# Division of Investment Management > Briefs, arguments, decisions, and more. URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3A5e58923c8e563432 ## Record - **Collection:** Agency decision - **Document type:** Agency decision ## Text Division of Investment Management Analytics Office Investment Adviser Statistics Form ADV Data, period ending December 2023 May 15, 2024 This is a report of the Staff of the Division of Investment Management’s Analytics Office of the U.S. Securities and Exchange Commission. The Commission has expressed no view regarding the analysis, findings, or conclusions contained herein. Information presented in this report reflects staff’s compilation and analysis of data reported to the Commission on Form ADV Part 1A. The presented information does not reflect any filings or amended filings submitted after May 06, 2024. May 15, 2024 Analytics Office Introduction This report provides statistics and trends for investment advisers that file Form ADV Part 1A, reflecting data collected through May 06, 2024. Please see the Appendix to this report for definitions of capitalized terms, other technical descriptions, and significant changes to Form ADV over time. Advisers that file or report to the Commission on Form ADV Part 1A must file an annual updating amendment on Form ADV within 90 days after the end of their respective fiscal years. As a result, information filed on Form ADV is asynchronous across advisers. Additionally, those advisers that file or report to the Commission on Form ADV are required to promptly file other-than-annual amendments if certain aspects of their most recent annual updating amendment have changed — for more details, see the Form ADV, General Instructions. Commission Staff works with the reported information and with filers to identify and correct filing errors and employs certain methodologies and assumptions in aggregating the data. Commission Staff updates reported statistics from time to time to reflect corrected and amended filings and any adjustments to methodologies and assumptions, which may result in changes to previously reported statistics. Where appropriate, Commission Staff may remove erroneous filings to ensure the accuracy of information presented. A downloadable Excel file published alongside this report provides the most recently updated historical data and includes methodological notes and assumptions, including a description of significant changes. If you have any questions or comments about Investment Adviser Statistics (December 2023), please contact: Tim Dulaney, PhD or Trevor Tatum with subject line “Investment Adviser Statistics (December 2023)”. 1 May 15, 2024 Analytics Office Contents 1 Number of Advisers 3 2 Regulatory Assets Under Management 5 3 Clients and Accounts 6 3.1 Clients . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3.2 Accounts 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Separately Managed Accounts 10 5 Private Funds 12 5.1 Total Private Funds Advised by RIAs or ERAs . . . . . . . . . . . . . . . . . . . . . . 12 5.2 Private Funds Advised by RIAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 5.3 Private Funds Advised by ERAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 5.4 Service Providers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 6 Employees 17 7 Offices 19 7.1 19 Principal Office and Place of Business . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 RIA Activities 21 9 Interest in Client Transactions 23 10 Wrap Fee Programs 24 11 Disclosure Information 25 12 Appendices 26 12.1 Interval Notation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 12.2 Methodology for Timeseries Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 12.3 Form ADV, Part 1A Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 12.4 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 2 May 15, 2024 Analytics Office Number of Advisers1 1 Table 1.1: Number of SEC-Registered Investment Advisers (RIAs) and SECExempt Reporting Advisers (ERAs) This table relies on registration and exemptions reported on Form ADV Item 2A and 2B. For each type of adviser in these items, the rows paraphrase each registration basis or exemption. Rows are not mutually exclusive as advisers may select more than one basis of registration or exemption. Type of Adviser RIA ERA Total Registration Basis or Exemption Large advisory firm Advise RICs Have a non-US principal office Mid-size advisory firm Are a related adviser of RIAs Are an internet adviser Are a pension consultant Are no longer eligible for registration Are a multi-state adviser Advise BDCs Newly formed adviser Have received SEC exemptive orders Have a WY principal office Subtotal Smaller PF adviser Venture Capital No longer a smaller PF adviser Subtotal Total 2009 3 1,117 516 10,043 427 50 345 280 36 0 53 3 42 11,458 0 0 0 0 11,458 2010 1,082 1,156 544 9,132 431 57 330 383 57 1 30 3 49 11,719 1 0 0 1 11,720 2011 7,317 1,249 535 783 506 63 282 1,446 136 28 25 3 41 10,733 1,774 671 29 2,256 12,989 2012 8,779 1,271 594 524 460 64 288 142 128 40 31 3 45 10,662 2,039 722 16 2,560 13,222 2013 9,078 1,347 622 432 422 73 275 141 109 47 21 3 39 10,826 2,255 773 26 2,781 13,607 2014 9,540 1,405 675 456 455 71 282 153 109 49 20 3 40 11,396 2,489 859 36 3,072 14,468 2015 9,808 1,359 721 516 474 112 281 159 115 63 29 3 37 11,855 2,768 956 41 3,417 15,272 2016 10,033 1,286 783 472 475 134 257 152 110 63 36 4 23 12,065 2,890 1,036 55 3,602 15,667 2017 10,589 1,254 827 501 439 149 253 128 113 56 33 3 6 12,572 3,175 1,164 55 3,950 16,522 2018 11,103 1,226 837 514 430 162 246 111 97 52 29 3 3 13,101 3,399 1,293 78 4,266 17,367 2019 11,431 1,195 818 491 417 178 239 102 90 54 27 4 1 13,349 3,677 1,402 83 4,624 17,973 2020 11,921 1,163 808 442 433 197 220 97 93 53 23 3 0 13,783 3,975 1,593 93 5,095 18,878 2021 12,846 1,182 802 432 428 231 208 83 102 59 22 3 0 14,699 4,297 1,843 113 5,646 20,345 2022 13,323 1,191 789 478 434 262 187 121 107 61 19 3 0 15,287 4,474 2,093 102 6,046 21,333 2023 13,548 1,162 784 452 399 250 184 135 104 72 26 3 0 15,441 4,103 2,022 158 5,762 21,203 Table 1.2: Number of Small-Entity SEC-Registered Investment Advisers Small-entity RIAs are those which respond “No” to each part of Form ADV, Item 12. Type of Adviser Non-Small Entity Small Entity Total 2009 10,899 559 11,458 2010 11,166 553 11,719 2011 10,253 480 10,733 2012 10,271 391 10,662 2013 10,461 365 10,826 2014 11,024 372 11,396 2015 11,434 421 11,855 2016 11,623 442 12,065 2017 12,116 456 12,572 2018 12,668 433 13,101 2019 12,917 432 13,349 2020 13,357 426 13,783 2021 14,251 448 14,699 2022 14,827 460 15,287 2023 14,973 468 15,441 Table 1.3: Number of RIAs and ERAs, by Form of Organization This table relies on organization type reported on Form ADV, Item 3A. Adviser Type RIA ERA Total Form of Organization LLC Corporation Sole Proprietorship LP LLP Partnership Other Subtotal LLC Corporation Sole Proprietorship LP LLP Partnership Other Subtotal Total 2009 5,097 5,257 326 0 116 380 282 11,458 0 0 0 0 0 0 0 0 11,458 2010 5,407 5,213 304 14 114 380 287 11,719 1 0 0 0 0 0 0 1 11,720 2011 5,129 4,585 219 313 107 178 202 10,733 1,093 629 12 138 156 9 219 2,256 12,989 2012 5,447 4,018 121 618 120 123 215 10,662 1,230 692 15 157 188 11 267 2,560 13,222 2013 5,652 3,932 101 688 128 98 227 10,826 1,363 743 13 162 190 18 292 2,781 13,607 2014 6,091 3,962 97 782 136 79 249 11,396 1,504 809 12 191 209 19 328 3,072 14,468 2015 6,419 3,998 101 876 138 65 258 11,855 1,682 880 13 230 230 17 365 3,417 15,272 2016 6,628 3,936 87 956 140 53 265 12,065 1,796 912 13 234 230 17 400 3,602 15,667 2017 7,003 3,987 85 1,014 156 50 277 12,572 1,965 987 12 254 257 19 456 3,950 16,522 2018 7,456 4,023 76 1,063 149 46 288 13,101 2,137 996 14 283 282 15 539 4,266 17,367 2019 7,707 3,968 67 1,129 144 41 293 13,349 2,336 1,044 14 309 291 15 615 4,624 17,973 2020 8,139 3,940 68 1,162 149 39 286 13,783 2,673 1,073 11 331 306 15 686 5,095 18,878 2021 8,840 4,054 70 1,250 160 33 292 14,699 3,069 1,131 11 349 305 9 772 5,646 20,345 2022 9,382 4,051 75 1,291 160 34 294 15,287 3,356 1,166 14 369 316 12 813 6,046 21,333 2023 9,614 3,972 65 1,314 157 31 288 15,441 3,106 1,143 11 359 312 10 821 5,762 21,203 1 Please see Appendix 12.4 for definitions of capitalized terms used in this report. Please see Appendix 12.3 for Form ADV changes over time, including the impact of the enactment of a Wyoming state law regulating investment advisers. 3 May 15, 2024 Analytics Office Table 1.4: Number of RIAs and ERAs, by Fiscal Year-End Month This table relies on fiscal year-end month reported on Form ADV, Item 3B. Adviser Type RIA ERA Total Fiscal Year-End Month January February March April May June July August September October November December Subtotal January February March April May June July August September October November December Subtotal Total 2009 57 31 223 40 35 199 26 15 181 67 54 10,530 11,458 0 0 0 0 0 0 0 0 0 0 0 0 0 11,458 2010 50 28 223 36 36 199 26 14 185 66 47 10,809 11,719 0 0 0 0 0 0 0 0 0 0 0 1 1 11,720 2011 49 23 213 29 33 176 21 14 166 62 35 9,912 10,733 1 1 109 10 2 42 2 0 22 2 17 2,048 2,256 12,989 2012 33 16 232 27 25 175 20 12 162 60 28 9,872 10,662 5 13 144 10 4 49 2 0 29 3 22 2,279 2,560 13,222 2013 31 15 219 26 21 174 22 11 159 63 24 10,061 10,826 3 12 150 10 4 49 3 0 27 4 24 2,495 2,781 13,607 2014 31 17 229 25 21 172 23 11 158 63 21 10,625 11,396 4 11 179 10 4 59 4 1 27 4 25 2,744 3,072 14,468 4 2015 30 18 238 25 20 168 21 12 159 66 22 11,076 11,855 5 10 195 9 3 65 5 1 28 3 26 3,067 3,417 15,272 2016 28 18 242 22 19 172 17 10 153 67 21 11,296 12,065 6 12 215 12 3 65 6 2 27 4 25 3,225 3,602 15,667 2017 28 16 243 22 18 172 19 11 153 71 26 11,793 12,572 8 11 226 15 3 75 6 4 34 6 25 3,537 3,950 16,522 2018 28 15 245 23 15 173 20 12 150 68 26 12,326 13,101 7 10 247 15 2 89 4 3 37 7 23 3,822 4,266 17,367 2019 23 14 244 26 16 160 19 12 144 66 27 12,598 13,349 11 11 278 16 2 87 4 3 35 9 24 4,144 4,624 17,973 2020 24 16 247 24 15 154 18 11 141 55 26 13,052 13,783 9 9 286 14 2 82 7 4 35 6 21 4,620 5,095 18,878 2021 27 14 242 25 15 167 20 9 145 51 25 13,959 14,699 10 9 295 11 5 94 7 4 34 7 18 5,152 5,646 20,345 2022 25 12 235 26 12 163 16 10 138 44 26 14,580 15,287 13 12 319 16 3 99 6 4 35 9 16 5,514 6,046 21,333 2023 24 13 231 23 11 158 16 10 140 45 26 14,744 15,441 11 10 321 16 3 93 6 5 32 7 16 5,242 5,762 21,203 May 15, 2024 2 Analytics Office Regulatory Assets Under Management “RAUM”2 Table 2.1: Aggregate RAUM Reported by RIAs ($Trillions) This table relies on RAUM reported on Form ADV, Item 5F(2)(a-c). Discretionary and non-discretionary RAUM may not sum to total RAUM due to rounding. RAUM Discretionary Non-Discretionary Total 2009 $36.0 $3.3 $39.4 2010 $39.1 $4.0 $43.1 2011 $42.7 $4.4 $47.1 2012 $50.5 $4.5 $55.0 2013 $57.1 $4.7 $61.8 2014 $61.0 $5.7 $66.6 2015 $61.6 $5.8 $67.4 2016 $65.7 $5.9 $71.6 2017 $77.1 $6.6 $83.6 2018 $79.6 $6.8 $86.4 2019 $91.4 $7.6 $99.1 2020 $101.6 $8.5 $110.2 2021 $117.2 $10.9 $128.1 2022 $105.2 $10.2 $115.4 2023 $117.8 $11.1 $128.8 Table 2.2: Percent of Aggregate RAUM Attributable to RIAs, by RAUM Bin This table relies on RAUM reported on Form ADV, Item 5F(2)(a-c). Each RIA is assigned an RAUM bin based on their reported RAUM. The RAUM in each bin is then summed, and divided by total aggregate RIA RAUM to get the percentage of RIA RAUM in each bin. See the appendix for a review of interval notation used here. Adviser RAUM Under $100 million [$100 million,$1 billion) [$1 billion,$5 billion) [$5 billion,$100 billion) [$100 billion,$500 billion) [$500 billion,$1 trillion) $1 trillion or More 2009 0.6% 3.4% 6.8% 39.9% 31.1% 8.1% 10.1% 2010 0.5% 3.5% 6.7% 40.0% 33.6% 9.4% 6.3% 2011 0.3% 3.3% 6.5% 38.4% 34.3% 7.8% 9.3% 2012 0.1% 3.6% 7.2% 38.7% 30.3% 11.3% 8.8% 2013 0.1% 3.4% 6.9% 37.0% 32.1% 9.9% 10.7% 2014 0.1% 3.3% 6.8% 35.4% 30.6% 13.0% 10.8% 2015 0.1% 3.3% 6.9% 35.9% 30.5% 10.9% 12.4% 2016 0.1% 3.2% 6.7% 35.9% 29.6% 11.9% 12.6% 2017 0.1% 3.0% 6.2% 31.4% 32.1% 10.7% 16.6% 2018 0.1% 3.0% 6.0% 30.2% 30.5% 12.3% 17.8% 2019 0.1% 2.7% 5.6% 27.3% 30.1% 11.6% 22.6% 2020 0.0% 2.6% 5.5% 27.3% 28.7% 9.3% 26.6% 2021 0.0% 2.4% 5.1% 26.4% 29.2% 9.9% 27.0% 2022 0.1% 2.7% 5.4% 28.3% 28.6% 11.7% 23.4% 2023 0.0% 2.5% 5.1% 26.4% 27.4% 10.0% 28.6% Table 2.3: Percent of RIAs, by RAUM Bin This table relies on RAUM reported on Form ADV, Item 5F(2)(a-c). Totals represent the percentage of RIAs with reported RAUM in a given RAUM bin. See the appendix for a review of interval notation used here. Adviser RAUM Under $100 million [$100 million,$1 billion) [$1 billion,$5 billion) [$5 billion,$100 billion) [$100 billion,$500 billion) [$500 billion,$1 trillion) $1 trillion or More 2009 46.0% 36.4% 10.4% 6.7% 0.5% 0.0% 0.0% 2010 41.2% 40.0% 11.0% 7.1% 0.6% 0.1% 0.0% 2011 32.6% 45.9% 12.5% 8.2% 0.8% 0.1% 0.0% 2012 17.7% 54.9% 16.7% 9.8% 0.8% 0.1% 0.0% 2013 15.5% 55.6% 17.5% 10.4% 0.9% 0.1% 0.0% 2014 15.5% 55.3% 17.8% 10.3% 1.0% 0.1% 0.0% 2015 16.8% 55.2% 17.2% 9.9% 0.9% 0.1% 0.0% 2016 15.7% 55.5% 17.6% 10.1% 0.9% 0.1% 0.0% 2017 14.5% 55.8% 18.5% 10.1% 1.0% 0.1% 0.1% 2018 14.3% 57.2% 17.8% 9.6% 1.0% 0.1% 0.1% 2019 13.0% 57.3% 18.5% 9.9% 1.1% 0.1% 0.1% 2020 11.9% 57.2% 19.3% 10.3% 1.1% 0.1% 0.1% 2021 11.1% 56.7% 19.9% 10.9% 1.2% 0.1% 0.1% 2022 12.2% 57.9% 18.2% 10.4% 1.0% 0.1% 0.1% 2023 11.1% 58.0% 18.9% 10.6% 1.1% 0.1% 0.1% Table 2.4: Aggregate US and Non-US RAUM Reported by RIAs ($Trillions) This table relies on RAUM reported on Form ADV, Item 5F(2)(c) and the amount attributable to non-US persons from Form ADV, Item 5F(3). US and Non-US RAUM may not sum to total RAUM due to rounding. RAUM US Non-US Total 2017 $65.0 $18.6 $83.6 2018 $64.0 $22.4 $86.4 2019 $73.7 $25.3 $99.1 2020 $82.1 $28.0 $110.2 2 2021 $94.7 $33.4 $128.1 2022 $87.1 $28.3 $115.4 2023 $98.6 $30.3 $128.8 See Form ADV instruction 5.b. for further information on the calculation of RAUM. Because of the way that RAUM is calculated under this instruction, assets of securities portfolios reflected may be counted more than once (e.g., fund of funds, sub-advised portfolios, etc.). ERAs are not required to complete Item 5 and certain other items of Part 1A of Form ADV. For more information, see the General Instructions to Form ADV. 5 May 15, 2024 Analytics Office 3 Clients and Accounts3 3.1 Clients Table 3.1: Aggregate RAUM Reported by RIAs, by Separately Managed Account (SMA) and Pooled Investment Vehicle (PIV) Clients ($Trillions) This table relies on RAUM reported on Form ADV, Item 5D. Prior to October 2017 the RAUM attributed to each client for each adviser is based on the midpoint of ranges reported as the exact amount of RAUM was not reported. Category PIVs SMAs Client Type Investment Companies Other Pooled Vehicles Business Development Companies HNW Individuals Insurance Companies Pension Plans Non-HNW Individuals State/Municipal Entities Corporations Foreign Institutions Charities Other Advisers Other Banking Institutions 2009 $10.5 $5.3 $0.0 $3.7 $0.0 $5.8 $5.8 $1.9 $4.4 $0.0 $1.8 $0.0 $2.9 $1.1 2010 $10.9 $6.2 $0.1 $3.8 $0.5 $5.7 $5.0 $2.1 $4.0 $0.0 $1.9 $0.3 $3.2 $1.4 2011 $17.0 $9.9 $0.2 $4.2 $5.3 $6.9 $3.7 $3.9 $5.0 $0.0 $3.6 $2.1 $3.4 $2.9 2012 $19.7 $14.0 $0.2 $4.7 $6.1 $7.1 $4.0 $4.2 $5.5 $0.0 $3.9 $2.4 $3.7 $3.1 2013 $22.7 $15.8 $0.4 $5.5 $6.4 $8.1 $4.5 $5.0 $6.1 $0.0 $4.5 $3.2 $3.7 $3.3 2014 $24.0 $17.1 $0.4 $6.7 $6.8 $8.6 $4.9 $5.3 $6.5 $0.0 $4.8 $3.4 $4.5 $3.7 2015 $23.8 $17.6 $0.4 $6.7 $6.9 $8.9 $5.0 $5.2 $6.5 $0.0 $5.0 $3.6 $4.6 $3.8 2016 $25.1 $19.0 $0.4 $6.6 $6.3 $8.1 $5.3 $4.7 $5.9 $0.3 $4.0 $2.8 $3.9 $3.1 2017 $29.4 $21.6 $0.1 $6.1 $5.4 $6.4 $4.5 $3.2 $2.9 $1.2 $1.4 $1.4 $1.2 $0.9 2018 $30.4 $22.7 $0.1 $6.0 $5.5 $5.8 $4.5 $3.4 $2.5 $1.7 $1.1 $1.1 $0.9 $0.6 2019 $35.0 $26.3 $0.1 $7.6 $6.2 $6.5 $5.3 $3.6 $2.7 $1.7 $1.2 $1.3 $1.0 $0.7 2020 $38.0 $29.4 $0.1 $9.3 $7.0 $7.3 $6.0 $3.9 $2.9 $1.7 $1.3 $1.2 $1.1 $0.8 2021 $43.7 $34.8 $0.2 $11.8 $7.6 $8.1 $7.1 $4.3 $3.3 $2.2 $1.6 $1.4 $1.2 $1.0 2022 $37.6 $32.8 $0.3 $10.8 $7.0 $6.8 $6.6 $3.9 $2.9 $1.9 $1.5 $1.3 $1.2 $0.8 2023 $43.5 $35.7 $0.3 $12.9 $7.5 $7.4 $7.2 $4.2 $2.9 $1.8 $1.7 $1.6 $1.3 $0.8 Table 3.2: Number of Clients Reported by RIAs, by Client Type (Millions) This table relies on the number of clients reported on Form ADV, Item 5D. Prior to October 2017 the exact number of clients for each adviser was not reported and is instead based on the midpoint of ranges reported. Category PIVs SMAs Client Type Investment Companies Other Pooled Vehicles Business Development Companies HNW Individuals Insurance Companies Pension Plans Non-HNW Individuals State/Municipal Entities Corporations Foreign Institutions Charities Other Advisers Other Banking Institutions 2009 0.503 0.437 0.000 2.984 0.000 1.553 23.410 1.189 1.746 0.000 0.994 0.000 0.373 0.507 2010 0.407 0.435 0.050 2.902 0.012 0.937 19.021 0.999 1.127 0.000 0.752 0.385 0.366 0.509 2011 0.388 0.442 0.076 3.469 0.527 1.341 19.991 1.036 1.461 0.000 0.795 0.805 0.425 0.513 2012 0.267 0.368 0.086 3.097 0.610 1.301 19.395 1.394 0.750 0.000 0.700 0.898 0.409 0.417 2013 0.259 0.367 0.091 3.625 0.471 1.379 21.292 1.472 0.843 0.000 0.795 1.018 0.448 0.379 2014 0.301 0.408 0.100 4.505 0.504 1.448 22.689 1.547 0.897 0.000 0.878 0.920 0.560 0.430 2015 0.432 0.570 0.087 4.814 0.640 2.147 26.655 1.735 1.135 0.000 1.545 1.083 0.751 0.505 2016 0.343 0.490 0.084 4.730 0.510 1.977 28.974 1.585 0.906 0.001 1.305 1.055 0.820 0.502 2017 0.044 0.080 0.000 4.676 0.035 0.353 26.926 0.044 0.336 0.004 0.124 0.731 0.200 0.037 2018 0.023 0.076 0.000 4.442 0.013 0.398 30.703 0.025 0.300 0.004 0.101 0.741 0.286 0.009 2019 0.024 0.084 0.000 4.957 0.014 0.377 36.117 0.027 0.315 0.004 0.106 0.860 0.273 0.010 2020 0.022 0.084 0.000 6.199 0.014 0.435 40.261 0.027 0.333 0.003 0.113 0.934 0.328 0.010 2021 0.022 0.093 0.000 6.914 0.015 0.425 43.870 0.028 0.345 0.003 0.127 0.904 0.315 0.012 2022 0.022 0.099 0.001 7.402 0.016 0.501 44.825 0.029 0.751 0.003 0.178 0.902 0.323 0.011 2023 0.023 0.100 0.000 7.962 0.015 0.647 46.511 0.025 0.334 0.003 0.167 0.871 0.689 0.010 3 Please see Appendix 12.4 for definition of “High Net Worth (HNW) Individual” and “Pooled Investment Vehicle (PIV)”. For more information about Registered Investment Companies, see “Registered Fund Statistics” and “Money Market Fund Statistics,” available on the SEC’s website. 6 May 15, 2024 Analytics Office Table 3.3: Number of RIAs, by Client Type This table relies on RAUM reported on Form ADV, Item 5D. Only RIAs with clients reported are presented. Rows are not mutually exclusive since advisers can report more than one client type. Category PIVs SMAs Client Type Investment Companies Other Pooled Vehicles Business Development Companies HNW Individuals Insurance Companies Pension Plans Non-HNW Individuals State/Municipal Entities Corporations Foreign Institutions Charities Other Advisers Other Banking Institutions 2009 1,643 3,072 0 8,276 0 6,447 7,289 1,334 5,638 0 4,800 0 1,124 923 2010 1,707 3,140 15 8,528 84 6,552 7,531 1,372 5,748 0 4,949 103 1,166 894 2011 1,701 3,168 112 7,543 846 5,796 6,666 1,339 4,934 0 4,729 857 1,053 797 2012 1,710 4,341 107 6,379 907 5,224 5,493 1,337 4,590 0 4,333 955 1,122 788 2013 1,784 4,448 101 6,466 973 5,245 5,572 1,326 4,653 0 4,407 989 1,137 757 2014 1,863 4,682 109 6,785 1,014 5,410 5,869 1,363 4,805 0 4,558 1,061 1,177 767 2015 1,832 4,857 117 7,044 1,055 5,559 6,133 1,393 4,960 0 4,697 1,114 1,205 742 2016 1,749 4,900 109 7,156 1,121 5,491 6,260 1,405 4,941 144 4,691 1,144 1,176 787 2017 1,689 5,023 91 7,452 1,568 5,148 6,790 1,848 4,510 908 4,736 1,358 1,231 1,106 2018 1,649 5,151 90 7,912 1,574 5,288 7,193 1,821 4,623 928 4,916 1,300 1,276 1,032 2019 1,579 5,280 86 7,948 1,482 5,232 7,329 1,723 4,686 855 4,957 1,254 1,342 938 2020 1,563 5,385 83 8,232 1,403 5,254 7,591 1,660 4,854 787 5,086 1,205 1,386 857 2021 1,592 5,711 99 8,846 1,370 5,402 8,188 1,616 5,101 746 5,303 1,198 1,444 810 2022 1,618 5,905 107 9,229 1,383 5,430 8,579 1,564 5,337 722 5,479 1,204 1,451 797 Table 3.4: Aggregate RAUM of RIAs ($Trillions), Binned by Number of Clients Reported This table relies on the number of clients reported on Form ADV, Item 5D and RAUM from Item 5F(2)(c). Each RIA is assigned a client bin based on their reported number of clients, and the RAUM of the RIAs in each bin is summed. Prior to October 2017 the exact number of clients for each adviser was not reported and is instead based on the midpoint of ranges reported. See the appendix for a review of interval notation used here. Clients Fewer than 10 [10,100) [100,1k) [1k,10k) 10k or more 2009 $2.6 $8.9 $16.3 $5.0 $6.6 2010 $2.8 $9.8 $17.1 $7.4 $6.1 2011 $2.7 $12.5 $17.5 $6.1 $8.3 2012 $4.8 $14.5 $19.3 $6.7 $9.8 2013 $5.1 $16.1 $22.2 $7.7 $10.6 2014 $5.2 $15.8 $25.5 $8.8 $11.2 2015 $5.2 $16.5 $25.5 $9.2 $11.1 2016 $5.2 $16.1 $27.9 $9.6 $12.8 2017 $5.0 $17.7 $32.7 $11.0 $17.2 2018 $5.0 $17.5 $31.7 $12.2 $20.0 2019 $5.4 $18.5 $36.7 $14.5 $24.0 2020 $5.9 $21.2 $38.0 $16.1 $29.0 2021 $6.6 $23.3 $45.0 $16.0 $37.3 2022 $5.9 $22.2 $40.1 $13.5 $33.7 2023 $6.6 $24.0 $43.4 $15.5 $39.3 Table 3.5: Number of RIAs, Binned by Number of Clients Reported This table relies on the number of clients reported on Form ADV, Item 5D. Each RIA is assigned a client bin based on their reported number of clients, and the number of RIAs in each bin are counted. Prior to October 2017 the exact number of clients for each adviser was not reported and is instead based on the midpoint of ranges reported. See the appendix for a review of interval notation used here. Clients Fewer than 10 [10,100) [100,1k) [1k,10k) 10k or more 2009 2,504 3,931 4,312 554 157 2010 2,507 4,000 4,450 605 157 2011 2,333 3,796 3,822 609 173 2012 3,234 3,088 3,521 631 188 2013 3,244 3,114 3,593 680 195 2014 3,427 3,237 3,767 762 203 2015 3,580 3,310 3,955 805 205 7 2016 3,623 3,335 4,045 845 217 2017 3,460 3,378 4,630 899 205 2018 3,480 3,491 4,976 937 217 2019 3,531 3,490 5,106 990 232 2020 3,601 3,522 5,357 1,063 240 2021 3,732 3,788 5,778 1,154 247 2022 3,819 3,926 6,056 1,218 268 2023 3,841 3,999 6,098 1,224 279 2023 1,603 5,991 115 9,308 1,323 5,330 8,623 1,520 5,471 695 5,480 1,202 1,425 754 May 15, 2024 Analytics Office Table 3.6: Aggregate RAUM of RIAs ($Trillions), Binned by RAUM per Client Ratio This table relies on the number of clients reported on Form ADV, Item 5D and RAUM from Item 5F(2)(c). For each RIA, reported RAUM is divided by the reported number of clients to get a RAUM per client ratio. Each RIA is then assigned a RAUM per client bin based on this ratio, and the RAUM of the RIAs in each bin is summed. Prior to October 2017 the exact number of clients for each adviser was not reported and is instead based on the midpoint of ranges reported. See the appendix for a review of interval notation used here. RAUM per Client Less than $100k [$100k,$1 Million) [$1 Million,$10 Million) [$10 Million,$100 Million) [$100 Million,$1 Billion) Over $1 Billion 2009 $0.2 $2.7 $3.8 $7.0 $16.0 $9.7 2010 $0.3 $3.2 $4.0 $7.0 $17.7 $10.9 2011 $0.3 $3.3 $4.3 $8.3 $17.7 $13.1 2012 $0.4 $3.8 $4.2 $9.6 $21.1 $16.0 2013 $0.2 $4.8 $4.5 $10.8 $23.9 $17.7 2014 $0.2 $5.3 $5.2 $9.0 $27.6 $19.2 2015 $0.3 $5.5 $5.4 $10.6 $25.5 $20.1 2016 $0.3 $6.3 $5.8 $11.2 $27.5 $20.6 2017 $0.1 $8.3 $5.2 $12.3 $31.8 $25.9 2018 $0.1 $8.3 $5.2 $12.9 $35.3 $24.5 2019 $0.1 $10.1 $6.8 $13.9 $39.1 $29.0 2020 $0.2 $11.8 $8.4 $15.6 $43.5 $30.8 2021 $0.2 $14.1 $10.3 $18.2 $46.9 $38.5 2022 $0.2 $13.5 $10.1 $18.1 $42.2 $31.5 2023 $0.2 $15.0 $11.5 $20.8 $44.4 $36.9 Table 3.7: Number of RIAs, Binned by RAUM per Client Ratio This table relies on the number of clients reported on Form ADV, Item 5D and RAUM from Item 5F(2)(c). For each RIA, reported RAUM is divided by the reported number of clients to get a RAUM per client ratio. Each RIA is then assigned a RAUM per client bin based on this ratio, and the number of RIAs in each bin are counted. Prior to October 2017 the exact number of clients for each adviser was not reported and is instead based on the midpoint of ranges reported. See the appendix for a review of interval notation used here. RAUM per Client Less than $100k [$100k,$1 Million) [$1 Million,$10 Million) [$10 Million,$100 Million) [$100 Million,$1 Billion) Over $1 Billion 2009 885 4,557 3,068 1,708 948 292 2010 806 4,526 3,259 1,754 1,051 323 2011 701 3,666 3,215 1,748 1,141 262 2012 633 2,620 3,018 2,357 1,719 315 2013 589 2,534 3,137 2,419 1,809 338 2014 620 2,698 3,301 2,518 1,918 341 8 2015 694 2,922 3,368 2,603 1,941 327 2016 719 2,887 3,478 2,645 2,022 314 2017 718 3,006 3,625 2,444 2,414 365 2018 697 3,411 3,688 2,473 2,494 338 2019 682 3,269 3,958 2,508 2,554 378 2020 666 3,259 4,276 2,489 2,697 396 2021 669 3,368 4,707 2,601 2,898 456 2022 713 4,035 4,503 2,731 2,895 410 2023 688 3,762 4,793 2,772 2,988 438 May 15, 2024 3.2 Analytics Office Accounts Table 3.8: Aggregate RAUM of RIAs ($Trillions), Binned by Number of Accounts Reported This table relies on the number of accounts reported on Form ADV, Item 5F(2)(f) and RAUM from Item 5F(2)(c). Each RIA is assigned a account bin based on their reported number of accounts, and the RAUM of the RIAs in each bin is summed. Accounts Fewer than 10 [10,100) [100,1k) [1k,10k) 10k or more 2009 $1.6 $9.1 $15.2 $7.4 $6.1 2010 $1.8 $9.6 $17.5 $7.9 $6.4 2011 $2.1 $11.4 $18.0 $8.8 $6.8 2012 $3.9 $13.1 $20.8 $9.1 $8.1 2013 $4.3 $14.3 $23.5 $9.9 $9.7 2014 $4.3 $14.2 $27.2 $10.7 $10.3 2015 $4.3 $14.3 $28.0 $10.3 $10.6 2016 $4.5 $14.8 $28.9 $11.1 $12.4 2017 $4.7 $17.1 $30.6 $13.6 $17.7 2018 $4.6 $16.3 $30.5 $16.5 $18.5 2019 $5.0 $17.8 $35.1 $18.8 $22.3 2020 $5.3 $20.4 $36.7 $21.1 $26.7 2021 $5.9 $22.7 $43.8 $20.2 $35.6 2022 $5.5 $21.2 $38.9 $17.3 $32.5 2023 $6.0 $22.5 $42.1 $20.4 $37.8 Table 3.9: Number of RIAs, Binned by Number of Accounts Reported This table relies on the number of accounts reported on Form ADV, Item 5F(2)(f). Each RIA is assigned a account bin based on their reported number of accounts, and the number of RIAs in each bin are counted. Accounts Fewer than 10 [10,100) [100,1k) [1k,10k) 10k or more 2009 2,527 2,792 4,991 1,000 148 2010 2,493 2,777 5,224 1,073 152 2011 2,336 2,547 4,517 1,158 175 2012 3,189 2,345 3,664 1,285 179 2013 3,232 2,328 3,707 1,364 195 2014 3,403 2,434 3,868 1,483 208 2015 3,528 2,512 3,976 1,625 214 2016 3,537 2,561 3,998 1,732 237 2017 3,637 2,602 4,212 1,878 243 2018 3,649 2,668 4,462 2,061 261 2019 3,659 2,661 4,558 2,189 282 2020 3,692 2,703 4,736 2,351 301 2021 3,796 2,920 5,099 2,552 332 2022 3,876 3,023 5,320 2,706 362 2023 3,878 3,074 5,317 2,797 375 Table 3.10: Aggregate RAUM of RIAs ($Trillions), Binned by RAUM per Account Ratio This table relies on the number of accounts reported on Form ADV, Item 5F(2)(f) and RAUM from Item 5F(2)(c). For each RIA, reported RAUM is divided by the reported number of accounts to get a RAUM per account ratio. Each RIA is then assigned a RAUM per account bin based on this ratio, and the RAUM of the RIAs in each bin is summed. RAUM per Account Less than $100k [$100k,$1 Million) [$1 Million,$10 Million) [$10 Million,$100 Million) [$100 Million,$1 Billion) Over $1 Billion 2009 $0.2 $3.2 $3.5 $6.2 $16.7 $9.5 2010 $0.2 $3.7 $3.7 $6.7 $19.2 $9.6 2011 $0.2 $3.8 $3.7 $7.0 $20.7 $11.6 2012 $0.2 $4.5 $3.4 $8.5 $23.9 $14.5 2013 $0.1 $5.5 $4.0 $9.1 $26.9 $16.3 2014 $0.2 $6.0 $4.2 $9.7 $27.7 $18.7 2015 $0.2 $6.3 $4.5 $9.8 $27.6 $19.0 2016 $0.2 $7.4 $4.3 $10.9 $28.5 $20.3 2017 $0.1 $9.3 $4.8 $12.5 $31.6 $25.3 2018 $0.1 $9.6 $4.8 $12.9 $35.6 $23.4 2019 $0.2 $11.7 $6.3 $14.0 $37.0 $30.0 2020 $0.2 $13.7 $7.4 $15.2 $42.0 $31.5 2021 $0.2 $16.3 $9.6 $17.5 $45.7 $38.8 2022 $0.2 $16.0 $11.5 $13.0 $44.2 $30.5 2023 $0.3 $17.9 $12.9 $14.8 $49.0 $34.0 Table 3.11: Number of RIAs, Binned by RAUM per Account Ratio This table relies on the number of accounts reported on Form ADV, Item 5F(2)(f) and RAUM from Item 5F(2)(c). For each RIA, reported RAUM is divided by the reported number of accounts to get a RAUM per account ratio. Each RIA is then assigned a RAUM per account bin based on this ratio, and the number of RIAs in each bin are counted. RAUM per Account Less than $100k [$100k,$1 Million) [$1 Million,$10 Million) [$10 Million,$100 Million) [$100 Million,$1 Billion) Over $1 Billion 2009 1,106 5,265 2,051 1,749 1,160 127 2010 1,025 5,366 2,192 1,720 1,266 150 2011 873 4,684 1,991 1,633 1,368 184 2012 726 3,695 1,822 2,031 2,098 290 2013 672 3,694 1,903 2,028 2,210 319 2014 687 3,955 1,971 2,159 2,286 338 9 2015 771 4,225 1,964 2,261 2,317 317 2016 783 4,331 1,989 2,242 2,400 320 2017 785 4,521 2,118 2,255 2,540 353 2018 788 5,036 2,068 2,277 2,600 332 2019 744 5,120 2,198 2,286 2,640 361 2020 719 5,363 2,306 2,218 2,791 386 2021 712 5,782 2,490 2,284 2,970 461 2022 793 6,346 2,318 2,457 2,956 417 2023 757 6,355 2,375 2,471 3,050 433 May 15, 2024 4 Analytics Office Separately Managed Accounts “SMAs”4 Table 4.1: Aggregate SMA RAUM Reported by RIAs, by Type of Asset ($Trillions) Relies on categories of investments reported on Schedule D, Section 5K(1) and RAUM reported for SMA clients in Form ADV, Item 5D. Percentages reported on Schedule D, Section 5K(1) are adjusted to sum to unity. Asset Type Equity Securities RIC/BDC Securities IG Corporate Bonds Other PIV Securities Other U.S. Govt./Agency Bonds Cash/Cash Equivalents U.S. State/Local Bonds Sovereign Bonds Non-IG Corporate Bonds Derivatives OTC Equity Securities Total 2017 $10.714 $5.615 $4.412 $2.373 $3.235 $2.167 $1.572 $1.332 $1.301 $0.698 $0.584 $0.306 $34.308 2018 $9.591 $5.961 $4.300 $2.557 $2.905 $2.249 $1.616 $1.407 $1.124 $0.630 $0.620 $0.252 $33.211 2019 $11.092 $7.388 $4.785 $2.786 $3.117 $2.481 $1.701 $1.460 $1.169 $0.746 $0.632 $0.265 $37.619 2020 $12.669 $8.445 $5.431 $3.180 $3.438 $2.524 $1.977 $1.641 $1.304 $0.821 $0.771 $0.335 $42.535 2021 $15.287 $10.344 $5.597 $4.019 $3.933 $2.694 $2.166 $1.668 $1.368 $0.905 $0.960 $0.454 $49.397 2022 $12.830 $9.387 $4.783 $4.035 $3.993 $2.767 $2.216 $1.576 $1.122 $0.812 $0.801 $0.397 $44.719 2023 $14.135 $10.896 $5.337 $4.494 $4.167 $3.172 $2.321 $1.738 $1.135 $0.823 $0.687 $0.414 $49.319 Table 4.2: Aggregate SMA RAUM Reported by RIAs, by Gross Notional Exposure (GNE) Level ($Trillions) Relies on gross notional exposure (GNE) categories reported on Schedule D, Section 5K(2)(RAUM) by RIAs with RAUM attributable to separately managed accounts of at least $500 million. GNE is the percentage obtained by dividing the sum of borrowings and gross notional value of all derivatives, by regulatory assets under management (RAUM). GNE Percentage Less than 10% 10-149% 150% or more Total 2017 $9.067 $3.255 $0.769 $13.091 2018 $8.271 $3.705 $0.890 $12.866 2019 $9.868 $4.173 $0.870 $14.911 2020 $11.179 $5.139 $0.816 $17.134 2021 $12.407 $5.561 $0.893 $18.861 2022 $10.612 $5.116 $0.663 $16.391 2023 $11.314 $4.962 $0.911 $17.187 Table 4.3: Aggregate SMA Borrowing Reported by RIAs, by Gross Notional Exposure (GNE) Level ($Trillions) Relies on gross notional exposure (GNE) categories reported on Schedule D, Section 5K(2)(Brw) by RIAs with RAUM attributable to separately managed accounts of at least $500 million. GNE is the percentage obtained by dividing the sum of borrowings and gross notional value of all derivatives, by regulatory assets under management (RAUM). GNE Percentage Less than 10% 10-149% 150% or more Total 2017 $0.133 $0.121 $0.081 $0.335 2018 $0.066 $0.182 $0.077 $0.325 2019 $0.034 $0.250 $0.059 $0.343 2020 $0.094 $0.237 $0.034 $0.365 2021 $0.095 $0.270 $0.066 $0.431 2022 $0.062 $0.360 $0.058 $0.480 2023 $0.026 $0.354 $0.072 $0.452 4 Detail on