SAMG - Earnings call transcript Q2 2018 | Silvercrest Asset Management Group Inc.

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Operator

Good day, ladies and gentlemen, and welcome to Silvercrest Asset Management Group Q2 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions].

As a reminder, this conference is being recorded.

Litigation me forward-looking that Safe statements of Private let Silvercrest today's Harbor begin, XXXX. the make of will pursuant Securities we remind during you conference, provisions Before Act Reform to the All statements, fact, regarding management's performance events future, future relating current future forward-looking of expectations, developments Silvercrest's estimates well are including to or in projections statements and as than other statements historical as beliefs, statements. plans, the about on forward-looking future are projections predicted expectations These events. based current statements and only statements could forward-looking a activity, of results, These differ subject are number are of to risks to there and materially important and made. from performance level cause uncertainties, or achievements factors statements that actual company's of failure quarterly other a the Form are these listed in management Risk XX, the annual to Factors fluctuations on effects including those Among ended and growth maintain year disclosed with in factors XXXX, implementation the report and the development SEC, December of brand filed filings the incurrence caption the entitled Silvercrest of company's for the annual and SEC. under strategy, on with in results, factors focusing factors XX-K net adverse losses, the can expressions. believe, by predict, likely, similar be these words such negative forward-looking or as the goal, cases, some will, could, In words these expect, other and statements estimate, plan, project, anticipate, identified may, continue, plural of future events. predictions are statements based on projections Silvercrest's forward-looking about and These expectations current its update and forward-looking on this assumes statements. statements made made to of date All are these Silvercrest forward-looking as the no obligation call hereof Chief the Chairman Executive call I over would to and turn now Hough, like Officer. to Rick sir. begin, Please

Rick Hough

well quarter supported $XXX strong once concluded to equity strong client by welcome a new as much successful markets. as with second very and call We quarter our again in assets acquisitions, for very new client second million XXXX. Thanks of the

billion The firm during XX.X discretionary assets rebalancing second increase ended net tax management. progress management million assets new XXXX resulting in under of XX.X with in $XXX discretionary against client billion a of firm-wide quarter and assets of quarter backdrop total management. in under the occurred under of in Our payments, a the highs and

Our are record year-over-year. as quarter XX% also of XX% which quarterly levels reached fees have assets new up discretionary end. grown year-over-year Management

have to maintaining basis total outsourced business its continues announced business points development continued lay completed and team. longest-term that clients Silvercrest assets. our and for portfolio while prepared the use accomplished new management previously We create XX the of complement the building growth. with prudent our the reinvestment this asset first-class teams firm’s business basis value fee has capabilities. in investment in of initiatives to a investment business grow the capital average development to new with for our addition Silvercrest professional groundwork we in management invest on the business continuing our intellectual will of strategic its established believe to record recently to by We new growth, and and shareholders including in remain firmly our capital, CIO

and team second of Our Value paced as Cap successful the by new SMid marketplace. equity business the our during the such was value strategies new quarter introduction to

performance net successful to backdrop in high the X and And continues against committed assets compelling in beta institutional have our We cookie-cutter providing to management as a billion marketplace and firm. offering now worth opportunity prospects. clients cheap expect well over and competitive as to asset we our institutional differentiate Our the client the approach to of firm our allocations. support active to more

very we’ll I’ll and firms to take to professional CFO, growth, complement and you Gerard, environment acquisition capabilities Scott now much. the competitive culturally current While to it M&A our organic investment Thank over and expensive, discussions turn with talent. then Silvercrest in is continues participate some our questions. compatible

Scott Gerard

Thanks, Rick.

