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
M•••••••• I••••••••• M••••••• P•••••• L••••••
Latest filing Jun 17, 2026
First filing on the tape Nov 29, 2021 · 19 filings
SEC status approved since Jan 20, 2022
RAUM
$315M
reported, Item 5.F
Discretionary
98%
of RAUM
Private clients
87%
$275M individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
69
23 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
19 filings and snapshots on the tape
RAUM$315M as of Jun 17, 2026
Jun 29, 2022$1.3B then
HNW client RAUM$66.2M as of Jun 17, 2026
Jun 29, 2022$331M then
State-registered IARs (5.B.3)0 as of Jun 17, 2026
Jun 29, 20220 then
Employees (5.A)69 as of Jun 17, 2026
Jun 29, 2022100 then
Private funds: no history
RAUM -69% over the last fiscal year-38% a year over threeIARs 0 to 0offices 2 to 1
Practice profile
derived from the filing of Jun 17, 2026; every figure names its basis
Archetypes, each a printed rule
- Mass-affluent RIA · private-client share at least 50 percent, non-HNW individuals at least 60 percent of private-client RAUM
- 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
- $3.7MderivedHNW RAUM over HNW clients
- Average account
- $130,522derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 98%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
- -41%derivedbetween the last two annual amendments
- Advisor growth, one year
- unknownderivedItem 5.B.3 between annual amendments
- Client growth, one year
- -34%derived
- Compensation
- percentage of assets, fixed fees, performance-basedreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehicles, publicationsreportedItem 5.G
- Custody
- $246M, 2,309 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)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
- an independent public accountant performs a surprise examination (9.C.1)
- marketing includes testimonials (5.L.1.c)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Individuals$209M66%
- High-net-worth individuals$66.2M21%
- Pooled investment vehicles$39.8M13%
- Individual clients
- 2,394reported
- HNW clients
- 18reported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 2,415reported
- Financial planning clients
- 0reported
- Wrap fee programs
- noreported
- Custody of client assets
- $246M for 2,309 clientsreported
- Compensation
- % of AUM, fixed, performancereported
- Class basis
- private_client_share=0.87 fund_share=0.13 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
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
- D••••••• P••••••• S••••••• · Chief Compliance Officercontrolsince 03/2021 · owns less than 5%
- G••••• P•••••• J••••••••• · Directorcontrolsince 12/2018 · owns 10% to 25%
- M••••••••• S••••••• P••••••• · Chief Investment Officer And Directorcontrolsince 08/2018 · owns 25% to 50%
- N••••• S••••••••• A••••• · Directorcontrolsince 08/2018 · owns less than 5%
- R•••••• R••••••• K•••• · Directorcontrolsince 01/2019 · owns 10% to 25%
- B••••••• N•••••• L••••••• · Co-Founder And Part Ownersince 12/2018 · owns 5% to 10%
- H••••••• M•••••• L••••••• · Co-Founder And Part Ownersince 12/2018 · owns 5% to 10%
Related persons
Schedule D 7.A
No related person reported.
