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Investment advisers
What 2,027 SEC-registered investment advisers report on Form ADV: the assets they manage, whom they serve, how they are paid, who owns them and their disciplinary records. From the SEC's Investment Adviser Public Disclosure site; filings read Oct 21, 2026.
- Advisers covered
- 2,027
- Assets they report, summed
- $93.6T
- Disciplinary actions on record
- 2,850
- Fines in those actions
- $36.1B
- Advisers with an action against the firm itself
- 194
The summed assets count some money more than once: affiliated advisers, such as a parent and the units it owns, can each report the same assets. Each disciplinary action is counted once even when several affiliated advisers report it; the 4,004 disclosure pages filed across all these advisers include those repeats. Every disciplinary record.
From Form ADV as filed on the SEC Investment Adviser Public Disclosure site, read Oct 21, 2026.
The largest advisers
By regulatory assets under management: the assets in the accounts a firm manages on a continuous basis, as it reports them on Form ADV. Discretionary share: how much of that it can invest without asking the client each time.
| # | Firm | Assets managed | Discretionary | Accounts | Employees | Main clients | SEC record |
|---|---|---|---|---|---|---|---|
| 1 | Vanguard Group IncForm ADV profile · SEC record | $11.1T | 100% | 228 | 1,702 | Registered funds | CRD 105958 |
| 2 | Vanguard Capital Management, LLCForm ADV profile · SEC record | $8.4T | 100% | 128 | 235 | Registered funds | CRD 338002 |
| 3 | Pacific Investment Management Company LLCForm ADV profile · SEC record | $3.7T | 100% | 2,835 | 1,968 | Private funds and other pooled vehicles, Registered funds | CRD 104559 |
| 4 | Vanguard Portfolio Management, LLCForm ADV profile · SEC record | $2.7T | 100% | 101 | 105 | Registered funds | CRD 338003 |
| 5 | T. Rowe Price Associates, Inc.Form ADV profile · SEC record | $2.2T | 100% | 6,889 | 3,760 | Registered funds, Private funds and other pooled vehicles | CRD 105496 |
| 6 | Morgan StanleyForm ADV profile · SEC record | $2.0T | 73% | 2,703,720 | 29,481 | Individuals, High net worth individuals | CRD 149777 |
| 7 | Merrill Lynch, Pierce, Fenner & Smith IncorporatedForm ADV profile · SEC record | $1.8T | 25% | 3,253,265 | 32,960 | High net worth individuals, Individuals | CRD 7691 |
| 8 | Geode Capital Management, LLCForm ADV profile · SEC record | $1.7T | 100% | 176 | 194 | Registered funds, Private funds and other pooled vehicles | CRD 115504 |
| 9 | Charles Schwab Investment Management, IncForm ADV profile · SEC record | $1.7T | 99% | 856,597 | 946 | Registered funds, Individuals | CRD 106753 |
| 10 | BlackRock Financial Management, IncForm ADV profile · SEC record | $1.6T | 100% | 2,283 | 7,987 | Private funds and other pooled vehicles, Insurance companies | CRD 107105 |
| 11 | Wellington Management Company LLPForm ADV profile · SEC record | $1.4T | 93% | 1,559 | 1,868 | Registered funds, Private funds and other pooled vehicles | CRD 106595 |
| 12 | Strategic Advisers LLCForm ADV profile · SEC record | $1.4T | 96% | 2,973,512 | 17,112 | Registered funds, High net worth individuals | CRD 104555 |
| 13 | CaptrustForm ADV profile · SEC record | $1.2T | 26% | 146,777 | 1,841 | Pension and profit-sharing plans, High net worth individuals | CRD 175112 |
| 14 | PGIM, Inc.Form ADV profile · SEC record | $1.1T | 99% | 938 | 1,990 | Insurance companies, Private funds and other pooled vehicles | CRD 105676 |
