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
Madison Asset Management
Legal name Madison Asset Management, LLC
Latest filing Mar 20, 2026
First filing on the tape Mar 21, 2012 · 40 filings
SEC status approved since Apr 27, 2004
RAUM
$4.9B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
1
registered through the firm on IAPD
RAUM per advisor
$4.9B
derived; firm RAUM over IAPD count
Employees
92
44 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
40 filings and snapshots on the tape
RAUM$4.9B as of Mar 20, 2026
Mar 21, 2012$6.0B then
HNW client RAUM$0 as of Mar 20, 2026
Mar 29, 2018$54.1M then
State-registered IARs (5.B.3)1 as of Mar 20, 2026
Mar 15, 201330 then
Employees (5.A)92 as of Mar 20, 2026
Mar 15, 201375 then
Private funds: no history
RAUM -6.1% over the last fiscal year+7.4% a year over threeIARs 2 to 1
Practice profile
derived from the filing of Mar 20, 2026; every figure names its basis
Archetypes, each a printed rule
- Solo or small team · one advisor, or a wealth manager with up to three advisors and one office
- RAUM per advisor
- $4.9BderivedRAUM 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
- $135MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.3%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 92.0derivedItem 5.A over advisors
- Advisors per office
- 0.5derived2 offices incl. principal (1.F.5)
- RAUM growth, one year
- -6.1%derivedbetween the last two annual amendments
- Advisor growth, one year
- -50%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, fixed feesreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for investment companiesreportedItem 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)
- 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$4.8B100%
- Pension and profit-sharing plans$13.9M0.3%
- Banks and thrifts$6.5M0.1%
- Individual clients
- 0reported
- HNW clients
- 0reported
- Pension plan clients
- 2reported
- Charitable clients
- 0reported
- Accounts
- 36reported
- Financial planning clients
- 0reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, fixedreported
- Class basis
- private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=true related_bank=false bd_reps=20.0derived
Advisors registered through the firm
1 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Patrick F Ryan | Madison, Wi | Jan 14, 2010 | 23 y | 1 |
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 headcount0 left over 36 months
Left, latest
- Robin Chorone Roquitte to Madison Investment Advisors, LLCNov 13, 2019 · Other
- Carol Jean Vander Sluis to Madison Investment Advisors, LLCNov 16, 2016 · Other
- Bruce Allen Ebel to Great Lakes Advisors, LLCAug 20, 2013 · Other
Joined, latest
- Carol Jean Vander Sluis from Northern Capital Management LLCOct 31, 2011 · Other
- Patrick F Ryan from Trustage Investment ManagementJan 14, 2010 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Allan Steven Carl · Chief Distribution Officer And Chairman Of The Executive Committeecontrolsince 03/2022 · owns less than 5%
- Allen Richard Eisinger · Head Of Equities, Portfolio Managercontrolsince 11/2018 · owns less than 5%
- Joseph Steven Fredricks · Chief Compliance Officer And Chief Legal Officercontrolsince 05/2018 · owns less than 5%
- Manternach Jill Friedow · Head Of Operations And Chief Technology Officercontrolsince 03/2020 · owns less than 5%
- Dana Mark Henrickson · Chief Financial Officercontrolsince 01/2018 · owns less than 5%
- F Patrick Ryan · Head Of Multi-Asset Solutions, Portfolio Managercontrolsince 01/2023 · owns less than 5%
- Scott Michael Sanders · Head Of Madison Fixed Income, Portfolio Managercontrolsince 01/2023 · owns less than 5%
- Haruki Toyama · Head Of Mid Cap & Large Cap Equity, Portfolio Managercontrolsince 01/2023 · owns less than 5%
Entity owners
- Madison Investment Holdings, Inc · 100% Owner Of Voting Class Of Securitiesdirect · owns 75% or more
Related persons
Schedule D 7.A
- Madison Investment Advisors, LLCinvestment adviseryRAUM $14B
- Mfd Distributor, LLCbroker-dealern
Advisers that list Madison Asset Management as a related person
Offices
Schedule D 1.F, the 25 largest
- Milwaukee, WI9 employees
What changed
consecutive filings, newest first
- Accounts · 44 to 36Mar 28, 2025 to Mar 20, 2026
- Advisory employees · 42 to 44Mar 28, 2025 to Mar 20, 2026
- BD registered reps · 1 to 20Mar 28, 2025 to Mar 20, 2026
- Pension plan clients · 4 to 2Mar 28, 2025 to Mar 20, 2026
- Employees · 94 to 92Mar 28, 2025 to Mar 20, 2026