SMAs was not required to be reported on Form ADV prior to October 1, 2017. See Appendix 12.3 for additional information on changes to Form ADV over time. 10 May 15, 2024 Analytics Office Table 4.4: Aggregate SMA Derivative GNE Reported by RIAs, by GNE Percentage ($Trillions) Relies on SMA derivative and GNE categories reported on Form ADV, Schedule D, Section 5K(2)(3) by RIAs with RAUM attributable to separately managed accounts of at least $500 million. GNE is the percentage obtained by dividing the sum of borrowings and gross notional value of all derivatives, by regulatory assets under management (RAUM). GNE Percentage Less than 10% 10-149% 150% or more Total Derivative Type Commodity Credit Equity Foreign Exchange Interest Rate Other Subtotal Commodity Credit Equity Foreign Exchange Interest Rate Other Subtotal Commodity Credit Equity Foreign Exchange Interest Rate Other Subtotal Total 2017 $0.006 $0.091 $0.073 $0.022 $0.156 $0.007 $0.355 $0.014 $0.097 $0.571 $0.593 $0.877 $0.230 $2.382 $0.030 $0.061 $0.132 $0.661 $0.950 $0.058 $1.892 $4.629 2018 $0.002 $0.048 $0.041 $0.035 $0.012 $0.017 $0.155 $0.023 $0.248 $0.385 $0.829 $0.819 $0.244 $2.548 $0.019 $0.051 $0.284 $0.606 $1.732 $0.091 $2.783 $5.486 2019 $0.004 $0.107 $0.094 $0.076 $0.127 $0.018 $0.426 $0.023 $0.148 $0.460 $0.898 $0.884 $0.281 $2.694 $0.020 $0.088 $0.246 $0.475 $1.606 $0.091 $2.526 $5.646 2020 $0.003 $0.122 $0.041 $0.039 $0.035 $0.006 $0.246 $0.026 $0.179 $0.303 $1.144 $1.010 $0.287 $2.949 $0.037 $0.064 $0.394 $0.639 $0.946 $0.068 $2.148 $5.343 2021 $0.006 $0.092 $0.120 $0.047 $0.110 $0.018 $0.393 $0.032 $0.320 $0.403 $1.380 $1.306 $0.363 $3.804 $0.047 $0.056 $0.210 $1.230 $0.951 $0.081 $2.575 $6.772 2022 $0.005 $0.015 $0.094 $0.047 $0.113 $0.010 $0.284 $0.020 $0.299 $0.307 $1.100 $1.093 $0.344 $3.163 $0.055 $0.030 $0.179 $0.800 $0.993 $0.084 $2.141 $5.588 2023 $0.001 $0.021 $0.132 $0.041 $0.071 $0.008 $0.274 $0.016 $0.318 $0.369 $1.011 $1.219 $0.328 $3.261 $0.064 $0.039 $0.204 $0.752 $1.671 $0.098 $2.828 $6.363 Table 4.5: Number of RIAs Reporting SMA Derivatives, by GNE Percentage Relies on SMA derivative and GNE categories reported on Form ADV, Schedule D, Section 5K(2)(3) by RIAs with RAUM attributable to separately managed accounts of at least $500 million. GNE is the percentage obtained by dividing the sum of borrowings and gross notional value of all derivatives, by regulatory assets under management (RAUM). GNE Percentage Less than 10% 10-149% 150% or more Total Derivative Type Commodity Credit Equity Foreign Exchange Interest Rate Other Subtotal Commodity Credit Equity Foreign Exchange Interest Rate Other Subtotal Commodity Credit Equity Foreign Exchange Interest Rate Other Subtotal Total 2017 4 12 46 38 33 15 148 11 44 87 129 103 34 408 20 36 53 74 73 24 280 836 11 2018 5 11 51 49 35 17 168 11 53 94 138 107 40 443 17 39 58 85 74 26 299 910 2019 4 14 54 53 43 17 185 14 45 98 131 112 38 438 17 38 58 81 76 28 298 921 2020 5 15 60 48 37 12 177 12 48 103 137 111 41 452 16 28 54 75 71 25 269 898 2021 6 11 75 47 41 21 201 18 48 110 147 113 41 477 13 30 51 76 63 26 259 937 2022 4 10 69 33 45 17 178 14 42 97 142 109 41 445 16 33 49 73 64 22 257 880 2023 1 12 69 38 38 14 172 12 28 104 137 115 36 432 14 26 55 65 63 23 246 850 May 15, 2024 Analytics Office 5 Private Funds5 5.1 Total Private Funds Advised by RIAs or ERAs6 Table 5.1: Aggregate Gross Assets of Private Funds Advised by either an RIA or an ERA, by Fund Type ($Trillions) The most recent observation for each fund available for each calendar year is utilized and any fund that is advised, or sub-advised, by either an RIA or an ERA, removing duplicative reporting, is included here. Fund Type All Private Funds Hedge Fund Liquidity Fund Other Private Fund Private Equity Fund Real Estate Fund Securitized Asset Fund Venture Capital Fund 2012 $9.484 $4.778 $0.363 $0.901 $2.322 $0.380 $0.419 $0.325 2013 $10.511 $5.518 $0.314 $0.974 $2.519 $0.413 $0.410 $0.368 2014 $11.675 $6.184 $0.363 $1.101 $2.690 $0.439 $0.470 $0.437 2015 $11.960 $6.232 $0.339 $1.104 $2.799 $0.498 $0.504 $0.494 2016 $13.022 $6.728 $0.351 $1.310 $3.037 $0.554 $0.538 $0.516 2017 $14.905 $7.605 $0.390 $1.536 $3.539 $0.651 $0.583 $0.597 2018 $16.107 $7.895 $0.391 $1.542 $4.161 $0.733 $0.698 $0.695 2019 $18.392 $8.775 $0.409 $1.742 $5.009 $0.840 $0.805 $0.827 2020 $20.814 $9.466 $0.458 $1.919 $6.069 $0.914 $0.887 $1.117 2021 $24.990 $10.402 $0.418 $2.225 $7.937 $1.382 $1.053 $1.576 2022 $25.055 $10.191 $0.471 $2.112 $8.276 $1.309 $1.143 $1.586 2023 $27.895 $11.591 $0.516 $2.235 $9.361 $1.304 $1.237 $1.657 Table 5.2: Number of Private Funds Advised by either an RIA or an ERA, by Fund Type Any fund that is advised, or sub-advised, by either an RIA or an ERA, removing duplicative reporting, is included here. Fund Type All Private Funds Hedge Fund Liquidity Fund Other Private Fund Private Equity Fund Real Estate Fund Securitized Asset Fund Venture Capital Fund 2012 32,331 10,801 96 3,570 10,719 2,101 1,263 3,791 2013 34,594 11,316 88 3,693 11,574 2,400 1,380 4,149 2014 38,064 11,706 80 3,895 13,097 2,819 1,574 4,905 2015 41,909 11,998 83 4,101 14,509 3,250 1,689 6,291 2016 44,744 12,000 81 4,346 15,736 3,629 1,724 7,236 2017 48,787 11,853 88 4,915 17,510 3,934 1,776 8,715 2018 52,796 12,097 93 5,087 19,313 4,145 1,900 10,173 2019 57,179 12,119 88 5,487 21,112 4,464 2,075 11,852 2020 63,427 12,292 95 5,911 23,249 4,769 2,245 14,891 2021 78,329 12,980 99 6,847 27,398 5,422 2,647 22,947 2022 92,288 13,496 105 7,972 30,427 5,899 2,902 31,556 2023 100,940 13,152 102 8,479 33,290 6,111 3,062 36,769 Table 5.3: Number of RIAs and ERAs Reporting Private Funds, by Fund Type Any adviser reporting as an adviser, or sub-adviser, to a private fund is included here. Advisers which advise multiple fund types are included in the totals for each fund type. Fund Type All Private Funds Hedge Fund Liquidity Fund Other Private Fund Private Equity Fund Real Estate Fund Securitized Asset Fund Venture Capital Fund 2012 6,404 3,300 54 1,123 1,893 480 215 839 2013 6,772 3,464 55 1,168 2,011 526 226 926 2014 7,248 3,648 46 1,225 2,197 571 235 1,026 2015 7,711 3,795 51 1,271 2,363 623 237 1,163 2016 7,948 3,813 51 1,329 2,476 654 256 1,240 5 2017 8,406 3,865 56 1,425 2,671 701 248 1,390 2018 8,830 3,897 54 1,471 2,905 739 250 1,562 2019 9,236 3,914 53 1,543 3,116 791 259 1,736 2020 9,669 3,927 57 1,614 3,354 851 266 1,935 2021 10,581 4,213 55 1,717 3,688 877 270 2,318 2022 11,244 4,290 58 1,878 3,906 927 281 2,690 2023 11,458 4,217 57 1,905 4,110 953 281 2,842 Form ADV, Schedule D, Section 7B(1) and 7B(2). All private funds advised by RIAs and ERAs are reported on Form ADV, which advisers generally update annually. For additional information regarding private funds advised by a subset of (generally larger) RIAs and reported on Form PF (which advisers update as often as quarterly), see “Private Funds Statistics,” available on the SEC’s website. 6 This section counts each fund, and the associated gross assets, once. 12 May 15, 2024 5.2 Analytics Office Private Funds Advised by RIAs Table 5.4: Aggregate Gross Assets of Private Funds Advised by RIAs, by Fund Type ($Trillions) The most recent observation for each fund available for each calendar year is utilized and any fund that is advised, or sub-advised, by an RIA is included here. Fund Type All Private Funds Hedge Fund Liquidity Fund Other Private Fund Private Equity Fund Real Estate Fund Securitized Asset Fund Venture Capital Fund 2012 $8.181 $4.555 $0.277 $0.796 $1.792 $0.329 $0.387 $0.049 2013 $9.157 $5.303 $0.259 $0.850 $1.962 $0.355 $0.378 $0.055 2014 $10.212 $5.929 $0.282 $0.982 $2.139 $0.379 $0.442 $0.067 2015 $10.492 $5.928 $0.274 $1.010 $2.294 $0.432 $0.478 $0.086 2016 $11.416 $6.356 $0.277 $1.210 $2.506 $0.475 $0.518 $0.086 2017 $12.969 $7.125 $0.291 $1.399 $2.926 $0.565 $0.562 $0.109 2018 $13.841 $7.250 $0.297 $1.383 $3.471 $0.645 $0.666 $0.136 2019 $15.681 $8.033 $0.304 $1.559 $4.121 $0.733 $0.772 $0.174 2020 $17.666 $8.688 $0.324 $1.709 $5.051 $0.793 $0.851 $0.267 2021 $21.018 $9.577 $0.306 $2.004 $6.710 $1.013 $1.005 $0.404 2022 $21.209 $9.355 $0.335 $1.846 $7.040 $1.134 $1.088 $0.440 2023 $23.557 $10.469 $0.367 $1.925 $8.015 $1.143 $1.179 $0.465 Table 5.5: Number of Private Funds Advised by RIAs, by Fund Type Any fund that is advised, or sub-advised, by an RIA is included here. Fund Type All Private Funds Hedge Fund Liquidity Fund Other Private Fund Private Equity Fund Real Estate Fund Securitized Asset Fund Venture Capital Fund 2012 25,009 9,712 84 3,215 8,452 1,827 1,225 504 2013 26,462 10,117 79 3,295 9,029 2,085 1,327 537 2014 28,725 10,419 72 3,480 10,175 2,448 1,516 627 2015 30,749 10,599 74 3,614 11,290 2,750 1,633 798 2016 32,727 10,632 69 3,866 12,426 3,087 1,668 987 2017 34,541 10,478 77 4,276 13,656 3,259 1,725 1,079 2018 36,427 10,660 83 4,390 14,792 3,480 1,839 1,195 2019 38,888 10,606 78 4,707 16,329 3,768 2,014 1,405 2020 41,867 10,718 85 5,111 18,129 3,949 2,172 1,728 2021 48,413 11,221 86 5,891 21,513 4,595 2,552 2,570 2022 53,589 11,671 92 6,776 23,983 5,055 2,797 3,286 2023 56,216 11,295 89 7,103 26,045 5,215 2,946 3,546 Table 5.6: Number of RIAs Reporting Private Funds, by Fund Type Any adviser reporting as an adviser, or sub-adviser, to a private fund is included here. Advisers which advise multiple fund types are included in the totals for each fund type. Fund Type All Private Funds Hedge Fund Liquidity Fund Other Private Fund Private Equity Fund Real Estate Fund Securitized Asset Fund Venture Capital Fund 2012 4,134 2,600 48 979 1,164 371 198 113 2013 4,262 2,684 50 1,004 1,227 399 210 122 2014 4,476 2,783 43 1,041 1,326 428 218 146 2015 4,601 2,834 47 1,061 1,406 452 219 158 2016 4,678 2,819 44 1,113 1,468 477 237 166 13 2017 4,818 2,833 49 1,148 1,575 496 229 175 2018 4,913 2,817 48 1,163 1,683 532 230 195 2019 4,998 2,793 46 1,193 1,778 567 239 226 2020 5,069 2,741 51 1,256 1,917 586 245 255 2021 5,421 2,900 50 1,329 2,101 611 244 325 2022 5,650 2,939 52 1,445 2,239 652 254 390 2023 5,725 2,882 50 1,440 2,374 658 254 422 May 15, 2024 5.3 Analytics Office Private Funds Advised by ERAs Table 5.7: Aggregate Gross Assets of Private Funds Advised by ERAs, by Fund Type ($Trillions) The most recent observation for each fund available for each calendar year is utilized and any fund that is advised, or sub-advised, by an ERA is included here. Fund Type All Private Funds Hedge Fund Liquidity Fund Other Private Fund Private Equity Fund Real Estate Fund Securitized Asset Fund