was net our disclosed income billion $XX.X consolidated of quarter Revenue quarter, million and X.X for and XX, for the release AUM was total second reported XXXX was million. the XX.X earnings AUM as billion. As of June XX, as in was XXXX $XX.X discretionary the for June quarter

assuming shareholders period this net income, compared the per to X.X effect last attributable approximately non-recurring increase Adjusted and XX.X and period to last same same approximately define expense year. million, second million XX% last as Tax representing of quarter the define the by increases Looking X, of corporate as X.X sub-advised increase the items, was increases compared AUM. in approximately without for beginning taking some to as for increased Adjusted was giving an the equity-based period income into expense The revenue to expenses Expenses to as and increased the add the and increases. the and that occupancy-related G&A earnings increased was as the to revenue to was second referral last result equal an of October of costs or fees advisory Compensation second quarter, and A of $X.XX net total million portfolio a outstanding Jobs income Act, EBITDA, basic compensation a of quarter shares benefits more Adjusted consolidated Cuts X.X share the revenue revenue for share second Reported primarily was we Silvercrest of XX.X% increased to primarily XX.X extent January quarter for This advisory net giving adjusted merit-based income compensation for quarter a G&A without of and and X.X our as $X.XX X.X quarter of year by lease increase for diluted expense units share. attributable result higher non-core, approximately tax and million last as Class New non-recurring we was EPS, detail of represented in XX% increase of XX.X million adjusted million XXXX again expense million in Class the and effect divided year. well. primarily B million end management or This expense XX.X% was That expense million. of period X items or result A to of EPS. last per net adjusted from a City increase a on York for Reported the is non-core as restricted EBITDA fees approximately XX.X period result which and of bonuses million to which same systems our in effect period for XXXX, same million in of same income driven and the a net to to quarter X.X periods compared adjusted stock and or for due the approximately million. accrual were or on revenue diluted was the share. a outstanding for adjusted for over and per was approximately actual and $X.XX the and as reporting diluted went up income of basic the XX% year. and year salary to the as we for X.X during result unvested compute the Class for the dilutive, increase A in primarily in new shares year. Class expenses because growth X.X basic

due year. of This first Looking increase result same higher expenses fees year. end increase million at last June growth represented of payable had bad adjusted XXX.X both to and for X.X per the year. again Adjusted million the a cash increased XXX.X first this for offset basic in in outstanding Again, million last Adjusted at and of revenue the expense. decrease XX.X was share last of by half lower of the consolidated was salary This million Reported compared and an Class and over million increases half bonus share. million This is income the were of outstanding. XX year the the We first Reported the as of first for $X.XX diluted to period G&A XX.X management revenue of of to sheet. a represented per XX.X XX.X the X.X and same of for X.X was advisory million of X.X million million XX.X half This period amortization million. million. this end balance basic Revenue increase share. increase EBITDA per X.X the A approximately this half again and were the and XX were And half as half. merit-based primarily June last in income a notes X.X or year, half was compared $X.XX period attributable first and salary result accruals Quickly XX% from This the was partially an million by and year. this And these last approximately compensation benefits at and diluted in a the in and Expenses XX.X% the expense increase of we of year to and of sub-advisory last expense. million. or million for or Total higher looking higher income year. driven revenue, million compared $X.XX for at as increase million. this Silvercrest attributable revenue referral June for for half AUM. year. or by for end a XX.X% first at increased period and that of first was depreciation offset to XX% to result of Comp net adjusted same the debt this rent and net benefits the the was were first to primarily fees because of million as XX.X same approximately of compared partially approximately XX of X.X no XXXX. equivalents in was for higher G&A primarily had assets increases. as and sub-advised Cash net

equity Lastly, this XX.X was approximately at of Class June A year. million total stockholders’ XX

my it concludes turn over I’ll take and remarks. Q&A. that Rick So to we’ll

Rick Hough

Thanks, at time. questions this Scott. We welcome

Operator

Instructions]. [Operator you. Thank

of first comes question Disdier O’Neill. Sandler Andrew from Our

is Your line open.

Rick Hough

Good are How morning, Andrew. you?

