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.
SEC-registered adviser
Merk Investments LLC
Latest filing Aug 11, 2026
First filing on the tape Mar 30, 2012 · 29 filings
SEC status approved since Oct 10, 2001
RAUM
$2.5B
reported, Item 5.F
Discretionary
0.0%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
4
3 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
29 filings and snapshots on the tape
RAUM$2.5B as of Aug 11, 2026
Mar 30, 2012$689M then
HNW client RAUM: $3.5M
State-registered IARs (5.B.3)0 as of Aug 11, 2026
Mar 30, 20120 then
Employees (5.A)4 as of Aug 11, 2026
Mar 11, 201315 then
Private funds1 as of Mar 30, 2022
Mar 29, 20171 then
RAUM +57% over the last fiscal year+40% a year over threeIARs 0 to 0
Practice profile
derived from the filing of Aug 11, 2026; every figure names its basis
- RAUM per advisor
- unknownderivedRAUM 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
- $2.5BderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 0.0%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- unknownderivedItem 5.A over advisors
- Advisors per office
- unknownderived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +129%derivedbetween the last two annual amendments
- Advisor growth, one year
- unknownderivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assetsreportedItem 5.E
- Advisory activities
- portfolio management for pooled vehiclesreportedItem 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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$2.5B100%
- Individual clients
- n/areported
- HNW clients
- n/areported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 1reported
- 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=1.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
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
- Aaron Leffingwell to Empower Advisory Group, LLCFeb 26, 2014 · Other
- Kieran David Osborne to Mission Wealth Management, LPJan 8, 2013 · Other
Joined, latest
- Aaron Leffingwell from Icon Advisers, Inc.Jan 13, 2010 · Other
Private funds
1 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| Merk Global Opportunity Fund LPno longer reported | Hedge Fund | $8.1M | 1 | Aug 1, 2016 |
Owners and control persons
Schedule A and B, latest filing
- Kathleen Laura Garner · Chief Compliance Officercontrolsince 02/2022 · owns less than 5%
- Gabriel Alexander Merk · President, Cio, And Managing Membercontrolsince 12/2000 · owns 75% or more
- Philipp Daniel Lucas · Managing Directorsince 01/2022 · owns less than 5%
- Maria Hanna Tikkanen Merk · Managing Directorsince 02/2006 · owns less than 5%
Related persons
Schedule D 7.A
No related person reported.
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
2 against comparable advisers; where to look, not conclusions
- low discretionary shareStatic outlier · filing Aug 11, 2026discretionary share of RAUM of 0% against a peer median of 100% (1506 comparable advisers, 0.0th percentile, 33.7 robust deviations)peers: asset managers, $1B to $5B (1,506) · 0.0% percentile
- RAUM up 50 %Change between filings · filing Mar 31, 2026RAUM (Item 5.F) moved from $1,618,005,362 to $3,712,185,193 (+129.0%) between the annual amendments of 2025-03-26 and 2026-03-31; the peer median change was +11.0% (1368 comparable advisers, 96.0th percentile of changes)peers: asset managers, $1B to $5B (1,368) · 96% percentile
What changed
consecutive filings, newest first
- Accounts · 2 to 1Mar 31, 2026 to Aug 11, 2026
- Advisory employees · 5 to 3Mar 31, 2026 to Aug 11, 2026
- Advisory activities · 2 to 1Mar 31, 2026 to Aug 11, 2026
