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

Investment Counselors Of Maryland

Former SEC-registered adviserBaltimore, MarylandCRD 116379SEC 801-60824IAPD
Legal name Investment Counselors Of Maryland LLC
Latest filing Mar 30, 2021
First filing on the tape Mar 29, 2012 · 27 filings
RAUM
$3.2B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
1.7%
$54.2M individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
13
7 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
27 filings and snapshots on the tape
RAUM$3.2B as of Mar 5, 2021
Mar 29, 2012$1.9B then
HNW client RAUM$54.2M as of Mar 5, 2021
Mar 29, 2018$55.3M then
State-registered IARs (5.B.3)2 as of Mar 5, 2021
Mar 29, 20120 then
Employees (5.A)13 as of Mar 5, 2021
Mar 28, 201315 then
Private funds: no history
RAUM +32% over the last fiscal year+15% a year over threeIARs 3 to 2
Practice profile
derived from the filing of Mar 30, 2021; every figure names its basis
RAUM per advisor
$1.6BderivedRAUM over IAPD advisors; not a book size
Clients per advisor
unknownderivedindividual and HNW clients (5.D) over advisors
Average HNW client
$404,749derivedHNW RAUM over HNW clients
Average account
$21.4MderivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
46%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
6.5derivedItem 5.A over advisors
Advisors per office
2.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year
+32%derivedbetween the last two annual amendments
Advisor growth, one year
-33%derivedItem 5.B.3 between annual amendments
Client growth, one year
unknownderived
Compensation
percentage of assets, performance-basedreportedItem 5.E
Advisory activities
portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehicles, portfolio management for investment companiesreportedItem 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$1.6B51%
  • State and municipal entities$1.0B31%
  • Pension and profit-sharing plans$442M14%
  • High-net-worth individuals$54.2M1.7%
  • Pooled investment vehicles$37.0M1.2%
  • Charitable organizations$9.0M0.3%
  • Corporations and businesses$8.8M0.3%
Individual clients
n/areported
HNW clients
134reported
Pension plan clients
6reported
Charitable clients
n/areported
Accounts
149reported
Financial planning clients
n/areported
Wrap fee programs
$0 sponsored, $55.7M managedreported
Custody of client assets
noreported
Compensation
% of AUM, performancereported
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
Every departureEvery arrival
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
  • Elliot Matthew Fleming · Principalcontrol
    since 01/2012 · owns 5% to 10%
  • Vincent William Heaphy · Manager, Principal & Chief Investment Officercontrol
    since 11/2001 · owns 5% to 10%
  • Jason Gary Merwitz · Manager & Principalcontrol
    since 01/2008 · owns 5% to 10%
  • Anne Deborah Parks · Svp Finance & Administration, Chief Compliance Officercontrol
    since 10/2012 · owns less than 5%
  • Arnold Craig Miller · Principal
    since 01/2020 · owns 5% to 10%
  • Steven Joshua Overholt · Principal
    since 01/2014 · owns 5% to 10%
  • Frederick James Shurtleff · Principal
    since 01/2020 · owns 5% to 10%
  • Noah Elie Sugarman · Manager
    since 03/2020 · owns less than 5%
Entity owners
  • Icm Management LLC · Owner Of The Class A Membership Interest In Investment Counselors Of Maryland LLC
    direct · owns 75% or more
  • Old Icm, Inc. · Owner Of The Class B Membership Interest In Investment Counselors Of Maryland, LLC
    direct · owns 75% or more
  • Brightsphere Inc. · Shareholder Of Old Icm, Inc.
    indirect · owns 75% or more of Old Icm, Inc. · public reporting company
  • Brightsphere Investment Group Inc. · Shareholder Of Brightsphere Inc.
    indirect · owns 75% or more of Brightsphere Inc.
Related persons
Schedule D 7.A
No related person reported.