- Insurance-licensed employees · 1 to 24Mar 28, 2025 to Mar 20, 2026
- State-registered IARs · 2 to 1Mar 28, 2025 to Mar 20, 2026
- Discretionary RAUM · $5.2B to $4.9BMar 28, 2025 to Mar 20, 2026
- Pension RAUM · $13.9M to $13.9MMar 28, 2025 to Mar 20, 2026
- RAUM · $5.2B to $4.9BMar 28, 2025 to Mar 20, 2026
- Accounts · 49 to 44Mar 22, 2024 to Mar 28, 2025
- Advisory employees · 43 to 42Mar 22, 2024 to Mar 28, 2025
- Corporate clients · 1 to 0Mar 22, 2024 to Mar 28, 2025
- Pension plan clients · 7 to 4Mar 22, 2024 to Mar 28, 2025
- Employees · 95 to 94Mar 22, 2024 to Mar 28, 2025
- Financial planning clients · 0 to 0Mar 22, 2024 to Mar 28, 2025
- Discretionary RAUM · $4.5B to $5.2BMar 22, 2024 to Mar 28, 2025
- Pension RAUM · $18.2M to $13.9MMar 22, 2024 to Mar 28, 2025
- RAUM · $4.5B to $5.2BMar 22, 2024 to Mar 28, 2025
- Accounts · 50 to 49Dec 7, 2023 to Mar 22, 2024
- Advisory employees · 44 to 43Dec 7, 2023 to Mar 22, 2024
- BD registered reps · 19 to 1Dec 7, 2023 to Mar 22, 2024
- Pension plan clients · 8 to 7Dec 7, 2023 to Mar 22, 2024
- Employees · 96 to 95Dec 7, 2023 to Mar 22, 2024
- Financial planning clients · unset to 0Dec 7, 2023 to Mar 22, 2024
- State-registered IARs · 4 to 2Dec 7, 2023 to Mar 22, 2024
- Discretionary RAUM · $3.9B to $4.5BDec 7, 2023 to Mar 22, 2024
- Pension RAUM · $66.6M to $18.2MDec 7, 2023 to Mar 22, 2024
- RAUM · $3.9B to $4.5BDec 7, 2023 to Mar 22, 2024
- Accounts · 1,192 to 50Jan 9, 2023 to Mar 29, 2023
- Advisory employees · 48 to 44Jan 9, 2023 to Mar 29, 2023
- Advisory activities · 4 to 3Jan 9, 2023 to Mar 29, 2023
- BD registered reps · 21 to 19Jan 9, 2023 to Mar 29, 2023
- Charity clients · 2 to 0Jan 9, 2023 to Mar 29, 2023
- Corporate clients · 13 to 1Jan 9, 2023 to Mar 29, 2023
- HNW clients · 10 to 0Jan 9, 2023 to Mar 29, 2023
- Individual clients · 1,073 to 0Jan 9, 2023 to Mar 29, 2023
- Pension plan clients · 15 to 8Jan 9, 2023 to Mar 29, 2023
- Employees · 95 to 96Jan 9, 2023 to Mar 29, 2023
- Insurance-licensed employees · 2 to 1Jan 9, 2023 to Mar 29, 2023
Signals
11 dated events
- Louise Katherine Frank (Board Member Of Parent Company) no longer on Schedule A of Madison Asset Management (listed 2023-03-29, absent 2023-12-07)Dec 7, 2023 · Control person left · inference
- Anthony Paul Lefurgey (Co-Head Of Investments And Board Member Of Parent Company) no longer on Schedule A of Madison Asset Management (listed 2023-03-29, absent 2023-12-07)Dec 7, 2023 · Control person left · inference
- Edward Frank Burgess (Shareholder Of Parent Company And Chairman Of The Board Of Directors) no longer on Schedule A of Madison Asset Management (listed 2023-03-29, absent 2023-12-07)Dec 7, 2023 · Control person left · inference
- Scott Michael Sanders (Head Of Madison Fixed Income, Portfolio Manager) appeared on Schedule A of Madison Asset ManagementMar 29, 2023 · Control person joined · fact
- Haruki Toyama (Head Of Mid Cap & Large Cap Equity, Portfolio Manager) appeared on Schedule A of Madison Asset ManagementMar 29, 2023 · Control person joined · fact
- F Patrick Ryan (Head Of Multi-Asset Solutions, Portfolio Manager) appeared on Schedule A of Madison Asset ManagementMar 29, 2023 · Control person joined · fact
- Manternach Jill Friedow (Chief Technology Officer) appeared on Schedule A of Madison Asset ManagementJul 8, 2020 · Control person joined · fact
- Sean Kevin Thompson (Chief Legal Officer And Chief Administrative Officer) no longer on Schedule A of Madison Asset Management (listed 2019-11-08, absent 2020-03-24)Mar 24, 2020 · Control person left · inference
- Anne Elizabeth Dettman (Chief Operating Officer) no longer on Schedule A of Madison Asset Management (listed 2019-03-29, absent 2019-11-08)Nov 8, 2019 · Control person left · inference
- Madison Asset Management reported 6 state-registered advisory representatives, down from 33 (2018-11-19 to 2019-03-29)Mar 29, 2019 · Advisor headcount change · derived
- Madison Asset Management reported 33 state-registered advisory representatives, up from 6 (2017-04-24 to 2018-03-29)Mar 29, 2018 · 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.
How to reach
public business contact points only, each with its source
- Firm profile
- linkedin.com/company/madison-investment-advisorsreportedpublic record, Form ADV, Sep 18, 2026
- Website
- madisonfunds.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 800-767-0300reportedpublic record, Form ADV, Mar 20, 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
- $4.9Bderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026