Venture Capital Fund 2012 $1.839 $0.688 $0.094 $0.119 $0.576 $0.051 $0.033 $0.277 2013 $2.012 $0.773 $0.062 $0.135 $0.635 $0.058 $0.035 $0.314 2014 $2.228 $0.910 $0.087 $0.133 $0.634 $0.060 $0.033 $0.370 2015 $2.343 $1.039 $0.069 $0.111 $0.614 $0.066 $0.034 $0.409 2016 $2.521 $1.101 $0.079 $0.144 $0.655 $0.081 $0.030 $0.431 2017 $3.022 $1.228 $0.104 $0.287 $0.792 $0.090 $0.033 $0.489 2018 $3.640 $1.616 $0.098 $0.315 $0.911 $0.095 $0.045 $0.561 2019 $3.997 $1.553 $0.109 $0.363 $1.152 $0.115 $0.050 $0.655 2020 $4.971 $2.013 $0.136 $0.410 $1.364 $0.150 $0.043 $0.856 2021 $5.908 $1.971 $0.131 $0.431 $1.736 $0.405 $0.056 $1.178 2022 $5.859 $2.021 $0.153 $0.456 $1.813 $0.210 $0.060 $1.151 2023 $6.954 $2.601 $0.249 $0.487 $2.155 $0.204 $0.062 $1.197 Table 5.8: Number of Private Funds Advised by ERAs, by Fund Type Any fund that is advised, or sub-advised, by an ERA is included here. Fund Type All Private Funds Hedge Fund Liquidity Fund Other Private Fund Private Equity Fund Real Estate Fund Securitized Asset Fund Venture Capital Fund 2012 7,636 1,260 16 377 2,365 274 45 3,299 2013 8,493 1,389 12 421 2,666 319 62 3,624 2014 9,725 1,483 11 436 3,058 377 72 4,288 2015 11,670 1,602 12 527 3,399 515 76 5,542 2016 12,691 1,571 15 568 3,517 565 77 6,378 2017 14,966 1,601 14 741 4,097 702 76 7,735 2018 17,152 1,665 13 804 4,819 691 91 9,070 2019 19,119 1,760 13 895 5,100 722 102 10,527 2020 22,500 1,837 12 924 5,527 848 86 13,266 2021 30,996 2,071 16 1,142 6,360 859 115 20,436 2022 40,009 2,139 16 1,429 7,094 883 117 28,333 2023 46,061 2,179 18 1,570 7,938 941 126 33,293 Table 5.9: Number of ERAs Reporting Private Funds, by Fund Type Any adviser reporting as an adviser, or sub-adviser, to a private fund is included here. Advisers which advise multiple fund types are included in the totals for each fund type. Fund Type All Private Funds Hedge Fund Liquidity Fund Other Private Fund Private Equity Fund Real Estate Fund Securitized Asset Fund Venture Capital Fund 2012 2,270 700 6 144 729 109 17 726 2013 2,510 780 5 164 784 127 16 804 2014 2,772 865 3 184 871 143 17 880 2015 3,110 961 4 210 957 171 18 1,005 2016 3,270 994 7 216 1,008 177 19 1,074 14 2017 3,588 1,032 7 277 1,096 205 19 1,215 2018 3,917 1,080 6 308 1,222 207 20 1,367 2019 4,238 1,121 7 350 1,338 224 20 1,510 2020 4,600 1,186 6 358 1,437 265 21 1,680 2021 5,160 1,313 5 388 1,587 266 26 1,993 2022 5,594 1,351 6 433 1,667 275 27 2,300 2023 5,733 1,335 7 465 1,736 295 27 2,420 May 15, 2024 5.4 Analytics Office Service Providers Table 5.10: Percent of Private Funds Advised by RIAs and ERAs Reporting Administrators This table relies on information reported on Form ADV, Schedule D, Section 7B1(1)26. Reported service providers may include related persons of the adviser. Adviser Type RIA and ERA RIA ERA Administrators None One 2 or more None One 2 or more None One 2 or more 2012 46.4% 51.2% 2.5% 42.5% 54.8% 2.7% 59.3% 39.1% 1.6% 2013 45.7% 51.8% 2.4% 42.1% 55.2% 2.7% 57.4% 40.9% 1.7% 2014 45.0% 52.7% 2.3% 41.5% 55.9% 2.5% 55.4% 43.2% 1.5% 2015 44.4% 53.5% 2.1% 41.5% 56.0% 2.4% 51.9% 46.8% 1.2% 2016 42.6% 55.5% 1.9% 40.0% 57.8% 2.2% 49.5% 49.5% 1.0% 2017 41.3% 56.9% 1.8% 39.2% 58.5% 2.2% 46.0% 53.1% 0.9% 2018 39.3% 58.9% 1.8% 37.8% 60.0% 2.2% 42.6% 56.5% 0.8% 2019 37.9% 60.4% 1.7% 36.5% 61.4% 2.1% 40.8% 58.4% 0.8% 2020 35.2% 63.2% 1.6% 34.5% 63.5% 2.0% 36.6% 62.5% 0.9% 2021 31.8% 66.6% 1.7% 32.9% 64.8% 2.2% 29.9% 69.4% 0.8% 2022 28.8% 69.7% 1.4% 30.9% 67.1% 2.0% 25.9% 73.4% 0.6% 2023 26.8% 71.7% 1.5% 29.4% 68.3% 2.3% 23.4% 76.0% 0.6% Table 5.11: Percent of Private Funds Advised by RIAs and ERAs Reporting Auditors This table relies on information reported on Form ADV, Schedule D, Section 7B1(1)23. Reported service providers may include related persons of the adviser. Adviser Type RIA and ERA RIA ERA Auditors None One 2 or more None One 2 or more None One 2 or more 2012 12.7% 86.1% 1.2% 10.7% 88.1% 1.3% 19.5% 79.6% 0.9% 2013 13.4% 85.4% 1.2% 10.7% 88.0% 1.3% 22.0% 77.0% 0.9% 2014 15.0% 83.8% 1.2% 10.8% 87.9% 1.3% 27.7% 71.5% 0.8% 2015 16.8% 82.0% 1.1% 10.9% 87.8% 1.3% 32.9% 66.4% 0.7% 2016 18.1% 80.8% 1.2% 10.5% 88.2% 1.4% 37.6% 61.8% 0.6% 2017 19.5% 79.4% 1.0% 10.3% 88.5% 1.3% 41.3% 58.2% 0.5% 2018 20.6% 78.4% 0.9% 10.1% 88.7% 1.2% 43.7% 55.8% 0.4% 2019 21.4% 77.7% 0.9% 10.1% 88.8% 1.1% 44.8% 54.7% 0.5% 2020 23.7% 75.2% 1.1% 10.4% 88.3% 1.3% 48.9% 50.5% 0.6% 2021 28.5% 70.6% 1.0% 10.6% 88.1% 1.3% 56.8% 42.7% 0.5% 2022 32.2% 66.9% 0.9% 10.0% 88.8% 1.2% 62.5% 37.0% 0.4% 2023 34.3% 64.9% 0.8% 9.8% 89.0% 1.2% 65.5% 34.1% 0.3% Table 5.12: Percent of Private Funds Advised by RIAs and ERAs Reporting Custodians This table relies on information reported on Form ADV, Schedule D, Section 7B1(1)25. Reported service providers may include related persons of the adviser. Adviser Type RIA and ERA RIA ERA Custodians None One Two 3 or more None One Two 3 or more None One Two 3 or more 2012 14.6% 56.3% 16.4% 12.7% 8.7% 60.0% 17.2% 14.1% 34.8% 43.5% 13.8% 7.9% 2013 14.2% 56.1% 16.7% 13.0% 7.6% 60.1% 17.8% 14.5% 35.9% 42.9% 13.2% 7.9% 2014 14.9% 55.9% 16.6% 12.6% 7.2% 60.0% 18.2% 14.6% 38.2% 43.4% 11.7% 6.7% 2015 15.9% 56.3% 16.0% 11.8% 6.6% 61.4% 18.0% 14.0% 40.9% 42.5% 10.7% 5.9% 2016 16.6% 56.2% 15.2% 12.0% 6.6% 61.4% 17.6% 14.4% 42.5% 42.9% 9.1% 5.6% 15 2017 16.7% 56.9% 15.0% 11.4% 5.7% 62.6% 17.7% 14.0% 42.7% 43.5% 8.5% 5.3% 2018 17.1% 57.4% 14.6% 10.9% 5.6% 63.0% 17.8% 13.6% 42.1% 45.2% 7.7% 5.0% 2019 17.6% 57.5% 14.4% 10.5% 5.5% 63.8% 17.6% 13.1% 42.6% 44.3% 7.8% 5.2% 2020 15.2% 61.3% 13.8% 9.7% 6.1% 64.0% 17.3% 12.6% 32.4% 56.1% 7.3% 4.1% 2021 15.2% 63.2% 12.8% 8.8% 6.7% 64.0% 17.1% 12.2% 28.9% 61.8% 5.9% 3.4% 2022 14.5% 64.2% 12.6% 8.7% 5.9% 63.5% 17.7% 12.9% 26.3% 65.2% 5.5% 3.0% 2023 13.8% 63.5% 13.1% 9.5% 5.6% 61.5% 18.9% 14.0% 24.3% 66.2% 5.8% 3.8% May 15, 2024 Analytics Office Table 5.13: Percent of Private Funds Advised by RIAs and ERAs Reporting Prime Brokers This table relies on information reported on Form ADV, Schedule D, Section 7B1(1)24. Reported service providers may include related persons of the adviser. Adviser Type RIA and ERA RIA ERA Prime Brokers None One Two 3 or more None One Two 3 or more None One Two 3 or more 2012 77.9% 12.9% 4.9% 4.3% 75.8% 13.9% 5.5% 4.9% 85.0% 9.8% 3.1% 2.1% 2013 78.7% 12.4% 4.7% 4.2% 76.6% 13.3% 5.3% 4.9% 85.6% 9.4% 2.9% 2.1% 2014 79.6% 12.1% 4.4% 3.9% 77.5% 12.9% 5.1% 4.6% 85.8% 9.9% 2.5% 1.7% 2015 81.1% 11.4% 3.9% 3.6% 78.9% 12.3% 4.6% 4.3% 87.0% 9.1% 2.3% 1.6% 2016 82.2% 10.8% 3.7% 3.4% 79.9% 11.6% 4.4% 4.1% 87.8% 8.6% 1.9% 1.6% 2017 83.5% 10.1% 3.3% 3.2% 81.3% 10.9% 4.0% 3.8% 88.7% 8.1% 1.7% 1.5% 2018 84.6% 9.4% 3.0% 2.9% 82.2% 10.5% 3.7% 3.6% 90.0% 7.1% 1.5% 1.3% 2019 85.5% 9.0% 2.8% 2.7% 83.1% 10.2% 3.3% 3.3% 90.5% 6.6% 1.6% 1.3% 2020 86.8% 8.2% 2.4% 2.5% 84.1% 9.7% 3.0% 3.2% 91.9% 5.6% 1.3% 1.2% 2021 88.7% 7.1% 2.1% 2.1% 85.5% 8.7% 2.8% 2.9% 93.6% 4.4% 1.0% 1.0% 2022 90.1% 6.3% 1.9% 1.8% 86.6% 8.2% 2.7% 2.5% 94.8% 3.7% 0.8% 0.7% 2023 91.2% 5.4% 1.8% 1.7% 87.6% 7.4% 2.6% 2.4% 95.8% 2.8% 0.7% 0.7% Table 5.14: Percent of Private Funds Advised by RIAs and ERAs Reporting Marketers This table relies on information reported on Form ADV, Schedule D, Section 7B1(1)28. Reported service providers may include related persons of the adviser. Adviser Type RIA and ERA RIA ERA Marketers None One [2,5) 5 or more None One [2,5) 5 or more None One [2,5) 5 or more 2012 82.2% 12.2% 4.4% 1.2% 80.3% 13.5% 5.0% 1.3% 88.9% 7.6% 2.4% 1.1% 2013 82.2% 12.4% 4.3% 1.1% 80.2% 13.8% 4.9% 1.2% 88.7% 8.0% 2.3% 1.0% 2014 81.5% 13.4% 4.0% 1.1% 80.2% 14.0% 4.6% 1.3% 85.6% 11.5% 2.3% 0.5% 2015 80.9% 14.1% 3.9% 1.1% 80.5% 13.8% 4.4% 1.3% 81.8% 15.2% 2.5% 0.4% 2016 79.9% 15.3% 3.8% 1.0% 80.2% 14.2% 4.3% 1.2% 79.3% 17.9% 2.4% 0.4% 16 2017 78.4% 16.7% 3.8% 1.0% 79.5% 14.8% 4.4% 1.3% 75.9% 21.4% 2.3% 0.4% 2018 78.3% 17.3% 3.6% 0.9% 79.7% 14.8% 4.2% 1.2% 75.0% 22.6% 2.0% 0.3% 2019 77.6% 17.8% 3.6% 1.0% 79.9% 14.7% 4.2% 1.2% 73.0% 24.4% 2.2% 0.4% 2020 76.6% 18.9% 3.5% 1.0% 80.2% 14.2% 4.3% 1.3% 69.9% 27.6% 2.1% 0.4% 2021 73.3% 22.5% 3.2% 1.0% 80.5% 13.9% 4.2% 1.3% 61.9% 36.0% 1.6% 0.5% 2022 70.4% 25.4% 3.0% 1.2% 80.4% 13.4% 4.3% 1.8% 56.6% 41.8% 1.2% 0.4% 2023 69.2% 26.6% 2.8% 1.3% 80.7% 13.1% 4.2% 2.0% 54.6% 43.8% 1.1% 0.4% May 15, 2024 6 Analytics Office Employees Table 6.1: Aggregate Employees Reported by RIAs (Thousands) This table relies on the number of employees reported on Form ADV Item 5A and 5B. Prior to 2011 the exact number of employees for each adviser was not reported and is based on the midpoint of ranges reported. Employee Type Non-Clerical Advisory Function 2009 768.0 335.0 2010 770.3 354.1 2011 750.2 339.7 2012 715.4 345.9 2013 731.2 362.4 2014 758.4 379.4 2015 779.9 388.0 2016 790.3 405.0 2017 821.9 423.9 2018 841.2 440.7 2019 923.4 452.3 2020 884.8 467.3 2021 938.3 501.3 2022 1,018.7 532.8 2023 1,005.9 531.4 Table 6.2: Aggregate RAUM of RIAs ($Trillions), Binned by Number of Non-Clerical Employees This table relies on the number of non-clerical employees reported on Form ADV, Item 5A and RAUM from Item 5F(2)(c). Advisers with no non-clerical employees reported are removed. Prior to 2011 the number of employees for each adviser is based on the midpoint of ranges reported. See the appendix for a review of interval notation used here. Non-Clerical Employees Fewer than 10 [10,50) [50,250) [250,500) 500 or more 2009 $1.9 $6.5 $13.7 $5.1 $12.2 2010 $2.1 $7.2 $14.3 $6.3 $13.0 2011 $1.8 $7.4 $15.3 $7.2 $15.1 2012 $2.1 $9.7 $17.1 $8.0 $17.9 2013 $2.1 $9.9 $18.1 $11.7 $19.8 2014 $2.2 $10.3 $19.5 $11.2 $23.2 2015 $2.5 $9.5 $18.9 $12.1 $24.2 2016 $2.4 $9.7 $20.7 $12.2 $26.1 2017 $2.8 $10.5 $22.8 $15.4 $31.6 2018 $2.6 $10.2 $21.1 $17.4 $34.9 2019 $2.9 $11.2 $22.5 $14.8 $47.6 2020 $3.2 $12.3 $24.2 $15.6 $54.5 2021 $3.8 $14.0 $28.9 $17.9 $63.1 2022 $3.6 $12.3 $26.2 $13.8 $59.1 2023 $3.9 $13.2 $29.4 $15.0 $67.1 Table 6.3: Number of RIAs, Binned by Number of Non-Clerical Employees This table relies on the number of non-clerical employees reported on Form ADV, Item 5A. Advisers with no non-clerical employees reported are removed. Prior to 2011 the number of employees for each adviser is based on the midpoint of ranges reported. See the appendix for a review of interval notation used here. Non-Clerical Employees Fewer than 10 [10,50) [50,250) [250,500) 500 or more 2009 7,881 2,497 772 135 173 2010 8,032 2,577 794 132 176 2011 6,570 2,923 836 134 185 2012 5,670 3,615 971 141 189 2013 5,676 3,701 1,029 153 186 2014 5,977 3,896 1,065 173 193 2015 6,202 4,047 1,111 184 207 17 2016 