DFX Intelligence

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H••••••••• I••••••••• M••••••••• C•

Institutional managerSEC-registered· Austin, Texaswebsite

Institutional manager, based in Austin, Texas, reporting $1.8B of regulatory assets across 5 registered advisors.

Composed from this adviser's Form ADV classification, location and filed figures.

As of 2026-03-25 · the latest Form ADV filing; advisor counts and movement are read from IAPD daily

Regulatory AUM: $1.8B
Advisors: 5
Net advisor flow, 12 months: 0 (0 in, 0 out)
RAUM change, last fiscal year: -40%
Private clients: 0.0% of RAUM

Advisors (5)Advisor movement Where the RAUM sits

As of 2026-03-25 · the latest Form ADV filing; advisor counts and movement are read from IAPD daily

Why this matters

Reported RAUM fell -40% over the last fiscal year, to $1.8B.
2026-03-25
RAUM a year earlier $3.0BRAUM now $1.8B
RAUM (Item 5.F) moved from $2,970,976,264 to $1,793,855,850 (-40.0%) between the annual amendments of 2025-03-26 and 2026-03-25; the peer median change was +15.0% (105 comparable advisers, 3.0th percentile of changes)
2026-03-25
RAUM (Item 5.F) 1793855850Peer median 0.146373661893501
2 published business contact points are on record, each with its source.
Contact points 2

Every filed figure, and the identifiersCRD 107710 · SEC 801-15602 · 27 filingsShow

CRD 107710SEC 801-15602First filing on the tape Mar 27, 2012, latest Mar 25, 2026SEC status approved since Oct 30, 1980IAPD

RAUM

$1.8B

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

0.0%

$0 individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

$359M

derived; firm RAUM over IAPD count

Employees

5 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

27 filings and snapshots on the tape

RAUM$1.8B as of Mar 25, 2026

Mar 27, 2012$5.9B then

HNW client RAUM$3.4M as of May 5, 2025

Mar 28, 2018$67.1M then

State-registered IARs (5.B.3)5 as of Mar 25, 2026

Feb 5, 20137 then

Employees (5.A)9 as of Mar 25, 2026

Feb 5, 201310 then

Private funds: no history

RAUM -40% over the last fiscal year-22% a year over threeIARs 5 to 5

Practice profile

derived from the filing of Mar 25, 2026; every figure names its basis

Archetypes, each a printed rule

Institutional asset manager · institutional share (pensions, government, insurance, corporations, charities, banks, other advisers) at least 60 percent and private-client share under 20 percent

RAUM per advisor: $359MderivedRAUM over IAPD advisors; not a book size
Clients per advisor: unknownderivedindividual and HNW clients (5.D) over advisors
Average HNW client: unknownderivedHNW RAUM over HNW clients
Average account: $128MderivedRAUM over accounts (5.F.2.f)
Discretionary: 100%derivedof RAUM
Institutional: 92%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 1.8derivedItem 5.A over advisors
Advisors per office: 5.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year: -40%derivedbetween the last two annual amendments
Advisor growth, one year: +0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year: unknownderived
Compensation: percentage of assetsreportedItem 5.E
Advisory activities: portfolio management for businesses and institutions, portfolio management for pooled vehicles, portfolio management for investment companiesreportedItem 5.G
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)
marketing includes hypothetical performance (5.L.3)

Where the RAUM sits

Form ADV Item 5.D, latest filing

State and municipal entities$1.3B72%
Pension and profit-sharing plans$321M18%
Investment companies$129M7.2%
Insurance companies$28.3M1.6%
Pooled investment vehicles$14.0M0.8%
Charitable organizations$11.4M0.6%
Corporations and businesses$6.3M0.4%

Individual clients: n/areported
HNW clients: n/areported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 14reported
Financial planning clients: reported
Wrap fee programs: noreported
Custody of client assets: noreported
Compensation: % of AUMreported
Class basis: private_client_share=0.0 fund_share=0.08 institutional_share=0.92 related_bd=false related_bank=false bd_reps=0.0derived

Advisors registered through the firm

5 on IAPD today, longest tenure first

Name	Branch	Here since	In industry
V•• R••••• H•••••••••	Austin, Tx	Jan 1, 1987	13 y
D•••• M•••••• H•••••••••	Austin, Tx	Sep 25, 1991	35 y
V•• R••••• H•••••••••	Austin, Tx	Aug 6, 1992	34 y
L••• H••••• H•••	Austin, Tx	Jun 11, 2010	29 y
J••• A••••• D•••••••	Austin, Tx	Jul 5, 2010	16 y

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

Every departure Every arrival

Private funds

No private fund reported.

Owners and control persons

Schedule A and B, latest filing

H••••••••• D••••• M•••••• · Chief Compliance Officer; Trusteecontrol
since 01/2020 · owns 50% to 75%
H••••••••• V••• R••••• · Chief Executive Officer; Shareholdercontrol
since 01/2013 · owns 10% to 25%
H••••••••• V••• R••••• · Chief Operating Officer; Trusteecontrol
since 01/2013 · owns 50% to 75%
H••••••••• E••••• J••••• · Shareholder
since 05/2011 · owns 10% to 25%

Entity owners

J••••• H••••••••• 2••• F••••• T•••• · Shareholder
direct · owns 25% to 50%
D•••• M•••••• H••••••••• 2••• F••••• T•••• · Shareholder
direct · owns 10% to 25%
V•• R• H••••••••• J• 2••• F••••• T•••• · Shareholder
direct · owns 10% to 25%

Related persons

Schedule D 7.A

No related person reported.

