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

Windham Capital Management, LLC

Former SEC-registered adviserCambridge, MassachusettsCRD 110539SEC 801-45014IAPD

Latest filing Sep 19, 2024

First filing on the tape Mar 30, 2012 · 30 filings

RAUM

$192M

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

n/a

derived; firm RAUM over IAPD count

Employees

5 advisory (5.B.1)

Offices

beyond the principal office

Private funds

$192M gross assets

History

30 filings and snapshots on the tape

RAUM$612M as of Mar 29, 2024

Mar 30, 2012$74B then

HNW client RAUM$279M as of Mar 29, 2024

Mar 29, 2018$155M then

State-registered IARs (5.B.3)2 as of Mar 29, 2024

Mar 22, 20138 then

Employees (5.A)11 as of Mar 29, 2024

Mar 22, 201325 then

Private funds2 as of Mar 29, 2024

Mar 27, 20171 then

RAUM -70% over the last fiscal year-41% a year over threeIARs 1 to 1

Practice profile

derived from the filing of Sep 19, 2024; every figure names its basis

RAUM per advisor: $192MderivedRAUM 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: $64.0MderivedRAUM over accounts (5.F.2.f)
Discretionary: 100%derivedof RAUM
Institutional: 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 9.0derivedItem 5.A over advisors
Advisors per office: 1.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year: -3.2%derivedbetween the last two annual amendments
Advisor growth, one year: +100%derivedItem 5.B.3 between annual amendments
Client growth, one year: -19%derived
Compensation: percentage of assetsreportedItem 5.E
Advisory activities: portfolio management for pooled vehiclesreportedItem 5.G
Custody: $5.4M, 1 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

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)
marketing includes hypothetical performance (5.L.3)

Where the RAUM sits

Form ADV Item 5.D, latest filing

Pooled investment vehicles$192M100%

Individual clients: n/areported
HNW clients: n/areported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 3reported
Financial planning clients: 0reported
Wrap fee programs: noreported
Custody of client assets: $5.4M for 1 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

Left, latest

Alexa Koziol to Clayton Financial Group, LLC
Mar 13, 2024 · RIA to RIA
Amanda Christina Preston to 3edge Asset Management, LP
Nov 2, 2022 · RIA to RIA
William Douglas Kindle to Homestead Advisers Corp.
Nov 17, 2021 · Other
Lucas F Turton to Claritas Advisors, LLC
Dec 19, 2019 · Other
Karen Fernandes to Fiera Capital Inc.
Sep 16, 2015 · Other

Joined, latest

Alexa Koziol from Morningstar Investment Services LLC
Jul 14, 2023 · RIA to RIA
William Douglas Kindle from Wellesley Asset Management, Inc.
Jun 29, 2021 · RIA to RIA

Every departure Every arrival

Private funds

4 reported on Schedule D 7.B.(1)

Fund	Type	Gross assets	Owners	First reported
Windham Risk Premia Fund (Delaware) LPno longer reported	Hedge Fund	$389M	10	Mar 29, 2018
Windham Risk Premia Fund (Cayman) Master Fund LP	Hedge Fund	$187M	11	Mar 29, 2018
Windham Risk Premia (Cayman) Fund Ltd.no longer reported	Hedge Fund	$18.4M	7	Mar 27, 2017
Windham Quantitative Commodity Fund LP	Hedge Fund	$5.4M	3	Mar 29, 2024

Owners and control persons

Schedule A and B, latest filing

Carter Justin Dausch · Chief Compliance Officercontrol
since 05/2022 · owns less than 5%
Paul Mark Kritzman · Member & Chief Executive Officercontrol
since 07/1993 · owns 75% or more
Nedunceliyan Kulasekaran · Member & Managing Director Of Researchcontrol
since 01/2022 · owns 10% to 25%

