Clients
40/86 Advisors serves 13 clients, 7 of them insurance companies. The average client has about $2.35 billion with the firm.
- Insurance companies7 clients98%
- OtherPooled investment vehicles, Corporations and other businesses2%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Pooled investment vehicles | 3 | $298,792,861 | 1.0% | $99.6M |
| Insurance companies | 7 | $29,783,476,838 | 97.7% | $4.25B |
| Corporations and other businesses | 3 | $412,878,608 | 1.4% | $137.6M |
| Total | 13 | $30,495,148,307 | 100% | $2.35B |
- Clients
- 3
- Regulatory AUM
- $298,792,861
- Share
- 1.0%
- Avg. per client
- $99.6M
- Clients
- 7
- Regulatory AUM
- $29,783,476,838
- Share
- 97.7%
- Avg. per client
- $4.25B
- Clients
- 3
- Regulatory AUM
- $412,878,608
- Share
- 1.4%
- Avg. per client
- $137.6M
Total
- Clients
- 13
- Regulatory AUM
- $30,495,148,307
- Share
- 100%
- Avg. per client
- $2.35B
What it does
40/86 Advisors provides portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets and performance-based fees.
40/86 Advisors advises 3 private funds.
100.0% of assets ($30.50B across 13 accounts) are managed with discretion. 31% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks4%
- Non-exchange-traded equities3%
- Exchange-traded equities1%
- Bonds56%
- Investment grade corporate bonds41%
- State and local bonds10%
- U.S. government and agency bonds3%
- High-yield corporate bonds2%
- Cash2%
- Other38%
- Company-owned life insurance, asset-backed securities, mortgage-backed securities, mortgage loans, credit tenant loans, rated notes and certain other structured securities.37%
- Derivatives1%
Custodians
40/86 Advisors’ client accounts are held mainly at Northern Trust, with 80% of managed assets. 40/86 Advisors does not have custody of client assets.
- Northern TrustNorthern Trust · Chicago, IL · $24.32B80%
- All other custodians$6.18B20%
Ownership and leadership
Cno Financial Group, Inc. owns 75% or more of 40/86 Advisors.
- Owns 75% or more of 40/86 Advisors, Inc.
Cno Financial Group, Inc.
Control person · since December 1987
Leadership
- Richard BurkeSenior Vice President, Chief Information Officer
- Zandra De HaaiSenior Vice President, Fixed Income Research
- Jesse HorsfallSenior Vice President, Portfolio Management
- Eric JohnsonDirector, President and Chief Investment Officer
- Paul McDonoughDirector, Executive Vice President and Chief Financial Officer
- Tony NeuhoffVice President, Deputy General Counsel and Chief Compliance Officer
Staff
- 84 employees
- 84 in advisory functions
Fees
40/86 Advisors is paid through a percentage of assets under management and performance-based fees.
40/86 Advisors’ fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, 40/86 Advisors has 0 offices, with 1 listed address in 1 state.
Indiana · 1 listed address
- 11299 Illinois Street, Suite 200, CarmelHQ
Other business names
40/86 Advisors has reported 1 other business name to the SEC.
- Creeksource LLC (relying Adviser)
Registration details
- Legal name
- 40/86 Advisors, Inc.
- Headquarters
- 11299 Illinois Street, Suite 200, Carmel, IN 46032
- Phone
- 317-817-4086
- Website
- 4086.com
- SEC file
- 801-17857
- Structure
- Delaware corporation
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does 40/86 Advisors have?
40/86 Advisors has 13 clients and manages $30.5 billion for them, as of April 2026. They include 7 insurance companies, 3 pooled investment vehicles and 3 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 22 April 2026
What services does 40/86 Advisors offer?
40/86 Advisors provides portfolio management for pooled vehicles and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does 40/86 Advisors use?
40/86 Advisors’ separately managed account assets are held at Northern Trust (Chicago, IL), with $24,316,496,929. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 22 April 2026
How many financial advisors does 40/86 Advisors have?
40/86 Advisors has 0 investment adviser representatives registered with state securities authorities, out of 84 employees, and 84 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does 40/86 Advisors invest in?
At the end of its last fiscal year, 40/86 Advisors’ separately managed accounts held 41% investment grade corporate bonds, 37% company-owned life insurance, asset-backed securities, mortgage-backed securities, mortgage loans, credit tenant loans, rated notes and certain other structured securities., 10% state and local bonds, 3% non-exchange-traded equities, 3% U.S. government and agency bonds, 2% high-yield corporate bonds, 2% cash and equivalents, 1% exchange-traded equities and 1% derivatives. It advises 3 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns 40/86 Advisors?
40/86 Advisors’ direct owner is Cno Financial Group, Inc. (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 22 April 2026
How does 40/86 Advisors get paid?
40/86 Advisors is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file