| 15 | BlackRock Advisors, LLCForm ADV profile · SEC record | $1.1T | 100% | 305 | 146 | Registered funds, Private funds and other pooled vehicles | CRD 106614 |
| 16 | Dimensional Fund Advisors LPForm ADV profile · SEC record | $1.0T | 100% | 2,319 | 1,168 | Registered funds, Private funds and other pooled vehicles | CRD 106482 |
| 17 | Edward JonesForm ADV profile · SEC record | $1.0T | 49% | 5,630,517 | 36,317 | Individuals, High net worth individuals | CRD 250 |
| 18 | Managed Account Advisors LLCForm ADV profile · SEC record | $995.0B | 100% | 2,220,463 | 61 | High net worth individuals, Individuals | CRD 142558 |
| 19 | LPL Financial LLCForm ADV profile · SEC record | $819.1B | 100% | 2,850,994 | 41,879 | High net worth individuals, Individuals | CRD 6413 |
| 20 | AllianceBernstein L.P.Form ADV profile · SEC record | $763.4B | 98% | 75,956 | 4,204 | Private funds and other pooled vehicles, Registered funds | CRD 108477 |
| 21 | Invesco Advisers, Inc.Form ADV profile · SEC record | $749.5B | 97% | 82,498 | 2,804 | Registered funds, Private funds and other pooled vehicles | CRD 105360 |
| 22 | Millennium Management LLCForm ADV profile · SEC record | $720.8B | 100% | 35 | 6,670 | Private funds and other pooled vehicles | CRD 158117 |
| 23 | Morgan Stanley Investment Management Inc.Form ADV profile · SEC record | $702.2B | 99% | 22,803 | 670 | Registered funds, Private funds and other pooled vehicles | CRD 110353 |
| 24 | Wells Fargo AdvisorsForm ADV profile · SEC record | $671.4B | 71% | 1,324,168 | 18,895 | High net worth individuals, Individuals | CRD 19616 |
| 25 | Envestnet PMCForm ADV profile · SEC record | $614.9B | 100% | 2,241,364 | 532 | Individuals, High net worth individuals | CRD 111694 |
| 26 | Nomura Asset Management Co., Ltd.Form ADV profile · SEC record | $601.8B | 99% | 1,712 | 960 | Private funds and other pooled vehicles, State and local governments | CRD 110814 |
| 27 | Citadel Advisors LLCForm ADV profile · SEC record | $570.6B | 100% | 37 | 3,284 | Private funds and other pooled vehicles | CRD 148826 |
| 28 | MetLife Investment Management, LLCForm ADV profile · SEC record | $563.8B | 99% | 805 | 956 | Insurance companies, Pension and profit-sharing plans | CRD 142463 |
| 29 | MFS Investment ManagementForm ADV profile · SEC record | $514.1B | 93% | 355 | 1,244 | Registered funds, Private funds and other pooled vehicles | CRD 110045 |
| 30 | Franklin Advisers, Inc.Form ADV profile · SEC record | $509.5B | 99% | 25,018 | 384 | Registered funds, Private funds and other pooled vehicles | CRD 104517 |
| 31 | Raymond James & Associates, Inc.Form ADV profile · SEC record | $501.0B | 76% | 1,143,145 | 16,780 | High net worth individuals, Individuals | CRD 705 |
| 32 | JPMorgan Asset Management (UK) LimitedForm ADV profile · SEC record | $484.1B | 100% | 928 | 1,403 | Private funds and other pooled vehicles, Insurance companies | CRD 135960 |
| 33 | Asset Management One Co., Ltd.Form ADV profile · SEC record | $470.5B | 100% | 1,741 | 950 | State and local governments, Private funds and other pooled vehicles | CRD 110843 |
| 34 | Dodge & CoxForm ADV profile · SEC record | $466.6B | 100% | 740 | 336 | Registered funds, Pension and profit-sharing plans | CRD 104596 |
| 35 | J.P. Morgan Securities LLCForm ADV profile · SEC record | $429.7B | 83% | 1,246,646 | 8,703 | High net worth individuals, Individuals | CRD 79 |
| 36 | Principal Asset ManagementForm ADV profile · SEC record | $427.7B | 98% | 8,169 | 1,394 | Registered funds, Insurance companies | CRD 109002 |