6,247 4,144 1,173 187 216 2017 6,528 4,328 1,213 196 207 2018 6,915 4,412 1,264 206 212 2019 7,081 4,465 1,274 221 219 2020 7,381 4,600 1,271 222 226 2021 7,961 4,831 1,350 228 244 2022 8,325 4,983 1,412 227 263 2023 8,411 5,017 1,443 235 264 May 15, 2024 Analytics Office Table 6.4: Aggregate RAUM of RIAs ($Trillions), Binned by Number of Advisory Function Employees This table relies on the number of advisory function employees reported on Form ADV, Item 5B(1) and RAUM from Item 5F(2)(c). Advisers with no advisory function employees reported are removed. Prior to 2011 the number of employees for each adviser is based on the midpoint of ranges reported. See the appendix for a review of interval notation used here. Advisory Function Employees Fewer than 10 [10,50) [50,250) [250,500) 500 or more 2009 $4.9 $10.3 $16.6 $4.3 $3.0 2010 $5.9 $10.8 $17.2 $5.2 $3.0 2011 $4.3 $12.5 $18.9 $7.1 $3.8 2012 $5.0 $15.3 $21.5 $5.3 $7.3 2013 $5.4 $16.1 $25.3 $5.9 $8.7 2014 $5.6 $16.9 $27.0 $7.2 $9.5 2015 $5.1 $16.4 $28.5 $7.0 $9.6 2016 $5.5 $17.1 $28.7 $8.1 $11.1 2017 $6.0 $18.3 $31.7 $10.3 $16.3 2018 $5.7 $17.5 $27.1 $18.8 $16.6 2019 $6.4 $18.5 $28.3 $19.6 $25.8 2020 $7.2 $20.8 $31.2 $26.0 $24.2 2021 $8.3 $25.5 $36.0 $28.4 $29.2 2022 $7.7 $21.9 $33.0 $22.5 $29.9 2023 $8.2 $23.4 $36.9 $25.1 $34.2 Table 6.5: Number of RIAs, Binned by Number of Advisory Function Employees This table relies on the number of advisory function employees reported on Form ADV, Item 5B(1). Advisers with no advisory function employees reported are removed. Prior to 2011 the number of employees for each adviser is based on the midpoint of ranges reported. See the appendix for a review of interval notation used here. Advisory Function Employees Fewer than 10 [10,50) [50,250) [250,500) 500 or more 2009 9,102 1,645 403 55 76 2010 9,286 1,672 429 55 77 2011 7,982 1,908 464 64 76 2012 7,330 2,486 498 66 80 2013 7,401 2,549 548 67 80 2014 7,752 2,721 567 81 81 18 2015 8,073 2,784 602 82 89 2016 8,190 2,851 639 78 96 2017 8,488 3,023 672 75 99 2018 8,931 3,094 676 98 99 2019 9,128 3,134 697 107 99 2020 9,453 3,229 725 100 103 2021 10,132 3,430 744 104 113 2022 10,556 3,514 807 118 116 2023 10,690 3,508 847 119 109 May 15, 2024 Analytics Office 7 Offices 7.1 Principal Office and Place of Business Table 7.1: Aggregate RAUM ($Trillions) Reported by RIAs, by Principal Office and Place of Business This table relies on Principal Office and Place of Business reported on Form ADV, Item 1F, and RAUM reported on Form ADV Item 5.F.(2)(c). Country United States United Kingdom Japan Canada Australia Singapore Hong Kong Switzerland Ireland South Korea India Luxembourg China Spain Germany Other Country Total 2009 $34.8 $2.3 $0.6 $0.6 $0.1 $0.2 $0.1 $0.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.2 $0.3 $39.4 2010 $37.6 $3.0 $0.6 $0.6 $0.1 $0.2 $0.1 $0.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.1 $0.4 $43.1 2011 $41.2 $3.2 $0.8 $0.6 $0.1 $0.2 $0.1 $0.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.2 $0.5 $47.1 2012 $47.9 $3.8 $0.8 $0.7 $0.3 $0.3 $0.1 $0.2 $0.0 $0.1 $0.0 $0.0 $0.1 $0.1 $0.1 $0.6 $55.0 2013 $54.0 $4.2 $0.8 $0.7 $0.4 $0.3 $0.2 $0.2 $0.0 $0.1 $0.0 $0.0 $0.1 $0.1 $0.1 $0.6 $61.8 2014 $58.5 $4.3 $0.8 $0.7 $0.4 $0.4 $0.2 $0.2 $0.0 $0.1 $0.0 $0.0 $0.1 $0.1 $0.1 $0.7 $66.6 2015 $58.9 $4.2 $0.8 $0.7 $0.4 $0.4 $0.3 $0.2 $0.1 $0.3 $0.2 $0.0 $0.1 $0.1 $0.1 $0.5 $67.4 2016 $62.8 $4.3 $0.9 $0.7 $0.6 $0.4 $0.3 $0.2 $0.1 $0.3 $0.0 $0.1 $0.1 $0.1 $0.1 $0.6 $71.6 2017 $73.0 $5.1 $1.3 $0.8 $0.7 $0.4 $0.4 $0.2 $0.2 $0.3 $0.0 $0.1 $0.1 $0.1 $0.1 $0.7 $83.6 2018 $75.7 $4.9 $1.9 $0.7 $0.7 $0.4 $0.4 $0.2 $0.2 $0.3 $0.0 $0.1 $0.1 $0.1 $0.1 $0.6 $86.4 2019 $86.9 $5.7 $2.0 $0.8 $0.8 $0.4 $0.4 $0.2 $0.3 $0.3 $0.0 $0.1 $0.2 $0.1 $0.2 $0.6 $99.1 2020 $96.9 $6.1 $2.0 $0.9 $0.8 $0.5 $0.6 $0.3 $0.3 $0.3 $0.1 $0.1 $0.2 $0.1 $0.2 $0.6 $110.2 2021 $113.6 $6.1 $2.4 $1.1 $0.9 $0.7 $0.6 $0.3 $0.6 $0.3 $0.2 $0.1 $0.2 $0.1 $0.1 $0.7 $128.1 2022 $102.7 $5.7 $2.2 $1.1 $0.8 $0.5 $0.4 $0.3 $0.3 $0.2 $0.2 $0.2 $0.1 $0.1 $0.1 $0.4 $115.4 2023 $116.2 $5.6 $2.1 $1.2 $0.9 $0.5 $0.4 $0.3 $0.3 $0.3 $0.3 $0.2 $0.2 $0.1 $0.1 $0.4 $128.8 Table 7.2: Number of RIAs, by Principal Office and Place of Business This table relies on Principal Office and Place of Business reported on Form ADV, Item 1F. Country United States United Kingdom Japan Canada Australia Singapore Hong Kong Switzerland Ireland South Korea India Luxembourg China Spain Germany Other Country Total 2009 10,889 184 17 98 21 32 32 24 8 4 5 1 12 2 4 125 11,458 2010 11,123 180 15 103 23 32 36 33 8 5 6 1 15 2 4 133 11,719 2011 10,159 187 15 101 16 24 38 39 7 3 5 2 12 1 4 120 10,733 2012 9,989 225 15 100 21 32 50 52 8 6 5 2 15 1 3 138 10,662 2013 10,130 236 15 102 24 32 53 61 7 6 5 1 14 3 4 133 10,826 2014 10,638 249 16 108 22 40 60 64 8 6 7 2 16 4 5 151 11,396 2015 11,042 265 15 118 26 41 64 63 10 11 10 2 19 4 4 161 11,855 19 2016 11,187 279 16 125 30 39 68 71 13 11 10 3 32 4 4 173 12,065 2017 11,628 296 17 140 30 37 69 74 13 11 9 5 45 5 4 189 12,572 2018 12,158 299 18 129 29 40 78 74 14 7 10 6 44 7 4 184 13,101 2019 12,426 280 19 131 36 41 78 71 14 6 12 6 39 6 4 180 13,349 2020 12,862 284 22 136 35 42 81 66 15 5 11 6 39 6 2 171 13,783 2021 13,778 296 21 150 40 40 80 65 15 5 13 6 24 4 3 159 14,699 2022 14,385 294 21 146 41 42 76 65 17 4 14 5 22 4 3 148 15,287 2023 14,539 287 21 153 39 44 73 62 19 4 18 5 22 4 3 148 15,441 May 15, 2024 Analytics Office Table 7.3: Aggregate Private Fund Gross Assets ($Trillions) Reported by ERAs, by Principal Office and Place of Business This table relies on Principal Office and Place of Business reported on Form ADV, Item 1F, and private fund gross asset value reported on Form ADV Schedule D, Section 7.B.(1).A.11. Country United Kingdom United States Jersey Hong Kong Luxembourg Ireland Singapore Cayman Islands France Guernsey China Switzerland India Mauritius Canada Other Country Total 2012 $0.54 $0.30 $0.16 $0.07 $0.00 $0.01 $0.04 $0.05 $0.03 $0.04 $0.03 $0.12 $0.00 $0.01 $0.04 $0.19 $1.64 2013 $0.65 $0.37 $0.18 $0.07 $0.01 $0.01 $0.05 $0.07 $0.03 $0.04 $0.02 $0.04 $0.00 $0.02 $0.05 $0.15 $1.76 2014 $0.73 $0.38 $0.18 $0.08 $0.01 $0.01 $0.05 $0.09 $0.03 $0.03 $0.03 $0.04 $0.00 $0.02 $0.04 $0.15 $1.88 2015 $0.86 $0.41 $0.15 $0.10 $0.01 $0.01 $0.07 $0.10 $0.03 $0.04 $0.03 $0.04 $0.00 $0.03 $0.04 $0.17 $2.07 2016 $0.87 $0.43 $0.13 $0.12 $0.01 $0.01 $0.08 $0.15 $0.03 $0.04 $0.04 $0.03 $0.00 $0.03 $0.04 $0.17 $2.16 2017 $0.97 $0.48 $0.18 $0.15 $0.03 $0.02 $0.10 $0.22 $0.04 $0.06 $0.05 $0.03 $0.00 $0.03 $0.05 $0.20 $2.62 2018 $1.18 $0.53 $0.15 $0.15 $0.05 $0.04 $0.09 $0.26 $0.04 $0.06 $0.06 $0.04 $0.00 $0.04 $0.05 $0.23 $2.96 2019 $1.35 $0.61 $0.15 $0.18 $0.12 $0.06 $0.09 $0.39 $0.06 $0.10 $0.07 $0.04 $0.01 $0.04 $0.06 $0.29 $3.62 2020 $1.50 $0.75 $0.16 $0.26 $0.17 $0.08 $0.10 $0.42 $0.08 $0.11 $0.12 $0.05 $0.01 $0.04 $0.05 $0.26 $4.16 2021 $1.50 $1.02 $0.24 $0.29 $0.24 $0.14 $0.13 $0.47 $0.10 $0.13 $0.10 $0.07 $0.01 $0.06 $0.07 $0.57 $5.16 2022 $1.54 $0.98 $0.32 $0.27 $0.26 $0.13 $0.14 $0.45 $0.15 $0.12 $0.08 $0.07 $0.03 $0.06 $0.06 $0.37 $5.04 2023 $2.13 $1.01 $0.63 $0.28 $0.27 $0.25 $0.23 $0.23 $0.14 $0.13 $0.08 $0.07 $0.06 $0.06 $0.06 $0.42 $6.06 Table 7.4: Number of ERAs, by Principal Office and Place of Business This table relies on Principal Office and Place of Business reported on Form ADV, Item 1F. Country United Kingdom United States Jersey Hong Kong Luxembourg Ireland Singapore Cayman Islands France Guernsey China Switzerland India Mauritius Canada Other Country Total 2012 269 1,548 26 102 10 7 55 70 23 29 39 20 14 44 47 257 2,560 2013 282 1,689 30 120 13 9 60 76 24 30 40 21 14 46 53 274 2,781 2014 320 1,858 32 130 17 11 69 91 27 31 39 25 14 51 58 299 3,072 2015 348 2,072 41 152 24 10 80 97 32 31 40 25 14 62 64 325 3,417 2016 366 2,173 43 157 36 11 88 111 28 33 42 31 18 64 68 333 3,602 20 2017 388 2,359 51 174 43 12 101 133 33 38 47 31 20 69 80 371 3,950 2018 423 2,532 58 182 52 18 103 141 38 49 61 34 22 71 80 402 4,266 2019 450 2,739 58 200 65 21 110 152 43 53 82 34 25 80 84 428 4,624 2020 464 3,096 60 213 70 24 119 163 49 49 83 38 29 80 87 471 5,095 2021 473 3,466 60 226 78 28 139 186 51 53 92 49 32 80 91 542 5,646 2022 498 3,746 64 229 83 27 147 185 59 53 85 54 38 76 101 601 6,046 2023 501 3,449 63 222 83 23 148 182 57 51 86 56 43 74 103 621 5,762 May 15, 2024 8 Analytics Office RIA Activities Table 8.1: Number of RIAs, by Advisory Services Provided Rows are not mutually exclusive since advisers can report more than one advisory service on Form ADV, Item 5G. Advisory Service Portfolio management Financial planning Adviser selection Pension consulting Other Educational workshops Publications Market timing Rating/pricing services 2009 10,439 4,664 3,531 1,996 2,874 1 757 145 48 2010 10,695 4,803 3,603 2,108 2,977 33 794 148 47 2011 10,118 4,194 3,283 1,946 2,220 483 770 127 43 2012 10,130 3,526 3,074 1,786 2,008 580 672 89 43 2013 10,337 3,651 3,183 1,819 2,020 671 668 76 44 2014 10,916 3,910 3,321 1,949 2,070 775 689 70 41 2015 11,376 4,200 3,473 2,080 2,107 892 713 60 43 2016 11,598 4,391 3,533 2,222 2,114 966 722 63 42 2017 12,110 4,777 3,667 2,404 2,165 1,059 739 55 39 2018 12,651 5,224 3,850 2,617 2,210 1,192 770 55 41 2019 12,923 5,452 3,945 2,731 2,270 1,259 767 55 39 2020 13,368 5,783 4,065 2,884 2,314 1,339 762 48 37 2021 14,278 6,310 4,266 3,108 2,405 1,426 792 49 35 2022 14,859 6,651 4,430 3,255 2,456 1,465 796 51 37 2023 15,037 6,772 4,485 3,284 2,458 1,511 800 49 32 Table 8.2: Aggregate RIA RAUM, by Advisory Services Provided ($Trillions) This table relies on advisory activity information on Form ADV, Item 5G and RAUM reported on Form ADV, Item 5F(2)(a-c). Aggregate values represent the total RAUM of RIAs which provide a given advisory service. Rows are not mutually exclusive since advisers can report more than one advisory service. Advisory Service Educational workshops Financial planning Market timing Publications Other Pension consulting Rating/pricing services Adviser selection Portfolio management 2009 $0.0 $3.9 $0.1 $4.5 $13.0 $5.5 $0.3 $15.7 $38.5 2010 $0.0 $4.5 $0.0 $5.2 $15.4 $6.5 $0.4 $17.1 $42.1 2011 $3.4 $4.7 $0.1 $6.4 $12.5 $7.5 $0.5 $20.8 $46.4 2012 $4.9 $5.4 $0.1 $7.1 $15.7 $8.8 $0.4 $23.3 $54.5 2013 $6.0 $6.7 $0.1 $7.9 $16.8 $10.6 $0.4 $27.3 $61.3 2014 $6.4 $7.8 $0.1 $9.3 $19.0 $11.7 $0.5 $30.6 $66.2 2015 $7.2 $7.8 $0.1 $10.0 $19.8 $12.5 $0.6 $31.9 $67.0 21 2016 $7.9 $8.6 $0.1 $10.7 $21.4 $13.4 $0.6 $34.4 $71.2 2017 $9.9 $11.0 $0.1 $13.6 $25.9 $16.1 $0.7 $40.1 $83.1 2018 $11.4 $11.4 $0.1 $13.6 $28.5 $16.9 $0.7 $39.7 $85.9 2019 $14.6 $13.6 $0.1 $15.0 $32.0 $20.3 $0.8 $46.6 $98.5 2020 $17.4 $15.1 $0.2 $17.3 $33.7 $24.4 $0.8 $53.6 $109.5 2021 $20.8 $18.4 $0.2 $20.5 $38.1 $27.1 $1.2 $65.8 $127.5 2022 $18.9 $17.2 $0.2 $18.5 $32.6 $26.1 $0.9 $60.8 $114.8 2023 $23.6 $20.3 $0.3 $20.5 $37.0 $30.1 $1.1 $69.4 $128.2 May 15, 2024 Analytics Office Table 8.3: Number of RIAs Engaged in Other Business Activities This table relies on other business activities reported on Form ADV, Item 6A. Rows are not mutually exclusive since advisers can report more than one other business activity. Business Activity FCM, CPO, or CTA Insurance broker/agent Broker-dealer Registered rep. of BD Other financial product sales Accountant or accounting firm RE broker/dealer/agent Municipal advisor Lawyer or law firm Bank Trust company Security-based swap dealer Security-based swap participant 2009 378 1,386 600 845 255 0 80 0 0 35 0 0 0 2010 385 1,415 581 864 245 10 79 11 2 37 0 0 0 2011 833 1,112 517 645 200 161 57 59 23 23 19 0 1 2012 1,501 875 478 470 198 144 49 62 19 20 21 1 1 2013 1,719 870 458 445 200 151 51 57 21 17 20 1 0 2014 1,872 934 452 472 213 164 50 61 19 23 19 1 0 2015 1,974 963 442 475 214 170 56 64 21 22 20 1 1 2016 2,022 972 438 441 207 181 56 62 24 21 21 2 0 2017 2,088 1,036 452 446 226 196 51 62 28 21 16 2 0 2018 2,097 1,076 447 422 231 198 50 55 30 18 15 1 0 2019 2,100 1,095 433 421 262 210 50 51 30 19 16 2 0 2020 2,111 1,117 422 406 276 221 49 51 29 20 18 1 0 2021 2,207 1,172 435 404 297 251 54 41 31 19 16 3 1 2022 2,266 1,227 430 393 309 257 52 38 30 17 16 2 2 2023 2,266 1,243 416 395 292 248 49 38 30 17 14 3 1 Table 8.4: Aggregate RIA RAUM, by Other Business Activities ($Trillions) This table relies on other business activity information on Form ADV, Item 6A and RAUM reported on Form ADV, Item 5F(2)(a-c). Aggregate values represent the total RAUM of RIAs which are engaged in a particular business activity. Rows are not mutually exclusive since advisers can report more than one other business activity. Business Activity Broker-dealer Registered rep. of BD RE broker/dealer/agent Insurance broker/agent Bank Trust company Municipal advisor Security-based swap dealer Security-based swap participant Accountant or accounting firm Lawyer or law firm Other financial product sales FCM, CPO, or CTA 2009 $2.5 $1.5 $0.3 $0.9 $0.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.9 $10.4 2010 $2.9 $0.3 $0.1 $1.4 $0.6 $0.0 $0.1 $0.0 $0.0 $0.0 $0.0 $1.2 $10.6 2011 $2.9 $0.4 $0.0 $1.3 $0.1 $0.6 $1.3 $0.0 $0.0 $0.1 $0.0 $2.2 $21.1 2012 $3.7 $0.4 $0.1 $1.4 $0.1 $0.7 $1.6 $0.0 $0.0 $0.1 $0.0 $2.2 $35.4 2013 $3.9 $0.8 $0.1 $1.7 $0.1 $0.8 $1.9 $0.1 $0.0 $0.1 $0.0 $2.3 $41.4 2014 $4.8 $0.7 $0.1 $2.2 $0.1 $0.8 $0.9 $0.1 $0.0 $0.1 $0.0 $3.0 $45.1 22 2015 $4.3 $0.7 $0.1 $2.1 $0.8 $0.8 $1.0 $0.1 $0.0 $0.1 $0.0 $3.2 $46.2 2016 $5.3 $0.6 $0.1 $2.5 $0.8 $0.9 $1.0 $0.2 $0.0 $0.3 $0.1 $3.2 $49.8 2017 $6.3 $0.8 $0.1 $3.0 $1.0 $1.0 $1.1 $0.3 $0.0 $0.3 $0.1 $4.2 $58.6 2018 $6.3 $0.8 $0.6 $3.6 $1.4 $1.4 $1.2 $0.1 $0.0 $0.4 $0.1 $4.9 $60.5 2019 $7.4 $0.8 $0.5 $4.3 $1.4 $1.4 $1.5 $0.2 $0.0 $0.7 $0.1 $4.8 $68.3 2020 $9.0 $1.0 $0.5 $4.9 $1.6 $1.6 $1.7 $0.2 $0.0 $0.8 $0.1 $6.4 $75.4 2021 $10.6 $1.1 $0.7 $7.4 $3.1 $1.8 $1.9 $0.4 $0.0 $1.1 $0.2 $7.1 $86.9 2022 $9.4 $1.1 $0.7 $6.7 $1.5 $1.5 $1.6 $0.4 $0.0 $1.2 $0.2 $6.7 $78.1 2023 $9.4 $1.3 $0.6 $7.7 $1.5 $1.6 $1.8 $0.5 $0.0 $1.4 $0.2 $7.5 $88.9 May 15, 2024 9 Analytics Office Interest in Client Transactions Table 9.1: Number of RIAs with Participation or Interest in Client Transactions This table relies on information reported on Form ADV, Item 8 and provides information about the adviser’s proprietary interest in client transactions, sales interest in client transactions, and investment or brokerage discretion. Advisers may report multiple types of participation or interest in client transactions. See Form ADV Item 8 for definitions of each transaction type. Interest Type Proprietary Interest Sales Interest Investment or Brokerage Discretion ADV Item 8A(1) 8A(2) 8A(3) 8B(1) 8B(2) 8B(3) 8C(1) 8C(2) 8C(3) 8C(4) 8D 8E 8F 8G(1) 8G(2) 8H(1) 8H(2) 8I 2009 890 8,989 2,847 608 2,547 1,334 10,265 10,257 7,342 6,309 0 8,289 0 7,028 4 5,009 0 0 2010 855 9,223 2,834 580 2,536 1,284 10,550 10,541 7,426 6,328 105 8,515 105 7,136 357 4,979 0 114 2011 775 8,443 2,579 510 2,379 1,142 9,752 9,745 6,891 5,875 804 7,529 874 5,062 4,304 4,318 0 1,080 2012 898 8,043 2,853 491 2,672 1,203 9,798 9,793 7,415 6,510 826 6,881 882 4,878 4,559 4,276 0 1,141 2013 888 8,176 2,841 459 2,675 1,176 9,988 9,978 7,462 6,518 813 7,053 897 4,850 4,700 4,294 0 1,228 2014 905 8,620 2,928 434 2,740 1,214 10,542 10,534 7,822 6,773 827 7,468 924 5,010 5,010 4,458 0 1,283 2015 952 8,982 2,986 432 2,806 1,222 10,982 10,970 8,014 6,920 811 7,788 922 5,165 5,255 4,470 0 1,355 2016 999 9,134 2,985 415 2,679 1,238 11,222 11,207 8,105 6,933 811 7,953 894 5,124 5,304 4,160 476 1,195 2017 1,060 9,509 2,972 427 2,349 1,211 11,731 11,712 8,314 6,996 814 8,339 889 5,247 5,602 3,555 2,257 825 2018 1,047 9,980 2,934 414 2,354 1,197 12,257 12,244 8,481 7,012 811 8,783 889 5,344 5,829 3,660 2,497 826 2019 1,099 10,213 2,926 394 2,395 1,224 12,505 12,489 8,570 7,014 801 8,972 874 5,293 5,911 3,712 2,520 873 2020 1,141 10,603 2,956 398 2,443 1,221 12,931 12,913 8,673 7,040 803 9,308 876 5,309 6,041 3,848 2,549 886 2021 1,169 11,390 3,036 391 2,514 1,246 13,787 13,770 9,007 7,210 807 9,925 875 5,547 6,347 3,936 2,598 938 2022 1,162 11,818 3,121 378 2,509 1,257 14,343 14,331 9,189 7,323 801 10,273 859 5,579 6,474 3,970 2,604 955 2023 1,173 11,910 3,155 367 2,546 1,249 14,522 14,509 9,214 7,299 784 10,331 857 5,475 6,425 3,978 2,628 999 2022 7.6% 77.3% 20.4% 2.5% 16.4% 8.2% 93.8% 93.7% 60.1% 47.9% 5.2% 67.2% 5.6% 36.5% 42.3% 26.0% 17.0% 6.2% 2023 7.6% 77.1% 20.4% 2.4% 16.5% 8.1% 94.0% 94.0% 59.7% 47.3% 5.1% 66.9% 5.6% 35.5% 41.6% 25.8% 17.0% 6.5% Table 9.2: Percent of RIAs with Participation or Interest in Client Transactions This table relies on information reported on Form ADV, Item 8 and provides information about the adviser’s proprietary interest in client transactions, sales interest in client transactions, and investment or brokerage discretion. Advisers may report multiple types of participation or interest in client transactions. See Form ADV Item 8 for definitions of each transaction type. Interest Type Proprietary Interest Sales Interest Investment or Brokerage Discretion ADV Item 8A(1) 8A(2) 8A(3) 8B(1) 8B(2) 8B(3) 8C(1) 8C(2) 8C(3) 8C(4) 8D 8E 8F 8G(1) 8G(2) 8H(1) 8H(2) 8I 2009 7.8% 78.5% 24.8% 5.3% 22.2% 11.6% 89.6% 89.5% 64.1% 55.1% 0.0% 72.3% 0.0% 61.3% 0.0% 43.7% 0.0% 0.0% 2010 7.3% 78.7% 24.2% 4.9% 21.6% 11.0% 90.0% 89.9% 63.4% 54.0% 0.9% 72.7% 0.9% 60.9% 3.0% 42.5% 0.0% 1.0% 2011 7.2% 78.7% 24.0% 4.8% 22.2% 10.6% 90.9% 90.8% 64.2% 54.7% 7.5% 70.1% 8.1% 47.2% 40.1% 40.2% 0.0% 10.1% 2012 8.4% 75.4% 26.8% 4.6% 25.1% 11.3% 91.9% 91.8% 69.5% 61.1% 7.7% 64.5% 8.3% 45.8% 42.8% 40.1% 0.0% 10.7% 2013 8.2% 75.5% 26.2% 4.2% 24.7% 10.9% 92.3% 92.2% 68.9% 60.2% 7.5% 65.1% 8.3% 44.8% 43.4% 39.7% 0.0% 11.3% 23 2014 7.9% 75.6% 25.7% 3.8% 24.0% 10.7% 92.5% 92.4% 68.6% 59.4% 7.3% 65.5% 8.1% 44.0% 44.0% 39.1% 0.0% 11.3% 2015 8.0% 75.8% 25.2% 3.6% 23.7% 10.3% 92.6% 92.5% 67.6% 58.4% 6.8% 65.7% 7.8% 43.6% 44.3% 37.7% 0.0% 11.4% 2016 8.3% 75.7% 24.7% 3.4% 22.2% 10.3% 93.0% 92.9% 67.2% 57.5% 6.7% 65.9% 7.4% 42.5% 44.0% 34.5% 3.9% 9.9% 2017 8.4% 75.6% 23.6% 3.4% 18.7% 9.6% 93.3% 93.2% 66.1% 55.6% 6.5% 66.3% 7.1% 41.7% 44.6% 28.3% 18.0% 6.6% 2018 8.0% 76.2% 22.4% 3.2% 18.0% 9.1% 93.6% 93.5% 64.7% 53.5% 6.2% 67.0% 6.8% 40.8% 44.5% 27.9% 19.1% 6.3% 2019 8.2% 76.5% 21.9% 3.0% 17.9% 9.2% 93.7% 93.6% 64.2% 52.5% 6.0% 67.2% 6.5% 39.7% 44.3% 27.8% 18.9% 6.5% 2020 8.3% 76.9% 21.4% 2.9% 17.7% 8.9% 93.8% 93.7% 62.9% 51.1% 5.8% 67.5% 6.4% 38.5% 43.8% 27.9% 18.5% 6.4% 2021 8.0% 77.5% 20.7% 2.7% 17.1% 8.5% 93.8% 93.7% 61.3% 49.1% 5.5% 67.5% 6.0% 37.7% 43.2% 26.8% 17.7% 6.4% May 15, 2024 10 Analytics Office Wrap Fee Programs Table 10.1: Number of RIAs Participating in Wrap Fee Programs This table relies on wrap fee program information reported on Item 5I. Categories are not mutually exclusive. Wrap Program Type Sponsor and Portfolio Manager Portfolio Manager Sponsor Total 2009 455 1,290 627 1,462 2010 511 1,307 675 1,471 2011 528 1,302 669 1,443 2012 550 1,287 679 1,416 2013 600 1,319 728 1,447 2014 649 1,378 794 1,523 2015 744 1,486 893 1,635 2016 758 1,306 774 1,582 2017 918 898 433 1,715 2018 1,016 897 429 1,832 2019 1,054 846 411 1,858 2020 1,082 833 398 1,865 2021 1,108 844 398 1,893 2022 1,142 826 401 1,891 2023 1,114 834 399 1,864 Table 10.2: RAUM attributable to Wrap Fee Programs ($Trillions) This table relies on wrap fee program information reported on Item 5I. Categories are not mutually exclusive. Prior to 2017 RAUM attributable to wrap fee programs was not required to be reported. Wrap Program Type Sponsor and Portfolio Manager Sponsor Portfolio Manager Total 2017 $3.777 $2.310 $0.973 $7.061 2018 $3.382 $2.398 $1.480 $7.260 2019 $4.180 $2.942 $1.883 $9.005 24 2020 $5.139 $3.365 $2.123 $10.628 2021 $5.553 $4.835 $2.481 $12.869 2022 $5.777 $3.261 $2.190 $11.228 2023 $6.713 $3.714 $2.715 $13.142 May 15, 2024 11 Analytics Office Disclosure Information Table 11.1: Number of RIAs and ERAs with Disciplinary Events Reported This table relies on information reported on Form ADV, Item 11 and presents the number of advisers with at least one disciplinary event reported, by disclosure type. Advisers may report disciplinary disclosures in multiple categories. Disclosures must only be reported for ten years following the date of the event. Adviser Type RIA ERA Total Disclosure Type Regulatory Civil Criminal Subtotal Regulatory Civil Criminal Subtotal Total 2009 1,398 442 168 1,582 0 0 0 0 1,582 2010 1,430 420 142 1,608 0 0 0 0 1,608 2011 1,359 426 135 1,523 87 40 21 117 1,640 2012 1,381 412 129 1,534 89 44 23 121 1,655 2013 1,425 388 127 1,577 113 51 23 147 1,724 2014 1,450 368 142 1,598 123 52 28 163 1,761 2015 1,500 371 138 1,647 146 54 35 189 1,836 2016 1,531 361 152 1,679 146 57 36 188 1,867 2017 1,605 373 153 1,771 146 45 33 186 1,957 2018 1,645 342 160 1,796 167 42 36 207 2,003 2019 1,639 315 180 1,782 173 36 42 216 1,998 2020 1,695 325 182 1,832 188 37 41 233 2,065 2021 1,765 300 187 1,892 210 38 41 249 2,141 2022 1,825 267 175 1,951 234 43 40 276 2,227 2023 1,808 241 180 1,918 222 41 39 262 2,180 Table 11.2: Percent of RIAs and ERAs with