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
Fs Fund Advisor, LLC
Latest filing Mar 25, 2026
First filing on the tape Mar 1, 2017 · 21 filings
SEC status approved since Mar 8, 2017
RAUM
$1.6B
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
118
3 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
21 filings and snapshots on the tape
RAUM$1.6B as of Mar 25, 2026
Mar 28, 2017$200,000 then
HNW client RAUM: no history
State-registered IARs (5.B.3)0 as of Mar 25, 2026
Mar 28, 20170 then
Employees (5.A)118 as of Mar 25, 2026
Mar 28, 2017143 then
Private funds: no history
RAUM -20% over the last fiscal year+24% a year over threeIARs 0 to 0
Practice profile
derived from the filing of Mar 25, 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
- $1.6BderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- unknownderivedItem 5.A over advisors
- Advisors per office
- unknownderived2 offices incl. principal (1.F.5)
- RAUM growth, one year
- -20%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 assetsreportedItem 5.E
- Advisory activities
- portfolio management for investment companies, otherreportedItem 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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Investment companies$1.6B100%
- Individual clients
- 0reported
- HNW clients
- 0reported
- Pension plan clients
- 0reported
- Charitable clients
- 0reported
- Accounts
- 1reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUMreported
- Class basis
- private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=true related_bank=true bd_reps=16.0derived
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
- Jason David Adelman · Principalcontrolsince 01/2017 · owns less than 5%
- Maximilian Philip Browne · Chief Financial Officercontrolsince 03/2017 · owns less than 5%
- Robert Marc Bryant · Chief Legal Officercontrolsince 05/2019 · owns less than 5%
- Camilla Elizabeth Detwiler · Managing Director, Ccocontrolsince 01/2017 · owns less than 5%
- Craig Michael Forman · Chairman And Ceocontrolsince 01/2017 · owns less than 5%
- Scott Stephen Sypherd · General Counselcontrolsince 03/2017 · owns less than 5%
- Jason David Adelman · Membercontrolsince 02/2015 · owns 50% to 75% of Franklin Square Holdings G.P., LLC
- Craig Michael Forman · Managing Membercontrolsince 05/2007 · owns 50% to 75% of Franklin Square Holdings, G.P., LLC
- Craig Michael Forman · Sole Membercontrolsince 02/2007 · owns 75% or more of Fb Capital Management, LLC
- Craig Michael Forman · Limited Partnercontrolsince 08/2005 · owns 75% or more of Fb Capital Partners, L.P.
- Robert Thomas Trala · Trusteecontrolsince 01/2020 · owns F of The 2011 Forman Investment Trust
- Thomas Stephen Nelb · Derivatives Risk Managersince 03/2022 · owns less than 5%
- Jay Michael Heller · Trusteesince 01/2017 · owns F of The 2011 Forman Investment Trust
Entity owners
- Fsh Advisor Fee Holdings, LLC · Memberdirect · owns 10% to 25%
- Fsjv Holdco, LLC · Memberdirect · owns 50% to 75%
- The 2011 Forman Investment Trust · Member, Class Adirect · owns 10% to 25%
- Fb Capital Management, LLC · General Partnerindirect · owns F of Fb Capital Partners, L.P.
- Fb Capital Partners, L.P. · Memberindirect · owns 25% to 50% of Fsh Nci Aggregator, LLC
- Franklin Square Holdings, G.P., LLC · General Partnerindirect · owns F of Franklin Square Holdings, L.P.
- Franklin Square Holdings, L.P. · Memberindirect · owns 75% or more of Fsh Advisor Fee Holdings, LLC
- Franklin Square Holdings, L.P. · Memberindirect · owns F of Fsh Holdco, LLC
- Franklin Square Holdings, L.P. · Memberindirect · owns 50% to 75% of Fsjv Holdco, LLC
- Fsh Advisor Fee Holdings, LLC · Memberindirect · owns F of Fsjv Holdco, LLC
- Fsh Nci Aggregator, LLC · Limited Partnerindirect · owns 25% to 50% of Franklin Square Holdings, L.P.