| 37 | BNY Mellon Investment Adviser, Inc.Form ADV profile · SEC record | $419.5B | 100% | 91 | 69 | Registered funds, Private funds and other pooled vehicles | CRD 105642 |
| 38 | Mitsubishi UFJ Trust and Banking CorporationForm ADV profile · SEC record | $407.0B | 99% | 32,595 | 6,400 | Sovereign wealth funds, Private funds and other pooled vehicles | CRD 296868 |
| 39 | Kohlberg Kravis Roberts & Co. L.P.Form ADV profile · SEC record | $399.9B | 99% | 227 | 2,593 | Private funds and other pooled vehicles, Insurance companies | CRD 144533 |
| 40 | Robert W. Baird & Co. IncorporatedForm ADV profile · SEC record | $394.1B | 73% | 367,123 | 4,322 | Registered funds, High net worth individuals | CRD 8158 |
| 41 | Barings LLCForm ADV profile · SEC record | $392.8B | 97% | 417 | 1,101 | Insurance companies, Private funds and other pooled vehicles | CRD 106006 |
| 42 | Raymond James Financial Services Advisors, IncForm ADV profile · SEC record | $390.0B | 44% | 1,107,860 | 9,675 | High net worth individuals, Individuals | CRD 149018 |
| 43 | Loomis, Sayles & Company, L.P.Form ADV profile · SEC record | $386.9B | 92% | 24,675 | 728 | Registered funds, Pension and profit-sharing plans | CRD 105377 |
| 44 | Fisher InvestmentsForm ADV profile · SEC record | $386.7B | 100% | 422,516 | 4,369 | High net worth individuals, Individuals | CRD 107342 |
| 45 | Dimensional Fund Advisors LtdForm ADV profile · SEC record | $364.7B | 100% | 106 | 162 | Registered funds, State and local governments | CRD 107472 |
| 46 | Arrowstreet Capital, Limited PartnershipForm ADV profile · SEC record | $351.3B | 100% | 162 | 519 | Private funds and other pooled vehicles, State and local governments | CRD 111298 |
| 47 | Pictet Asset Management SAForm ADV profile · SEC record | $330.7B | 100% | 579 | 549 | Private funds and other pooled vehicles, Pension and profit-sharing plans | CRD 140074 |
| 48 | Nyl Investors LLCForm ADV profile · SEC record | $329.2B | 100% | 104 | 301 | Insurance companies, Registered funds | CRD 169553 |
| 49 | Cambridge Associates, LLCForm ADV profile · SEC record | $326.7B | 33% | 604 | 1,116 | Charities, High net worth individuals | CRD 104942 |
| 50 | Edelman Financial EnginesForm ADV profile · SEC record | $326.3B | 100% | 1,517,156 | 1,679 | Other advisers, Individuals | CRD 104510 |
| 51 | AQR Capital Management, LLCForm ADV profile · SEC record | $311.7B | 100% | 723 | 728 | Private funds and other pooled vehicles, Other advisers | CRD 111883 |
| 52 | RBC Capital Markets, LLCForm ADV profile · SEC record | $310.4B | 76% | 511,871 | 8,781 | Individuals, High net worth individuals | CRD 31194 |
| 53 | American Century Investment Management IncForm ADV profile · SEC record | $306.0B | 100% | 719 | 220 | Registered funds, Pension and profit-sharing plans | CRD 105778 |
| 54 | Samsung Asset Management Company, Ltd.Form ADV profile · SEC record | $300.8B | 100% | 1,631 | 460 | Private funds and other pooled vehicles, Insurance companies | CRD 158319 |
| 55 | Creative PlanningForm ADV profile · SEC record | $295.6B | 99% | 320,323 | 1,650 | High net worth individuals, Pension and profit-sharing plans | CRD 105348 |
| 56 | TIAA-CREF Investment Management LLCForm ADV profile · SEC record | $292.1B | 100% | 8 | 383 | Registered funds | CRD 107168 |
| 57 | The Carlyle GroupForm ADV profile · SEC record | $283.8B | 71% | 612 | 1,040 | Private funds and other pooled vehicles, Insurance companies | CRD 111128 |
