Structure, History, and Ownership
RiskBridge Advisors, LLC ("RiskBridge," the "Firm," "we," or "us") is a Delaware limited liability company
formed on July 8, 2020, with its principal place of business located in Norwalk, Connecticut. The Firm is
principally owned by Tomah Management, LLC, wholly owned by William Kennedy, the Chief Executive
Officer (CEO) and Chief Investment Officer (CIO) of RiskBridge.
RiskBridge is an independent, privately held investment advisory firm headquartered in Connecticut. Our
clients include insurers, endowments and foundations, family offices, and individuals. We offer
institutional advisory services, outsourced chief investment officer (OCIO) solutions, and private wealth
management.
RiskBridge builds high-conviction, risk-aware portfolios aimed at generating consistent returns over a full
investment cycle while preserving capital during market drawdowns. We invest across a spectrum of
public equity and fixed income strategies, hedge funds, and private market funds curated by our
investment team. We leverage our in-house research capabilities in service of our clients’ unique financial
goals.
Assets Under Advisement
Assets as of February 29, 2024:
As of February 29, 2024, RiskBridge managed Regulatory Assets Under Management were approximately
$633 million of discretionary and non-discretionary assets under management over which RiskBridge has
trading authority. These figures are based on the gross asset values of our clients' securities (including
hedge funds and private investments) as reported to us by third-party custodians, administrators, and
managers. The value of private investments is reported with at least a one-quarter lag.
In addition, RiskBridge advises on over $85 billion of institutional assets under advisement. Assets under
advisement cover client assets on which RiskBridge makes recommendations but does not have the
authority to execute or facilitate trades on behalf of the clients. However, these assets are not considered
Regulatory Assets Under Management by the U.S. Securities and Exchange Commission.
Regulatory Assets Under Management (RAUM)
Discretionary284,910,132
Non-Discretionary 348,115,965
Total RAUM633,026,097
Assets Under Advisement85,016,357,706
Total Client Assets Under Advisement85,649,383,803
Form ADV Part 2A – RiskBridge Advisors, LLC Page 3 of 26
Types of Advisory Services
Institutional Advisory Services
RiskBridge provides investment guidance and implementation services to various institutions' boards and
investment committees for a fee. RiskBridge may enter into an investment Advisory Service Agreement
("ASA") with clients to provide the following solutions:
▪ Consulting and guidance regarding investment governance and policy, portfolio allocation,
segment analysis, and risk and liquidity characteristics
▪ Analytical support, including portfolio risk diagnostics and stress testing
▪ Strategic asset allocation planning
▪ Investment manager research and due diligence
▪ Macroeconomic and capital market research
▪ Custom risk and performance reporting
▪ Client education addressing investment and fiduciary trends
▪ Enterprise risk management assessment
RiskBridge Outsourced Chief Investment Officer (OCIO) Solutions
RiskBridge provides OCIO solutions on a discretionary basis, where we work with the client's principals or
investment committee to set appropriate investment policies and implement the investment program. All
other aspects of portfolio construction and management, trading, and administrative functions are
delegated to RiskBridge. RiskBridge OCIO solutions are most suitable for endowments & foundations,
pensions, corporations, and family offices that seek to delegate day-to-day activities, allowing our client's
decision-makers and staff to focus on their strategic mission and high-level investment policy decisions.
RiskBridge may enter into an Investment Management Agreement ("IMA") with clients to provide the
following solutions:
▪ Investment policy and governance implementation
▪ Strategic and tactical asset allocation
▪ Engagement and termination of investment managers
▪ Portfolio construction and management, including tactical shifts within the parameters of the
investment policy
▪ Regular portfolio performance and risk reporting
▪ Quarterly meetings
▪ Support client's internal staff in their work with their accounting, tax, and legal advisors
RiskBridge may provide OCIO solutions on a non-discretionary basis under our Institutional Advisory
Services ASA.
Form ADV Part 2A – RiskBridge Advisors, LLC Page 4 of 26
Private Wealth Management
RiskBridge provides continuous and regular investment advice based on each investing client's unique
needs and objectives on a discretionary basis. We offer discretionary management solutions to investing
clients on a separately managed account ("Separate Account") basis. Each Separate Account client enters
into a discretionary Investment Management Agreement ("IMA") and receives an Investment Policy
Statement ("IPS") tailored to the client's unique needs. We may purchase, sell, convert, and otherwise
acquire or dispose of all forms of securities and other investments permitted by the IPS. Limitations on
RiskBridge's discretionary authority may result in Separate Accounts that perform differently (and
potentially less successfully) than other Separate Accounts with similar strategies managed by RiskBridge
that do not have such limitations.
RiskBridge may allocate Separate Account capital to a variety of securities, including, without limitation:
mutual funds, exchange traded funds ("ETFs"), exchanged traded notes ("ETNs"), derivatives, Sub-
Advisers, and private investment funds (hedge funds, private investments). Any assets invested directly
by RiskBridge on behalf of a Separate Account are referred to collectively as the "Investment Program" or
"Program."
RiskBridge may allocate Separate Account capital to unaffiliated third-party Sub-Advisers. RiskBridge may
enter into a Sub-Advisory Agreement with Sub-Advisers who may exercise investment discretion and
invest the Separate Account's capital in various securities and other instruments, including derivative
instruments.