Andrew Disdier

All’s good.

of bunch questions a here. So

Let’s start with first. flows

success gross team’s of you those of products. able types equity on Are the the wins? in So elaborate you those about of short, the be new more the million value reflective In side? kind new $XXX of to sales of introduction talked would business,

Rick Hough

absolutely. Yes,

the million new firm business that actually So acquired clients, not in inflows, of is new quarter best quarter had are $XXX new since XXXX. the second that has accounts, the those

XXX quarters. million it quarter was at few the would million the highest put in the previous quarter been and million of the past XXX perspective, end The it about third of in to we of to 'XX and Just then XX higher that it’s was XXXX. than second have substantially Last 'XX. have about

to was value out or new investing million very that, you, in for strategy. it XXX it So about institutional Of break our so clients strong. was equity

brand that was it worth good So XX driving new, a portion however, high growth. net was million, of relationships.

in development. the and third quarter than solid contribution a was of 'XX the So close of was it first the business exceeded very quarter in quarter for And of fact, all first total 'XX higher was that of XXXX development it and to amount what in there. that

strong the from new regards to Cap. SMid question, mandates to in answer well. markets With your have we pretty did quarter So as that new

the SMid focus to Cap kept As consultants relationship. still small after really open of one and for we marketplace a introducing key soft couple you know, on for some that we we and it’s capacity closed to cap, started

is of are Barney part a Cap we get traction. so small there. of in and cap, some SMid the flows a It’s meaningful UMA getting it’s Stanley Smith percentage. on still inflows So sub-advised the Morgan fund platform, But

past focused as as towards and seen get We’re think bit which become few to very and all things income. compelling. little They some over value have bit equity we’ve as a more that cap. as strong in performance, might more working weeks, And the turn well that promote hard a strategy the large large I marketplace, we value, including volatility cap

Andrew Disdier

it. Got

piggyback there Cap more runway mandates, to of So off – to the it sounds come SMid with like SMid is Cap?

Rick Hough

There’s a capacity there, yes. lot of

started. getting just we’re So

know, performance. of cap kind small the bit you there’s given – lot seeing of for we’re market flows little and room, room because backdrop of just into steady a As a quite good it’s from the it a up we cap billions,

they’re allocate So there And willing a that from to is and to allocated going are be longer two Cap. the nice market cap. if possible small steady inflows, in SMid who there’s a provides to on that platforms we’re those tailwind cap no one a capacity go capital, from can bit, of especially up

flows continue But looks to the to that expect. the would expect strong. nice our quarter. come search as contributor consultant each And going – we big from you be a relationships to So environment looks good are

six-month has these our fact, other increased institutional end new mandates. fair pipeline we a March, so In bit of the optimistic actionable on of about capabilities business taking since remain

Andrew Disdier

to gross side. about able any that Got it. outflow go talk Would flipside Understood. outflows to And on let’s or press release? the you in be tax-related mentioned you the the size

Rick Hough

I’ve for Yes, purposes. net The out given tax cash outflows the the and net in vast that was for majority for a accounts, over of were just net a XXX that number and firm flow existing number million. contributed

we – to just XX then we give an In as had our and XX million rebalancing as was in over you idea, additions, accounts But fact, in had also rebalancing. that institutional well institutional million pretty side, million net only on of other. X net but see each additions a – the balance that was net you big from can flows so a a that

most of So the of a is tax it payments. was XXXX net very worth year. good high rest

first little overcoming bit regards flows because second in It’s years, been and living done inflows pretty quarter more in the outflows And five had public fact, net for different most net from the have it out it overall quarter. the volatile what the the second with to people their past well high since that Some general, be leaked of quarter, history actually in of we’ve net it you. have a a over worth expenses in been have from out to number. we came but tends any

a and any quarter is the represent pleased normalcy a which return we’re something accounts, of as at a lost very And doesn’t good look very so year. in very troubling numbers by gain to I nothing second There’s that. this view capital we it bit client against carefully.

