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Former SEC-registered adviser

A••••• C•••••• M••••••••• L••

Former SEC-registered adviserSan Francisco, CaliforniaCRD 153022SEC 801-111633websiteIAPD
Latest filing Mar 26, 2024
First filing on the tape Aug 7, 2017 · 13 filings
SEC status approved since Sep 7, 2017
RAUM
$258M
reported, Item 5.F
Discretionary
100%
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
5
5 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
2
$258M gross assets
History
13 filings and snapshots on the tape
RAUM$258M as of Mar 26, 2024
Mar 31, 2018$309M then
HNW client RAUM: no history
State-registered IARs (5.B.3)2 as of Mar 26, 2024
Mar 31, 20182 then
Employees (5.A)5 as of Mar 26, 2024
Mar 31, 20184 then
Private funds2 as of Mar 26, 2024
Mar 31, 20182 then
RAUM -42% over the last fiscal year-25% a year over threeIARs 2 to 2
Practice profile
derived from the filing of Mar 26, 2024; every figure names its basis
RAUM per advisor
$129MderivedRAUM 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
$64.4MderivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
2.5derivedItem 5.A over advisors
Advisors per office
2.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year
-42%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-based, otherreportedItem 5.E
Advisory activities
portfolio management for pooled vehiclesreportedItem 5.G
Custody
$179M, 4 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)
  • 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
  • Pooled investment vehicles$258M100%
Individual clients
0reported
HNW clients
0reported
Pension plan clients
0reported
Charitable clients
0reported
Accounts
4reported
Financial planning clients
n/areported
Wrap fee programs
noreported
Custody of client assets
$179M for 4 clientsreported
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
none on the tape
    Joined, latest
    none on the tape
      Every departureEvery arrival
      Private funds
      3 reported on Schedule D 7.B.(1)
      FundTypeGross assetsOwnersFirst reported
      A••••• C••••••• L•••Hedge Fund$170M92Apr 6, 2015
      A••••• C•••••• L•• L•••Other Private Fund$87.6M27Aug 7, 2017
      A••••• C•••••• S•••••• O••••••••• L•••Hedge Fund$19.4M12Mar 31, 2021
      Owners and control persons
      Schedule A and B, latest filing
      • B••••• T•••• M•••••• · Cfo And Ccocontrol
        since 03/2016 · owns less than 5%
      • B••••••• A•••• S•••• · Managing Director - Head Of Investmentscontrol
        since 02/2021 · owns less than 5%
      • R•••••• P••••••• J•••• · Managing Director - Head Of Researchcontrol
        since 02/2021 · owns less than 5%
      • S••••••••• M•••• R••••• · Managercontrol
        since 01/2010 · owns 50% to 75%
      • P•••••• B••••• C•••••• · Member
        since 01/2016 · owns 25% to 50% of N•••• W••• H•••••••• L••
      • R•••••• J•••• H•••• · Member
        since 01/2016 · owns 25% to 50% of N•••• W••• H•••••••• L••
      • Z••••• J••••• F•••• · Member
        since 01/2016 · owns 25% to 50% of N•••• W••• H•••••••• L••
      Entity owners
      • N•••• W••• H•••••••• L•• · Member
        direct · owns 10% to 25%
      Related persons
      Schedule D 7.A
      No related person reported.
      Offices
      Schedule D 1.F, the 25 largest
      No branch office listed.