Related persons

Schedule D 7.A

Windham Capital Gp 1, LLC
pooled vehicle sponsory

Office movement

IAPD branch city; joins and departures in 12 months

Office	Advisors	Joined	Left	Teams out	Forming
Cambridge, Ma · principal	0	0	0

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

What changed

consecutive filings, newest first

Accounts · 128 to 3
Mar 29, 2024 to Jul 12, 2024
Advisory employees · 6 to 5
Mar 29, 2024 to Jul 12, 2024
Advisory activities · 4 to 1
Mar 29, 2024 to Jul 12, 2024
HNW clients · 26.0 to unset
Mar 29, 2024 to Jul 12, 2024
Individual clients · 25.0 to unset
Mar 29, 2024 to Jul 12, 2024
Assets in custody · $6.0M to $5.4M
Mar 29, 2024 to Jul 12, 2024
Employees · 11 to 9
Mar 29, 2024 to Jul 12, 2024
HQ city · BOSTON to CAMBRIDGE
Mar 29, 2024 to Jul 12, 2024
State-registered IARs · 2 to 1
Mar 29, 2024 to Jul 12, 2024
Discretionary RAUM · $612M to $192M
Mar 29, 2024 to Jul 12, 2024
HNW RAUM · 278834581.0 to unset
Mar 29, 2024 to Jul 12, 2024
Individual RAUM · 9335507.0 to unset
Mar 29, 2024 to Jul 12, 2024
Pooled vehicle RAUM · $322M to $192M
Mar 29, 2024 to Jul 12, 2024
RAUM · $612M to $192M
Mar 29, 2024 to Jul 12, 2024
Accounts · 177 to 128
May 30, 2023 to Mar 29, 2024
HNW clients · 34 to 26
May 30, 2023 to Mar 29, 2024
Individual clients · 29 to 25
May 30, 2023 to Mar 29, 2024
Assets in custody · unset to 6047803.0
May 30, 2023 to Mar 29, 2024
Custody of client assets · false to true
May 30, 2023 to Mar 29, 2024
State-registered IARs · 1 to 2
May 30, 2023 to Mar 29, 2024
Private funds · 1 to 2
May 30, 2023 to Mar 29, 2024
Discretionary RAUM · $632M to $612M
May 30, 2023 to Mar 29, 2024
HNW RAUM · $282M to $279M
May 30, 2023 to Mar 29, 2024
Individual RAUM · $11.2M to $9.3M
May 30, 2023 to Mar 29, 2024
Pooled vehicle RAUM · $337M to $322M
May 30, 2023 to Mar 29, 2024
RAUM · $632M to $612M
May 30, 2023 to Mar 29, 2024
Wrap assets (manager) · 0.0 to unset
May 30, 2023 to Mar 29, 2024
Wrap assets (sponsor) · 0.0 to unset
May 30, 2023 to Mar 29, 2024
Accounts · 182 to 177
May 6, 2022 to Mar 23, 2023
Advisory employees · 8 to 6
May 6, 2022 to Mar 23, 2023
Corporate clients · 1.0 to unset
May 6, 2022 to Mar 23, 2023
HNW clients · 36 to 34
May 6, 2022 to Mar 23, 2023
Individual clients · 31 to 29
May 6, 2022 to Mar 23, 2023
Pension plan clients · 1.0 to unset
May 6, 2022 to Mar 23, 2023
Assets in custody · 408158241.0 to unset
May 6, 2022 to Mar 23, 2023
Custody of client assets · true to false
May 6, 2022 to Mar 23, 2023
Employees · 15 to 11
May 6, 2022 to Mar 23, 2023
State-registered IARs · 3 to 1
May 6, 2022 to Mar 23, 2023
Private funds · 3 to 1
May 6, 2022 to Mar 23, 2023
Discretionary RAUM · $946M to $632M
May 6, 2022 to Mar 23, 2023

Signals

13 dated events

Ray Richard Lindsey (Chief Investment Officer) no longer on Schedule A of Windham Capital Management, Llc (listed 2024-07-12, absent 2024-09-19)
Sep 19, 2024 · Control person left · inference
Windham Capital Management, Llc reported RAUM $192.1M, down 69% from $611.9M (2024-03-29 to 2024-07-12)
Jul 12, 2024 · RAUM change · derived
Alexa Koziol left Windham Capital Management, Llc for Clayton Financial Group, Llc (registered 2025-06-16)
Mar 13, 2024 · Advisor changed firm · fact
Windham Capital Management, Llc reported RAUM $631.9M, down 33% from $945.6M (2022-05-06 to 2023-03-23)
Mar 23, 2023 · RAUM change · derived
Amanda Christina Preston left Windham Capital Management, Llc for 3Edge Asset Management, Lp (registered 2022-11-17)
Nov 2, 2022 · Advisor changed firm · fact
Carter Justin Dausch (Chief Compliance Officer) appeared on Schedule A of Windham Capital Management, Llc
May 6, 2022 · Control person joined · fact
Elizabeth Thedford (Chief Compliance Officer) no longer on Schedule A of Windham Capital Management, Llc (listed 2022-03-25, absent 2022-05-06)
May 6, 2022 · Control person left · inference
Nedunceliyan Kulasekaran (Member & Managing Director Of Research) appeared on Schedule A of Windham Capital Management, Llc
Mar 25, 2022 · Control person joined · fact
Wade Stanley Shelton (Member) no longer on Schedule A of Windham Capital Management, Llc (listed 2021-03-29, absent 2021-04-16)
Apr 16, 2021 · Control person left · inference
Ray Richard Lindsey (Chief Investment Officer) appeared on Schedule A of Windham Capital Management, Llc
Mar 30, 2020 · Control person joined · fact
F Lucas Turton (Member) no longer on Schedule A of Windham Capital Management, Llc (listed 2019-03-29, absent 2019-11-07)
Nov 7, 2019 · Control person left · inference
C Charles Cutrell (Member & Cco) no longer on Schedule A of Windham Capital Management, Llc (listed 2018-03-29, absent 2019-02-15)
Feb 15, 2019 · Control person left · inference
Elizabeth Thedford (Chief Compliance Officer) appeared on Schedule A of Windham Capital Management, Llc
Feb 15, 2019 · Control person joined · fact

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