シルバークレスト・アセット・マネジメント 2026年第3四半期決算説明会：グローバル拡大の完了が近づく中、AUMは減少

主なポイント

• 四半期売上高は、主に平均年間管理手数料の上昇を背景に、前年同期比140万ドル増の3270万ドルとなった。
• 一任運用資産残高（AUM）は、主に市場の軟調さにより当四半期中に9億3920万ドル減少して238億ドルとなった。減少額のうち約7億5300万ドルが売上高に影響を与えた。
• 四半期の純資金流出入は5830万ドルとほぼ横ばいとなった。シルバークレストは新規顧客口座のオーガニックな獲得により1億8220万ドルを増加させ、グローバル・バリュー株式戦略において3億7300万ドルの追加投資を受け入れた。
• 調整後EBITDAは440万ドルで、売上高の13.5%に相当した。調整後純利益は190万ドル（調整後希薄化後1株当たり0.16ドル）となった。
• 経営陣は、同社が大規模な人員投資期間の終盤に近づいていると述べた。拡大したグローバルインフラと販売能力を収益に転換するうえで、2027年が重要な年になると見込んでいる。
• 取締役会は、クラスA株1株当たり0.21ドルの四半期配当を発表した。2026年12月11日時点の株主名簿に記載された株主に対し、2026年12月18日頃に支払われる予定。

主要財務データ

2026年最初9ヶ月間（第1〜第3四半期累計）の売上高は前年同期比150万ドル増加した。調整後EBITDAは約1160万ドル（売上高の12.2%）、調整後純利益は約460万ドル（調整後1株当たり0.38ドル）となった。報告されたクラスA株主に帰属する純利益は約110万ドル（1株当たり0.14ドル）だった。

年初からの人件費および福利厚生費は5.9%増の6290万ドルとなり、売上高の66.3%に相当した。一般管理費は、専門家報酬、物件占有コスト、旅費・接待費、ポートフォリオおよびシステム費用の増加を反映し、17.2%増加した。

事業および業績

年初からの資産値上がりが17億ドルの新規AUM寄与となったものの、第3四半期の市場の軟調さにより一任運用AUMは減少した。納税のための富裕層顧客による季節的な資金引き出しや一部の機関投資家による解約が、新規顧客資産およびグローバル・バリュー株式への追加投資効果を相殺した。

シルバークレストは当四半期中にアイルランド中央銀行から完全なMiFIDライセンスを取得し、ダブリンオフィスを開設した。機関投資家向け販売および富裕層向け機能を含め、欧州での人員配置はほぼ完了している。経営陣はダブリンで運用専門家をさらに1名増員する可能性があると述べた。

同社は機関投資家向けのパイプラインが特にグローバルおよび国際株式戦略において堅調であると説明した。シルバークレストはまた、主要なグローバルコンサルタントからの更なる格付け獲得を目指す一方で、UCITSファンドおよびオーストラリア・トラストを設立し、追加の規制ライセンスを取得した。

アジアでは、シルバークレストは第1四半期に富裕層向け事業の拠点責任者を発表する予定である。初期のライセンス取得と採用は完了しているが、経営陣は本格的な展開はより緩やかに進むだろうと述べた。

経営見通し

経営陣は、アトランタおよびダブリンオフィス、UCITSファンド、オーストラリア・トラスト、規制ライセンスに関連する管理・法務費用について、これらの施策が立ち上げ段階を終えるにつれて減少すると見込んでいる。同社はまた、これらの投資が収益に貢献し始めると予想している。

投資プログラムが成熟するまでの間、人件費率は高水準にとどまると見込まれる。経営陣は、拡大した人員、インフラ、販売プラットフォームから収益を生み出すうえで2027年が重要であり、時間の経過とともに売上高に対する人件費比率を低下させることを目指していると述べた。

シルバークレストは2027年第1四半期以降にAUM報告方式を改定する計画であり、非一任運用AUMの区分を廃止する可能性が高い。経営陣は、これにより売上高に影響を与えることなく、報告される非一任運用AUMおよび総AUMが一時的に減少することになると述べた。

リスクと注視点

• 一任運用AUMおよび売上高は依然として市場の動きに左右されやすく、これは当四半期における一任運用AUMの9億3920万ドルの減少にも示されている。
• 人件費は、採用、定期昇給、ボーナス、退職金、ならびに同社の投資プログラムに関連する株式報酬により高水準にとどまっている。
• 四半期の一般管理費は、専門家報酬、旅費・接待費、ポートフォリオおよびシステム費用の増加が主導し、前年同期比で約16%増加した。
• バリュー戦略は、経営陣の指摘によれば特定の少数の低品質な企業に集中しているインデックスに対して、パフォーマンス面での課題に直面している。グロース株とバリュー株の長期にわたる格差も、アクティブ・バリュー戦略にとって厳しい環境を作り出している。
• 拡大された国際プラットフォームおよび機関投資家向けパイプラインからの収益転換は、実現された成果というよりも、引き続き経営目標の段階にある。

アナリスト質疑応答の要点

経営陣は、ダブリンオフィスがMiFIDライセンスの取得を受けて完全に稼働を開始しており、人員配置もほぼ完了していると述べた。アジア展開は依然として初期段階にあり、人員ニーズは引き続き検討中で、第1四半期に拠点責任者の発表が予定されている。

バリュー戦略の不調について問われた経営陣は、その不振の一因はインデックスの構成と集中度にあると説明した。シルバークレストは、同社のポートフォリオが引き続き優良企業に焦点をおいており、投資チームがファンダメンタルリサーチのプロセスを変更する計画はないと述べた。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

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.

質疑応答

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.