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.

Former SEC-registered adviser

Forward Management, LLC

Former SEC-registered adviserSan Francisco, CaliforniaCRD 109193SEC 801-55746IAPD
Latest filing Dec 5, 2022
First filing on the tape Mar 1, 2012 · 47 filings
RAUM
$860M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
9.9%
$85.0M individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
44
3 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
47 filings and snapshots on the tape
RAUM$860M as of Mar 22, 2022
Mar 1, 2012$5.1B then
HNW client RAUM$50.3M as of Mar 22, 2022
Mar 29, 2018$0 then
State-registered IARs (5.B.3)17 as of Mar 22, 2022
Mar 1, 20120 then
Employees (5.A)44 as of Mar 22, 2022
Mar 11, 2013100 then
Private funds2 as of Mar 29, 2018
Mar 1, 20125 then
RAUM +13% over the last fiscal year-3.7% a year over threeIARs 23 to 17
Practice profile
derived from the filing of Dec 5, 2022; every figure names its basis
RAUM per advisor
$50.6MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
9derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$1.7MderivedHNW RAUM over HNW clients
Average account
$5.1MderivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
0.6%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
2.6derivedItem 5.A over advisors
Advisors per office
8.5derived2 offices incl. principal (1.F.5)
RAUM growth, one year
+13%derivedbetween the last two annual amendments
Advisor growth, one year
-26%derivedItem 5.B.3 between annual amendments
Client growth, one year
+3.5%derived
Compensation
percentage of assetsreportedItem 5.E
Advisory activities
portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for investment companies, selection of other advisersreportedItem 5.G
Wrap fee program
participatesreportedItem 5.I
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)
  • compensates persons for client referrals (8.G.1)
  • compensates non-employees for client referrals (8.G.2)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • Investment companies$724M84%
  • High-net-worth individuals$50.3M5.8%
  • Corporations and businesses$46.8M5.4%
  • Individuals$34.7M4.0%
  • Charitable organizations$4.0M0.5%
  • Pension and profit-sharing plans$854,5310.1%
Individual clients
118reported
HNW clients
29reported
Pension plan clients
5reported
Charitable clients
5reported
Accounts
170reported
Financial planning clients
n/areported
Wrap fee programs
$0 sponsored, $136M managedreported
Custody of client assets
noreported
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
Joined, latest
Every departureEvery arrival
Private funds
6 reported on Schedule D 7.B.(1)
FundTypeGross assetsOwnersFirst reported
Forward Asymmetry Global Healthcare Fund, LPno longer reportedHedge Fund$103M70Jan 2, 2013
Salient Convexity Fund, L.P.no longer reportedHedge Fund$38.6M6Mar 30, 2017
Salient Convexity Offshore Fund, Ltd.no longer reportedHedge Fund$28.2M1Mar 30, 2017
Forward Buffered Equity Fund I, LPno longer reportedHedge Fund$14.0M3Mar 1, 2012
Forward Asymmetry Global Healthcare (Master) Fund, L.P.no longer reportedHedge Fund$9.7M10Jul 1, 2013
Forward Endurance Fund, LPno longer reportedHedge Fund$8.8M6Mar 1, 2012
Owners and control persons
Schedule A and B, latest filing
  • Anjali Agarwal · Chief Financial Officercontrol
    since 11/2020 · owns less than 5%
  • Axtell Paul Bachtold · Chief Compliance Officercontrol
    since 06/2015 · owns less than 5%
  • Lindsay Kristen Bayazitoglu · Chief Operating Officercontrol
    since 07/2017 · owns less than 5%
  • Kane William Enszer · Chief Executive Officercontrol
    since 09/2020 · owns less than 5%
  • Kane William Enszer · Elected Managercontrol
    since 09/2021 · owns F of Salient Capital Management, LLC
  • Lynne Dawna Daniel · Secretary
    since 11/2016 · owns less than 5%
  • John Christopher Dean · Elected Manager
    since 01/2010 · owns F of Salient Capital Management, LLC
  • Philip John Ferguson · Elected Manager
    since 05/2012 · owns F of Salient Capital Management, LLC
Entity owners
  • Salient Partners, L.P. · Member
    direct · owns 75% or more
  • Salient Capital Management, LLC · General Partner
    indirect · owns F of Salient Partners, L.P.
Related persons
Schedule D 7.A
Advisers that list Forward Management, LLC as a related person
Offices
Schedule D 1.F, the 25 largest
  • Houston, TX3 employees
What changed
