DFX Intelligence
RIA Intelligence
Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.
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SEC-registered adviser
H•••••• K••••••• A•••• M••••••••• L••
Latest filing Jul 7, 2026
First filing on the tape Mar 30, 2012 · 36 filings
SEC status approved since Sep 23, 1994
RAUM
$9.6B
reported, Item 5.F
Discretionary
98%
of RAUM
Private clients
27%
$2.6B individuals and HNW
Advisors
1
registered through the firm on IAPD
RAUM per advisor
$9.6B
derived; firm RAUM over IAPD count
Employees
80
20 advisory (5.B.1)
Offices
3
beyond the principal office
Private funds
22
reported on Schedule D
History
36 filings and snapshots on the tape
RAUM$9.6B as of Jul 7, 2026
Mar 30, 2012$4.1B then
HNW client RAUM$2.6B as of Jul 7, 2026
Mar 29, 2018$2.1B then
State-registered IARs (5.B.3)6 as of Jul 7, 2026
Mar 28, 20130 then
Employees (5.A)80 as of Jul 7, 2026
Mar 28, 201381 then
Private funds22 as of Jul 7, 2026
Mar 30, 201215 then
RAUM -2.3% over the last fiscal year+6.8% a year over threeIARs 16 to 6
Practice profile
derived from the filing of Jul 7, 2026; every figure names its basis
Archetypes, each a printed rule
- Dual wealth and asset manager · private-client share 20 to 60 percent and fund or institutional share at least 30 percent
- Solo or small team · one advisor, or a wealth manager with up to three advisors and one office
- RAUM per advisor
- $9.6BderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- unknownderivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $1.3MderivedHNW RAUM over HNW clients
- Average account
- $4.3MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 98%derivedof RAUM
- Institutional
- 1.4%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 80.0derivedItem 5.A over advisors
- Advisors per office
- 0.3derived4 offices incl. principal (1.F.5)
- RAUM growth, one year
- -2.3%derivedbetween the last two annual amendments
- Advisor growth, one year
- -63%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, fixed fees, subscription, performance-basedreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehicles, portfolio management for investment companies, publicationsreportedItem 5.G
- Wrap fee program
- participatesreportedItem 5.I
- Custody
- $747M, 19 clientsreportedItem 9.A
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- Advisor book size
- not public; not estimatedreported
Also answered yes on Form ADV
- buys or sells securities as principal to or from clients (8.A.2)
- has discretionary authority over which securities are bought or sold (8.C.1)
- receives research or other products from a broker-dealer, soft dollars (8.E)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
- a related person has custody of client cash (9.B.1.a)
- a related person has custody of client securities (9.B.1.b)
- an independent public accountant performs a surprise examination (9.C.1)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Investment companies$3.8B39%
- High-net-worth individuals$2.6B27%
- Pooled investment vehicles$2.0B21%
- Corporations and businesses$1.1B12%
- Pension and profit-sharing plans$112M1.2%
- Charitable organizations$27.1M0.3%
- Individual clients
- n/areported
- HNW clients
- 1,994reported
- Pension plan clients
- 12reported
- Charitable clients
- 19reported
- Accounts
- 2,223reported
- Financial planning clients
- reported
- Wrap fee programs
- $0 sponsored, $918M managedreported
- Custody of client assets
- $747M for 19 clientsreported
- Compensation
- % of AUM, fixed, performancereported
- Class basis
- private_client_share=0.27 fund_share=0.6 institutional_share=0.01 related_bd=true related_bank=false bd_reps=23.0derived
Advisors registered through the firm
1 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| S••••• B•••••• | New York, Ny | Jan 22, 1994 | 31 y | 0 |
Advisor movement
0 left, 0 joined in 12 months
