Douglas Lane & Associates, LLC (CRD #282563) succeeded to the advisory business of its
predecessor Douglas C. Lane & Associates, Inc. (CRD #104882 / SEC #801-47055) as of
January 1, 2016, and primarily does business under the name of Douglas C. Lane & Associates
(“DCLA,” “we” or the “Firm”). The advisory services and management of DCLA remain the
same as its predecessor.
DCLA is part of the Focus Financial Partners, LLC (“Focus LLC”) partnership. Specifically,
DCLA is a wholly-owned indirect subsidiary of Focus LLC. Ferdinand FFP Acquisition, LLC is
the sole managing member of Focus LLC. Ultimate governance of Focus LLC is conducted
through the board of directors at Ferdinand FFP Ultimate Holdings, LP. Focus LLC is majority-
owned, indirectly and collectively, by investment vehicles affiliated with Clayton, Dubilier &
Rice, LLC (“CD&R”). Investment vehicles affiliated with Stone Point Capital LLC
(“Stone Point”) are indirect owners of Focus LLC. Because DCLA is an indirect, wholly-owned
subsidiary of Focus LLC, CD&R and Stone Point investment vehicles are indirect owners of
DCLA.
Focus LLC also owns other registered investment advisers, broker-dealers, pension consultants,
insurance firms, business managers and other firms (the “Focus Partners”), most of which
provide wealth management, benefit consulting and investment consulting services to
individuals, families, employers, and institutions. Some Focus Partners also manage or advise
limited partnerships, private funds, or investment companies as disclosed on their respective
Form ADVs.
DCLA is managed by Ned Dewees and Sarat Sethi, both Managing Partners, pursuant to a
management agreement between DCLA Partners LLC and DCLA. Ned and Sarat serve as
officers and leaders of DCLA and are responsible for the management, supervision and oversight
of DCLA.
DCLA is a registered investment advisory firm based in New York City. DCLA provides wealth
management for high-net-worth individuals and families, trusts, endowments, corporations,
pension and retirement accounts, foundations and institutions. As of December 31, 2023, DCLA
had regulatory assets under management totaling $7,601,940,178.
We provide discretionary management of client investment portfolios on a customized and
individualized basis, in accordance with our clients’ needs. We primarily invest client assets in
equity securities of individual companies, and to a lesser extent invest client assets in bonds, in
accordance with their financial goals, lifestyle, risk tolerance and tax sensitivity. Some clients
may wish to impose minor restrictions on investing in certain securities or types of securities and
we will usually accommodate those restrictions.
In addition to our standard portfolio management services, we offer a Concentrated Equity
Strategy that seeks to provide capital appreciation that is greater than returns we would anticipate
obtaining from a more diversified equity portfolio through investment in a concentrated number
of equity securities (i.e. approximately 15 equity positions). Equity securities are the primary
emphasis, though cash and cash equivalents may be purchased or held. Our Concentrated Equity
Strategy is only appropriate for clients with sufficient risk tolerance for
the concentration risks
inherent in the strategy. For additional information about concentration risks, please refer to
Item 8, below.
For those clients who seek additional guidance beyond investment management, we also offer a
variety of financial planning services. These services include, but are not limited to, planning for
retirement, education savings, charitable giving, tax and estate matters, and guidance related to
mortgage and insurance topics. While we have CFP® (Certified Financial Planner) practitioners
on our staff, we do not charge a fee for financial planning services. However, we believe these
services add significant value to our clients as they navigate their financial lives.
We offer clients the option of obtaining certain financial solutions from unaffiliated third-party
financial institutions through UPTIQ Treasury & Credit Solutions, LLC (together with UPTIQ,
Inc. and its affiliates, “UPTIQ”). Please see Items 5 and 10 for a fuller discussion of these
services and other important information.
We help our clients obtain certain insurance solutions from unaffiliated, third-party insurance
brokers by introducing clients to our affiliate, Focus Risk Solutions, LLC (“FRS”), a wholly
owned subsidiary of our parent company, Focus Financial Partners, LLC. Please see Items 5 and
10 for a fuller discussion of this service and other important information.
DCLA is a fiduciary under the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) with respect to investment management services and investment advice provided to
ERISA plan clients, including ERISA plan participants. DCLA is also a fiduciary under the
Internal Revenue Code (the “IRC”) with respect to investment management services and
investment advice provided to ERISA plans, ERISA plan participants, IRAs and IRA owners
(collectively, “Retirement Account Clients”). As such, DCLA is subject to specific duties and
obligations under ERISA and the IRC that include among other things, prohibited transactions
rules which are intended to prohibit fiduciaries from acting on conflict of interest. When a
fiduciary gives advice in which it has a conflict of interest, the fiduciary must either avoid or
eliminate the conflict or rely upon a prohibited transaction exemption (a “PTE”).
DCLA represents to Retirement Account Clients that it is registered as an investment adviser
under the Investment Advisers Act of 1940 and duly qualified to advise about Retirement
Account assets under applicable regulations. DCLA acknowledges to Retirement Account
Clients that it is acting as a “fiduciary” within the meaning of Section 3(21)(A) of ERISA and/or
Section 4975(e)(3) of the Code, as the case may be, with respect to the provision of such
investment management services and/or investment advice to Retirement Account assets.
As a fiduciary, we have duties of care and of loyalty to you and are subject to obligations
imposed on us by the federal and state securities laws. As a result, you have certain rights that
you cannot waive or limit by contract. Nothing in our agreement with you should be interpreted
as a limitation of our obligation under the federal and state securities laws as a waiver of any
unwaivable rights you possess.