Silvercrest Asset Management Group Inc. (NASDAQ:SAMG) Q4 2023 Results Conference Call March 8, 2024 8:30 AM ET

Company Participants

Richard Hough - Chief Executive Officer, President & Chairman

Scott Gerard - Chief Financial Officer

Conference Call Participants

Freddie Strickland - Janney Montgomery Scott

Chris Sakai - Singular Research

Sandy Mehta - Evaluate Research

Operator

Good morning, and welcome to the Silvercrest Asset Management Group Incorporated Fourth Quarter and Full-Year 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this 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 1995. 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 to turn the conference over to Rick Hough, Chairman and CEO of Silvercrest. Please go ahead.

Richard Hough

Thank you very much, and good morning to our Q4 and year-end 2023 results. After the volatile and difficult market environment of 2022, we hope 2023 would lead to improved markets, helping to recover both Silvercrest's discretionary assets under management as well as our top line revenue. The year 2023 was unusual, equity market gains were highly concentrated in a handful of large-cap technology companies as a result of such narrow leadership and economic uncertainty. During the third quarter 2023 earnings call, I had stated we could face challenging market conditions at Silvercrest for yet another year.

During the fourth quarter of 2023, company participation in equity market gains broadened significantly. Progress has continued into 2024 setting the stage for a better environment for our business. During the fourth quarter of 2023, Silvercrest's discretionary AUM rose by $1.4 billion or 6.8% to $21.9 billion and Silvercrest total AUM increased by $2.1 billion or 6.7% to $33.3 billion during the fourth quarter. For 2023, Silvercrest's discretionary AUM increased by $1 billion or 4.8%. Our total AUM increased during 2023 by 15% or $4.4 billion to $33.3 billion from $28.9 billion at the end of 2022.