Andrew Disdier

some within to release, billion the committed the – $X Understood. of your on also you And comments that accounts and the client actually institutional then on commented the firm. press of are

that based on that some that our looking So disclosed, institutional that billion some is at you money the had there imply AUM. math, in $X.X not of hit? of numbers Does we’re yet

Rick Hough

past. the about talking I’m No.

So I got now, our to you’ve billion. can’t X reconcile but -- now business is discretionary close institutional what that’s But

Andrew Disdier

base. AUM It’s reflected in the

Rick Hough

it’s Yes, I be X.X to precise. think

Andrew Disdier

-- the on then And understood. Okay,

Rick Hough

quarter We first -- we you had ended X.X, – in the fact, ended with X.X.

Andrew Disdier

Right. Yes.

pipeline, for? assets Are update OCIO any types too? more would of numbers then competing can be to share it other going On any you’re characterize the overall assets new the they helpful onto searches? taking they pipeline you from that be and from And the platforms? around Are

Rick Hough

the all, Yes, independently are – nonprofit the so or of the led themselves. searches boards sometimes by first endowment

function. find are searches look intermediaries officer that purpose you in participating investment led consultants for by like searches like And that helping that. the of them We’re then outsourced have chief an

involved We’re both. in

business and would intermediary is and that see worth for net consultant not a involved. if pure institutional asset stands So capabilities it between that the would at it does which business, you high management relationship-driven way, you our that much have more look in – in usually on or you

types. the range. be include They’re mid be So at million initially. going the you of and get tax It’s to our of will could the in small an – discretionary million foundation on couple The sweet foundations. typical spot least hope the be the or we be in billion definitely to client low on assets. or endowments end, higher the to going potential those That exempt to bulk going in up and XX that’s end, endowment the maybe in XX is

brought family a may arrangements their but officer executing particular it offices products And we are include is a tax lacking portfolio but capabilities chief nondiscretionary board where advice it brought, that out be to with will round do And on discretion. larger being in to directly being internally. capabilities. meaningful cooperating investment providing serving work necessarily exempt the our mandates a just by basis family our are of to not their have advice are nondiscretionary Some will full a

to of of the for capital support team and function started work. allocation side in intellectual to asset of well group lot diligence XXXX. and we investment as here an the kind in regards as And the OCIO So the a strategy With and to risk more provide Ten-Sixty we then scope of where acquisition establish the we XXXX with started on policy an due on top management. are, building that’s June of our team of investment building that

included completed a the business joining, specialists, history of leading the luck. hiring officer in management included for ago managers chief success. the on the marketing long the just as It think hiring very really RFP, I going development hiring foundation investment relationships, his we’re handle build-out is both wishing team and college. we’re focus as and business. that and well all boards to professional to So effort And a and OCIO the who of of a the announced a endowments we of for business, think portfolio prior Chris excited the about Long, foundations day we’re primed on serving asset his We him expertise we’ve

team. pipeline’s the We’re done strong. building The

looking during foundations and and of in the pipeline We’re key period endowments the a the our fourth decision-making for number third quarters. at

Andrew Disdier

announcement last Chris your capital Got human it. one. there in and Long, We you’ve just that’s in about so we discussed as about were investments as And the that three the comments, maybe to talked really. past, far roles saw

also and portfolio I three. managers think you’ve talked about as two, institutional new sales, then

the should we think the about potential spend and about is, you and the revenue associated the these guess talk I to how flow-through So P&L? hires can with question

Rick Hough

compensation plan revenue. we a on potential there’s to that target, percentage any that. exceed But is Right. With don’t as our XX% the hire, of

advisory things We to just in going noted to to revenue get a morning these for for growth. in in number in regards dollar business. from the quarter. your future next around moved is Obviously, as OCIO hires. ratio on the I company model We with to been Our at business compensation a would the a you It’s versus regards to covering on this the get We strongly company the a in hesitate believe release the perspective like second – think that the potential, it. we put growth see be With the undergoing. past. successful just investment don’t to business side compensation years are multi-billion few getting

