Scott A. Gerard
About Scott A. Gerard
Scott A. Gerard is Chief Financial Officer of Silvercrest Asset Management Group LLC (SAMG LLC) and has served in this role since 2010. He is 57, a Certified Public Accountant, with a B.S. in accounting from the University of Buffalo; prior roles include CFO of Brand Connections (Dec 2008–Nov 2009), CFO of Guideline, Inc., Division Controller at Citigroup, and KPMG LLP early career . Company performance markers disclosed for 2022–2024 include cumulative total shareholder return (value of $100 investment) of 144.93→159.91→182.25, Net Income of $30,793k→$15,183k→$15,709k, and Diluted Adjusted EPS of $1.35→$1.12→$1.10 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Brand Connections, LLC | Chief Financial Officer | Dec 2008–Nov 2009 | Private equity-backed marketing/media CFO role |
| Guideline, Inc. | Chief Financial Officer | Not disclosed | Public business research firm CFO experience |
| Citigroup Inc. | Division Controller | Not disclosed | Financial control leadership in large financial institution |
| KPMG LLP | Auditor (career start) | Not disclosed | Foundational public accounting and audit experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed | — | — | — |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 375,000 | 375,000 | 375,000 |
| Target Bonus (%) | Not disclosed | Not disclosed | Not disclosed |
| Actual Cash Bonus ($) | 903,000 | 903,000 | 1,000,000 |
| Perquisites/Other ($) | 37,971 (life/disability insurance and advisory fee discount) | 35,802 (car allowance $3,000; insurance $1,565; advisory fee savings $22,491; RSU cash $8,746) | 51,694 (RSU cash $23,395; car allowance $1,000; insurance $1,565; advisory fee savings $25,734) |
Notes:
- Gerard’s annual bonus is discretionary (no formula disclosed) .
- Pension and deferred compensation plans are not sponsored by the Company .
Performance Compensation
Equity Awards (RSUs and Options)
| Award Type | Grant Date | Units/Options | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| RSUs (Class B units of SLP) | 4/3/2023 | 11,001 | 199,998 | 25% annually over 4 years (each Apr 3, 2024–2027) |
| RSUs (Class B units of SLP) | 5/1/2024 | 13,652 | 200,000 | 25% annually over 4 years (each May 1, 2025–2028) |
| Options | — | — | — | No options granted to Gerard |
Outstanding unvested equity at FY 2024 year-end:
| Unvested Units | Market Value ($) | Vesting Dates |
|---|---|---|
| 13,652 | 251,060 | May 1 of 2025, 2026, 2027, 2028 |
| 8,251 | 151,731 | Apr 3 of 2025, 2026, 2027 |
| 2,696 | 49,579 | May 3, 2025 |
Dividend/distribution treatment:
- RSUs entitle holders to receive distributions from Silvercrest L.P. on the same terms as the underlying Class B units; dividend equivalents continue upon certain terminations until settlement .
Annual Incentive Design and Performance Metrics
| Element | CFO Design | Metrics Considered | Weighting/Targets | Payout (FY) |
|---|---|---|---|---|
| Annual Cash Bonus | Discretionary (non-formula) | Adjusted Diluted EPS, Revenue, Adjusted EBITDA, Adjusted EBITDA %, Discretionary AUM; plus qualitative factors | Not disclosed | $903k (2022); $903k (2023); $1,000k (2024) |
Equity Ownership & Alignment
| Ownership Measure | Value/Detail |
|---|---|
| Beneficial Ownership (as of Apr 4, 2025) | Class A: 135,096 shares (1.4%); Class B: 134,996 units (3.3%); voting power less than 1% (“*”) |
| Beneficial Ownership (as of Apr 4, 2024) | Class A: 126,237 shares (1.3%); Class B: 126,137 units (2.8%) |
| Profits Percentage (fully diluted, SLP) | 0.17% |
| 2024 Profits Allocated (SLP) | $22,895 |
| Equity Balance Payable upon certain terminations (as of Dec 31, 2024) | $452,371 |
| Unvested RSUs (FY 2024 year-end) | 13,652; 8,251; 2,696 (values above) |
| Stock Ownership Guidelines | Principals must retain at least 25% of Class B units held at IPO; no broader mandated ownership multiple disclosed |
| Hedging/Short Sales | Prohibited for directors and officers |
| Pledging | Not disclosed in proxy; no pledging details provided |
Related party transactions (alignment considerations):
- Discounted advisory fee on Gerard’s personal funds: ~$22,000 (FY 2023); ~$26,000 (FY 2024) .
Employment Terms
| Term | Gerard (CFO) |
|---|---|
| Employment Agreement | None; only Hough and Gray have formal agreements |
| Severance | No formal severance program; executives are at-will; severance could be negotiated case-by-case |
| RSU Treatment – Termination without Cause | Full and immediate vesting; Gerard value $452,371 (as of 12/31/2024) |
| RSU Treatment – Death/Disability | Full vesting; Gerard value $452,371 |
| RSU Treatment – Retirement | Full vesting; Gerard value $452,371 |
| Change-in-Control | RSUs automatically vest in full at transaction close (single-trigger); Gerard value $452,371 |
| Non-compete/Non-solicit (as SLP LP) | For one year post-termination (without good reason): may not solicit clients/vendors, accept business from SAMG clients, or hire SAMG employees |
| Clawback | Equity awards subject to Company clawback policy |
| Tax Gross-ups | None in Amended 2012 Equity Incentive Plan |
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Value of Fixed $100 Investment (TSR) | 144.93 | 159.91 | 182.25 |
| Peer Group TSR (Value of $100) | 120.66 | 211.89 | 232.43 |
| Net Income ($000s) | 30,793 | 15,183 | 15,709 |
| Diluted Adjusted EPS ($) | 1.35 | 1.12 | 1.10 |
Compensation governance notes:
- No formal peer group for pay benchmarking; committee uses industry surveys and consultant input (e.g., McLagan) .
- Director/committee independence confirmed; compensation oversight by independent Compensation Committee .
Investment Implications
- Pay-for-performance alignment: Gerard’s bonus is fully discretionary, guided by Company metrics (Adj EPS, revenue, EBITDA, AUM), but without disclosed weightings/targets; this offers flexibility yet reduces external transparency of performance payout linkage .
- Equity/retention dynamics: RSU acceleration on termination, retirement, and single-trigger change-in-control increases portability and could reduce retention friction, while dividend equivalents on RSUs enhance cash alignment during vesting periods .
- Ownership alignment: Gerard’s meaningful SLP profits percentage (0.17%) and beneficial holdings support “skin in the game,” though mandated ownership multiples beyond IPO-retention are not disclosed; hedging prohibited, pledging not addressed in proxy .
- Governance and risk: Clawback policy, prohibition of derivatives/short sales, and non-solicit restrictions mitigate risk; absence of tax gross-ups and no formal severance for Gerard are shareholder-friendly .
- Performance backdrop: TSR and adjusted EPS were modest in 2024 relative to peer TSR, with steady net income; discretionary bonus uplift for 2024 (to $1.0M) warrants monitoring versus outcomes in revenue/EBITDA and AUM growth trends .