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.
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SEC-registered adviser
L••••• C•••••• M••••••••• L••
Latest filing Mar 23, 2026
First filing on the tape Mar 29, 2012 · 36 filings
SEC status approved since Aug 31, 2005
RAUM
$1.3B
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
$1.3B
derived; firm RAUM over IAPD count
Employees
4
4 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
36 filings and snapshots on the tape
RAUM$1.3B as of Mar 23, 2026
Mar 29, 2012$1.5B then
HNW client RAUM$0 as of Mar 23, 2026
Mar 5, 2018$0 then
State-registered IARs (5.B.3)1 as of Mar 23, 2026
Mar 29, 20120 then
Employees (5.A)4 as of Mar 23, 2026
Apr 1, 201313 then
Private funds1 as of Mar 28, 2024
Mar 29, 20124 then
RAUM +21% over the last fiscal year-2.7% a year over threeIARs 1 to 1
Practice profile
derived from the filing of Mar 23, 2026; every figure names its basis
Archetypes, each a printed rule
- institutional asset m•••••• · institutional share (pensions, government, insurance, corporations, charities, banks, other advisers) at least 60 percent and private-client share under 20 percent
- OCIO / institutional advisory · selection of other advisers (5.G.7) and institutional share at least 50 percent
- Solo or small team · one advisor, or a wealth manager with up to three advisors and one office
- RAUM per advisor
- $1.3BderivedRAUM 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
- $157MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 100%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 4.0derivedItem 5.A over advisors
- Advisors per office
- 1.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +21%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%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 businesses and institutions, portfolio management for pooled vehicles, selection of other advisersreportedItem 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
- 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)
- an independent public accountant performs a surprise examination (9.C.1)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- State and municipal entities$802M64%
- Insurance companies$434M34%
- Pension and profit-sharing plans$23.3M1.8%
- Individual clients
- 0reported
- HNW clients
- 0reported
- Pension plan clients
- 1reported
- Charitable clients
- 0reported
- Accounts
- 8reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, performancereported
- Class basis
- private_client_share=0.0 fund_share=0.0 institutional_share=1.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
1 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| V••••• L•••• H•••• | San Francisco, Ca | Oct 27, 2025 | 42 y | 2 |
Advisor movement
0 left, 1 joined in 12 months
net +1 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
- A••• S• L••••• to C•••••••• G••••• M•••••• I•••Jan 26, 2023 · Other
Joined, latest
- V••••• L•••• H•••• from C••••••• P••••••• L••Oct 27, 2025 · Other
Private funds
6 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| E•• P••••• E••••• E••••••• M•••••• I• L• | Other Private Fund | $116M | 2 | Mar 5, 2018 |
| E•• P••••• E••••• E••••••• M•••••• I• L•no longer reported | Other Private Fund | $91.2M | 1 | Mar 29, 2012 |
| L••••• I••••••••• E••••• F•••• L•no longer reported | Other Private Fund | $21.5M | 2 | Mar 31, 2014 |
| L••••• C•••••• M••••••••• I••••••••• L•• | Other Private Fund | $1.8M | 2 | Mar 29, 2012 |
| L••••• C•••••• M••••••••• V•••••••• L••no longer reported | Venture Capital Fund | $1.6M | 2 | Mar 29, 2012 |
| L••••• E•••••••• L••no longer reported | Other Private Fund | $1,000 | 4 | Mar 29, 2012 |
Owners and control persons
Schedule A and B, latest filing
- H••••• V•••••• L•••• · President, Chief Executive Officer, Ccocontrolsince 04/2004 · owns less than 5%
- H••••• K••••• L••• · Trusteecontrolsince 10/1999 · owns 50% to 75% of V••••• A•• K•••• H•••• R•••••••• T•••• U•• D•••• O•••••• 2•• 1•••
- H••••• V•••••• L•••• · Trusteecontrolsince 10/1999 · owns 50% to 75% of V••••• A•• K•••• H•••• R•••••••• T•••• U•• D•••• O•••••• 2•• 1•••
- T••••••••• D••••• D• · Principal, Chief Investment Strategistsince 03/2023 · owns less than 5%
Entity owners
- V••••• A•• K•••• H•••• R•••••••• T•••• U•• D•••• O•••••• 2•• 1••• · Memberdirect · owns 75% or more
Related persons
Schedule D 7.A
No related person reported.
