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
Punch & Associates Investment Management, Inc.
Latest filing Apr 30, 2026
First filing on the tape Mar 30, 2012 · 26 filings
SEC status approved since May 31, 2002
RAUM
$2.0B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
70%
$1.4B individuals and HNW
Advisors
17
registered through the firm on IAPD
RAUM per advisor
$119M
derived; firm RAUM over IAPD count
Employees
34
18 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
2
reported on Schedule D
History
26 filings and snapshots on the tape
RAUM$2.0B as of Apr 30, 2026
Mar 30, 2012$489M then
HNW client RAUM$1.3B as of Apr 30, 2026
Mar 30, 2018$760M then
State-registered IARs (5.B.3)18 as of Apr 30, 2026
Mar 30, 20120 then
Employees (5.A)34 as of Apr 30, 2026
Apr 1, 201310 then
Private funds2 as of Apr 30, 2026
Mar 30, 20121 then
RAUM -2.9% over the last fiscal year+4.6% a year over threeIARs 16 to 18
Practice profile
derived from the filing of Apr 30, 2026; every figure names its basis
Archetypes, each a printed rule
- Independent boutique · a wealth manager with no broker-dealer, bank or insurance affiliate, 2 to 25 advisors, one to three offices, no public reporting company control
- Planning-led practice · financial planning activity (5.G.1), at least 100 financial planning clients (5.H), and hourly, fixed or subscription compensation (5.E)
- RIA with private funds · a wealth manager (private-client share at least 50 percent) that reports at least one private fund on Schedule D 7.B.(1)
- RAUM per advisor
- $119MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 32derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $4.0MderivedHNW RAUM over HNW clients
- Average account
- $3.6MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 8.9%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 2.0derivedItem 5.A over advisors
- Advisors per office
- 17.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- -2.9%derivedbetween the last two annual amendments
- Advisor growth, one year
- +13%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -4.2%derived
- Compensation
- percentage of assets, fixed fees, performance-based, otherreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehicles, portfolio management for investment companies, publications, otherreportedItem 5.G
- Financial planning clients
- 500reportedItem 5.H
- Custody
- $1.1B, 215 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
- 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)
- receives research or other products from a broker-dealer, soft dollars (8.E)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$1.3B66%
- Pooled investment vehicles$387M19%
- Pension and profit-sharing plans$110M5.4%
- Individuals$72.2M3.6%
- Charitable organizations$71.0M3.5%
- Corporations and businesses$39.9M2.0%
- Individual clients
- 208reported
- HNW clients
- 333reported
- Pension plan clients
- 3reported
- Charitable clients
- 9reported
- Accounts
- 559reported
- Financial planning clients
- 500reported
- Wrap fee programs
- noreported
- Custody of client assets
- $1.1B for 215 clientsreported
- Compensation
- % of AUM, fixed, performancereported
- Class basis
- private_client_share=0.7 fund_share=0.19 institutional_share=0.09 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
17 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Howard Dean Punch | Edina, Mn | Apr 28, 2003 | 42 y | 0 |
| John Claude CarrauxChartered Financial Analyst, Chartered Investment Counselor | Edina, Mn | Jan 16, 2014 | 22 y | 0 |
| Andrew John Matysik | Edina, Mn | Jan 23, 2014 | 27 y | 1 |
| Kevin Robert Worms-Lynch | Edina, Mn | Jan 23, 2014 | 14 y | 0 |
| Andrea Barkley | Edina, Mn | Mar 7, 2017 | 27 y | 1 |