| 58 | Victory Capital Management Inc.Form ADV profile · SEC record | $282.7B | 99% | 4,061 | 699 | Registered funds, Private funds and other pooled vehicles | CRD 106189 |
| 59 | Nuveen Asset Management, LLCForm ADV profile · SEC record | $280.5B | 100% | 65,258 | 381 | Registered funds, Private funds and other pooled vehicles | CRD 155584 |
| 60 | T. Rowe Price International LtdForm ADV profile · SEC record | $277.2B | 100% | 228 | 781 | Registered funds, Private funds and other pooled vehicles | CRD 126032 |
| 61 | Point72 Asset Management, L.P.Form ADV profile · SEC record | $274.1B | 100% | 19 | 3,345 | Private funds and other pooled vehicles | CRD 283077 |
| 62 | KKR Credit Advisors (US) LLCForm ADV profile · SEC record | $270.9B | 100% | 204 | 609 | Insurance companies, Private funds and other pooled vehicles | CRD 146629 |
| 63 | Lord, Abbett & Co. LLCForm ADV profile · SEC record | $270.4B | 100% | 25,798 | 821 | Registered funds, Private funds and other pooled vehicles | CRD 110391 |
| 64 | HSBC Global Asset Management (UK) LimitedForm ADV profile · SEC record | $260.2B | 100% | 294 | 399 | Private funds and other pooled vehicles, Banks and thrifts | CRD 154700 |
| 65 | Wells Fargo AdvisorsForm ADV profile · SEC record | $252.3B | 76% | 466,575 | 4,047 | High net worth individuals, Individuals | CRD 11025 |
| 66 | Balyasny Asset Management L.P.Form ADV profile · SEC record | $248.1B | 100% | 48 | 2,434 | Private funds and other pooled vehicles | CRD 138111 |
| 67 | Amova Asset Management Co.,Ltd.Form ADV profile · SEC record | $247.4B | 100% | 839 | 632 | Private funds and other pooled vehicles, Sovereign wealth funds | CRD 110997 |
| 68 | Two Sigma Investments, LPForm ADV profile · SEC record | $232.8B | 100% | 42 | 1,555 | Private funds and other pooled vehicles, Corporations | CRD 137137 |
| 69 | Squarepoint Ops LLCForm ADV profile · SEC record | $227.0B | 100% | 28 | 69 | Private funds and other pooled vehicles, Charities | CRD 172116 |
| 70 | Mercer Investments LLCForm ADV profile · SEC record | $226.0B | 97% | 1,417 | 714 | Pension and profit-sharing plans, Charities | CRD 133449 |
| 71 | Schonfeld Strategic Advisors LLCForm ADV profile · SEC record | $225.3B | 100% | 39 | 997 | Private funds and other pooled vehicles | CRD 281984 |
| 72 | Jennison AssociatesForm ADV profile · SEC record | $214.8B | 100% | 6,083 | 360 | Registered funds, Private funds and other pooled vehicles | CRD 107959 |
| 73 | D. E. Shaw & Co., L.P.Form ADV profile · SEC record | $213.4B | 100% | 23 | 998 | Private funds and other pooled vehicles | CRD 108679 |
| 74 | Commonwealth Financial NetworkForm ADV profile · SEC record | $212.7B | 98% | 615,215 | 4,200 | High net worth individuals, Individuals | CRD 8032 |
| 75 | Garda Capital PartnersForm ADV profile · SEC record | $207.1B | 100% | 3 | 224 | Private funds and other pooled vehicles | CRD 282439 |
| 76 | Abrdn Investments LimitedForm ADV profile · SEC record | $206.5B | 98% | 433 | 1,296 | Private funds and other pooled vehicles, Pension and profit-sharing plans | CRD 162309 |
| 77 | T.Rowe Price Investment Management, Inc.Form ADV profile · SEC record | $204.2B | 100% | 72 | 112 | Registered funds, Private funds and other pooled vehicles | CRD 314590 |
| 78 | Ifm Investors Pty LtdForm ADV profile · SEC record | $203.0B | 63% | 80 | 933 | Private funds and other pooled vehicles, Pension and profit-sharing plans | CRD 162754 |
| 79 | Hightower Advisors, LLCForm ADV profile · SEC record | $198.6B | 96% | 220,222 | 1,983 | High net worth individuals, Individuals | CRD 145323 |