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- custody status changedChange between filings · filing Mar 23, 2026custody of client assets (Item 9.A): yes on the filing of 2025-03-26, no on the filing of 2026-03-23peers: institutional managers, $1B to $5B (121)
What changed
consecutive filings, newest first
- Accounts · 9 to 8Mar 26, 2025 to Mar 23, 2026
- Corporate clients · 1.0 to unsetMar 26, 2025 to Mar 23, 2026
- Assets in custody · 856.0 to unsetMar 26, 2025 to Mar 23, 2026
- Custody of client assets · true to falseMar 26, 2025 to Mar 23, 2026
- Discretionary RAUM · $1.0B to $1.3BMar 26, 2025 to Mar 23, 2026
- Pension RAUM · $20.3M to $23.3MMar 26, 2025 to Mar 23, 2026
- RAUM · $1.0B to $1.3BMar 26, 2025 to Mar 23, 2026
- Accounts · 10 to 9Mar 28, 2024 to Mar 26, 2025
- Corporate clients · 0 to 1Mar 28, 2024 to Mar 26, 2025
- Pension plan clients · 0 to 1Mar 28, 2024 to Mar 26, 2025
- Pooled vehicle clients · 1 to 0Mar 28, 2024 to Mar 26, 2025
- Assets in custody · $116M to $856Mar 28, 2024 to Mar 26, 2025
- Employees · 6 to 4Mar 28, 2024 to Mar 26, 2025
- Financial planning clients · unset to Mar 28, 2024 to Mar 26, 2025
- Private funds · 1 to unsetMar 28, 2024 to Mar 26, 2025
- Discretionary RAUM · $1.0B to $1.0BMar 28, 2024 to Mar 26, 2025
- Pension RAUM · $17.7M to $20.3MMar 28, 2024 to Mar 26, 2025
- Pooled vehicle RAUM · $116M to $0Mar 28, 2024 to Mar 26, 2025
- RAUM · $1.0B to $1.0BMar 28, 2024 to Mar 26, 2025
- Assets in custody · $112M to $116MAug 16, 2023 to Mar 28, 2024
- Private funds · 2 to 1Aug 16, 2023 to Mar 28, 2024
- Discretionary RAUM · $911M to $1.0BAug 16, 2023 to Mar 28, 2024
- Pension RAUM · $23.9M to $17.7MAug 16, 2023 to Mar 28, 2024
- Pooled vehicle RAUM · $110M to $116MAug 16, 2023 to Mar 28, 2024
- RAUM · $911M to $1.0BAug 16, 2023 to Mar 28, 2024
- Accounts · 11 to 10Mar 31, 2023 to Aug 16, 2023
- Advisory employees · 6 to 4Mar 31, 2023 to Aug 16, 2023
- Pooled vehicle clients · 2 to 1Mar 31, 2023 to Aug 16, 2023
- Assets in custody · $573M to $112MMar 31, 2023 to Aug 16, 2023
- Employees · 8 to 6Mar 31, 2023 to Aug 16, 2023
- Discretionary RAUM · $1.4B to $911MMar 31, 2023 to Aug 16, 2023
- Pension RAUM · $25.7M to $23.9MMar 31, 2023 to Aug 16, 2023
- Pooled vehicle RAUM · $573M to $110MMar 31, 2023 to Aug 16, 2023
- RAUM · $1.4B to $911MMar 31, 2023 to Aug 16, 2023
- Advisory employees · 7 to 6Mar 17, 2022 to Mar 31, 2023
- Assets in custody · $968M to $573MMar 17, 2022 to Mar 31, 2023
- Employees · 10 to 8Mar 17, 2022 to Mar 31, 2023
- Discretionary RAUM · $1.9B to $1.4BMar 17, 2022 to Mar 31, 2023
- Pension RAUM · $56.0M to $25.7MMar 17, 2022 to Mar 31, 2023
- Pooled vehicle RAUM · $968M to $573MMar 17, 2022 to Mar 31, 2023
Signals
5 dated events
- L••••• C•••••• M••••••••• L•• reported RAUM $911.0M, down 33% from $1.4B (2023-03-31 to 2023-08-16)Aug 16, 2023 · RAUM change · derived
- L••••• C•••••• M••••••••• L•• reported RAUM $1.4B, down 29% from $1.9B (2022-03-17 to 2023-03-31)Mar 31, 2023 · RAUM change · derived
- A••• S• L••••• left L••••• C•••••• M••••••••• L•• for C•••••••• G••••• M•••••• I••• (registered 2022-01-25)Jan 26, 2023 · Advisor changed firm · fact
- Sean A••• L••••• (Limited Partner Outside Of The Firm) no longer on Schedule A of L••••• C•••••• M••••••••• L•• (listed 2020-04-27, absent 2021-03-23)Mar 23, 2021 · Control person left · inference
- L••••• C•••••• M••••••••• L•• reported RAUM $2.0B, up 27% from $1.6B (2017-05-24 to 2018-03-05)Mar 5, 2018 · RAUM change · derived
Across DFX
shared identifiers only, never a name match
- L••••• C•••••• M••••••••• L•• · Private Equityshared crd · organization
- L••••• C•••••• M••••••••• L•• · Venture Capitalshared crd · organization
How to reach
public business contact points only, each with its source
- Firm profile
- linkedin.com/company/legato-capital-managementreportedpublic record, Form ADV, Sep 19, 2026
- Website
- L•••••CM.COMreportedpublic record, Form ADV, Sep 19, 2026
- Principal office phone
- 415-821-8585reportedpublic record, Form ADV, Mar 23, 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
- Institutional managerderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $1.3Bderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026