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.
The names on this page are hidden. Create a free account and they fill in. No card, and every figure, date and source on this page is public either way.
SEC-registered adviser
M••••••• F•••••••• R••• M••••••••• L••
Latest filing Mar 31, 2026
First filing on the tape Jan 12, 2012 · 23 filings
SEC status approved since Jan 24, 2012
RAUM
$40B
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
177
135 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
23 filings and snapshots on the tape
RAUM$40B as of Mar 31, 2026
Apr 2, 2012$2.8B then
HNW client RAUM: no history
State-registered IARs (5.B.3)0 as of Mar 31, 2026
Apr 1, 20130 then
Employees (5.A)177 as of Mar 31, 2026
Apr 1, 201395 then
Private funds: no history
RAUM -1.8% over the last fiscal year-2.0% a year over threeIARs 0 to 0
Practice profile
derived from the filing of Mar 31, 2026; every figure names its basis
- RAUM per advisor
- unknownderivedRAUM 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
- $164MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 33%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- unknownderivedItem 5.A over advisors
- Advisors per office
- unknownderived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- -1.8%derivedbetween the last two annual amendments
- Advisor growth, one year
- unknownderivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, hourly, fixed feesreportedItem 5.E
- Advisory activities
- portfolio management for businesses and institutions, portfolio management for pooled vehicles, 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
- 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)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Investment companies$26B64%
- Insurance companies$13B33%
- Pooled investment vehicles$1.3B3.1%
- Individual clients
- n/areported
- HNW clients
- n/areported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 246reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, fixed, hourlyreported
- Class basis
- private_client_share=0.0 fund_share=0.67 institutional_share=0.33 related_bd=true related_bank=false bd_reps=4.0derived
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
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- P••• S••••• H•••• · Chief Compliance Officersince 09/2014 · owns less than 5%
Entity owners
- M•••••••• I••• · Managing Memberdirect · owns 75% or more
Related persons
Schedule D 7.A
- M••••••• A•••••••• L••investment adviserLP sponsoryRAUM $2.3B
- M••••••• F•••••••• S••••••••• B•••investment advisery
- M••••••• F•••••••• S••••••••• L••••••investment advisern
- M••••••• I••••••••• M••••••••• S••••••• L••broker-dealern
- M••••••• P•• L••investment advisern
Advisers that list M••••••• F•••••••• R••• M••••••••• L•• as a related person
- 112245 n
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- discretionary share shiftChange between filings · filing Mar 31, 2026discretionary share of RAUM moved from 80.0% to 100.0% between the annual amendments of 2025-03-31 and 2026-03-31peers: asset managers, $20B and over (512)
What changed
consecutive filings, newest first
- Accounts · 211 to 246Mar 31, 2025 to Mar 31, 2026
- Advisory employees · 134 to 135Mar 31, 2025 to Mar 31, 2026
- BD registered reps · 5 to 4Mar 31, 2025 to Mar 31, 2026
- Employees · 173 to 177Mar 31, 2025 to Mar 31, 2026
- Discretionary RAUM · $33B to $40BMar 31, 2025 to Mar 31, 2026
- Non-discretionary RAUM · $8.4B to $0Mar 31, 2025 to Mar 31, 2026
- Pooled vehicle RAUM · $1.4B to $1.3BMar 31, 2025 to Mar 31, 2026
- RAUM · $41B to $40BMar 31, 2025 to Mar 31, 2026
- Accounts · 169 to 211Mar 31, 2024 to Mar 31, 2025
- BD registered reps · 6 to 5Mar 31, 2024 to Mar 31, 2025
- Pooled vehicle clients · 4 to 5Mar 31, 2024 to Mar 31, 2025
- Employees · 182 to 173Mar 31, 2024 to Mar 31, 2025
- Financial planning clients · unset to Mar 31, 2024 to Mar 31, 2025
- Discretionary RAUM · $29B to $33BMar 31, 2024 to Mar 31, 2025
- Non-discretionary RAUM · $14B to $8.4BMar 31, 2024 to Mar 31, 2025
- Pooled vehicle RAUM · $1.7B to $1.4BMar 31, 2024 to Mar 31, 2025
- RAUM · $43B to $41BMar 31, 2024 to Mar 31, 2025
- Accounts · 248 to 169Apr 3, 2023 to Mar 31, 2024
- Advisory employees · 196 to 134Apr 3, 2023 to Mar 31, 2024
- BD registered reps · 8 to 6Apr 3, 2023 to Mar 31, 2024
- Pooled vehicle clients · 10 to 4Apr 3, 2023 to Mar 31, 2024
- Employees · 205 to 182Apr 3, 2023 to Mar 31, 2024
- Financial planning clients · 0 to unsetApr 3, 2023 to Mar 31, 2024
- Discretionary RAUM · $25B to $29BApr 3, 2023 to Mar 31, 2024
- Non-discretionary RAUM · $18B to $14BApr 3, 2023 to Mar 31, 2024
- Pooled vehicle RAUM · $1.9B to $1.7BApr 3, 2023 to Mar 31, 2024
- RAUM · $43B to $43BApr 3, 2023 to Mar 31, 2024
- Accounts · 72 to 248Mar 31, 2022 to Mar 31, 2023
- Advisory employees · 188 to 196Mar 31, 2022 to Mar 31, 2023
- BD registered reps · 11 to 8Mar 31, 2022 to Mar 31, 2023
- Pooled vehicle clients · 11 to 10Mar 31, 2022 to Mar 31, 2023
- Employees · 194 to 205Mar 31, 2022 to Mar 31, 2023
- Financial planning clients · unset to 0Mar 31, 2022 to Mar 31, 2023
- Discretionary RAUM · $16B to $25BMar 31, 2022 to Mar 31, 2023
- Non-discretionary RAUM · $18B to $18BMar 31, 2022 to Mar 31, 2023
- Pooled vehicle RAUM · $2.6B to $1.9BMar 31, 2022 to Mar 31, 2023
- RAUM · $34B to $43BMar 31, 2022 to Mar 31, 2023
- Accounts · 51 to 72Mar 31, 2021 to Mar 31, 2022
- Advisory employees · 170 to 188Mar 31, 2021 to Mar 31, 2022
- BD registered reps · 9 to 11Mar 31, 2021 to Mar 31, 2022
Signals
2 dated events
- M••••••• F•••••••• R••• M••••••••• L•• reported RAUM $29.0B, down 30% from $41.6B (2019-03-29 to 2020-03-31)Mar 31, 2020 · RAUM change · derived
- M••••••• F•••••••• R••• M••••••••• L•• reported RAUM $41.6B, up 252% from $11.8B (2018-03-30 to 2019-03-29)Mar 29, 2019 · 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/milliman-frmreportedpublic record, Form ADV, Sep 18, 2026
- Website
- millimanfunds.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 312-726-0677reportedpublic record, Form ADV, Mar 31, 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
- n/aderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026