net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
none on the tape
Joined, latest
none on the tape
Private funds
27 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| H•••••• K••••••• E••••• O••••••••• F••• L• | Hedge Fund | $622M | 1,021 | Mar 30, 2012 |
| P••••••• F••• L• | Hedge Fund | $412M | 83 | Mar 30, 2012 |
| H•••••• M••••••••• F•••• L• | Hedge Fund | $200M | 30 | Mar 28, 2013 |
| P••••••• O••••••• F••• L•• | Hedge Fund | $175M | 11 | Mar 30, 2012 |
| S•••• L•••••• P••••••• L• | Hedge Fund | $163M | 58 | Mar 30, 2012 |
| K••••••• I••••••••• P••••••• L• | Hedge Fund | $58.1M | 8 | Mar 30, 2012 |
| H•••••• K••••••• R•••••• A•• R••• A••••• F••• L• | $48.9M | 57 | Jul 7, 2026 | |
| K••••••• P••••••• P••••••• L• | Hedge Fund | $48.7M | 8 | Mar 30, 2012 |
| K••••••• P••••••• L• | Hedge Fund | $41.8M | 11 | Mar 30, 2012 |
| C•• F••• L•• | Hedge Fund | $32.1M | 2 | Mar 30, 2012 |
| H•• R••• E••••• F•••• L• | Hedge Fund | $31.2M | 58 | Mar 30, 2012 |
| H•••••• M••••••••• M••••• F••• L••• | Hedge Fund | $30.3M | 2 | Mar 30, 2012 |
| T•• K••••••• F•••• I•••no longer reported | Hedge Fund | $23.3M | 6 | Mar 30, 2012 |
| H•••••• M••••••••• F••• L• | Hedge Fund | $21.3M | 8 | Mar 30, 2012 |
| T•••• H• L••no longer reported | Hedge Fund | $20.6M | 1 | Mar 31, 2021 |
| H•••••• C••••• O••••••••• M••••• F••• L••• | Hedge Fund | $17.4M | 2 | Mar 30, 2012 |
| H• L••••••• I••••• O••••••••• F••• L•• | Private Equity Fund | $16.4M | 42 | Mar 31, 2023 |
| C•• P••••••• L• | Hedge Fund | $14.6M | 3 | Mar 30, 2012 |
| H•••••• C••••• O••••••••• F••• L• | Hedge Fund | $13.9M | 3 | Mar 30, 2012 |
| H•••••• M••••••••• O••••••• F•••• L••• | Hedge Fund | $12.5M | 3 | Mar 28, 2013 |
| G••••• E••••••• L••• M••••• F••• | $12.2M | 5 | Jul 7, 2026 | |
| C••••••••• F••• L•• | $11.0M | 36 | Jul 7, 2026 | |
| H•••••• M••••••••• O••••••• F••• L••• | Hedge Fund | $9.0M | 4 | Mar 30, 2012 |
| H•••••• C••••• O••••••••• O••••••• F••• L••• | Hedge Fund | $3.5M | 2 | Mar 30, 2012 |
| C••••••• P•••• P•••••• E••••• M••••• F••• L•no longer reported | Hedge Fund | $2.6M | 2 | Mar 30, 2012 |
| C••••••• P•••• P•••••• E••••• O••••••• F••• L••no longer reported | Hedge Fund | $1.6M | 18 | Mar 30, 2012 |
| C••••••• P•••• P•••••• E••••• F••• L•no longer reported | Hedge Fund | $841,342 | 26 | Mar 30, 2012 |
Owners and control persons
Schedule A and B, latest filing
- B••••••• S••••• · Co-Chief Executive Officercontrolsince 04/2026 · owns less than 5%
- D••••• L•••••••• P•••••• · Elected Managercontrolsince 04/2011 · owns less than 5%
- D••••• P••••• B•••••• · Co-Chief Executive Officer Elected Manager And Secretarycontrolsince 04/2026 · owns less than 5%
- E••••• T•••••• C••••••• · Elected Managercontrolsince 02/1996 · owns less than 5%
- G•••••••• R••••••• W•••• · Chief Compliance Officer, Senior Vice President And Associate General Counselcontrolsince 01/2017 · owns less than 5%
- H••••••• M•••• A••••••• · Chief Financial Officercontrolsince 03/2024 · owns less than 5%
- K••••••• J••• H••••• · General Counsel, Managing Director, Elected Manager And Secretarycontrolsince 04/2011 · owns less than 5%
- P•••••••• L••••• · Chief Financial Officer And Elected Managercontrolsince 04/2011 · owns less than 5%
- S••••• M••••• · Chairman, Chief Executive Officer And Chief Investment Officercontrolsince 10/1994 · owns less than 5%
- W•••••••• A•••• L• · Chief Operating Officer, Managing Director, Elected Manager And Assistant Secretarycontrolsince 02/2021 · owns less than 5%
- B••••••• S••••• · Elected Managercontrolsince 04/2011 · owns F of H•••••• K••••••• L••
- D••••• L•••••••• P•••••• · Elected Managercontrolsince 04/2011 · owns F of H•••••• K••••••• L••
- D••••• P••••• B•••••• · Elected Managercontrolsince 04/2011 · owns F of H•••••• K••••••• L••
- E••••• T•••••• C••••••• · Elected Managercontrolsince 04/2011 · owns F of H•••••• K••••••• L••
