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
Rail-Splitter Capital Management LLC
Latest filing Jun 24, 2026
First filing on the tape Feb 27, 2026 · 2 filings
SEC status approved since Feb 27, 2026
RAUM
$484M
reported, Item 5.F
Discretionary
96%
of RAUM
Private clients
99%
$477M individuals and HNW
Advisors
3
registered through the firm on IAPD
RAUM per advisor
$161M
derived; firm RAUM over IAPD count
Employees
3
3 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
2 filings and snapshots on the tape
RAUM$484M as of Jun 24, 2026
Feb 27, 2026$0 then
HNW client RAUM: $458M
State-registered IARs (5.B.3)3 as of Jun 24, 2026
Feb 27, 20263 then
Employees (5.A)3 as of Jun 24, 2026
Feb 27, 20263 then
Private funds: no history
RAUM n/a over the last fiscal year
Practice profile
derived from the filing of Jun 24, 2026; every figure names its basis
Archetypes, each a printed rule
- Independent boutique · a wealth manager with no broker-dealer, bank or insurance affiliate, 2 to 25 advisors, one to three offices, no public reporting company control
- Solo or small team · one advisor, or a wealth manager with up to three advisors and one office
- UHNW private wealth · private-client share at least 50 percent, HNW at least 90 percent of private-client RAUM, and average HNW client assets at least $10M
- Wrap program sponsor · sponsors a wrap fee program (5.I) with at least $100M of wrap assets
- RAUM per advisor
- $161MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 11derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $20.8MderivedHNW RAUM over HNW clients
- Average account
- $4.5MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 96%derivedof RAUM
- Institutional
- 1.5%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.0derivedItem 5.A over advisors
- Advisors per office
- 3.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- unknownderivedbetween 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 individuals, selection of other advisersreportedItem 5.G
- Wrap fee program
- $484MreportedItem 5.I
- 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)
- receives research or other products from a broker-dealer, soft dollars (8.E)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$458M95%
- Individuals$18.5M3.8%
- Pension and profit-sharing plans$7.1M1.5%
- Individual clients
- 12reported
- HNW clients
- 22reported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 108reported
- Financial planning clients
- 0reported
- Wrap fee programs
- $0 sponsored, $0 managedreported
- Custody of client assets
- noreported
- Compensation
- % of AUMreported
- Class basis
- private_client_share=0.99 fund_share=0.0 institutional_share=0.01 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
3 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| John Robert Souter | Winnetka, Il | Mar 3, 2026 | 28 y | 1 |
| Daria Marie Mack | Winnetka, Il | Mar 13, 2026 | 24 y | 5 |
| Thomas J Croghan | Winnetka, Il | Mar 23, 2026 | 42 y | 7 |
Advisor movement
0 left, 3 joined in 12 months
net +3 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
none on the tape
Joined, latest
- Thomas J Croghan from LPL Financial LLCMar 23, 2026 · Affiliated broker-dealer or bank to a newly registered adviser
- Daria Marie Mack from LPL Financial LLCMar 13, 2026 · Affiliated broker-dealer or bank to a newly registered adviser
- John Robert Souter from Delta Investment Management, LLCMar 3, 2026 · RIA to a newly registered adviser
Teams: two or more advisors moving together within fourteen days, from one state
- 2 joined from LPL Financial LLCMar 24, 2026 · Winnetka, Il
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Whitman John Croghan · Chairmancontrolsince 09/2025 · owns less than 5%
- J Thomas Croghan · Managing Membercontrolsince 09/2025 · owns 75% or more
- Robert John Souter · Managing Member And Chief Compliance Officercontrolsince 09/2025 · owns 10% to 25%
Related persons
Schedule D 7.A
No related person reported.
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Winnetka, Il · principal | 3 | 3 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- very high RAUM per advisorStatic outlier · filing Jun 24, 2026RAUM per registered advisor of $161,362,937 against a peer median of $55,716,044 (3252 comparable advisers, 100.0th percentile, 3.7 robust deviations)peers: independent wealth managers, $100M to $500M (3,252) · 100% percentile
What changed
consecutive filings, newest first
- Accounts · 0 to 108Feb 27, 2026 to Jun 24, 2026
- HNW clients · unset to 22.0Feb 27, 2026 to Jun 24, 2026
- Individual clients · unset to 12.0Feb 27, 2026 to Jun 24, 2026
- Discretionary RAUM · $0 to $467MFeb 27, 2026 to Jun 24, 2026
- HNW RAUM · unset to 458460763.0Feb 27, 2026 to Jun 24, 2026
- Individual RAUM · unset to 18537812.0Feb 27, 2026 to Jun 24, 2026
- Non-discretionary RAUM · $0 to $17.4MFeb 27, 2026 to Jun 24, 2026
- Pension RAUM · unset to 7090235.0Feb 27, 2026 to Jun 24, 2026
- RAUM · $0 to $484MFeb 27, 2026 to Jun 24, 2026
Signals
1 dated events
- 2 advisors left LPL Financial LLC (Winnetka, IL) for Rail-Splitter Capital Management LLC on the same dayMar 24, 2026 · Team lift-out · 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
- Website
- rail-splitter.comreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 773-294-6099reportedpublic record, Form ADV, Jun 24, 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
- $161Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026