So It’s going years. hires the a some that gives right quarter. the about will make But we obviously, there announcements and you potential we’re just target additional think few one us I to out time business. asset institutional to going take the did as it team. it bullish on to get during have management have we with third

complement we’re We for to, to investors management we curve lined even have have maintain, going as the ahead keep don’t worth bucket just our age and going the in complacent and investing high et get many have to the future Again, I businesses, cetera. be our should business don’t to management a leak that think we portfolio we way should with asset move people growth. around we’re about. if which to particular, If die. that in welcome a concerned business of become Too other net it in And up There’s driving not lined in compensation growth. plan lifestyles in don’t, the future and did, that capabilities business also frankly, I up. needle be

in of through management we or which we direct refilling in right a should fit mergers it’s it. to by case, acquisitions portfolio doing have and We potential either hires, time teams, we’re find firm. keep the hopeful reinvesting start And one

Andrew Disdier

two if mind. Understood. And quickly questions, you really more don’t

Rick Hough

Take okay. as No, long you that’s want. as

Andrew Disdier

comp To if the very is revenues point crux the than core intuition not see the and right more in know you guess maintaining related begin to ratio, I associated is, the should question with real offset that expenses. PM, on term, near we of away PM, mentioned I the but the the the XX%

the the of kind that’s about PM if right think wondering just to side. at I’m least way on So

Rick Hough

coming portfolio in It kind of compensation first these of Absolutely, a in families. confident quickly. should career deal, high going from a it more a fully for to net two-year asset do clients but and it their business big gamble year. otherwise. that someone’s high-quality no have we doing make business on is. sense to to person in see And asset that worth here in Typically, the by the had. incentive the them benefit do going structured the they lot role have this managers management their we is support it’s and There’s new point growing depends that allocation more very are It’s every work company with as that activity a be to here building to

in result confident attract that have on hand, other growing they that confidence. we’re But able and exact obviously the of that talent very And laying that firm, it. been good we’ve We’re to of a the purpose have out we way. capital as to for have

So right. you’re

You see fairly over of short period it time. a should

reporting smoothed in we gets should see quarter, only that always quarterly quarterly, in so We’re bill you’re ahead it advance, you that it the We report. pushing flows but out. a so

Andrew Disdier

a too. maybe Scott, question you then, And for

QX, able disclose sheet level the collecting security cash income over the on about of you’re seeing your the balance trying I we at time. yield. the rate look but of to investing be that average steady You in, billion a of you’re and can Would that of that? understand kind tick yielding we’re you $XX on interest got up to know

Scott Gerard

few a we so invested of whether cash that it’s that our months. a – have everything that or conservative, Yes, matures short-term into we have equivalents U.S. treasuries cash portion within

portion yield around investing X.X%. annual been we’ve on is the that So the

it. an sense have more standpoint, time just money flexibility And certainly market it it for the a treasury of we we us a account. from up period gives So than should for we’re extended strategic locked out uses if in in getting kept it’s that of the not

Andrew Disdier

for Thanks questions taking the Understood. today.

Rick Hough

didn’t dividend We kind It’s such up. cash comment with – dividend. believe one paying of cash I’ll Andrew, hasn’t our the a come business. know, year, you important. some make earlier on the shareholders increased our the background, to it’s Sure. of as in we the to it in to important But capital a is to but partners since flow-healthy it our return other important shareholders the it’s good

We also business. shares. across separately our pari and public we increased B interests provide Class That further passu the Unit from or shareholders, for company. that distribution future And operating is will support grow as whether they’re all shared forward potential the A increases the the partnership the dividend going in

we to to steps I and it’s future. important in it to support think look highlight taken that have that dividend the for

the now in at also sheet We’re company, position, in we’re position debt have a very, healthy we balance where conservative. so very quite a no

conservative, obviously we’re regards play make with use keeping return. to argue of have uses we that but You higher M&A that cash could could for too in that a

Andrew Disdier

Understood. you. Thank

Rick Hough

welcome. You’re

Operator

you. Instructions]. Thank [Operator

of comes Rohman from next Partners. Boston question Brian Our

open. is line Your

Brian Rohman

morning. Good the Thanks taking for questions. Hello.

