Silvercrest Asset Management Telefonkonferenz zu Q3 2026: AUM sinkt, während globale Expansion kurz vor dem Abschluss steht

Wichtigste Erkenntnisse

• Der Quartalsumsatz stieg im Jahresvergleich um 1,4 Millionen US-Dollar auf 32,7 Millionen US-Dollar, vor allem getrieben von einer höheren durchschnittlichen jährlichen Verwaltungsgebühr.
• Das diskrektionär verwaltete Vermögen sank im Laufe des Quartals um 939,2 Millionen US-Dollar auf 23,8 Milliarden US-Dollar, hauptsächlich aufgrund schwächerer Märkte. Etwa 753 Millionen US-Dollar des Rückgangs wirkten sich auf den Umsatz aus.
• Die Nettozuflüsse im Quartal lagen mit 58,3 Millionen US-Dollar im Wesentlichen unverändert. Silvercrest verzeichnete 182,2 Millionen US-Dollar aus organischen Neukundenkonten und erhielt eine Folgeinvestition in Höhe von 373 Millionen US-Dollar in seine globale Substanzaktienstrategie.
• Das bereinigte EBITDA belief sich auf 4,4 Millionen US-Dollar, was 13,5 % des Umsatzes entspricht. Das bereinigte Nettoergebnis lag bei 1,9 Millionen US-Dollar bzw. 0,16 US-Dollar je bereinigter verwässerter Aktie.
• Das Management gab bekannt, dass sich das Unternehmen dem Ende seiner großen Personalinvestitionsphase nähert. Es erwartet, dass 2027 ein wichtiges Jahr sein wird, um seine erweiterte globale Infrastruktur und Vertriebskapazitäten in Umsatz umzumünzen.
• Der Verwaltungsrat beschloss eine Quartalsdividende von 0,21 US-Dollar pro Aktie der Klasse A, die am oder um den 18. Dezember 2026 an die am 11. Dezember eingetragenen Aktionäre zahlbar ist.

Wichtige Finanzdaten

In den ersten neun Monaten des Jahres 2026 stieg der Umsatz im Jahresvergleich um 1,5 Millionen US-Dollar. Das bereinigte EBITDA lag bei etwa 11,6 Millionen US-Dollar oder 12,2 % des Umsatzes, während das bereinigte Nettoergebnis etwa 4,6 Millionen US-Dollar beziehungsweise 0,38 US-Dollar je bereinigter Aktie betrug. Das ausgewiesene Nettoergebnis, das auf die Aktionäre der Klasse A entfällt, betrug etwa 1,1 Millionen US-Dollar oder 0,14 US-Dollar je Aktie.

Der Personalaufwand stieg im bisherigen Jahresverlauf um 5,9 % auf 62,9 Millionen US-Dollar, was 66,3 % des Umsatzes entspricht. Die allgemeinen Verwaltungs- und Vertriebskosten stiegen um 17,2 %, was auf höhere Beratungs- und Prüfungshonorare, Raumkosten, Reise- und Bewirtungskosten sowie Portfolio- und Systemaufwendungen zurückzuführen ist.

Geschäfts- und operative Entwicklung

Wertsteigerungen trugen im bisherigen Jahresverlauf 1,7 Milliarden US-Dollar zum neuen AUM bei, obwohl schwächere Märkte im dritten Quartal das diskrektionäre AUM reduzierten. Saisonale Abflüsse von vermögenden Privatkunden für Steuerzahlungen sowie einige institutionelle Rücknahmen glichen die Neukundengelder und die Folgeinvestition in die globale Substanzaktienstrategie aus.

Silvercrest erhielt im Laufe des Quartals die vollständige MiFID-Lizenz von der Central Bank of Ireland und eröffnete seine Niederlassung in Dublin. Die personelle Ausstattung in Europa ist weitgehend abgeschlossen, einschließlich des institutionellen Vertriebs und der Kapazitäten für vermögende Privatkunden. Das Management gab an, möglicherweise noch einen weiteren Investment-Experten in Dublin einzustellen.

Das Unternehmen bezeichnete seine institutionelle Pipeline als robust, insbesondere bei globalen und internationalen Aktienstrategien. Silvercrest hat zudem einen UCITS-Fonds, einen Australian Trust und zusätzliche regulatorische Lizenzen eingerichtet und strebt weitere Ratings von führenden globalen Beratern an.

In Asien plant Silvercrest, im ersten Quartal einen Leiter der Niederlassung für das Geschäft mit vermögenden Privatkunden bekannt zu geben. Erste Lizenzierungen und Einstellungen wurden bereits abgeschlossen, jedoch erklärte das Management, dass die breitere Markteinführung langsamer voranschreiten wird.