Office movement

IAPD branch city; joins and departures in 12 months

Office	Advisors	Joined	Left	Teams out	Forming
Austin, Tx · principal	5	0	0

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

ADV anomalies

2 against comparable advisers; where to look, not conclusions

RAUM down advisors stableCombination · filing Mar 25, 2026
peers: institutional managers, $1B to $5B (121)
RAUM down 25 %Change between filings · filing Mar 25, 2026
RAUM (Item 5.F) moved from $2,970,976,264 to $1,793,855,850 (-40.0%) between the annual amendments of 2025-03-26 and 2026-03-25; the peer median change was +15.0% (105 comparable advisers, 3.0th percentile of changes)
peers: institutional managers, $1B to $5B (105) · 2.9% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Accounts · 29 to 14
May 5, 2025 to Mar 25, 2026
Advisory activities · 5 to 3
May 5, 2025 to Mar 25, 2026
Pension plan clients · 6.0 to unset
May 5, 2025 to Mar 25, 2026
Pooled vehicle clients · 2 to 1
May 5, 2025 to Mar 25, 2026
Employees · 10 to 9
May 5, 2025 to Mar 25, 2026
Discretionary RAUM · $3.0B to $1.8B
May 5, 2025 to Mar 25, 2026
HNW RAUM · 3425677.0 to unset
May 5, 2025 to Mar 25, 2026
Pension RAUM · $458M to $321M
May 5, 2025 to Mar 25, 2026
Pooled vehicle RAUM · $104M to $14.0M
May 5, 2025 to Mar 25, 2026
RAUM · $3.0B to $1.8B
May 5, 2025 to Mar 25, 2026
Financial planning clients · unset to
Mar 26, 2025 to May 5, 2025
Accounts · 32 to 29
Mar 26, 2024 to Mar 26, 2025
Charity clients · 4.0 to unset
Mar 26, 2024 to Mar 26, 2025
Discretionary RAUM · $3.7B to $3.0B
Mar 26, 2024 to Mar 26, 2025
HNW RAUM · $3.7M to $3.4M
Mar 26, 2024 to Mar 26, 2025
Individual RAUM · 13606113.0 to unset
Mar 26, 2024 to Mar 26, 2025
Pension RAUM · $564M to $458M
Mar 26, 2024 to Mar 26, 2025
Pooled vehicle RAUM · $117M to $104M
Mar 26, 2024 to Mar 26, 2025
RAUM · $3.7B to $3.0B
Mar 26, 2024 to Mar 26, 2025
Accounts · 39 to 32
Mar 29, 2023 to Mar 26, 2024
Charity clients · 6 to 4
Mar 29, 2023 to Mar 26, 2024
Pension plan clients · 9 to 6
Mar 29, 2023 to Mar 26, 2024
Discretionary RAUM · $3.8B to $3.7B
Mar 29, 2023 to Mar 26, 2024
HNW RAUM · $3.6M to $3.7M
Mar 29, 2023 to Mar 26, 2024
Individual RAUM · $34.0M to $13.6M
Mar 29, 2023 to Mar 26, 2024
Pension RAUM · $834M to $564M
Mar 29, 2023 to Mar 26, 2024
Pooled vehicle RAUM · $61.9M to $117M
Mar 29, 2023 to Mar 26, 2024
RAUM · $3.8B to $3.7B
Mar 29, 2023 to Mar 26, 2024
Accounts · 46 to 39
Mar 29, 2022 to Mar 29, 2023
Charity clients · 8 to 6
Mar 29, 2022 to Mar 29, 2023
Pension plan clients · 10 to 9
Mar 29, 2022 to Mar 29, 2023
Discretionary RAUM · $5.5B to $3.8B
Mar 29, 2022 to Mar 29, 2023
HNW RAUM · $10.0M to $3.6M
Mar 29, 2022 to Mar 29, 2023
Individual RAUM · $53.1M to $34.0M
Mar 29, 2022 to Mar 29, 2023
Pension RAUM · $1.4B to $834M
Mar 29, 2022 to Mar 29, 2023
Pooled vehicle RAUM · $96.3M to $61.9M
Mar 29, 2022 to Mar 29, 2023
RAUM · $5.5B to $3.8B
Mar 29, 2022 to Mar 29, 2023
Accounts · 52 to 46
Mar 25, 2021 to Mar 29, 2022
Charity clients · 9 to 8
Mar 25, 2021 to Mar 29, 2022
Pension plan clients · 12 to 10
Mar 25, 2021 to Mar 29, 2022

Signals

2 dated events

••• Locked
Mar 25, 2026 · RAUM change · derived
••• Locked
Mar 29, 2023 · RAUM change · derived

Across DFX

shared identifiers only, never a name match

No identifier-backed link to the venture, private equity, family office or sponsor graphs.

How to reach

public business contact points only, each with its source

Website: ••• Lockedreportedpublic record, Form ADV, Mar 25, 2026
Principal office phone: ••• Lockedreportedpublic record, Form ADV, Mar 25, 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: Institutional managerderiveda rule over Items 5.D and 7.A
RAUM per advisor: $359Mderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026