Silvercrest discretionary AUM falls $939 million in Q3

Silvercrest Asset Management Group's discretionary assets under management fell $939.2 million in the third quarter to $23.8 billion, primarily because of weaker markets, the firm said Oct. 29.

Of the $939.2 million decline, $753.1 million had a revenue effect, Silvercrest said. The weaker markets followed an unusually strong second quarter, leaving capital growth of $1.7 billion in AUM year to date. Net flows for the quarter were essentially flat at $58.3 million and included $182.2 million of organic new client accounts, the firm's best quarter of 2026, plus an affirming $373.0 million follow-on investment in its global value equity strategy. Organic new accounts were more than three times the quarter's net flows. Offsetting outflows came mainly from seasonal high-net-worth client withdrawals for tax payments, along with some institutional outflows.

For advisors benchmarking Silvercrest, the comparable number becomes the $23.8 billion in discretionary assets if the non-discretionary category goes, because the headline total will fall once with no change in revenue. Form ADV filings show the firm reported $28.3 billion in regulatory assets, 175 employees and 1,205 accounts as of March 31, 2026, a snapshot that predates the third-quarter decline.

Total AUM, including non-discretionary assets, stood at $36.2 billion at Sept. 30. Silvercrest said most of the non-discretionary total is flat-fee family office and related services tied to a small portion of revenue, so changes in the level of non-discretionary AUM do not correlate to revenue. The firm said it will adjust how it reports non-discretionary at the end of the first quarter of 2027 and will likely eliminate the category, a one-time reduction to reported non-discretionary and total AUM with no revenue effect. Management said the aim is to give investors a clear picture of the discretionary AUM and the flows and economics that drive the business.

Year-to-date revenue rose 2% from a year earlier, reflecting a recovery in average AUM levels weighed down by first-quarter outflows, and the firm's estimated annual run rate rose by a similar percentage since Sept. 30, 2025. Silvercrest also received a full MiFID license through the Central Bank of Ireland during the quarter and opened a Dublin office to serve high-net-worth and institutional clients in Europe.