Scott A. Gerard
Chief Financial Officer at Silvercrest Asset Management Group
Thank you, Rick. So as disclosed in our earnings release for the first quarter, discretionary AUM as of March 31 was $22,700,000,000 and total AUM as of the same period was $35,300,000,000 Revenue for the quarter was $31,400,000 and reported consolidated net income for the quarter was $3,900,000 Revenue for the quarter increased year over year by $1,100,000 or 3.7%, primarily driven by market appreciation during the twelve month period. Expenses for the quarter increased year over year by $2,200,000 or 9%, primarily driven by increased compensation and benefits expense and general and administrative expenses. Compensation expense for the quarter increased year over year by $1,200,000 or 6.9%, primarily due to increases in equity based compensation and salaries and benefits expenses, primarily as a result of merit based increases, partially offset by decreases in the accrual for bonuses and the decrease in severance expense. General and administrative expenses increased by 1,000,000 or approximately 14.6%, primarily due to increases in professional fees, portfolio systems expense, recruiting costs, marketing and advertising and travel and entertainment expenses.
