실버크레스트 자산운용 2026년 3분기 실적 발표 콘퍼런스 콜: 글로벌 확장이 마무리 단계에 접어들며 운용자산(AUM) 감소

핵심 요약

• 분기 매출은 주로 평균 연간 운용보수 상승에 힘입어 전년 동기 대비 140만 달러 증가한 3,270만 달러를 기록했습니다.
• 재량 운용자산(AUM)은 주로 약세를 보인 시장 여파로 이번 분기 동안 9억 3,920만 달러 감소한 238억 달러를 기록했습니다. 이 중 감소분의 약 7억 5,300만 달러가 매출에 영향을 미쳤습니다.
• 분기 순유입액은 5,830만 달러로 사실상 보합세를 보였습니다. 실버크레스트는 신규 고객 계좌를 통한 자체 성장에서 1억 8,220만 달러를 확보했으며, 글로벌 가치주 주식 전략에서 3억 7,300만 달러의 후속 투자를 유치했습니다.
• 조정 EBITDA는 440만 달러로 매출의 13.5%를 차지했습니다. 조정 순이익은 190만 달러(조정 희석주당순이익 0.16달러)였습니다.
• 경영진은 회사가 주요 인력 투자 기간의 마무리에 가까워지고 있다고 밝혔습니다. 또한 확장된 글로벌 인프라 및 판매 역량을 매출로 전환하는 데 있어 2027년이 중요한 해가 될 것으로 전망했습니다.
• 이사회는 클래스 A 주식 1주당 0.21달러의 분기 배당금을 의결했으며, 배당금은 12월 11일 기준 주주를 대상으로 2026년 12월 18일경 지급될 예정입니다.

주요 재무 데이터

2026년 첫 9개월 동안 매출은 전년 동기 대비 150만 달러 증가했습니다. 조정 EBITDA는 약 1,160만 달러로 매출의 12.2%를 차지했으며, 조정 순이익은 약 460만 달러(조정 주당순이익 0.38달러)였습니다. 클래스 A 주주 귀속 보고 순이익은 약 110만 달러(주당순이익 0.14달러)를 기록했습니다.

연초 대비 누적 보수 및 복리후생비는 5.9% 증가한 6,290만 달러로 매출의 66.3%에 해당했습니다. 일반관리비는 전문 서비스 수수료, 임차 및 점유비용, 출장 및 접대비, 포트폴리오 및 시스템 비용 증가를 반영해 17.2% 증가했습니다.

사업 및 영업 실적

자본 이득은 연초 대비 17억 달러의 신규 운용자산(AUM) 성장에 기여했으나, 3분기 시장 약세로 인해 재량 운용자산은 감소했습니다. 세금 납부를 위한 고액 자산가 고객의 계절적 자금 인출과 일부 기관의 환매가 신규 고객 자산 및 글로벌 가치주 주식 후속 투자 효과를 상쇄했습니다.

실버크레스트는 이번 분기 아일랜드 중앙은행으로부터 정식 MiFID 라이선스를 취득하고 더블린 사무소를 개소했습니다. 기관 판매 및 고액 자산가 관리 역량을 포함한 유럽 지역 인력 배치는 대부분 완료되었습니다. 경영진은 더블린에 투자 전문가 1명을 추가할 수도 있다고 덧붙였습니다.

회사는 특히 글로벌 및 인터내셔널 주식 전략 전반에서 기관 투자 파이프라인이 견조하다고 설명했습니다. 또한 주요 글로벌 컨설팅업체들로부터 추가 등급 평가를 추진하는 한편, UCITS 펀드와 오스트레일리아 트러스트(Australian Trust)를 설립하고 추가 규제 라이선스를 확보했습니다.

아시아 지역의 경우 실버크레스트는 1분기에 고액 자산가 비즈니스를 총괄할 대표를 발표할 계획입니다. 초기 라이선스 취득과 채용은 완료되었으나, 경영진은 본격적인 사업 확장은 보다 완만하게 진행될 것이라고 밝혔습니다.

경영진 전망

경영진은 애틀랜타 및 더블린 사무소, UCITS 펀드, 오스트레일리아 트러스트, 규제 라이선스와 관련된 행정 및 법률 비용이 초기 구축 단계를 지나면서 감소할 것으로 예상하고 있습니다. 회사 측은 또한 이러한 투자가 매출에 기여하기 시작할 것으로 기대하고 있습니다.

투자 프로그램이 성숙해지는 동안 인건비 비율은 높은 수준을 유지할 것으로 예상됩니다. 경영진은 확장된 인력, 인프라 및 판매 플랫폼으로부터 매출을 창출하는 데 있어 2027년이 중요한 해가 될 것이며, 장기적으로 매출 대비 인건비 비중을 줄이는 것을 목표로 하고 있다고 설명했습니다.

실버크레스트는 2027년 1분기 이후 운용자산(AUM) 보고 방식을 개정하여 비재량 운용자산 항목을 폐지할 가능성이 높습니다. 경영진은 이로 인해 매출에는 영향 없이 보고되는 비재량 AUM 및 총 AUM이 일회성으로 감소할 것이라고 말했습니다.

리스크 및 관전 포인트

• 재량 운용자산(AUM)의 분기 9억 3,920만 달러 감소에서 나타났듯, 재량 AUM과 매출은 여전히 시장 변동성에 노출되어 있습니다.
• 회사의 투자 프로그램과 관련된 채용, 임금 인상, 성과급, 퇴직금 및 주식 기반 보상으로 인해 인건비 부담이 계속해서 높은 수준을 유지하고 있습니다.
• 분기 일반관리비는 전문 서비스 수수료, 출장 및 접대비, 포트폴리오 및 시스템 비용 증가의 영향으로 전년 동기 대비 약 16% 증가했습니다.
• 경영진에 따르면 소수의 저품질 기업에 집중된 지수들과 비교했을 때 가치주 전략은 실적 면에서 어려움을 겪어왔습니다. 아울러 성장주와 가치주 간의 성과 격차가 장기화되면서 액티브 가치주 전략 운용 환경도 악화되었습니다.
• 확장된 해외 플랫폼과 기관 파이프라인의 매출 전환은 달성된 결과라기보다는 여전히 경영진의 과제로 남아 있습니다.

애널리스트 Q&A 주요 내용

경영진은 MiFID 라이선스를 취득함에 따라 더블린 사무소가 정상 가동되고 있으며 인력 배치도 대부분 완료되었다고 밝혔습니다. 반면 아시아 시장 진출은 아직 초기 단계로, 인력 수요를 평가 중이며 1분기에 리더십 인선을 발표할 예정입니다.

가치주 전략의 부진에 대한 질문에 대해 경영진은 부분적으로 지수 구성 및 집중도에서 비롯된 압박이라고 설명했습니다. 실버크레스트는 포트폴리오가 우량 기업 중심 기조를 유지하고 있으며 투자팀 또한 펀더멘털 리서치 프로세스를 변경할 계획이 없다고 말했습니다.

실적발표 콘퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.