- K••••••• J••• H••••• · Elected Managercontrolsince 04/2011 · owns F of H•••••• K••••••• L••
- P•••••••• L••••• · Elected Managercontrolsince 04/2011 · owns F of H•••••• K••••••• L••
- S••••• M••••• · Chairman Of The Board Of Managers And Elected Managercontrolsince 04/2011 · owns F of H•••••• K••••••• L••
- W•••••••• A•••• L• · Elected Managercontrolsince 02/2021 · owns F of H•••••• K••••••• L••
Entity owners
- H•••••• K••••••• L•• · Ownerdirect · owns 75% or more
- H•••••• C••••• I•• · Ownerindirect · owns 25% to 50% of H•••••• K••••••• L••
- K••••••• C••••• I•• · Ownerindirect · owns 25% to 50% of H•••••• K••••••• L••
Related persons
Schedule D 7.A
- H•••••• D•••••• A•••••••• L••pooled vehicle sponsory
- K•• S••••••••• L••broker-dealern
- K••••••• F•••• D••••••••• L••broker-dealern
- M•••• L••investment adviserpooled vehicle sponsorn
Advisers that list H•••••• K••••••• A•••• M••••••••• L•• as a related person
Offices
Schedule D 1.F, the 25 largest
- Charlotte, NC2 employees
- Summit, NJ1 employees
- White Plains, NY1 employees
ADV anomalies
8 against comparable advisers; where to look, not conclusions
- control person changedChange between filings · filing Jul 7, 2026D••••• L•••••••• P•••••• (ELECTED MANAGER) left Schedule A between the filings of 2021-03-31 and 2026-07-07peers: independent wealth managers, $5B to $20B (289)
- control person changedChange between filings · filing Jul 7, 2026P•••••••• L••••• (CHIEF FINANCIAL OFFICER AND ELECTED MANAGER) left Schedule A between the filings of 2021-03-31 and 2026-07-07peers: independent wealth managers, $5B to $20B (289)
- control person changedChange between filings · filing Jul 7, 2026K••••••• J••• H••••• (ELECTED MANAGER) left Schedule A between the filings of 2021-03-31 and 2026-07-07peers: independent wealth managers, $5B to $20B (289)
- control person changedChange between filings · filing Jul 7, 2026H••••••• M•••• A••••••• (CHIEF FINANCIAL OFFICER) appeared on Schedule A between the filings of 2021-03-31 and 2026-07-07peers: independent wealth managers, $5B to $20B (289)
- control person changedChange between filings · filing Jul 7, 2026E••••• T•••••• C••••••• (ELECTED MANAGER) left Schedule A between the filings of 2021-03-31 and 2026-07-07peers: independent wealth managers, $5B to $20B (289)
- control person changedChange between filings · filing Jul 7, 2026S••••• M••••• (CHAIRMAN, CHIEF EXECUTIVE OFFICER AND CHIEF INVESTMENT OFFICER) left Schedule A between the filings of 2021-03-31 and 2026-07-07peers: independent wealth managers, $5B to $20B (289)
- advisors down RAUM stableCombination · filing Apr 15, 2026peers: independent wealth managers, $5B to $20B (289)
- advisor count dropChange between filings · filing Apr 15, 2026advisory representatives (Item 5.B.3) moved from 16.0 to 6.0 (-63.0%) between the annual amendments of 2025-03-28 and 2026-04-15; the peer median change was +6.0% (220 comparable advisers, 2.0th percentile of changes)peers: independent wealth managers, $5B to $20B (220) · 2.3% percentile
What changed
consecutive filings, newest first
- Accounts · 2,098 to 2,223Mar 28, 2025 to Mar 31, 2026
- Advisory employees · 21 to 20Mar 28, 2025 to Mar 31, 2026
- Charity clients · 17 to 19Mar 28, 2025 to Mar 31, 2026
- Corporate clients · 146 to 150Mar 28, 2025 to Mar 31, 2026
- HNW clients · 1,876 to 1,994Mar 28, 2025 to Mar 31, 2026
- Pension plan clients · 14 to 12Mar 28, 2025 to Mar 31, 2026
- Pooled vehicle clients · 29 to 33Mar 28, 2025 to Mar 31, 2026
- Employees · 84 to 80Mar 28, 2025 to Mar 31, 2026
- State-registered IARs · 16 to 6Mar 28, 2025 to Mar 31, 2026
- Private funds · 20 to 22Mar 28, 2025 to Mar 31, 2026
- Discretionary RAUM · $9.5B to $9.5BMar 28, 2025 to Mar 31, 2026
- HNW RAUM · $2.7B to $2.6BMar 28, 2025 to Mar 31, 2026
- Non-discretionary RAUM · $308M to $156MMar 28, 2025 to Mar 31, 2026
- Pension RAUM · $93.2M to $112MMar 28, 2025 to Mar 31, 2026