| Paul Trueman DwyerChartered Financial Analyst | Edina, Mn | Mar 30, 2017 | 13 y | 0 |
| Jessica Brooke Johnson | Edina, Mn | Oct 2, 2017 | 17 y | 0 |
| Ruth Triplet Langworthy | Edina, Mn | Feb 10, 2020 | 12 y | 0 |
| Patrick Samuel Sheldon | Edina, Mn | Nov 6, 2020 | 10 y | 0 |
| Ryan PunchCertified Financial Planner | Edina, Mn | Mar 30, 2021 | 10 y | 1 |
| Anthony Evan PeralaChartered Financial Analyst | Edina, Mn | Nov 2, 2021 | 10 y | 0 |
| James Aaron Hannack | Edina, Mn | May 1, 2023 | 12 y | 0 |
| Linnea Emelie Akesson | Edina, Mn | May 4, 2023 | 13 y | 0 |
| Cory Stewart Kiner | Edina, Mn | Jul 28, 2023 | 22 y | 0 |
| Khalil HarrisCertified Financial Planner | Edina, Mn | Mar 19, 2024 | 11 y | 2 |
| Samuel C LudzackChartered Financial Analyst | Edina, Mn | Dec 20, 2024 | 17 y | 0 |
| Heather Rezab | Edina, Mn | Aug 29, 2025 | 13 y | 2 |
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 headcount2 left over 36 months
Left, latest
- Angela Jean Pierce to LPL Financial LLCApr 22, 2024 · RIA to affiliated broker-dealer or bank
- Cody Neal Chapman to Thompson Siegel & Walmsley LLCJan 2, 2024 · Other
Joined, latest
- Heather Rezab from Stifel, Nicolaus & Company, IncorporatedAug 29, 2025 · Affiliated broker-dealer or bank to independent RIA
- Khalil Harris from Thrivent Investment Management Inc.Mar 19, 2024 · Affiliated broker-dealer or bank to independent RIA
- Cody Neal Chapman from Fintrust Capital Advisors, LLCDec 6, 2021 · Other
- Ryan Punch from Ameriprise Financial Services, LLCMar 30, 2021 · Affiliated broker-dealer or bank to independent RIA
- Andrea Barkley from Merrill Lynch, Pierce, Fenner & Smith IncorporatedMar 7, 2017 · Other
- Andrew John Matysik from Merrill Lynch, Pierce, Fenner & Smith IncorporatedJan 23, 2014 · Other
- Angela Jean Pierce from Merrill Lynch, Pierce, Fenner & Smith IncorporatedJan 13, 2014 · Other
Private funds
2 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| Punch Micro Cap Partners, LLC | Hedge Fund | $303M | 97 | Mar 30, 2012 |
| Punch Nano Cap Partners I, LLC | Hedge Fund | $83.7M | 36 | Mar 29, 2019 |
Owners and control persons
Schedule A and B, latest filing
- Claude John Carraux · Managing Partner & Portfolio Managercontrolsince 01/2013 · owns 10% to 25%
- Trueman Paul Dwyer · Managing Partner & Portfolio Managercontrolsince 07/2023 · owns 5% to 10%
- Brooke Jessica Johnson · Managing Partnercontrolsince 07/2017 · owns 5% to 10%
- Stewart Cory Kiner · Chief Financial Officercontrolsince 11/2022 · owns less than 5%
- John Andrew Matysik · Chief Executive Officercontrolsince 01/2024 · owns 10% to 25%
- Dean Howard Punch · Chief Investment Officercontrolsince 07/2001 · owns 50% to 75%
- Lewis Todd Spicer · Chief Compliance Officercontrolsince 06/2023 · owns less than 5%
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 |
|---|---|---|---|---|---|
| Edina, Mn · principal | 17 | 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
- control person changedChange between filings · filing Apr 30, 2026MATYSIK, ANDREW, JOHN (CHIEF EXECUTIVE OFFICER) left Schedule A between the filings of 2023-07-11 and 2026-04-30peers: independent wealth managers, $1B to $5B (1,360)
- control person changedChange between filings · filing Apr 30, 2026Kiner, Cory, Stewart (CHIEF FINANCIAL OFFICER) left Schedule A between the filings of 2023-07-11 and 2026-04-30peers: independent wealth managers, $1B to $5B (1,360)
What changed
consecutive filings, newest first
- Accounts · 540 to 559Apr 29, 2025 to Mar 31, 2026
- Advisory employees · 17 to 18Apr 29, 2025 to Mar 31, 2026
- Charity clients · 10 to 9Apr 29, 2025 to Mar 31, 2026
- Corporate clients · 4 to 5Apr 29, 2025 to Mar 31, 2026
- HNW clients · 332 to 333Apr 29, 2025 to Mar 31, 2026
- Individual clients · 233 to 208Apr 29, 2025 to Mar 31, 2026
