Silvercrest Asset Management is a boutique wealth management firm focused on ultra-high net worth individuals and select institutional clients. As of year-end 2025, Silvercrest managed $37.0B in total AUM across 828 client relationships, with an average relationship size of $44M. The firm offers two core services: investment management and family office services. On the investment side, Silvercrest manages client portfolios using a mix of proprietary equity and fixed income strategies (covering roughly 52% of AUM) and curated third-party managers. Family office services — including tax planning, estate and trust services, partnership accounting, and art consultancy — are offered on a fixed-fee basis and are not tied to AUM, providing a stable revenue stream that offsets market-driven cyclicality. Silvercrest also manages an OCIO business (~$2.2B) serving endowments, foundations, and other tax-exempt institutions, and runs three proprietary hedge funds of funds. Revenue is primarily asset-based management fees on discretionary AUM, which stood at $24.3B as of Q3 2025. The business has meaningful operating leverage, as incremental AUM largely flows to the bottom line once headcount is in place. Silvercrest grows primarily through referrals sourced by senior portfolio managers, supplemented by a dedicated institutional distribution team. The firm is investing in international expansion, including licenses in Singapore and Ireland, a new global value equity strategy seeded with ~$1.3B from an Australian superannuation fund, and domestic expansion into Atlanta.