Ausblick des Managements

Das Management erwartet, dass die Verwaltungs- und Rechtskosten im Zusammenhang mit den Standorten Atlanta und Dublin, dem UCITS-Fonds, dem Australian Trust und den regulatorischen Lizenzierungen sinken werden, sobald diese Initiativen die Aufbauphase hinter sich gelassen haben. Das Unternehmen geht zudem davon aus, dass die Investitionen erste Ertragsbeiträge liefern.

Es wird erwartet, dass die Vergütungsquote erhöht bleibt, während das Investitionsprogramm reift. Das Management betonte, dass 2027 ein wichtiges Jahr sein wird, um Umsätze aus der erweiterten Personal-, Infrastruktur- und Vertriebsplattform zu generieren, mit dem Ziel, den Personalaufwand im Laufe der Zeit als Prozentualanteil am Umsatz zu senken.

Silvercrest plant, seine AUM-Berichterstattung nach dem ersten Quartal 2027 zu überarbeiten und voraussichtlich die Kategorie des nicht-diskrektionären AUM einzustellen. Laut Management würde dies zu einer einmaligen Verringerung des ausgewiesenen nicht-diskrektionären und gesamten AUM führen, ohne jedoch den Umsatz zu beeinträchtigen.

Risiken und Beobachtungspunkte

• Das diskrektionäre AUM und die Erträge bleiben Marktschwankungen ausgesetzt, wie der Rückgang des diskrektionären AUM um 939,2 Millionen US-Dollar im Quartal verdeutlicht.
• Die Personalkosten bleiben aufgrund von Neueinstellungen, leistungsorientierten Gehaltserhöhungen, Boni, Abfindungen und aktienbasierter Vergütung im Zusammenhang mit dem Investitionsprogramm des Unternehmens erhöht.
• Die allgemeinen Verwaltungs- und Vertriebskosten im Quartal stiegen im Jahresvergleich um etwa 16 %, vor allem angeführt von Beratungs- und Prüfungshonoraren, Reise- und Bewirtungskosten sowie Portfolio- und Systemkosten.
• Substanzwertstrategien (Value-Strategien) standen vor Herausforderungen bei der Wertentwicklung im Vergleich zu Indizes, die sich laut Management auf wenige Unternehmen geringerer Qualität konzentrieren. Die anhaltende Disparität zwischen Wachstumswerten (Growth) und Substanzwerten (Value) hat zudem ein schwieriges Umfeld für aktive Value-Strategien geschaffen.
• Die Umwandlung der erweiterten internationalen Plattform und der institutionellen Pipeline in Umsatz bleibt ein Ziel des Managements und ist noch kein realisiertes Ergebnis.

Highlights aus der Analysten-Fragerunde

Das Management erklärte, dass die Niederlassung in Dublin nach Erhalt der MiFID-Lizenz voll funktionsfähig und weitgehend besetzt ist. Die Expansion in Asien befindet sich noch in einem früheren Stadium; der Personalbedarf wird derzeit geprüft, und für das erste Quartal ist die Bekanntgabe der Führungsposition geplant.

Auf die Frage nach der schwächeren Wertentwicklung der Value-Strategie führte das Management den Druck teilweise auf die Indexkonstruktion und -konzentration zurück. Silvercrest erklärte, dass der Schwerpunkt der Portfolios weiterhin auf Unternehmen hoher Qualität liegt und dass die Investmentteams keine Änderung ihres fundamentalen Analyseprozesses planen.

Vollständiges Transkript der Telefonkonferenz

Vollständiges Transkript der Telefonkonferenz

Ausführungen des Managements

Operator

Good morning, and welcome to the Silvercrest Asset Management Group Inc. Q3 2026 Earnings Conference Call. Please note, this event 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

Good morning, and thanks for joining us for our third quarter 2026 results. Silvercrest continued its strategic initiatives during the third quarter, and we continue to progress with the plan we have described over the past 2 years. Discretionary assets under management, which drives the firm revenue, decreased $939.2 million during the third quarter to $23.8 billion, primarily due to weaker markets. Of that, $753 million had a revenue effect.

The third quarter's weaker markets followed unusually strong second quarter markets with the result that capital growth has contributed $1.7 billion in new AUM this year-to-date. Net flows for the quarter were essentially flat at $58.3 million. Silvercrest added $182.2 million in organic new client accounts, which was the best quarter during 2026. And our net flows included an affirming $373 million follow-on investment in the firm's global value equity strategy. Offsetting outflows during the quarter were primarily attributable to seasonal high net worth client withdrawals for tax payments as well as some institutional outflows.

While total AUM stands at $36.2 billion, we have discussed in prior quarters that nondiscretionary AUM are associated with a small portion of revenue as most of nondiscretionary AUM represents flat fee family office and related services. Therefore, changes in the level of nondiscretionary AUM do not correlate to revenue change. We will adjust how the firm reports nondiscretionary at the end of the first quarter of 2027, likely eliminating the nondiscretionary AUM category altogether. This adjustment will substantially lower reported nondiscretionary and total AUM on a onetime basis but without revenue effect. We seek to provide investors with a clear picture of the discretionary AUM and the flows and economics that drive our business.

