SILVERCREST ASSET MANAGEMENT GROUP INC

Company Overview

Silvercrest Asset Management Group Inc. is a New York–based boutique asset manager and family‑office firm focused on ultra‑high‑net‑worth individuals (targeting $10M+ investable assets, especially $25M+) and select institutional/OCIO mandates. As of year‑end 2024 it managed roughly $36.5 billion (832 client relationships, average relationship ~$43M) with the top 50 relationships representing about 65% of AUM; proprietary U.S. equity and fixed‑income strategies make up roughly half of AUM and about 88% of accounts are managed on a discretionary basis. The firm supplements asset‑based management fees with negotiated family‑office services and outsourced manager allocations, and operates with a specialist team structure across several U.S. offices and a Singapore affiliate.

Executive Compensation Practices

Compensation at Silvercrest is driven largely by AUM and fee revenue: management fees (average fee ~0.34–0.35%) are the primary revenue base, so rising/falling AUM and fee‑mix shifts materially affect bonus pools and pay. Filings show compensation and benefits are the largest expense and have recently risen due to merit hires, higher bonus accruals, and modest increases in equity‑based awards; the firm also uses partnership distributions and equity‑linked instruments to retain senior portfolio managers who are key client originators. Typical asset‑management structures apply here: competitive base salary, performance‑based cash bonuses tied to revenue/AUM/composite results, deferred equity or partnership units to lock in retention, and occasional use of repurchases to offset dilution from equity awards.

Insider Trading Considerations

Insider trading at Silvercrest will likely cluster around AUM and performance disclosures (quarterly AUM, composite performance and Q1 performance‑fee timing) because fees and bonus accruals are AUM‑sensitive; insiders may also transact when large client inflows/outflows or top‑client concentration events become known. The firm’s high client concentration (top 50 ~65% of AUM), material Level‑3 valuation exposures, and reliance on senior PMs increase the likelihood that insiders possess material nonpublic information about flows or portfolio valuation changes—heightening compliance risk and blackout periods. Regulatory context (SEC‑registered adviser under the Advisers Act, ERISA considerations, MiFID II exposure via the Singapore affiliate) means strict fiduciary and compliance controls, common use of trading windows and 10b5‑1 plans, and close monitoring of transactions tied to equity vesting, TRA payments, dividends and buyback programs (recent repurchases and partner distributions have been material and have driven insider liquidity events).