NEW YORK—November 14, 2012—Silvercrest Asset Management Group, Inc. (“Silvercrest”) announced it has chosen not to pursue its planned initial public offering due to unfavourable market conditions for new issuers in the public market. Silvercrest intends to withdraw its registration statement on Form S-1 as filed with the Securities and Exchange Commission.
Moffett Cochran, chairman and CEO of Silvercrest, said, “While we received significant interest from potential investors, market conditions simply did not provide a valuation appropriate for Silvercrest’s growing business.”
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Silvercrest Asset Management Group LLC was founded in April 2002 as an independent, employee-owned registered investment advisor. The firm has grown to become one of the preeminent wealth management boutiques in the United States. With offices in New York, Boston and Charlottesville, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors. The firm’s 87 employees currently manages over $11 billion of assets.