Advisers that list M•••••••• I••••••••• M••••••• P•••••• L•••••• as a related person
- 333069 y
Offices
Schedule D 1.F, the 25 largest
- Gandhinagar, Gujarat, India2 employees
- New York, NY
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- RAUM down 25 %Change between filings · filing Apr 22, 2026RAUM (Item 5.F) moved from $1,028,675,845 to $603,401,560 (-41.0%) between the annual amendments of 2024-06-24 and 2026-04-22; the peer median change was +15.0% (4550 comparable advisers, 1.0th percentile of changes)peers: independent wealth managers, $100M to $500M (4,550) · 0.8% percentile
What changed
consecutive filings, newest first
- Accounts · 3,894 to 2,415Apr 22, 2026 to Jun 17, 2026
- Advisory employees · 32 to 23Apr 22, 2026 to Jun 17, 2026
- HNW clients · 32 to 18Apr 22, 2026 to Jun 17, 2026
- Individual clients · 3,859 to 2,394Apr 22, 2026 to Jun 17, 2026
- Assets in custody · $523M to $246MApr 22, 2026 to Jun 17, 2026
- Employees · 119 to 69Apr 22, 2026 to Jun 17, 2026
- Other offices · 2 to 1Apr 22, 2026 to Jun 17, 2026
- Discretionary RAUM · $566M to $310MApr 22, 2026 to Jun 17, 2026
- HNW RAUM · $138M to $66.2MApr 22, 2026 to Jun 17, 2026
- Individual RAUM · $430M to $209MApr 22, 2026 to Jun 17, 2026
- Non-discretionary RAUM · $37.5M to $4.8MApr 22, 2026 to Jun 17, 2026
- Pooled vehicle RAUM · $36.0M to $39.8MApr 22, 2026 to Jun 17, 2026
- RAUM · $603M to $315MApr 22, 2026 to Jun 17, 2026
- Financial planning clients · 0 to 0Jun 26, 2025 to Nov 17, 2025
- Accounts · 5,916 to 3,894May 27, 2025 to Jun 26, 2025
- Advisory employees · 29 to 32May 27, 2025 to Jun 26, 2025
- HNW clients · 78 to 32May 27, 2025 to Jun 26, 2025
- Individual clients · 5,836 to 3,859May 27, 2025 to Jun 26, 2025
- Pooled vehicle clients · 2 to 3May 27, 2025 to Jun 26, 2025
- Assets in custody · $832M to $523MMay 27, 2025 to Jun 26, 2025
- Employees · 104 to 119May 27, 2025 to Jun 26, 2025
- Discretionary RAUM · $898M to $566MMay 27, 2025 to Jun 26, 2025
- HNW RAUM · $301M to $138MMay 27, 2025 to Jun 26, 2025
- Individual RAUM · $663M to $430MMay 27, 2025 to Jun 26, 2025
- Non-discretionary RAUM · $131M to $37.5MMay 27, 2025 to Jun 26, 2025
- Pooled vehicle RAUM · $64.6M to $36.0MMay 27, 2025 to Jun 26, 2025
- RAUM · $1.0B to $603MMay 27, 2025 to Jun 26, 2025
- HQ state · unset to Oct 7, 2024 to May 27, 2025
- Related adviser · false to trueJun 24, 2024 to Jul 2, 2024
- Accounts · 8,330 to 5,916Dec 8, 2023 to Jun 24, 2024
- Advisory employees · 25 to 29Dec 8, 2023 to Jun 24, 2024
- HNW clients · 95 to 78Dec 8, 2023 to Jun 24, 2024
- Individual clients · 8,233 to 5,836Dec 8, 2023 to Jun 24, 2024
- Assets in custody · $1.1B to $832MDec 8, 2023 to Jun 24, 2024
- Employees · 115 to 104Dec 8, 2023 to Jun 24, 2024
- Financial planning clients · unset to 0Dec 8, 2023 to Jun 24, 2024
- Discretionary RAUM · $1.1B to $898MDec 8, 2023 to Jun 24, 2024
- HNW RAUM · $246M to $301MDec 8, 2023 to Jun 24, 2024
- Individual RAUM · $852M to $663MDec 8, 2023 to Jun 24, 2024
- Non-discretionary RAUM · $32.7M to $131MDec 8, 2023 to Jun 24, 2024
Signals
3 dated events
- M•••••••• I••••••••• M••••••• P•••••• L•••••• reported RAUM $315.2M, down 48% from $603.4M (2026-04-22 to 2026-06-17)Jun 17, 2026 · RAUM change · derived
- M•••••••• I••••••••• M••••••• P•••••• L•••••• reported RAUM $603.4M, down 41% from $1.0B (2025-05-27 to 2025-06-26)Jun 26, 2025 · RAUM change · derived
- M•••••••• I••••••••• M••••••• filed its initial SEC registration (Form ADV)Nov 29, 2021 · 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
- Business phone
- 806-919-9400reportedpublished by the firm, firm site, Sep 17, 2026
- Firm profile
- linkedin.com/company/marcellus-investment-managersreportedpublic record, Form ADV, Sep 18, 2026
- Website
- m•••••••••.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 0806-9199-400reportedpublic record, Form ADV, Jun 17, 2026
- Contact form
- m•••••••••.comreportedpublished by the firm, firm site, Sep 17, 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
- Independent wealth managerderiveda 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