- The 2011 Forman Investment Trust · Memberindirect · owns 25% to 50% of Fsh Nci Aggregator, LLC
- Fsh Holdco Sub, LLC · Memberindirect · owns F of Fsjv Holdco, LLC
- Fsh Holdco, LLC · Memberindirect · owns 75% or more of Fsh Holdco Sub, LLC
Related persons
Schedule D 7.A
- Asia Select Management Limitedpooled vehicle sponsorn
- Chiron Investment Management, LLCinvestment adviserbanknRAUM $440M
- Franklin Square Holdings, L.P.pooled vehicle sponsory
- Fs Credit Income Advisor, LLCinvestment adviserbanknRAUM $726M
- Fs Global Advisor, LLCinvestment adviserbanknRAUM $3.0B
- Fs Investment Solutions, LLCbroker-dealern
- Fs Reit Advisor, LLCinvestment advisernRAUM $9.1B
- Fs Structured Products Advisor, LLCinvestment advisernRAUM $2.2B
- Fs Tactical Advisor, LLCinvestment adviserbanknRAUM $279M
- Fs Specialty Lending Advisor, LLCinvestment adviserbanknRAUM $1.9B
- Fs/Kkr Advisor, LLCinvestment adviserbanknRAUM $16B
- Portfolio Advisors Capital Uk, Ltdinvestment advisern
- Portfolio Advisors LLCinvestment adviserpooled vehicle sponsornRAUM $48B
- Portfolio Advisors Singapore Pte. Ltd.investment advisern
Advisers that list Fs Fund Advisor, LLC as a related person
Offices
Schedule D 1.F, the 25 largest
- New York, NY5 employees
What changed
consecutive filings, newest first
- Accounts · 2 to 1Jan 13, 2026 to Mar 25, 2026
- Advisory employees · 6 to 3Jan 13, 2026 to Mar 25, 2026
- BD registered reps · 19 to 16Jan 13, 2026 to Mar 25, 2026
- Employees · 126 to 118Jan 13, 2026 to Mar 25, 2026
- Discretionary RAUM · $2.0B to $1.6BJan 13, 2026 to Mar 25, 2026
- RAUM · $2.0B to $1.6BJan 13, 2026 to Mar 25, 2026
- Accounts · 3 to 2Jun 25, 2024 to Mar 28, 2025
- Advisory employees · 11 to 6Jun 25, 2024 to Mar 28, 2025
- BD registered reps · 18 to 19Jun 25, 2024 to Mar 28, 2025
- Employees · 112 to 126Jun 25, 2024 to Mar 28, 2025
- Financial planning clients · unset to Jun 25, 2024 to Mar 28, 2025
- Discretionary RAUM · $2.6B to $2.0BJun 25, 2024 to Mar 28, 2025
- RAUM · $2.6B to $2.0BJun 25, 2024 to Mar 28, 2025
- Advisory employees · 7 to 11Jul 27, 2023 to Mar 27, 2024
- BD registered reps · 16 to 18Jul 27, 2023 to Mar 27, 2024
- Employees · 111 to 112Jul 27, 2023 to Mar 27, 2024
- Discretionary RAUM · $861M to $2.6BJul 27, 2023 to Mar 27, 2024
- RAUM · $861M to $2.6BJul 27, 2023 to Mar 27, 2024
- Accounts · 1 to 3Mar 30, 2022 to Mar 27, 2023
- Advisory employees · 8 to 7Mar 30, 2022 to Mar 27, 2023
- BD registered reps · 12 to 16Mar 30, 2022 to Mar 27, 2023
- Employees · 106 to 111Mar 30, 2022 to Mar 27, 2023
- Discretionary RAUM · $193M to $861MMar 30, 2022 to Mar 27, 2023
- RAUM · $193M to $861MMar 30, 2022 to Mar 27, 2023
- Accounts · 7 to 1Jul 6, 2021 to Mar 30, 2022
- Advisory employees · 6 to 8Jul 6, 2021 to Mar 30, 2022
- Employees · 92 to 106Jul 6, 2021 to Mar 30, 2022
- Discretionary RAUM · $178M to $193MJul 6, 2021 to Mar 30, 2022
- Non-discretionary RAUM · $16.7M to $0Jul 6, 2021 to Mar 30, 2022
- RAUM · $195M to $193MJul 6, 2021 to Mar 30, 2022
- Advisory employees · 11 to 6Mar 27, 2020 to Mar 31, 2021
- BD registered reps · 16 to 12Mar 27, 2020 to Mar 31, 2021
- Employees · 101 to 92Mar 27, 2020 to Mar 31, 2021
- Discretionary RAUM · $280M to $178MMar 27, 2020 to Mar 31, 2021
- Non-discretionary RAUM · $0 to $16.7MMar 27, 2020 to Mar 31, 2021
- RAUM · $280M to $195MMar 27, 2020 to Mar 31, 2021
- Advisory employees · 3 to 11Jun 11, 2019 to Mar 27, 2020
- BD registered reps · 9 to 16Jun 11, 2019 to Mar 27, 2020
- Employees · 67 to 101Jun 11, 2019 to Mar 27, 2020
- Discretionary RAUM · $131M to $280MJun 11, 2019 to Mar 27, 2020
Signals
6 dated events
- Fs Fund Advisor, Llc reported RAUM $2.6B, up 198% from $861.2M (2023-07-27 to 2024-03-27)Mar 27, 2024 · RAUM change · derived
- Robert Thomas Trala (Trustee) appeared on Schedule A of Fs Fund Advisor, LlcMar 30, 2023 · Control person joined · fact
- Fs Fund Advisor, Llc reported RAUM $861.2M, up 346% from $193.3M (2022-03-30 to 2023-03-27)Mar 27, 2023 · RAUM change · derived
- Fs Fund Advisor, Llc reported RAUM $280.5M, up 115% from $130.6M (2019-06-11 to 2020-03-27)Mar 27, 2020 · RAUM change · derived
- Robert Marc Bryant (Chief Legal Officer) appeared on Schedule A of Fs Fund Advisor, LlcMar 27, 2020 · Control person joined · fact
- Fs Fund Advisor, Llc filed its initial SEC registration (Form ADV)Mar 1, 2017 · First SEC registration · fact
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/futurestandardfsreportedpublic record, Form ADV, Sep 17, 2026
- Firm profile
- linkedin.com/company/portfolio-advisorsreportedpublic record, Form ADV, Sep 17, 2026
- Website
- fscreit.comreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 215-220-6651reportedpublic record, Form ADV, Mar 25, 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