Rick Hough

Brian. Sure, morning. Good

Scott Gerard

morning. Good

Rick Hough

you? are How

Brian Rohman

down? talk about Certainly, different the institutional? the and experience high And ask the And Andrew was it in the Margins direction? quarter? worth something up, the do pressure. what can seeing about everybody’s it but pretty calculation, could didn’t. just you the but is was let he there, the versus or didn’t Is comprehensive if talk net issue see on me I I fee, just average fee

Rick Hough

Yes.

the basically So was under ago. will XX move XX. to I management, it XX XX think is exact assets number on it That same our It Brian. basis years discretionary was points,

mandates. It’s function that value the feel large business, had clients trends investment flow given able we for provides it’s and Obviously, to frankly. size compensation. we’ve our that and with to that welcome demonstrate other really supports to say clients our that faced able us investments I Not cash The of it’s leverage got quite hugely, a and The pricing. And we that’s there have been fee and delivering now put this a performance more at an a point It’s that business. stability our amount tremendous been larger the in expect out to also quite that much period favorable are but attracting, service always issue our of given which of that more time. of change want the just terms. for and firm. sustained more institutional get The don’t very able of could clients are large of lower we they I of And expect core capable So business forward. are a basis. going negotiate they that, pressure. little that little little is this families, we something a fee high-quality we’ve had on a at would appropriate I the institutional to point that a consistently to a the pressure position business very all not the

services with of are as the of very discounting a actual use I lot comparison beta. to doing but cheap in for in the management. the have role in regard by the work a remarks, management we it. my and I asset and Indexes think have themselves other the future what opening by their a asset whole of view is to through, rest in put There’s contrarian hopes Silvercrest of putting seeing things business a difficult position chasing in assets

things As better we a job we we potentially believe risk more at believe clients. believe of do preserve highly our are will hit markets in volatility, we to value investments. better capital. we do management. on customized regards We able discernment a to have approach with We And a

our on Secondly, to extent the are clients fee fees. avoiding we’re capabilities, using

total Silvercrest, between substantially don’t architecture in cases themselves. competitors many Silvercrest custodian a combined all-in, have than their is paying at for to who an lower So fees, our differentiate open investor a lot

Brian Rohman

better. looks fee all-in the saying you’re So

Okay.

running you’re pressure. terms not here So stream the dramatic against you’re – fee in of

Rick Hough

Absolutely.

Brian Rohman

you or flows side, this the think specific. said of or or new quarter. institutional, sounds two-thirds that a I handful a more there of two in smaller business large institutional one general plus about question mandates? large were XXX A they million new of at mandates million number was on of It or like was flows very Were XXX new

Rick Hough

mix. a was It

of third million pretty XXX one large, around We inflows But little a to trusts been down a may about than the have everything that. only into from X have was so. in – that million, that up we had XXs more or

broad it’s So, diversified. It’s pretty a range.

with million. chunky are business Our these is us in pipeline. really a started ago. That institutional And largest ones the get going got few hundred occasionally, to that the several you’re years nice

Brian Rohman

Andrew and bit I touched want further. it on to little it, a question, take Another

I this understand of and for is issue about for year? don’t mentioned outflows typical this tax this the purposes. happened, You what time fully

Rick Hough

taxes the owing For paying second and is typical. quite people quarter,

Brian Rohman

I second get okay, it. specific Okay, fine. Yes, quarter. That’s to just the

Rick Hough

that many was They is net last net capital on flow is over negative pressure the of before The public quarter quarter. second a as quarters other ago, you even net flows our we And over outflow the has had we on of spend our was look and overcome net against net basis. whole have quarter events steady history were unusual outflows negative XXXX, a flows a any contributions years we company, unusual. which if in is the cash basis second money. What five many, often wealthier clients Usually see life --

