Silvercrest appoints new board member to bolster growth

NEW YORK - Silvercrest Asset Management Group Inc. (NASDAQ:SAMG), currently trading at $15.34 and showing strong financial health according to InvestingPro analysis, has announced the addition of J. Allen Gray to its Board of Directors, effective immediately. Gray, with a career spanning nearly two decades in the financial services industry, is expected to provide strategic guidance to the firm's growth, particularly in the institutional asset management sector.

Gray has been instrumental in expanding Silvercrest's institutional asset management business, which now represents about 30% of the firm's discretionary assets under management. His appointment to the Board follows his significant contributions as head of the institutional business and his role as a Partner and Managing Director at Silvercrest since 2019. The company has demonstrated steady growth, with revenue increasing by 5.32% over the last twelve months.

Richard Hough, Chairman and CEO of Silvercrest, expressed confidence that Gray's strategic insights will be invaluable to the company's expansion efforts, especially in the institutional asset management business and global initiatives. Hough highlighted Gray's alignment with Silvercrest's mission to deliver exceptional value to clients, citing his deep industry knowledge and commitment to excellence.

Before joining Silvercrest, Gray served in leadership and management roles at Osprey Partners Investment Management, LLC, and Radnor Capital Management. He began his career at Kidder, Peabody & Co., later moving to Wheat, First Securities, Inc., where he was Vice President for institutional equity sales.

Silvercrest, which was founded in April 2002, is an independent, employee-owned registered investment adviser offering a range of services including traditional and alternative investment advisory and family office services. The company, with multiple offices across the United States, reported $36.5 billion in assets under management as of December 31, 2024. InvestingPro analysis indicates the stock is currently undervalued, with an attractive dividend yield of 5.19% and a 7-year streak of consecutive dividend increases. For detailed insights and more exclusive ProTips about SAMG, investors can access the comprehensive Pro Research Report, available among 1,400+ top stocks covered on InvestingPro.

This appointment is part of Silvercrest's ongoing strategy to strengthen its leadership team and enhance its service offerings to meet the evolving needs of its clients. The information regarding the appointment and Mr. Gray's background is based on a press release statement from Silvercrest Asset Management Group Inc.

In other recent news, Silvercrest Asset Management Group Inc. reported its Q4 2024 earnings, showing a mixed financial performance. The company missed the earnings per share (EPS) forecast, reporting $0.20 against an expected $0.28. However, revenue slightly exceeded expectations, reaching $31.96 million compared to the forecast of $31.8 million. For the full year 2024, Silvercrest's revenue increased by 5.3% to $123.7 million, with total assets under management rising by 9.6% to $36.5 billion.

The company has been expanding its global presence, opening new offices in Singapore and Atlanta, and receiving a $1.3 billion seed investment from an Australian superannuation fund. Analysts from firms like Evaluate Research have shown interest in Silvercrest's international strategy and potential challenges in new markets. Silvercrest's CEO Rick Huff emphasized the company's growth opportunities, particularly in Europe and Asia, and highlighted the firm's strong client retention rates. The company projects robust growth with EPS forecasts of $0.55 and $0.58 for the first two quarters of 2025.

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