- Pension plan clients · 4 to 3Apr 29, 2025 to Mar 31, 2026
- Assets in custody · $1.0B to $1.1BApr 29, 2025 to Mar 31, 2026
- Employees · 31 to 34Apr 29, 2025 to Mar 31, 2026
- State-registered IARs · 16 to 18Apr 29, 2025 to Mar 31, 2026
- Discretionary RAUM · $2.1B to $2.0BApr 29, 2025 to Mar 31, 2026
- HNW RAUM · $1.3B to $1.3BApr 29, 2025 to Mar 31, 2026
- Individual RAUM · $70.7M to $72.2MApr 29, 2025 to Mar 31, 2026
- Pension RAUM · $106M to $110MApr 29, 2025 to Mar 31, 2026
- Pooled vehicle RAUM · $351M to $387MApr 29, 2025 to Mar 31, 2026
- RAUM · $2.1B to $2.0BApr 29, 2025 to Mar 31, 2026
- Accounts · 1,772 to 540Mar 29, 2024 to Apr 29, 2025
- Advisory employees · 15 to 17Mar 29, 2024 to Apr 29, 2025
- Advisory activities · 6 to 7Mar 29, 2024 to Apr 29, 2025
- Charity clients · 9 to 10Mar 29, 2024 to Apr 29, 2025
- Corporate clients · 6 to 4Mar 29, 2024 to Apr 29, 2025
- HNW clients · 328 to 332Mar 29, 2024 to Apr 29, 2025
- Individual clients · 213 to 233Mar 29, 2024 to Apr 29, 2025
- Assets in custody · $460M to $1.0BMar 29, 2024 to Apr 29, 2025
- Employees · 28 to 31Mar 29, 2024 to Apr 29, 2025
- Financial planning clients · More than 500 to More than 500Mar 29, 2024 to Apr 29, 2025
- Discretionary RAUM · $1.9B to $2.1BMar 29, 2024 to Apr 29, 2025
- HNW RAUM · $1.1B to $1.3BMar 29, 2024 to Apr 29, 2025
- Individual RAUM · $57.1M to $70.7MMar 29, 2024 to Apr 29, 2025
- Pension RAUM · $93.2M to $106MMar 29, 2024 to Apr 29, 2025
- Pooled vehicle RAUM · $317M to $351MMar 29, 2024 to Apr 29, 2025
- RAUM · $1.9B to $2.1BMar 29, 2024 to Apr 29, 2025
- Accounts · 2,108 to 1,772Jan 30, 2024 to Mar 29, 2024
- Advisory employees · 14 to 15Jan 30, 2024 to Mar 29, 2024
- Advisory activities · 4 to 6Jan 30, 2024 to Mar 29, 2024
- Charity clients · 10 to 9Jan 30, 2024 to Mar 29, 2024
- Corporate clients · 8 to 6Jan 30, 2024 to Mar 29, 2024
- HNW clients · 298 to 328Jan 30, 2024 to Mar 29, 2024
- Individual clients · 229 to 213Jan 30, 2024 to Mar 29, 2024
- Assets in custody · $398M to $460MJan 30, 2024 to Mar 29, 2024
Signals
7 dated events
- Angela Jean Pierce left Punch & Associates Investment Management, Inc. for Lpl Financial Llc (registered 2024-04-19)Apr 22, 2024 · Advisor changed firm · fact
- Cody Neal Chapman left Punch & Associates Investment Management, Inc. for Thompson Siegel & Walmsley Llc (registered 2024-01-02)Jan 2, 2024 · Advisor changed firm · fact
- Trueman Paul Dwyer (Managing Partner) appeared on Schedule A of Punch & Associates Investment Management, Inc.Jul 11, 2023 · Control person joined · fact
- (Nmn) Nancy Caselli (Chief Compliance Officer) no longer on Schedule A of Punch & Associates Investment Management, Inc. (listed 2023-03-31, absent 2023-06-23)Jun 23, 2023 · Control person left · inference
- Lewis Todd Spicer (Chief Compliance Officer) appeared on Schedule A of Punch & Associates Investment Management, Inc.Jun 23, 2023 · Control person joined · fact
- Stewart Cory Kiner (Chief Financial Officer) appeared on Schedule A of Punch & Associates Investment Management, Inc.Mar 31, 2023 · Control person joined · fact
- Punch & Associates Investment Management, Inc. reported RAUM $2.1B, up 30% from $1.6B (2021-03-31 to 2022-03-31)Mar 31, 2022 · 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
- Firm profile
- linkedin.com/company/punch-&-associates-investment-managemenreportedpublic record, Form ADV, Sep 17, 2026
- Website
- PUNCHINVEST.COMreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- (952) 224-4350reportedpublic record, Form ADV, Apr 30, 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
- Independent wealth managerderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $119Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026