Disciplinary Events Reported This table relies on information reported on Form ADV, Item 11 and presents the percentage of advisers with at least one disciplinary event reported, by disclosure type. Advisers may report disciplinary disclosures in multiple categories. Disclosures must only be reported for ten years following the date of the event. Adviser Type RIA ERA Total Disclosure Type Regulatory Civil Criminal Subtotal Regulatory Civil Criminal Subtotal Total 2009 12.2% 3.9% 1.5% 13.8% 0.0% 0.0% 0.0% 0.0% 13.8% 2010 12.2% 3.6% 1.2% 13.7% 0.0% 0.0% 0.0% 0.0% 13.7% 2011 12.7% 4.0% 1.3% 14.2% 3.9% 1.8% 0.9% 5.2% 12.6% 2012 13.0% 3.9% 1.2% 14.4% 3.5% 1.7% 0.9% 4.7% 12.5% 2013 13.2% 3.6% 1.2% 14.6% 4.1% 1.8% 0.8% 5.3% 12.7% 2014 12.7% 3.2% 1.2% 14.0% 4.0% 1.7% 0.9% 5.3% 12.2% 25 2015 12.7% 3.1% 1.2% 13.9% 4.3% 1.6% 1.0% 5.5% 12.0% 2016 12.7% 3.0% 1.3% 13.9% 4.1% 1.6% 1.0% 5.2% 11.9% 2017 12.8% 3.0% 1.2% 14.1% 3.7% 1.1% 0.8% 4.7% 11.8% 2018 12.6% 2.6% 1.2% 13.7% 3.9% 1.0% 0.8% 4.9% 11.5% 2019 12.3% 2.4% 1.3% 13.3% 3.7% 0.8% 0.9% 4.7% 11.1% 2020 12.3% 2.4% 1.3% 13.3% 3.7% 0.7% 0.8% 4.6% 10.9% 2021 12.0% 2.0% 1.3% 12.9% 3.7% 0.7% 0.7% 4.4% 10.5% 2022 11.9% 1.7% 1.1% 12.8% 3.9% 0.7% 0.7% 4.6% 10.4% 2023 11.7% 1.6% 1.2% 12.4% 3.9% 0.7% 0.7% 4.5% 10.3% May 15, 2024 12 Appendices 12.1 Interval Notation Analytics Office Interval notation (e.g., [a, b], [a, b), (a, b], and (a, b)) is a way to describe the range of values specified by an ordered pair (in this case, a and b). In particular, [a, b] includes all values from a to b including both a and b. [a, b) includes all values from a to b including a, but not b. (a, b] includes all values from a to b including b, but not a. (a, b) includes all values from a to b excluding both a and b. 12.2 Methodology for Timeseries Analysis To construct aggregate statistics for SEC-Registered Investment Advisers (RIAs) and Exempt Reporting Advisers (ERAs) in this report we create a timeseries of adviser status and data reported for each adviser from Form ADV filings. First, we determine the status of a RIA or ERA at a given point in time by utilizing reported Form ADV initial, final, and and ADV-W filings. For each investment adviser, a time series of an adviser’s status as an RIA or ERA can be constructed by “filling forward” an adviser’s reporting status from their initial Form ADV filing until they withdraw from registration or switch to reporting as another adviser type. To align Form ADV filings with the corresponding time period given asynchronous reporting, we collect all annual Form ADV Part 1A amendments, other-than-annual amendments, and initial Form ADV filings received through May 06, 2024. We then assign a “report period” to each filing based upon the reported fiscal year-end month in Form ADV Item 3B and corresponding Form ADV filing dates. Other-than annual amendments are associated to the report period of the most recent initial or annual-amendment made by the same adviser. We then take the latest Form ADV initial filing, annual amendment, or other-than annual ammendment for each report period for each adviser to ensure the most recent data is utilized for that report period. Once Form ADV filings for a given adviser are associated with a given report period, we “fill forward” the values in these ADV filings until an ADV amendment is received or a Form ADV is filed for a new report period to construct a time series of values reported for each adviser. After constructing a time series of registration history and reported values for each adviser, we aggregate reported information for both RIAs and ERAs over time. Given the asynchronous nature of Form ADV filings, aggregates at a specific point in time reflect Form ADV filings representing different as-of dates. 26 May 15, 2024 12.3 Analytics Office Form ADV, Part 1A Changes Below we include a brief summary of certain changes made to Form ADV, Part 1A since 2000 that may impact the availability, or meaning of, historical information collected in certain data elements presented here in this report.7 Release Number IA-5653 Effective Date May 4, 2021 Form ADV Amendments Reflect New requirements to provide the SEC with additional information concerning marketing practices. IA-4698 July 1, 2017 The enactment of a Wyoming state law regulating investment advisers. IA-4509 October 16, 2016 New requirements to report additional information about their clients, separately managed accounts, wrap fee programs, and to incorporate umbrella registration. IA-3221 September 19, 2011 Certain provisions of the Dodd Frank Wall Street Reform and Consumer Protection Act. In addition, advisers were required to provide additional information about private funds they advise, conflicts of interest, nonadvisory activities and their financial industry affiliations. IA-2968 March 12, 2010 Amendments to the custody rule, including additional information on financial industry affiliates. IA-2695 January 28, 2008 The formation of FINRA (references to NASD were replaced with references to FINRA). IA-2504 April 7, 2006 A statue enacted in the U.S. Virgin Islands which regulates investment advisers. IA-2204 February 5, 2004 New rules that, among other things, require each investment adviser registered with the SEC to adopt and implement written policies and procedures reasonably designed to prevent violation of the Advisers Act and the rules thereunder. IA-2176 November 5, 2003 Amendments to the custody rule. IA-2091 January 10, 2003 Rule amendments exempting certain investment advisers that provide services through the internet from the prohibition on registration with the SEC. IA-1897 October 10, 2000 The change from filing Form ADV on paper to filing Form ADV electronically. Item 11 was also amended to require more disciplinary information disclosures. 7 This summary only covers changes to Form ADV, Part 1A that could affect the data used in compiling this report. Therefore, this summary is purposefully not a comprehensive list of all changes made to Part 1A over the time period shown. In addition, item references refer to the version of Part 1A in effect as of the date of a particular rulemaking. 27 May 15, 2024 12.4 Analytics Office Definitions Included by reference are all definitions included in the General Instructions or question specific instructions of Form ADV. Advisers Act The Investment Advisers Act of 1940. BDC Business Development Company. Client Any of the IA’s investment advisory clients. This term includes clients from which the firm receives no compensation, such as family members of your supervised persons. If the firm also provides other services (e.g., accounting services), this term does not include clients that are not investment advisory clients. Discretionary Authority or Basis The firm has discretionary authority or manages assets on a discretionary basis if it has the authority to decide which securities to purchase and sell for the client. The firm also has discretionary authority if it has the authority to decide which investment advisers to retain on behalf of the client. Employee Includes independent contractors who perform advisory functions on the adviser’s behalf. Exempt Reporting Adviser (ERA) An investment adviser that qualifies for the exemption from registration under section 203(l) of the Advisers Act because it is an adviser solely to one or more venture capital funds, or under rule 203(m)-1 of the Advisers Act because it is an adviser solely to private funds and has assets under management in the United States of less than $150 million. Gross Notional Exposure (GNE) The percentage obtained by dividing the sum of the dollar amount of any borrowings and the gross notional value of all derivatives, by regulatory assets under management. High Net Worth (HNW) Individual An individual who is a qualified client or who is a “qualified purchaser” as defined in section 2(a)(51)(A) of the Investment Company Act of 1940. Non-Discretionary Authority or Basis The firm does not have discretionary authority or manages assets on a discretionary basis if it does not have the authority to decide which securities to purchase and sell for the client. The firm also does not have discretionary authority if it does not have the authority to decide which investment advisers to retain on behalf of the client. Pooled Investment Vehicle (PIV) Any investment company as defined in section 3(a) of the Investment Company Act of 1940 (15 U.S.C. 80a–3(a)) or any company that would be an investment company under section 3(a) of that Act but for the exclusion provided from that definition by either section 3(c)(1) or section 3(c)(7) of that Act (15 U.S.C. 80a–3(c)(1) or (7)). 28 May 15, 2024 Analytics Office Private Fund (PF) An issuer that would be an investment company as defined in section 3 of the Investment Company Act of 1940 but for section 3(c)(1) or 3(c)(7) of that Act. Qualified Client A client that satisfies the definition of qualified client in SEC rule 205-3. Registered Investment Adviser (RIA) An investment adviser which is registered with the Commission. Registered Investment Company (RIC) An investment company which is registered with the Commission. Regulatory Assets Under Management (RAUM) Assets of the securities portfolios for which the adviser provides continuous and regular supervisory or management services. Please see Form ADV Instruction 5.b. for further information on the calculation of RAUM. Separately Managed Accounts (SMAs) Clients other than pooled investment vehicles. Small Entity RIA An investment adviser that: (1) Has assets under management, as defined under Section 203A(a)(3) of the Act (15 U.S.C. 80b–3a(a)(2)) and reported on its annual updating amendment to Form ADV (17 CFR 279.1), of less than $25 million, or such higher amount as the Commission may by rule deem appropriate under Section 203A(a)(1)(A) of the Act (15 U.S.C. 80b–3a(a)(1)(A)); (2) Did not have total assets of $5 million or more on the last day of the most recent fiscal year; and (3) Does not control, is not controlled by, and is not under common control with another investment adviser that has assets under management of $25 million or more (or such higher amount as the Commission may deem appropriate), or any person (other than a natural person) that had total assets of $5 million or more on the last day of the most recent fiscal year. 29 --- Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3A5e58923c8e563432. Public record. Not legal advice.