| 80 | Stifel, Nicolaus & Company, IncorporatedForm ADV profile · SEC record | $197.5B | 64% | 394,160 | 6,478 | High net worth individuals, Individuals | CRD 793 |
| 81 | Mackenzie InvestmentsForm ADV profile · SEC record | $194.9B | 100% | 685 | 1,362 | Private funds and other pooled vehicles, Pension and profit-sharing plans | CRD 110338 |
| 82 | Harbourvest Partners, LLCForm ADV profile · SEC record | $191.2B | 83% | 314 | 1,204 | Private funds and other pooled vehicles, Pension and profit-sharing plans | CRD 109846 |
| 83 | Nuveen Fund Advisors, LLCForm ADV profile · SEC record | $186.3B | 100% | 235 | 137 | Registered funds, Private funds and other pooled vehicles | CRD 104626 |
| 84 | Western Asset Management CompanyForm ADV profile · SEC record | $185.0B | 98% | 31,897 | 137 | Registered funds, Private funds and other pooled vehicles | CRD 110441 |
| 85 | Clearbridge Investments, LLCForm ADV profile · SEC record | $184.8B | 77% | 12,530 | 210 | Registered funds, Individuals | CRD 137028 |
| 86 | Artisan Partners Limited PartnershipForm ADV profile · SEC record | $183.6B | 100% | 255 | 496 | Registered funds, Private funds and other pooled vehicles | CRD 150114 |
| 87 | Oaktree Capital Management, L.P.Form ADV profile · SEC record | $183.3B | 99% | 620 | 905 | Private funds and other pooled vehicles, Insurance companies | CRD 106793 |
| 88 | Thoma BravoForm ADV profile · SEC record | $182.9B | 100% | 153 | 246 | Private funds and other pooled vehicles | CRD 157041 |
| 89 | Focus Partners Wealth, LLCForm ADV profile · SEC record | $181.9B | 82% | 220,585 | 1,915 | High net worth individuals, Individuals | CRD 159289 |
| 90 | GC Advisors LLCForm ADV profile · SEC record | $177.9B | 36% | 144 | 1,035 | Private funds and other pooled vehicles, Business development companies | CRD 148687 |
| 91 | Acadian Asset ManagementForm ADV profile · SEC record | $177.5B | 99% | 356 | 375 | Private funds and other pooled vehicles, State and local governments | CRD 106609 |
| 92 | HPS Investment Partners, LLCForm ADV profile · SEC record | $175.7B | 97% | 293 | 826 | Private funds and other pooled vehicles, Insurance companies | CRD 282125 |
| 93 | Morgan Stanley Investment Management LimitedForm ADV profile · SEC record | $174.5B | 87% | 134 | 222 | Private funds and other pooled vehicles, Registered funds | CRD 105922 |
| 94 | Insight InvestmentForm ADV profile · SEC record | $171.1B | 95% | 1,879 | 238 | Pension and profit-sharing plans, Registered funds | CRD 145995 |
| 95 | CorientForm ADV profile · SEC record | $165.3B | 90% | 113,752 | 1,537 | High net worth individuals, Charities | CRD 319448 |
| 96 | Alphadyne Asset Management LPForm ADV profile · SEC record | $164.8B | 100% | 3 | 121 | Private funds and other pooled vehicles | CRD 154176 |
| 97 | GQG PartnersForm ADV profile · SEC record | $163.9B | 97% | 6,445 | 227 | Registered funds, Private funds and other pooled vehicles | CRD 283720 |
| 98 | CIBC Global Asset ManagementForm ADV profile · SEC record | $162.8B | 98% | 21,743 | 478 | Registered funds, Other advisers | CRD 106508 |
| 99 | NB Alternatives Advisers LLCForm ADV profile · SEC record | $160.2B | 88% | 379 | 417 | Private funds and other pooled vehicles, Pension and profit-sharing plans | CRD 149822 |
| 100 | Santander Asset Management SA SgiicForm ADV profile · SEC record | $159.9B | 85% | 964 | 231 | Private funds and other pooled vehicles, Banks and thrifts | CRD 143883 |
Form ADV Part 1A, Items 5.A, 5.D and 5.F, via the SEC Investment Adviser Public Disclosure site.