RiskBridge may allocate Separate Account capital to private investment funds as part of the Investment
Program. The Separate
Account client will directly execute subscription documents and partnership
agreements with the private investment funds. Interests in any privately offered investment fund will be
offered only pursuant to a definitive prospectus or offering memorandum, subscription materials, and
organizational documents ("Offering Materials") for such private investment funds. Before making any
investment decision, Separate Account clients and prospective clients should carefully review the Offering
Materials and make any investment decisions solely based on such Offering Materials. RiskBridge does
not offer proprietary pooled vehicles managed or sponsored by RiskBridge or any affiliates.
RiskBridge may also provide continuous and regular investment advice under a non-discretionary
Investment Management Agreement ("non-discretionary IMA") designed to meet clients' unique needs
and objectives.
RiskBridge is a fee-only firm and receives no commissions from affiliates or other entities. Neither
RiskBridge nor any of its advisors sell broker-dealer products or services. The Firm does not receive
insurance-related compensation in relation to products or services previously purchased by clients or in
certain circumstances where a referral of insurance opportunities to third parties occurs, as discussed
below.
While reviewing a client’s portfolio or estate, existing Clients of RiskBridge may need service on an
existing insurance policy or want to place new insurance. When feasible, RiskBridge and its associated
persons may recommend or refer Clients to use an insurance product of an unaffiliated third party.
Form ADV Part 2A – RiskBridge Advisors, LLC Page 5 of 26
RiskBridge is subject to conflicts of interest when providing investment advisory services and making
insurance recommendations. Such conflict could affect the objective of the advice provided to the
advisory client.
Retirement Account Advice
When RiskBridge provides investment advice to you regarding your retirement plan account or individual
retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income
Security Act ("ERISA") and/or the Internal Revenue Code, as applicable, which are laws governing
retirement accounts. The receipt of our advisory fee for making a recommendation creates a conflict of
interest under ERISA/IRC with your interests, so we operate under a special rule that requires us to act in
your best interest and not put our interest ahead of yours. For example, suppose we recommend that you
roll over assets from one retirement account to another, and we receive increased compensation as a
result of that recommendation. In that case, a conflict requires us to operate under this special rule.
Subadvisory/Model Solutions
RiskBridge provides sub-advisory and model services to unaffiliated RIAs, TAMPS, or model/strategist
platforms using our Managed Volatility Portfolio ("MVP") strategies. Under this arrangement, RiskBridge
may enter into a Sub-Advisory Agreement ("SAA") with an unaffiliated RIA where RiskBridge is hired to
provide continuous investment management and advice on a discretionary basis. These assets are
considered assets under advisement.
We do not enter into direct relationships with or serve as fiduciaries to these clients. Instead, the
unaffiliated RIA retains the client account and fiduciary responsibilities. RiskBridge serves as a subadvisor
to unaffiliated RIAs and is compensated with a subadvisory fee or strategist fee. Certain investment
platform providers make model portfolios and strategies available through a wrap fee program sponsored
by the investment platform provider. RiskBridge does not participate in or act as a sponsor of any wrap
fee program.
For subadvisory engagements, RIAs requesting RiskBridge's MVP strategies are asked to establish a
custodial account with a designated custodian who maintains physical custody and the underlying records
for the assets in the MVP account. RiskBridge does not serve as the custodian for MVP assets, and
RiskBridge will not be responsible for any custodian or transaction fees. RiskBridge intends to manage the
MVP portfolio based on the end client's risk tolerance (conservative, moderate, aggressive,
unconstrained) established through a risk questionnaire provided by the unaffiliated RIA. RiskBridge
strives to maintain MVP account data as accurately as possible; however, we rely on accurate reporting
provided to us by the RIA and their custodian through electronic or other means. RiskBridge is not
responsible for inaccurate data provided by the RIA or their custodian. The RIA must also promptly submit
to us in writing any changes to the Client Profile or any information the RIA has regarding the management
of the client assets using MVP strategies.
For model or strategist engagements, the firms that offer our models are solely responsible for
implementing all trading activity recommended by RiskBridge. They are also responsible for providing
Form ADV Part 2A – RiskBridge Advisors, LLC Page 6 of 26
their clients with all administrative and performance reporting services. The model portfolios are not
tailored to any particular investor's specific needs or circumstances. In some cases, the unaffiliated advisor
may have discretion to deviate from the model. RiskBridge does not have investment discretion over the
platform assets and does not place trades or vote proxies in Platform accounts. Occasionally, these models
can hold slightly different funds than RiskBridge's direct advisory accounts due to custodial relationship
constraints with Underlying Fund companies that are outside our control. Because of this, the
performance between our standard advisory relationship and our platform models can and will differ.
We utilize unaffiliated exchange traded funds (ETFs) and mutual funds for the MVP strategies. ETFs and
mutual funds are selected objectively based on their investment characteristics and fit with the strategy
or model's objectives. RiskBridge does not accept or receive fees from ETFs or fund companies chosen for
the RiskBridge platform. Through our ongoing monitoring of asset class segment return and risk factors,
we may change the portfolio asset mix to help meet the objectives.
Please see Item 8, "Methods of Analysis, Investment Strategies, and Risk of Loss," for more information
regarding our investment strategies.