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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Former SEC-registered adviser

M•••••• A••••••••• I•••

Former SEC-registered adviserCharlottesville, VirginiaCRD 106300SEC 801-45852IAPD
Latest filing Mar 30, 2023
First filing on the tape Mar 22, 2012 · 21 filings
RAUM
$840M
reported, Item 5.F
Discretionary
57%
of RAUM
Private clients
44%
$372M individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
10
4 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
5
$257M gross assets
History
21 filings and snapshots on the tape
RAUM$840M as of Mar 30, 2023
Mar 22, 2012$2.1B then
HNW client RAUM$372M as of Mar 30, 2023
Mar 28, 2018$336M then
State-registered IARs (5.B.3)4 as of Mar 30, 2023
Mar 22, 20120 then
Employees (5.A)10 as of Mar 30, 2023
Mar 25, 201315 then
Private funds5 as of Mar 30, 2023
Mar 22, 20125 then
RAUM -27% over the last fiscal year-20% a year over threeIARs 5 to 4
Practice profile
derived from the filing of Mar 30, 2023; every figure names its basis
RAUM per advisor
$210MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
3derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$33.9MderivedHNW RAUM over HNW clients
Average account
$31.1MderivedRAUM over accounts (5.F.2.f)
Discretionary
57%derivedof RAUM
Institutional
27%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
2.5derivedItem 5.A over advisors
Advisors per office
4.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year
-27%derivedbetween the last two annual amendments
Advisor growth, one year
-20%derivedItem 5.B.3 between annual amendments
Client growth, one year
-21%derived
Compensation
percentage of assetsreportedItem 5.E
Advisory activities
portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehicles, selection of other advisersreportedItem 5.G
Custody
$250M, 16 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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • High-net-worth individuals$372M44%
  • Pooled investment vehicles$245M29%
  • Charitable organizations$223M27%
Individual clients
0reported
HNW clients
11reported
Pension plan clients
0reported
Charitable clients
11reported
Accounts
27reported
Financial planning clients
n/areported
Wrap fee programs
noreported
Custody of client assets
$250M for 16 clientsreported
Compensation
% of AUMreported
Class basis
absent from the latest SEC rosterderived
Advisors registered through the firm
0 on IAPD today, longest tenure first
No representative is registered through this CRD on IAPD.
Advisor movement
Every departureEvery arrival
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
  • L•••••• T•••• M•••• · Chief Compliance Officer, Chief Operating Officercontrol
    since 10/2015 · owns less than 5%
  • M••••••• J•••• R••••••• · Founder And Co-Chief Investment Officercontrol
    since 01/1991 · owns 75% or more
  • T•••••••• T•••• · Director Of Operationscontrol
    since 06/2017 · owns less than 5%
Related persons
Schedule D 7.A
  • M• I•••••••• M••••••••• L••
    pooled vehicle sponsory
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
  • Accounts · 34 to 27
    Mar 25, 2022 to Mar 30, 2023
  • Advisory employees · 5 to 4
    Mar 25, 2022 to Mar 30, 2023
  • Charity clients · 15 to 11
    Mar 25, 2022 to Mar 30, 2023