Disciplinary records
Each Yes to a Form ADV Item 11 question is backed by a Disclosure Reporting Page. Large firms report actions against their affiliates too, so a long list can reflect the size of a group rather than the conduct of the adviser itself. Pending matters are allegations, not findings.
Most disclosures
Sorted by actions about the firm itself.
Largest fines
Each action counted once, with the date it was resolved (or begun).
| Date | Adviser | Regulator | Fine | About |
|---|---|---|---|---|
| Jul 11, 2014 | Citigroup Global Markets Inc.and 1 affiliated adviser | United States Department of Justice, Several State Attorneys General and the FDIC | $4.5B | Citigroup Inc.; Citigroup, Inc. |
| Aug 1, 2018 | Wells Fargo Advisorsand 1 affiliated adviser | U.S. Department of Justice | $2.1B | Wells Fargo Bank, N.A. |
| Dec 20, 2022 | Wells Fargo Advisorsand 1 affiliated adviser | Consumer Financial Protection Bureau | $1.7B | Wells Fargo Bank, N.A. |
| Jul 31, 2014 | Managed Account Advisors LLC | $1.3B | Bank of America, National | |
| Apr 8, 2016 | Wells Fargo Advisorsand 1 affiliated adviser | $1.2B | Wells Fargo Bank, NA | |
| Jul 20, 2010 | Goldman Sachs & Co. LLC | $535.0M | The firm | |
| Feb 21, 2020 | Wells Fargo Advisorsand 1 affiliated adviser | SEC | $500.0M | Wells Fargo & Company |
| Apr 20, 2018 | Wells Fargo Advisorsand 1 affiliated adviser | Bureau of Consumer Financial Protection | $500.0M | Wells Fargo Bank, N.A. |
| Apr 20, 2018 | Wells Fargo Advisorsand 1 affiliated adviser | Office of the Comptroller of the Currency (OCC) | $500.0M | Wells Fargo Bank, N.A. |
| Sep 29, 2020 | J.P. Morgan Securities LLC | CFTC | $436.4M | JPMorgan Chase & Co. |
| Sep 29, 2020 | JPMorgan Alternative Asset Managementand 2 affiliated advisers | CFTC | $436.4M | JPMorgan Chase & Co. |
| Jan 30, 2017 | DWS Investment S.A. | New York State Department of Financial Services" ("DFS") | $425.0M | Deutsche Bank AG" |
| Oct 22, 2020 | Goldman Sachs & Co. LLCand 2 affiliated advisers | SEC | $400.0M | The Goldman Sachs Group, |
| Dec 7, 2016 | HSBC Management (Guernsey) Limited | The European Commission (The "Commission") | $378.0M | HSBC Holdings PLC |
| Jun 23, 2016 | Merrill Lynch, Pierce, Fenner & Smith Incorporated | SEC | $358.0M | Merrill Lynch |
| Oct 22, 2020 | Goldman Sachs & Co. LLC | Hong Kong Securities and Futures Commission | $350.0M | Goldman Sachs (Asia) L.L.C. |
| May 20, 2015 | Citigroup Global Markets Inc.and 1 affiliated adviser | ( g g g y y ) | $342.0M | Citigroup Inc. |
| May 16, 2019 | Citigroup Global Markets Inc. | European Commission | $310.8M | Citibank, NA |
| Sep 7, 2021 | Wells Fargo Advisorsand 1 affiliated adviser | Office of Comptroller of the Currency (OCC) | $250.0M | Wells Fargo Bank, N.A. |
| May 25, 2016 | Citigroup Global Markets Inc. | CFTC | $250.0M | Citibank, N.A. |
| Nov 11, 2014 | Managed Account Advisors LLC | The Comptroller of the Currency of the United States of America | $250.0M | Bank of America, National |
| Jun 20, 2018 | DWS Investment S.A. | New York State Department of Financial Services | $205.0M | Deutsche Bank AG and |
| May 20, 2015 | Merrill Lynch, Pierce, Fenner & Smith Incorporatedand 1 affiliated adviser | Board of Governors of the Federal Reserve System | $205.0M | Bank of America |
| May 23, 2024 | J.P. Morgan Securities LLC | CFTC | $200.0M | The firm |
| Dec 9, 2020 | Ge Investment Management | SEC | $200.0M | General Electric Company |
Form ADV Part 1A Item 11 and its Disclosure Reporting Pages, via the SEC Investment Adviser Public Disclosure site.