consecutive filings, newest first
  • Related broker-dealer · true to false
    Apr 19, 2022 to Dec 5, 2022
  • Accounts · 165 to 170
    Oct 18, 2021 to Mar 22, 2022
  • Advisory employees · 4 to 3
    Oct 18, 2021 to Mar 22, 2022
  • BD registered reps · 24 to 18
    Oct 18, 2021 to Mar 22, 2022
  • HNW clients · 16 to 29
    Oct 18, 2021 to Mar 22, 2022
  • Individual clients · 126 to 118
    Oct 18, 2021 to Mar 22, 2022
  • Employees · 55 to 44
    Oct 18, 2021 to Mar 22, 2022
  • Insurance-licensed employees · 22 to 17
    Oct 18, 2021 to Mar 22, 2022
  • State-registered IARs · 23 to 17
    Oct 18, 2021 to Mar 22, 2022
  • Discretionary RAUM · $758M to $860M
    Oct 18, 2021 to Mar 22, 2022
  • HNW RAUM · $32.3M to $50.3M
    Oct 18, 2021 to Mar 22, 2022
  • Individual RAUM · $33.6M to $34.7M
    Oct 18, 2021 to Mar 22, 2022
  • Pension RAUM · $998,416 to $854,531
    Oct 18, 2021 to Mar 22, 2022
  • RAUM · $758M to $860M
    Oct 18, 2021 to Mar 22, 2022
  • Wrap assets (manager) · $114M to $136M
    Oct 18, 2021 to Mar 22, 2022
  • Accounts · 162 to 165
    Mar 3, 2021 to Mar 23, 2021
  • Advisory employees · 7 to 4
    Mar 3, 2021 to Mar 23, 2021
  • Advisory activities · 3 to 4
    Mar 3, 2021 to Mar 23, 2021
  • BD registered reps · 32 to 24
    Mar 3, 2021 to Mar 23, 2021
  • Corporate clients · 6 to 9
    Mar 3, 2021 to Mar 23, 2021
  • HNW clients · 8 to 16
    Mar 3, 2021 to Mar 23, 2021
  • Individual clients · 133 to 126
    Mar 3, 2021 to Mar 23, 2021
  • Pension plan clients · 6 to 5
    Mar 3, 2021 to Mar 23, 2021
  • Employees · 75 to 55
    Mar 3, 2021 to Mar 23, 2021
  • Insurance-licensed employees · 27 to 22
    Mar 3, 2021 to Mar 23, 2021
  • State-registered IARs · 30 to 23
    Mar 3, 2021 to Mar 23, 2021
  • Discretionary RAUM · $896M to $758M
    Mar 3, 2021 to Mar 23, 2021
  • HNW RAUM · $39.5M to $32.3M
    Mar 3, 2021 to Mar 23, 2021
  • Individual RAUM · $36.0M to $33.6M
    Mar 3, 2021 to Mar 23, 2021
  • Pension RAUM · $1.0M to $998,416
    Mar 3, 2021 to Mar 23, 2021
  • RAUM · $896M to $758M
    Mar 3, 2021 to Mar 23, 2021
  • Wrap assets (manager) · $107M to $114M
    Mar 3, 2021 to Mar 23, 2021
  • Accounts · 198 to 162
    Mar 4, 2020 to Mar 26, 2020
  • Advisory employees · 9 to 7
    Mar 4, 2020 to Mar 26, 2020
  • BD registered reps · 40 to 32
    Mar 4, 2020 to Mar 26, 2020
  • Charity clients · 6 to 5
    Mar 4, 2020 to Mar 26, 2020
  • Corporate clients · 10 to 6
    Mar 4, 2020 to Mar 26, 2020
  • HNW clients · 9 to 8
    Mar 4, 2020 to Mar 26, 2020
  • Individual clients · 161 to 133
    Mar 4, 2020 to Mar 26, 2020
  • Pension plan clients · 7 to 6
    Mar 4, 2020 to Mar 26, 2020
Signals
9 dated events
  • Onthank David Linton (Executive Vice President - Head Of Distribution) no longer on Schedule A of Forward Management, Llc (listed 2022-04-19, absent 2022-12-05)
    Dec 5, 2022 · Control person left · inference
  • Allen Gregory Reid (President) no longer on Schedule A of Forward Management, Llc (listed 2022-04-19, absent 2022-12-05)
    Dec 5, 2022 · Control person left · inference
  • Gregory Allen Reid left Forward Management, Llc for Salient Advisors, L.P. (registered 2018-08-23)
    Nov 21, 2022 · Advisor changed firm · fact
  • Anjali Agarwal (Chief Financial Officer) appeared on Schedule A of Forward Management, Llc
    Nov 5, 2020 · Control person joined · fact
  • Scott Matthew Hibbetts (Chief Financial Officer And Treasurer) no longer on Schedule A of Forward Management, Llc (listed 2020-10-01, absent 2020-11-05)
    Nov 5, 2020 · Control person left · inference
  • Arthur John Blaisdell (Chairman And Chief Executive Officer) no longer on Schedule A of Forward Management, Llc (listed 2019-10-28, absent 2020-03-04)
    Mar 4, 2020 · Control person left · inference
  • Wade Jonathan Depriest (Executive Vice President And General Counsel) no longer on Schedule A of Forward Management, Llc (listed 2019-03-22, absent 2019-10-28)
    Oct 28, 2019 · Control person left · inference
  • Forward Management, Llc reported RAUM $964.6M, down 59% from $2.4B (2018-10-02 to 2019-03-22)
    Mar 22, 2019 · RAUM change · derived
  • Forward Management, Llc reported 35 state-registered advisory representatives, up from 19 (2018-10-02 to 2019-03-22)
    Mar 22, 2019 · Advisor headcount 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.
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