- Pooled vehicle RAUM · $2.0B to $2.0BMar 28, 2025 to Mar 31, 2026
- RAUM · $9.8B to $9.6BMar 28, 2025 to Mar 31, 2026
- Wrap assets (manager) · $866M to $918MMar 28, 2025 to Mar 31, 2026
- Accounts · 2,030 to 2,098Mar 28, 2024 to Mar 28, 2025
- Corporate clients · 152 to 146Mar 28, 2024 to Mar 28, 2025
- HNW clients · 1,798 to 1,876Mar 28, 2024 to Mar 28, 2025
- Pension plan clients · 19 to 14Mar 28, 2024 to Mar 28, 2025
- Pooled vehicle clients · 28 to 29Mar 28, 2024 to Mar 28, 2025
- Employees · 77 to 84Mar 28, 2024 to Mar 28, 2025
- Insurance-licensed employees · 0 to 3Mar 28, 2024 to Mar 28, 2025
- Financial planning clients · unset to Mar 28, 2024 to Mar 28, 2025
- State-registered IARs · 0 to 16Mar 28, 2024 to Mar 28, 2025
- Private funds · 19 to 20Mar 28, 2024 to Mar 28, 2025
- Discretionary RAUM · $6.3B to $9.5BMar 28, 2024 to Mar 28, 2025
- HNW RAUM · $2.0B to $2.7BMar 28, 2024 to Mar 28, 2025
- Non-discretionary RAUM · $207M to $308MMar 28, 2024 to Mar 28, 2025
- Pension RAUM · $171M to $93.2MMar 28, 2024 to Mar 28, 2025
- Pooled vehicle RAUM · $1.1B to $2.0BMar 28, 2024 to Mar 28, 2025
- RAUM · $6.5B to $9.8BMar 28, 2024 to Mar 28, 2025
- Wrap assets (manager) · $652M to $866MMar 28, 2024 to Mar 28, 2025
- Accounts · 1,981 to 2,030Mar 31, 2023 to Mar 28, 2024
- Advisory employees · 18 to 21Mar 31, 2023 to Mar 28, 2024
- BD registered reps · 22 to 23Mar 31, 2023 to Mar 28, 2024
- Charity clients · 20 to 17Mar 31, 2023 to Mar 28, 2024
- Corporate clients · 160 to 152Mar 31, 2023 to Mar 28, 2024
- HNW clients · 1,740 to 1,798Mar 31, 2023 to Mar 28, 2024
Signals
8 dated events
- H•••••• K••••••• A•••• M••••••••• L•• reported 6 state-registered advisory representatives, down from 16 (2025-03-28 to 2026-03-31)Mar 31, 2026 · Advisor headcount change · derived
- H•••••• K••••••• A•••• M••••••••• L•• reported 16 state-registered advisory representatives, up from 0 (2024-03-28 to 2025-03-28)Mar 28, 2025 · Advisor headcount change · derived
- H•••••• K••••••• A•••• M••••••••• L•• reported RAUM $9.8B, up 51% from $6.5B (2024-03-28 to 2025-03-28)Mar 28, 2025 · RAUM change · derived
- H•••••• K••••••• A•••• M••••••••• L•• reported RAUM $6.8B, up 40% from $4.9B (2021-03-31 to 2022-03-31)Mar 31, 2022 · RAUM change · derived
- L Alun Williams (Chief Operating Officer, Managing Director, Elected Manager And Assistant Secretary) appeared on Schedule A of H•••••• K••••••• A•••• M••••••••• L••Mar 31, 2021 · Control person joined · fact
- Michael Hugh Ross (Chief Operating Officer, Managing Director, Elected Manager And Secretary) no longer on Schedule A of H•••••• K••••••• A•••• M••••••••• L•• (listed 2020-06-30, absent 2021-03-31)Mar 31, 2021 · Control person left · inference
- H•••••• A•••• M••••••••• L•• reported succeeding to the business of Another Adviser (Form ADV Item 4)May 17, 2019 · Succession (Item 4) · fact
- H•••••• K••••••• A•••• M••••••••• L•• reported RAUM $5.3B, up 76% from $3.0B (2019-03-29 to 2019-05-17)May 17, 2019 · RAUM change · derived
Across DFX
shared identifiers only, never a name match
- H•••••• K••••••• A•••• M••••••••• L•• · Independent Sponsorsshared crd · capital_provider
- H•••••• K••••••• A•••• M••••••••• L•• · Private Equityshared crd · organization
How to reach
public business contact points only, each with its source
- Firm profile
- linkedin.com/company/horizon-kinetics-llcreportedpublic record, Form ADV, Sep 18, 2026
- Website
- hkholdingco.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 646-291-2300reportedpublic record, Form ADV, Jul 7, 2026
Provenance
- Form ADV
- SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
- Advisors
- IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
- Class
- Wealth manager with institutional or fund businessderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $9.6Bderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026