Silvercrest Asset Management Group launched
Firm founded by former senior officers of Credit Suisse Asset Management, LLC and DLJ Asset Management Group
FEBRUARY 11, 2002, New York, N.Y. — The formal business operations of Silvercrest Asset Management Group LLC, a new investment advisory firm, officially launched today. The firm has been created by G. Moffett Cochran and Martin Jaffe, the former President and Chief Financial Officer, respectively, of Credit Suisse Asset Management, LLC. Prior to that, Cochran and Jaffe served as Chairman & CEO and Chief Operating Officer, respectively, of DLJ Asset Management Group. At Silvercrest, Cochran will serve as Chairman and Chief Executive Officer while Jaffe will serve as Chief Operating Officer.
Silvercrest, headquartered in New York City, will provide a combination of traditional and alternative asset management and focused family office services to a client base comprised of predominantly families and individuals with investable assets of over $25 million. Additionally, the firm will offer services to foundations, endowments and other select investors, including institutions.
“We believe that what we are creating at Silvercrest will be unique in the asset management business, both in terms of our client offering and the collegial professional environment that we intend to develop as an underpinning of our business,” said G. Moffett Cochran. “Our clients will benefit from two basic strategies — a strict focus on wealth management and advisory services that are independent of big-firm conflicts of interest, coupled with an unwavering dedication to client attention. In a marketplace that is crowded with products, we plan to differentiate our firm on the basis of service.”
Silvercrest intends to offer a limited range of “in-house” core equity and fixed income management capabilities that will be complemented by outsourced traditional and alternative investment capabilities. The firm will maintain a database of asset managers specializing in traditional, hedge fund, real estate and private equity products in order to offer and advise clients on a complete range of top-performing investments. Additionally, Silvercrest will offer tax and financial planning expertise and such family office services as bill-paying, accounting and concierge services.
Cochran and Jaffe bring over 55 years of wealth management and investment experience to Silvercrest. Serving as President and CFO, respectively, of Credit Suisse Asset Management LLC, after the sale of DLJ to Credit Suisse, they were responsible for managing approximately $100 billion in assets before they both resigned from that firm in mid-2001to form Silvercrest. Previously, Cochran and Jaffe oversaw the growth of DLJ Asset Management Group from less than $2 billion in 1992 to more than $33 billion at the time of its sale to Credit Suisse in 2000.
Silvercrest received initial financing from an investor group led by Rosemont Investment Partners, LLC, a merchant bank focused exclusively on the asset management industry.
About Silvercrest Asset Management Group
Silvercrest Asset Management Group LLC is an independent investment advisory and financial services firm created to meet the investment and administrative needs of individuals with substantial assets and select institutional investors. The firm was founded in January 2002 by G. Moffett Cochran and Martin Jaffe, the former President and Chief Financial Officer, respectively, of Credit Suisse Asset Management, LLC and former Chairman and CEO and Chief Operating Officer, respectively, of DLJ Asset Management Group. Business and professional inquiries should be directed as follows:
About Rosemont Partners
Rosemont Investment Partners, LLC is a merchant bank that provides strategic capital and investment banking advisory services to firms in the investment management and related industries. Based in West Conshohocken, Pa., the firm makes minority investments alongside dynamic, motivated management teams and employs its industry expertise to further the growth of its investments. Rosemont has made five investments on behalf of its fund, Rosemont Partners I, L.P., whose investors include: KBC Bank N.V. (Belgium), Keefe, Bruyette & Woods, Merrill Lynch, the Ohio Bureau of Workers’ Compensation and a number of family offices and investment management industry leaders.