What Silvercrest Asset Management Group, Inc. told the SEC could break it.

Silvercrest derives a substantial portion of revenue from a limited number of investment strategies and clients — discretionary managed accounts ($23.6B AUM) were ~97% of investment management fees in 2025, and one proprietary equity strategy held 37% of AUM — so underperformance or loss in a few strategies/clients would materially hurt results.

“As of December 31, 2025, $23.6 billion of our assets under management were concentrated in discretionary managed accounts, and the revenue from these discretionary managed accounts represented approximately 97% of our investment management fees for the twelve months ended December 31, 2025.”

Silvercrest's performance depends on retaining key senior management and investment-team members — particularly its portfolio managers — who have driven its historically strong investment performance; their loss could impair AUM retention and results.

“etain the key members of our senior management and investment teams, who possess substantial experience in investing and have been primarily responsible for the historically strong investment performance we have achieved. In particular, we depend on our portfolio managers.”

As a registered investment adviser, Silvercrest is subject to substantive SEC regulation under the Advisers Act covering virtually all aspects of its business and client relationships; violations can lead to fines, censure, or loss of registration.

“The Advisers Act imposes substantive regulation on virtually all aspects of our business and relationships with our clients.”