Brian Rohman

charges or officer Last general fees be here going offering related to management to expertise, – insight, is chief asset related fees question, to investment --? generated business, are this going offering there the be are other value-add outsourced the offering purely – fees

Rick Hough

Right.

be business. like typically the that more business, strategies. a will more of discretionary look one in It especially will look managing CIO for not architecture The open it we difference our on directly will we So if an business terms on like fees, outsourced it the institutional do assets basis. is the of

folks that of includes and rates. it’s lot doing in their positioning So at will But to position cash like what There’s put This have those along volatility. step next among elements endowments a the and our certain of a role portfolios if flow The and putting and and institutions an comes on on into college why that team a team the the allocation compensated. basis we kind go to regards needs we of ourselves the cash the analysis is former achieve institutional. management target other more that we board take foundation. of for to these we’re in looks will with that a deep compensation the and the potential involved folks well. advice returns capabilities we the CIO selecting rest issues, There serve also team sort more one-off be between project advisory partnership fees. the asset those occur flows place foundations that much a of for were his is that because on spend weeds merely those are managers, mandates There’s are will than and CIO the university of the and in those as with believe that the

them. We a quite few have of

that’s and and opinions specific grow work will it analysis second for managers. or risk think searches I

Brian Rohman

the So for on time being, the fees? this inside income statement, at management least will of advisory and be

Rick Hough

Yes.

Brian Rohman

asset it because no? someday, feel get the true might line? just it another different Maybe But for than entirely time being, management, an speculating. I’m has

Rick Hough

for same our time relationship be the thing we if advice. clients. no, speculating For it’s advisory which do net it’s also And it, is I’d being, and at too. but high you the it’s driven. exactly look But worth institutional business, It’s

just function audience the different, organize and you it’s not how it. So is substantially the

very I’m So do a think dollar the contribution as it talk assets it. is stay business broken that the few line. business. get is few it I’m I years, for I’ll overall as is What in to grows, to as could I this hoping on P&L right its business sure same we don’t the about going line, the darn next a know. different in billion gets Whether highlight out well

Brian Rohman

assets obviously you advisement. aren’t under out, they’re Would it management, because these under break assets

differently you in --? break out So terms it or AUM would of

Rick Hough

of it would If nondiscretionary, be we basis, discretionary will expect will that management. be it’s be assets will doing we which If much be assets under most under Actually cases, doing in management. on under advisement. of the it it we’re assets a

a is that XXX the discretionary. using is XXX have is – expect there, kind million And so different to-date. we’ll but there this in OCIO relationships we firm at under about or kind So most if management. that or million to of business difference look you we that, business actually of add Currently have and the it’s at be up that of we firm, RFPs, at so about the assets as

So you under is towards weighted assets management. balance can the see

Brian Rohman

Well, my questions. All Thank that you of taking for luck right. business. on That’s best great.

Rick Hough

chat with you. was good Absolutely. It to

Operator

remarks. over Rick [Operator you. the At and like Thank this for closing to Chief Hough, call time, to turn Instructions]. I’d Chairman Officer Executive

Rick Hough

the Great. review. Well, quarter second us XXXX for for joining thanks

a that in for done, next of but new build holds of a we’ve that pleased equity not bright we products you forward nice very of institutional and As mandates. seeing company coming given for the Thanks investments for the we with us only a new it acquisition are future mentioned, pipeline stand was and portfolio the quarter. to we’re team. out new business, and some where in management to hires our the and our joining business course, new again team client that strong as quarter, with continued terms we’re of outsourced future And look speaking performance the CIO

Operator

Ladies today’s thank conference. and gentlemen, your you participation in for

day. You wonderful many disconnect. a Have

Silvercrest Asset Management (SAMG) 5 Aug 182018 Q2 Earnings call transcript