the fourth quarter of 2024. This successful launch is expected to bolster future revenue by securing more substantial organic flows in the coming years.
5. Strategic Investments in Talent and Human Capital: Silvercrest is making strategic investments in talent across the firm, including value-added hires, to drive new growth and ensure the successful transition of the business to the next generation. These investments in intellectual capital and headcount are aimed at promoting long-term sustainable growth and securing significant new organic flows.

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Share Repurchases

• On May 23, 2025, Silvercrest Asset Management's Board of Directors authorized a new common stock repurchase program for up to $25 million of its Class A common stock.
• Approximately $16.25 million was used to repurchase 1,059,870 Class A shares through September 30, 2025, under the 2025 Repurchase Program.
• On August 16, 2024, the Board authorized a $12 million stock repurchase program for Class A common stock over the subsequent 12 months.

Outbound Investments

• In 2024, Silvercrest made strategic investments to drive new growth, which included hiring business development and market leads in Atlanta and Singapore, and securing a MAS license in Singapore.
• During the second quarter of 2024, the company hired a new global equity investment team to expand its international and global equity investment capabilities.