Year-to-date, revenue increased 2% year-over-year, reflecting a recovery in average AUM levels weighed down by first quarter outflows. Our estimated annual run rate increased by a similar percentage year-over-year since September 30, 2025. We announced during the third quarter that we received our full MiFID license through the Central Bank of Ireland. We also opened our Dublin office to serve both high net worth and institutional clients in Europe. With the completion of our Atlanta and Dublin offices, our UCITS fund, the Australian Trust, and regulatory licensing, we do expect administrative and legal costs associated with these initiatives to decline and begin contributing revenue.

Our institutional pipeline has continued to grow substantially and remains robust, particularly in our global and international equity strategies, which continue to deliver exceptional performance. Our pipeline quality has also improved with more possible AUM as well as a number of opportunities. We completed progress on building our global infrastructure and distribution for our current revenue push. We also have achieved important third-party ratings for our strategies and vehicles, and we continue to seek additional ratings with major global consultants to further open institutional distribution channels.

As previously discussed, Silvercrest will continue to adjust our compensation ratio to match compelling opportunities to organically grow the business. Total compensation and benefits expense was $62.9 million, representing 66.3% of revenue for the 9 months ended September 30, 2026. As we have consistently communicated, our earnings and adjusted EBITDA reflect the deliberate cost of the most significant investment program in the firm's history, and we expect the compensation ratio to remain elevated as these investments mature. Also, we have discussed with and reminded investors, shareholders approved an increase in the number of shares issuable under our equity incentive plan.

Intellectual capital at Silvercrest is Silvercrest's most important resource, and we have made substantial investments in excellent talent. We intend to imminently make equity grants to the professionals who are building our business and executing our strategy. Attracting and motivating our professionals and working to align their long-term interest with those of our shareholders is fundamental to how we intend to grow the firm and compound value through this investment cycle and beyond.

On October 28, the company's Board of Directors declared a quarterly dividend of $0.21 per share of Class A common stock. The dividend will be paid on or about December 18, 2026, to stockholders of record as of the close of business on December 11, 2026. Those are my preliminary remarks on the business. Scott Gerard, our CFO, will speak to the financials, and then we'll be available for questions. Thank you.

Scott Gerard

Great. Thanks, Rick. Discretionary AUM as of September 30 of this year was $23.8 billion, and total AUM as of September 30 was $36.2 billion. Revenue for the quarter was $32.7 million, and reported consolidated net income for the quarter was $1.2 million. Looking at the quarter, revenue increased year-over-year by $1.4 million, primarily driven by an increase in the average annual management fee. Expenses for the quarter increased year-over-year by $0.8 million or 2.9%, primarily driven by increased general and administrative expenses, partially offset by a decrease in compensation and benefits expense.

Compensation and benefits expense for the quarter decreased year-over-year by $0.5 million or 2.1%, primarily due to a decrease in the accrual for bonuses and severance, partially offset by increases in salaries and benefits expenses, primarily as a result of merit-based increases in new hires, including new staff in Ireland and increased equity-based compensation expense. General and administrative expenses increased by $1.3 million or approximately 16%, primarily due to increases in professional fees, travel and entertainment expense, and portfolio and systems expense.

Reported net income attributable to Silvercrest or the Class A shareholders for the quarter was approximately $0.6 million or $0.08 per basic and diluted Class A share. Adjusted EBITDA, which we define as EBITDA without giving effect to equity-based compensation expense and noncore, nonrecurring items, was approximately $4.4 million or 13.5% of revenue for the quarter. Adjusted net income, which we define as net income without giving effect to noncore and nonrecurring items and income tax expense assuming a corporate rate of 26%, was approximately $1.9 million for the quarter or $0.16 per adjusted basic and diluted EPS.

Adjusted EPS is equal to adjusted net income divided by the actual Class A and Class B shares outstanding as of the end of the reporting period for basic adjusted EPS. And to the extent dilutive, we add unvested restricted stock units and nonqualified stock options to the total shares outstanding to compute diluted adjusted EPS. Looking year-to-date, revenue increased year-over-year by $1.5 million, also driven by an increase in the average annual management fee. Year-to-date expenses increased year-over-year by $7.6 million or 9.2%, driven by increased compensation and benefits expense and general and administrative.

Year-to-date compensation and benefits increased year-over-year by $3.5 million or 5.9%, primarily due to increases in salaries and benefits, primarily as a result of both merit-based increases and newly hired staff as well as an increase in the accrual for bonuses, equity-based compensation, and severance expense. Year-to-date general and administrative expenses increased by $4.1 million or approximately 17.2%, primarily due to increase in professional fees, occupancy and related expenses, travel and entertainment expenses, and portfolio and systems expense.

