Equinox Partners Investment Management Discloses 7.1% Stake in Silvercrest Asset Management Group
The filing says the group has no present plan or proposal on major corporate matters but may engage Silvercrest's management and board, including on capital allocation.
Equinox Partners Investment Management LLC reported beneficial ownership of 554,736 Class A shares of Silvercrest Asset Management Group Inc., or 7.1% of the class, according to a Schedule 13D filed with the US Securities and Exchange Commission on Sept. 30.
The filing gives Sept. 23 as the date of the event that required it. It is made jointly with Equinox Partners, L.P., which the filing describes as a private investment fund, and Sean M. Fieler, who the filing says owns a controlling interest in, and is the managing member of, the investment manager. The percentage is based on 7,821,782 shares outstanding, as reported in Silvercrest's quarterly report filed July 30.
On the purpose of the holding, the filing says:
"The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity."
The filing says no reporting person has any present plan or proposal relating to the matters listed in Item 4 except as set forth in the filing. It says the group may in the future engage in communications with management and the board, hold discussions with stockholders or third parties, including potential acquirers, and make proposals concerning Silvercrest's capital allocation strategy, capitalization, ownership structure or operations.
According to the filing, the aggregate amount of funds used for the shares was approximately $5,501,363, including commissions, drawn from the investment capital of the manager's clients.