Advisers that list Investment Counselors Of Maryland as a related person
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
  • Accounts · 57 to 149
    Jul 27, 2020 to Mar 5, 2021
  • Advisory employees · 8 to 7
    Jul 27, 2020 to Mar 5, 2021
  • BD registered reps · 1 to 0
    Jul 27, 2020 to Mar 5, 2021
  • HNW clients · 28 to 134
    Jul 27, 2020 to Mar 5, 2021
  • Individual clients · 5.0 to unset
    Jul 27, 2020 to Mar 5, 2021
  • Pension plan clients · unset to 6.0
    Jul 27, 2020 to Mar 5, 2021
  • Employees · 14 to 13
    Jul 27, 2020 to Mar 5, 2021
  • State-registered IARs · 3 to 2
    Jul 27, 2020 to Mar 5, 2021
  • Discretionary RAUM · $2.4B to $3.2B
    Jul 27, 2020 to Mar 5, 2021
  • HNW RAUM · $47.1M to $54.2M
    Jul 27, 2020 to Mar 5, 2021
  • Individual RAUM · 4335602.0 to unset
    Jul 27, 2020 to Mar 5, 2021
  • Pension RAUM · $382M to $442M
    Jul 27, 2020 to Mar 5, 2021
  • Pooled vehicle RAUM · $43.5M to $37.0M
    Jul 27, 2020 to Mar 5, 2021
  • RAUM · $2.4B to $3.2B
    Jul 27, 2020 to Mar 5, 2021
  • Wrap assets (manager) · $3.6M to $55.7M
    Jul 27, 2020 to Mar 5, 2021
  • Assets in custody · 9575216.0 to unset
    Jun 19, 2020 to Jul 27, 2020
  • Custody of client assets · true to false
    Jun 19, 2020 to Jul 27, 2020
  • Accounts · 47 to 57
    Jun 4, 2019 to Mar 16, 2020
  • Advisory employees · 9 to 8
    Jun 4, 2019 to Mar 16, 2020
  • HNW clients · 12 to 28
    Jun 4, 2019 to Mar 16, 2020
  • Individual clients · 7 to 5
    Jun 4, 2019 to Mar 16, 2020
  • Pooled vehicle clients · 2 to 1
    Jun 4, 2019 to Mar 16, 2020
  • Assets in custody · $14.0M to $9.6M
    Jun 4, 2019 to Mar 16, 2020
  • Employees · 15 to 14
    Jun 4, 2019 to Mar 16, 2020
  • State-registered IARs · 4 to 3
    Jun 4, 2019 to Mar 16, 2020
  • Discretionary RAUM · $1.8B to $2.4B
    Jun 4, 2019 to Mar 16, 2020
  • HNW RAUM · $48.7M to $47.1M
    Jun 4, 2019 to Mar 16, 2020
  • Individual RAUM · $3.9M to $4.3M
    Jun 4, 2019 to Mar 16, 2020
  • Pension RAUM · $316M to $382M
    Jun 4, 2019 to Mar 16, 2020
  • Pooled vehicle RAUM · $39.0M to $43.5M
    Jun 4, 2019 to Mar 16, 2020
  • RAUM · $1.8B to $2.4B
    Jun 4, 2019 to Mar 16, 2020
  • Wrap assets (manager) · $0 to $3.6M
    Jun 4, 2019 to Mar 16, 2020
  • Wrap assets (manager) · unset to 0.0
    Mar 28, 2019 to Jun 4, 2019
  • Wrap assets (sponsor) · unset to 0.0
    Mar 28, 2019 to Jun 4, 2019
  • Accounts · 67 to 47
    Jul 20, 2018 to Mar 28, 2019
  • Corporate clients · 8.0 to unset
    Jul 20, 2018 to Mar 28, 2019
  • HNW clients · 14 to 12
    Jul 20, 2018 to Mar 28, 2019
  • Individual clients · 17 to 7
    Jul 20, 2018 to Mar 28, 2019
  • Pension plan clients · 5.0 to unset
    Jul 20, 2018 to Mar 28, 2019
  • Pooled vehicle clients · unset to 2.0
    Jul 20, 2018 to Mar 28, 2019
Signals
3 dated events
  • Investment Counselors Of Maryland reported RAUM $3.2B, up 32% from $2.4B (2020-07-27 to 2021-03-05)
    Mar 5, 2021 · RAUM change · derived
  • Joseph Donald Hoelting (Manager & Principal) no longer on Schedule A of Investment Counselors Of Maryland (listed 2020-06-19, absent 2020-07-27)
    Jul 27, 2020 · Control person left · inference
  • Investment Counselors Of Maryland reported RAUM $2.4B, up 33% from $1.8B (2019-06-04 to 2020-03-16)
    Mar 16, 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.
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