- Employees · 7 to 4Mar 31, 2026 to Aug 11, 2026
- Discretionary RAUM · $1.3B to $0Mar 31, 2026 to Aug 11, 2026
- Non-discretionary RAUM · $2.5B to $2.5BMar 31, 2026 to Aug 11, 2026
- Pooled vehicle RAUM · $2.5B to $2.5BMar 31, 2026 to Aug 11, 2026
- RAUM · $3.7B to $2.5BMar 31, 2026 to Aug 11, 2026
- Discretionary RAUM · $948M to $1.3BOct 7, 2025 to Mar 31, 2026
- Non-discretionary RAUM · $2.2B to $2.5BOct 7, 2025 to Mar 31, 2026
- Pooled vehicle RAUM · $2.2B to $2.5BOct 7, 2025 to Mar 31, 2026
- RAUM · $3.1B to $3.7BOct 7, 2025 to Mar 31, 2026
- HQ city · MENLO PARK to PALO ALTOMar 26, 2025 to Oct 7, 2025
- Discretionary RAUM · $426M to $948MMar 26, 2025 to Oct 7, 2025
- Non-discretionary RAUM · $1.2B to $2.2BMar 26, 2025 to Oct 7, 2025
- Pooled vehicle RAUM · $1.2B to $2.2BMar 26, 2025 to Oct 7, 2025
- RAUM · $1.6B to $3.1BMar 26, 2025 to Oct 7, 2025
- Financial planning clients · unset to Mar 28, 2024 to Mar 26, 2025
- Discretionary RAUM · $340M to $426MMar 28, 2024 to Mar 26, 2025
- Non-discretionary RAUM · $774M to $1.2BMar 28, 2024 to Mar 26, 2025
- Pooled vehicle RAUM · $774M to $1.2BMar 28, 2024 to Mar 26, 2025
- RAUM · $1.1B to $1.6BMar 28, 2024 to Mar 26, 2025
- Accounts · 3 to 2Mar 29, 2023 to Mar 28, 2024
- Discretionary RAUM · $335M to $340MMar 29, 2023 to Mar 28, 2024
- Non-discretionary RAUM · $597M to $774MMar 29, 2023 to Mar 28, 2024
- Pooled vehicle RAUM · $597M to $774MMar 29, 2023 to Mar 28, 2024
- RAUM · $933M to $1.1BMar 29, 2023 to Mar 28, 2024
- Accounts · 6 to 3Mar 30, 2022 to Mar 29, 2023
- Advisory activities · 5 to 2Mar 30, 2022 to Mar 29, 2023
- Other offices · 1 to 0Mar 30, 2022 to Mar 29, 2023
- Private funds · 1 to unsetMar 30, 2022 to Mar 29, 2023
- Discretionary RAUM · $547M to $335MMar 30, 2022 to Mar 29, 2023
- Individual RAUM · 651685.0 to unsetMar 30, 2022 to Mar 29, 2023
- Non-discretionary RAUM · $589M to $597MMar 30, 2022 to Mar 29, 2023
- Pooled vehicle RAUM · $8.1M to $597MMar 30, 2022 to Mar 29, 2023
- RAUM · $1.1B to $933MMar 30, 2022 to Mar 29, 2023
- Discretionary RAUM · $587M to $547MSep 27, 2021 to Mar 30, 2022
- Individual RAUM · $891,429 to $651,685Sep 27, 2021 to Mar 30, 2022
- Non-discretionary RAUM · $442M to $589MSep 27, 2021 to Mar 30, 2022
- Pooled vehicle RAUM · $9.4M to $8.1MSep 27, 2021 to Mar 30, 2022
Signals
7 dated events
- Merk Investments Llc reported RAUM $2.5B, down 32% from $3.7B (2026-03-31 to 2026-08-11)Aug 11, 2026 · RAUM change · derived
- Merk Investments Llc reported RAUM $3.1B, up 93% from $1.6B (2025-03-26 to 2025-10-07)Oct 7, 2025 · RAUM change · derived
- Merk Investments Llc reported RAUM $1.6B, up 45% from $1.1B (2024-03-28 to 2025-03-26)Mar 26, 2025 · RAUM change · derived
- Lusine Moshkounian (Chief Compliance Officer) no longer on Schedule A of Merk Investments Llc (listed 2021-09-27, absent 2022-03-30)Mar 30, 2022 · Control person left · inference
- Kathleen Laura Garner (Chief Compliance Officer) appeared on Schedule A of Merk Investments LlcMar 30, 2022 · Control person joined · fact
- Merk Investments Llc reported RAUM $1.0B, up 66% from $621.1M (2020-06-30 to 2021-03-30)Mar 30, 2021 · RAUM change · derived
- Merk Investments Llc reported RAUM $621.1M, up 130% from $270.4M (2019-03-19 to 2020-03-30)Mar 30, 2020 · 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
- merkinsights.comreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 650-323-4341reportedpublic record, Form ADV, Aug 11, 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
- Asset manager (funds and pooled vehicles)deriveda 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