Year-to-date reported net income attributable to Silvercrest or to Class A shareholders was approximately $1.1 million or $0.14 per basic and diluted Class A share. Year-to-date adjusted EBITDA was approximately $11.6 million or 12.2% of revenue. Year-to-date adjusted net income was approximately $4.6 million or $0.38 per adjusted basic and diluted EPS. Looking at the balance sheet, total assets were approximately $146.3 million as of the end of September of this year compared to $166.6 million as of the end of 2025.

Cash and cash equivalents were approximately $27.8 million as of the end of September compared to $44.1 billion -- excuse me, at the end of last year. Borrowings totaled approximately $9 million as of September 30. Total Class A stockholders' equity was approximately $45.5 million at the end of September of this year. That concludes my remarks, and I'll now turn it over for Q&A.

Richard Hough

Thank you very much, Scott. Welcome questions at this time. Thanks.

Operator

The first question comes from Sandy Mehta of Evaluate Research.

Fragen und Antworten

Ashish

This is Ashish coming from Evaluate Research. I'm speaking on behalf of Sandeep. He's on a flight. So I'll be taking 2 questions on his behalf. So the first question is regarding the staff setup. So is the staff setup in Asia and Europe in place as of now? Or what is the status for the same?

Richard Hough

Our speaker is a little distorted in this room. And so if you could repeat your question 1 more time, I'm going to turn the speaker so I can fully understand it.

Ashish

Yes. I'll repeat it again. So the first question is regarding the staff setup. Is the staff setup in Asia and Europe in place as of now? And what is the status regarding the same?

Richard Hough

Okay. So in Europe, where we've opened the Dublin office, we've largely completed our hiring and the staff set up there. That includes representative for our institutional capabilities as we've completed the UCITS fund in Ireland and other efforts facing Europe. With regards to the high net worth capability in order to get our full MiFID license through the Central Bank of Ireland, we had to fully staff. We may be hiring 1 more individual there for the investment team, but largely complete, and they're off and running now that everything is complete. So that effort with that office opening in the third quarter is just fully starting.

With regards to Asia, we will have an announcement in the first quarter with regards to head of office there for the high net worth business. We're going to be assessing what our needs are and therefore, aligning the staffing required. But we do have our licensing there and did our initial hiring already. That's in its early stages. With regards to other work, we have somebody in Australia working on distribution in South Asia, Japan, Australia. We have other domestic needs, but it's going to be rolled out on a slower basis than it has been today.

So as I mentioned in my business update, we're starting to get to the end of the investment period on the personnel side. There are going to be some bits and pieces across the firm, but also other changes. So you're just going to see a dramatic change in that. And the real expectation is now for revenue to start having an effect based on these investments and therefore, lowering, hopefully, the percentage of compensation that is being spent out of revenue. 2027 is going to be an important year for that.

Ashish

Got it. 1 more question, please. So the second question is regarding the value strategies. So the value strategies have had challenging performance. Can you give us a broad reason for that?

Richard Hough

Yes. A lot of the challenging performance has to do with index construction versus the index, which are extremely heavily weighted towards lower quality companies. We tend to invest in very high-quality companies as well as to an extraordinary concentration among very few companies. This is true of many, many different indices. So it depends what value strategy you're looking at. We have talked about challenges for the institutional business that we have there in the past. It seems like that has slowed.

And we also have seen a lot of our consultants and investors understand how our portfolios are constructed. They're seeing these challenges for a lot of active managers right now, and they're in our strategies for a reason, which is a tilt towards value and therefore, quality. That team is looking very hard, but they are not going to be changing their processes. They're looking to prove how they do things, but it has been proven time and again that if we stick to our knitting, stick to our fundamental research and build our portfolios around high-quality companies that inevitably we perform well.

We've seen other periods of underperformance going into the global financial crisis during the tech bubble and a couple of other periods. It's been in a very, very unusual period of time since the global financial crisis for value investors. The disparity between growth and value has persisted much longer than ever before and it's much wider than ever before, among other attributes.

Operator

This concludes our question-and-answer session. I would like to turn the conference back over to Rick Hough for any closing remarks.

Richard Hough

Thank you. Thank you very much for joining us, and I appreciate the time this morning. I think we covered a lot in my business update with regards to what we're trying to do and accomplish. And we've been discussing this for some period of time, including well before we started this heavy investment period 2 years ago. We're facing the tail end of that, and we're quite excited about the pipeline that we have. The objective now in 2027 and going forward is to really see the fruits of those investments benefiting the firm and our shareholders. Thank you very much. I'm always available for conversations, as many of you know, and look forward to following up. We'll talk to you next quarter. Thank you.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.