How advisers are paid, and whom they serve
Of the 2,027 advisers whose Form ADV we read. A firm can be paid in several ways and serve several kinds of client. Client counts leave out types where a firm reports fewer than five clients; assets by client type are summed across firms and count affiliates' shared assets more than once.
Compensation (Item 5.E)
| How the firm is paid | Advisers | Share |
|---|---|---|
| A percentage of assets under your management | 1,558 | 77% |
| Performance-based fees | 1,225 | 60% |
| Fixed fees (other than subscription fees) | 326 | 16% |
| Other arrangements the firm describes | 295 | 15% |
| Hourly charges | 93 | 5% |
| Commissions | 23 | 1% |
| Subscription fees (for a newsletter or periodical) | 13 | 1% |
Client types (Item 5.D)
| Client type | Advisers serving | Clients | Assets |
|---|---|---|---|
| Registered funds | 383 | 7,976 | $39.2T |
| Private funds and other pooled vehicles | 1,336 | 42,869 | $24.6T |
| High net worth individuals | 479 | 5,411,641 | $8.7T |
| Individuals | 343 | 28,495,572 | $4.8T |
| Insurance companies | 198 | 7,039 | $4.2T |
| Pension and profit-sharing plans | 403 | 254,006 | $4.1T |
| State and local governments | 263 | 7,605 | $2.1T |
| Corporations | 439 | 163,795 | $1.4T |
| Sovereign wealth funds | 103 | 803 | $1.1T |
| Charities | 395 | 99,657 | $1.0T |
| Other advisers | 144 | 1,434,682 | $769.1B |
| Other | 219 | 281,183 | $654.4B |
| Banks and thrifts | 62 | 6,873 | $271.1B |
| Business development companies | 16 | 44 | $55.4B |
Form ADV Part 1A, Items 5.D and 5.E, via the SEC Investment Adviser Public Disclosure site.
Who owns the advisers
Schedule A of Form ADV lists a firm's direct owners and Schedule B the owners of those owners, up to a public company. Here each adviser is counted under the top company in its majority-ownership chain (owners of 50% or more).
- Majority-owned by another company
- 1,087
- Owned directly only by people
- 798
- With a public company in the ownership chain
- 207
Form ADV reports ownership in bands, not exact stakes: A means 5% to 10%, B 10% to 25%, C 25% to 50%, D 50% to 75%, E 75% or more. F marks a general partner, trustee or managing member, a role that controls the firm without a percentage. Owners of less than 5% are not listed.
Form ADV Schedules A and B, via the SEC Investment Adviser Public Disclosure site. Parents link to their company page where the name matches exactly one company.
Every adviser
All 2,027 advisers whose Form ADV we read, largest first. Sort by any column.
| Firm | Assets managed | Accounts | Employees | Performance fees | Disclosures | Fines, the firm | Brochure |
|---|
Form ADV via the SEC Investment Adviser Public Disclosure site. Coverage: the advisers whose legal name matches a company page on On the record, plus the advisers that own them; the SEC registers about 24,000 in all.