Any company that is registered with the SEC as an investment adviser (RIAs) as well as exempt reporting advisers (ERAs)
Our website is organized by investment adviser filing. Certain larger companies will have multiple subsidiaries or operating companies filed as separate investment advisers. We made efforts to build proper connections between related investment advisers. While we’ve made significant progress, we don’t have them covered 100%. However, if you find that two companies should be connected, shoot us a note and we’ll have it corrected and updated.
Applying the Fund Filters on the Advisers page will filter for advisers that have at least one fund that matches the criteria.
Add service providers by typing the service provider name, selecting it from the dropdown list and clicking “Add”. The service provider will have a few letters before it to allow the user to choose the role of the service provider: AUD = Auditor, ADM = Administrator, CUS = Custodian, and PB = Prime Broker. Multiple service providers can be added simultaneously and the resulting list will include advisers serviced by any of the listed service providers.
The little plus to the left of the name once added indicates the list is inclusive of advisers serviced by that service provider. By clicking on the plus, it’ll turn to a minus, thereby making the list exclusive of advisers serviced by that service provider. Note that if both a plus and minus exists on different service providers, the resulting list will include advisers serviced by any of the listed service providers with a plus but none of the advisers serviced by those with a minus.
When checking this off on the Advisers page, it’ll show advisers for which none of their funds have listed administrators. When applying this on the Private Funds page, it’ll show the specific funds for which there are no listed fund administrators.
Unfortunately, not all of our contacts have email addresses but almost all advisers have at least one or two contacts with email addresses. As an alternative, we also provide links to LinkedIn profiles for many of our contacts. Removed contacts are contacts that were associated with the company in the past and are no longer listed. However, in some cases they are still associated with the company, and we therefore leave them on our site, but hidden.
Our database consists of all service providers listed in Form ADV under the private funds section, which includes administrators, auditors, custodians, and prime brokers.
Our website searches for the listed service providers on said investment adviser’s current form ADV and compares them to those listed on the same funds in the ADV from the prior year. If the service provider was listed in the historical ADV but no longer in the current one under that same fund, this would be considered as a “loss” to the service provider, and vice versa. If the fund wasn't listed under the said adviser in the historical or current Form ADV, those funds would be flagged as “New” and “Closed”, respectively. The sections that show from whom or to whom the clients were gained or lost provide all service providers of that category listed in the historical or current ADV. For example, if a firm was using Custodians A, B, and C on a specific private fund in one year and the following year it listed Custodians B, C, and D, then Custodian A would show that they lost that fund to Custodians B, C and D, whereas Custodian D would show that they gained that fund from Custodians A, B, and C. (Custodians B and C wouldn’t show any gains or losses.)
Note: While this model assesses changes year over year, keep in mind that advisers file once a year. So the most recently filed ADV can be anywhere up to a year old and the prior year’s ADV can be anywhere up to two years old. So while this is meant to give an assessment of activity over the last year, it can stretch as far as up to two years back.
The weekly dashboard is a page that pulls in all new investment advisers and private funds filed with the SEC within the last 7/30/90 days. The investment advisers are pulled directly from IAPD whereas the private funds can be either from IAPD or those that filed a Form D. Note, if the source for the new private fund is IAPD, the date submitted is the date the ADV for the adviser was submitted, not the fund itself.
On the main advisers page, select the adviser you want using the checks on the left, click the watchlist button and then click “Add Selected”. You can always see what’s included in your watchlist by clicking on “Filter by Watchlist.” Note that you can have multiple watchlists; add and remove watchlists by clicking on the “Manage Lists” button.
Hover on the welcome dropdown on the top right and select “Alerts Settings”. Select either “All Advisers” or one of your watchlists from the dropdown next to Source List. Click on “Save List” and then begin by adding triggers. Triggers for alerts that are based off adviser changes will refer to the source list. Clicking on “Show Results” will generate a list of alerts. You can always come back to this page by clicking on “My Alerts” under the Welcome dropdown. Lastly, to opt in (or out) of weekly emails with these alerts, go to “Email Settings” under the Welcome dropdown.
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Form ADV is an annual form used by investment advisers to register with the SEC and state securities authorities. Advisers report on their business activities, clients, AUM, private funds and other relevant information. This form is due 90 days after the adviser’s fiscal year.
Why should I care? Because the form is standardized, we find this data useful to compare advisers one to another as well as to compare advisers year over year.
Forms 13D and 13G are commonly known as “beneficial ownership reports”, in which investors report ownership of 5% or more in a public company’s stock. 13D is used for active investors or investors with over 20% ownership. 13G, which is a much shorter form, is used for passive investors with under 20% ownership.
Forms 3 and 4 are filed by a public company’s “insiders”. Insiders include directors, officers and principal shareholders. Principal shareholders are investors with at least 10% beneficial ownership. Insiders, per this definition, are required to file Form 3 within 10 days of becoming an insider, declaring their beneficial ownership. Form 4 is then used to declare any changes to that beneficial ownership. Insiders are required to file Form 4 by the second day since the change in ownership.
13F is a form filed quarterly by all institutional investment managers disclosing their holdings. 13F filings are due 90 days after quarter end. Most managers file it as late as possible in the acceptable filing window in order to avoid revealing current investment positions.