  • HNW clients · 14 to 11
    Mar 25, 2022 to Mar 30, 2023
  • Assets in custody · $462M to $250M
    Mar 25, 2022 to Mar 30, 2023
  • State-registered IARs · 5 to 4
    Mar 25, 2022 to Mar 30, 2023
  • Discretionary RAUM · $756M to $479M
    Mar 25, 2022 to Mar 30, 2023
  • HNW RAUM · $412M to $372M
    Mar 25, 2022 to Mar 30, 2023
  • Non-discretionary RAUM · $396M to $361M
    Mar 25, 2022 to Mar 30, 2023
  • Pooled vehicle RAUM · $457M to $245M
    Mar 25, 2022 to Mar 30, 2023
  • RAUM · $1.2B to $840M
    Mar 25, 2022 to Mar 30, 2023
  • HNW clients · 10 to 14
    Mar 31, 2021 to Mar 25, 2022
  • Assets in custody · $452M to $462M
    Mar 31, 2021 to Mar 25, 2022
  • Employees · 15 to 10
    Mar 31, 2021 to Mar 25, 2022
  • State-registered IARs · 6 to 5
    Mar 31, 2021 to Mar 25, 2022
  • Discretionary RAUM · $670M to $756M
    Mar 31, 2021 to Mar 25, 2022
  • HNW RAUM · $355M to $412M
    Mar 31, 2021 to Mar 25, 2022
  • Non-discretionary RAUM · $1.1B to $396M
    Mar 31, 2021 to Mar 25, 2022
  • Pooled vehicle RAUM · $438M to $457M
    Mar 31, 2021 to Mar 25, 2022
  • RAUM · $1.8B to $1.2B
    Mar 31, 2021 to Mar 25, 2022
  • Accounts · 31 to 34
    Mar 31, 2021 to Mar 25, 2022
  • Advisory employees · 6 to 5
    Mar 31, 2021 to Mar 25, 2022
  • Charity clients · 16 to 15
    Mar 31, 2021 to Mar 25, 2022
  • Accounts · 30 to 31
    Jun 30, 2020 to Mar 26, 2021
  • HNW clients · 9 to 10
    Jun 30, 2020 to Mar 26, 2021
  • Assets in custody · $466M to $452M
    Jun 30, 2020 to Mar 26, 2021
  • Employees · 14 to 15
    Jun 30, 2020 to Mar 26, 2021
  • Discretionary RAUM · $663M to $670M
    Jun 30, 2020 to Mar 26, 2021
  • HNW RAUM · $342M to $355M
    Jun 30, 2020 to Mar 26, 2021
  • Non-discretionary RAUM · $995M to $1.1B
    Jun 30, 2020 to Mar 26, 2021
  • Pooled vehicle RAUM · $453M to $438M
    Jun 30, 2020 to Mar 26, 2021
  • RAUM · $1.7B to $1.8B
    Jun 30, 2020 to Mar 26, 2021
  • Accounts · 31 to 30
    Mar 28, 2019 to Mar 30, 2020
  • Charity clients · 18 to 16
    Mar 28, 2019 to Mar 30, 2020
  • HNW clients · 8 to 9
    Mar 28, 2019 to Mar 30, 2020
  • Assets in custody · $493M to $466M
    Mar 28, 2019 to Mar 30, 2020
  • Employees · 16 to 14
    Mar 28, 2019 to Mar 30, 2020
  • State-registered IARs · 5 to 6
    Mar 28, 2019 to Mar 30, 2020
  • Other offices · 1 to 0
    Mar 28, 2019 to Mar 30, 2020
  • Discretionary RAUM · $679M to $663M
    Mar 28, 2019 to Mar 30, 2020
Signals
3 dated events
  • M•••••• A••••••••• I••• reported RAUM $840.2M, down 27% from $1.2B (2022-03-25 to 2023-03-30)
    Mar 30, 2023 · RAUM change · derived
  • M•••••• A••••••••• I••• reported RAUM $1.2B, down 36% from $1.8B (2021-03-31 to 2022-03-25)
    Mar 25, 2022 · RAUM change · derived
  • Waring Edward Karppi (Partner, Co-Chief Investment Officer) no longer on Schedule A of M•••••• A••••••••• I••• (listed 2021-03-31, absent 2022-03-25)
    Mar 25, 2022 · Control person left · inference
Across DFX
shared identifiers only, never a name match
No identifier-backed link to the venture, private equity, family office or sponsor graphs.
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
Former SEC-registered adviserderiveda rule over Items 5.D and 7.A
RAUM per advisor
n/aderivedfirm RAUM over the IAPD count; not a book size
Loaded
Sep 14, 2026