      What changed
      consecutive filings, newest first
      • Accounts · 5 to 4
        Mar 30, 2023 to Mar 26, 2024
      • Pooled vehicle clients · 5 to 4
        Mar 30, 2023 to Mar 26, 2024
      • Assets in custody · $313M to $179M
        Mar 30, 2023 to Mar 26, 2024
      • Employees · 6 to 5
        Mar 30, 2023 to Mar 26, 2024
      • Private funds · 3 to 2
        Mar 30, 2023 to Mar 26, 2024
      • Discretionary RAUM · $443M to $258M
        Mar 30, 2023 to Mar 26, 2024
      • Pooled vehicle RAUM · $443M to $258M
        Mar 30, 2023 to Mar 26, 2024
      • RAUM · $443M to $258M
        Mar 30, 2023 to Mar 26, 2024
      • Advisory employees · 7 to 5
        Mar 31, 2022 to Mar 30, 2023
      • Assets in custody · $579M to $313M
        Mar 31, 2022 to Mar 30, 2023
      • Employees · 7 to 6
        Mar 31, 2022 to Mar 30, 2023
      • Discretionary RAUM · $737M to $443M
        Mar 31, 2022 to Mar 30, 2023
      • Pooled vehicle RAUM · $737M to $443M
        Mar 31, 2022 to Mar 30, 2023
      • RAUM · $737M to $443M
        Mar 31, 2022 to Mar 30, 2023
      • Advisory employees · 5 to 7
        Mar 31, 2021 to Mar 31, 2022
      • Assets in custody · $442M to $579M
        Mar 31, 2021 to Mar 31, 2022
      • Employees · 6 to 7
        Mar 31, 2021 to Mar 31, 2022
      • Discretionary RAUM · $599M to $737M
        Mar 31, 2021 to Mar 31, 2022
      • Pooled vehicle RAUM · $599M to $737M
        Mar 31, 2021 to Mar 31, 2022
      • RAUM · $599M to $737M
        Mar 31, 2021 to Mar 31, 2022
      • Accounts · 4 to 5
        Aug 6, 2020 to Mar 31, 2021
      • Pooled vehicle clients · 4 to 5
        Aug 6, 2020 to Mar 31, 2021
      • Assets in custody · $425M to $442M
        Aug 6, 2020 to Mar 31, 2021
      • Private funds · 2 to 3
        Aug 6, 2020 to Mar 31, 2021
      • Discretionary RAUM · $592M to $599M
        Aug 6, 2020 to Mar 31, 2021
      • Pooled vehicle RAUM · $592M to $599M
        Aug 6, 2020 to Mar 31, 2021
      • RAUM · $592M to $599M
        Aug 6, 2020 to Mar 31, 2021
      • Accounts · 3 to 4
        Mar 30, 2020 to Aug 6, 2020
      • Pooled vehicle clients · 3 to 4
        Mar 30, 2020 to Aug 6, 2020
      • Assets in custody · $340M to $425M
        Mar 30, 2020 to Aug 6, 2020
      • Discretionary RAUM · $459M to $592M
        Mar 30, 2020 to Aug 6, 2020
      • Pooled vehicle RAUM · $459M to $592M
        Mar 30, 2020 to Aug 6, 2020
      • RAUM · $459M to $592M
        Mar 30, 2020 to Aug 6, 2020
      • Advisory employees · 4 to 5
        Mar 29, 2019 to Mar 30, 2020
      • Assets in custody · $207M to $340M
        Mar 29, 2019 to Mar 30, 2020
      • Employees · 5 to 6
        Mar 29, 2019 to Mar 30, 2020
      • Discretionary RAUM · $284M to $459M
        Mar 29, 2019 to Mar 30, 2020
      • Pooled vehicle RAUM · $284M to $459M
        Mar 29, 2019 to Mar 30, 2020
      • RAUM · $284M to $459M
        Mar 29, 2019 to Mar 30, 2020
      • Assets in custody · $216M to $207M
        Aug 21, 2018 to Mar 29, 2019
      Signals
      7 dated events
      • A••••• C•••••• M••••••••• L•• no longer on the SEC adviser roster (last listed 2025-03-06, RAUM $257.6M)
        May 2, 2025 · Left the SEC roster · derived
      • A••••• C•••••• M••••••••• L•• reported RAUM $257.6M, down 42% from $442.5M (2023-03-30 to 2024-03-26)
        Mar 26, 2024 · RAUM change · derived
      • A••••• C•••••• M••••••••• L•• reported RAUM $442.5M, down 40% from $737.2M (2022-03-31 to 2023-03-30)
        Mar 30, 2023 · RAUM change · derived
      • J•••• P•••••• R••••• (Managing Director - Head Of Research) appeared on Schedule A of A••••• C•••••• M••••••••• L••
        Mar 30, 2023 · Control person joined · fact
      • A••••• C•••••• M••••••••• L•• reported RAUM $592.5M, up 29% from $459.3M (2020-03-30 to 2020-08-06)
        Aug 6, 2020 · RAUM change · derived
      • A••••• C•••••• M••••••••• L•• reported RAUM $459.3M, up 62% from $284.3M (2019-03-29 to 2020-03-30)
        Mar 30, 2020 · RAUM change · derived
      • A••••• C•••••• M••••••••• L•• filed its initial SEC registration (Form ADV)
        Aug 7, 2017 · First SEC registration · fact
      Across DFX
      shared identifiers only, never a name match
      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