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Ariel Investments

SEC-registered adviser since 1983Chicago, ILCRD 108211

$12.8B
AUM
146
Clients
See fees
Fee
30
Advisory staff

From Form ADV filed 28 July 2026 · data retrieved 15 October 2026SEC record

Ariel Investments is an investment adviser headquartered in Chicago, Illinois, and registered with the SEC since 1983. Its clients include investment companies, state or municipal government entities, and pension and profit-sharing plans. High-net-worth individuals account for 11% of its regulatory assets under management.

Its services include portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, and portfolio management for institutions. Fee arrangements include a percentage of assets under management and performance-based fees. Ariel Investments Holding Company, LLC owns 75% or more of Ariel Investments.

Clients

Ariel Investments serves 146 clients, 47 of them high-net-worth individuals. The average client has about $88 million with the firm, and high-net-worth clients hold 11% of its $12.8 billion in assets.

Regulatory assets by client type
  • High-net-worth individuals47 clients11%
  • Investment companies7 clients33%
  • Pension and profit-sharing plans19 clients13%
  • Charitable organizations24 clients7%
  • State or municipal government entities27 clients30%
  • OtherInsurance companies, Corporations and other businesses, Individuals, Pooled investment vehicles, Other investment advisers7%
Show client breakdown
Individuals (other than HNW)
Clients
5
Regulatory AUM
$6,381,482
Share
0.0%
Avg. per client
$1.28M
High-net-worth individuals
Clients
47
Regulatory AUM
$1,350,151,848
Share
10.6%
Avg. per client
$28.7M
Investment companies
Clients
7
Regulatory AUM
$4,232,508,154
Share
33.1%
Avg. per client
$604.6M
Pooled investment vehicles
Clients
3
Regulatory AUM
$205,241,487
Share
1.6%
Avg. per client
$68.4M
Pension and profit-sharing plans
Clients
19
Regulatory AUM
$1,606,641,366
Share
12.6%
Avg. per client
$84.6M
Charitable organizations
Clients
24
Regulatory AUM
$839,419,014
Share
6.6%
Avg. per client
$35.0M
State or municipal government entities
Clients
27
Regulatory AUM
$3,837,236,508
Share
30.0%
Avg. per client
$142.1M
Other investment advisers
Clients
6
Regulatory AUM
$23,176,562
Share
0.2%
Avg. per client
$3.86M
Insurance companies
Clients
3
Regulatory AUM
$270,854,426
Share
2.1%
Avg. per client
$90.3M
Corporations and other businesses
Clients
5
Regulatory AUM
$406,469,659
Share
3.2%
Avg. per client
$81.3M

Total

Clients
146
Regulatory AUM
$12,778,080,506
Share
100%
Avg. per client
$87.5M

What it does

Ariel Investments provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets and performance-based fees.

Ariel Investments advises 3 private funds.

100.0% of assets ($12.78B across 146 accounts) are managed with discretion. 1% of clients are outside the U.S., and 2 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end
  • Stocks98%
  • Cash2%

Custodians

Ariel Investments’ client accounts are held mainly at The Northern Trust, with 28% of managed assets, and The Bank of New York Mellon, with 14%. Ariel Investments has custody of $205.2M for 3 clients.

Managed account assets by custodian
  • The Bank of New York MellonThe Bank of New York Mellon · New York, NY · $1.84B14%
  • The Northern TrustThe Northern Trust Company · Chicago, IL · $3.62B28%
  • State Street Bank and TrustState Street Bank and Trust Company · Boston, MA · $1.47B12%
  • All other custodians$5.84B46%

Ownership and leadership

Ariel Investments Holding Company, LLC owns 75% or more of Ariel Investments.

Who owns the firm
Ariel Investments, LLC· the adviser

  • Ariel Investments Holding Company, LLC

    Control person · since October 2025

    Owns 75% or more of Ariel Investments, LLC

Leadership

  • Carlos Calderon
    Senior Vice President, Chief Financial Officer
  • Timothy Fidler
    Executive Vice President, Director of Research
  • Wendy Fox
    Senior Vice President, Chief Compliance Officer
  • Mellody Hobson Lucas
    Co-CEO, President and Director
  • Kenneth Kuhrt
    Executive Vice President, Co-Chief Investment Officer, Domestic Equities
  • Henry Mallari-D'Auria
    Executive Vice President, Chief Investment Officer, Global & Emerging Markets Equities
  • Emma Rodriguez-Ayala
    President, General Counsel
  • Charles Bobrinskoy
    Vice Chairman
  • Klaas Cremers
    Director
  • Arne Duncan
    Director
  • Valerie Jarrett
    Director
  • John Rogers
    Chairman, Co-CEO, Chief Investment Officer and Director
  • Anthony Romero
    Director
  • Judy Smith
    Director
  • David Vitale
    Director
  • Paula Wolff
    Director

Staff

  • 109 employees
  • 30 in advisory functions
  • 6 state-registered reps
  • 23 broker-dealer reps

Reported holdings

Ariel Investments’ reported 13F holdings total $10.03B across 106 positions, and the ten largest make up 33.0% of it.

$10.03B
Reported 13F value
106
Positions
33.0%
In the 10 largest
+12.3%
Value vs. prior quarter
Ten largest positions, share of reported value
  1. Madison Square Garden Entmt · Com CL A4.3%
  2. Onespaworld Holdings Limited4.2%
  3. Charles Riv Labs Intl Inc.3.4%
  4. Affiliated Managers Group3.4%
  5. Jones Lang Lasalle Inc.3.3%
  6. Norwegian Cruise Line Hldgs3.2%
  7. Generac Hldgs Inc.2.9%
  8. Sphere Entertainment CO · CL A2.9%
  9. Middleby Corp.2.8%
  10. Madison Square Grdn Sprt Cor · CL A2.6%

Together, the ten largest are 33.0% of reported value.

The 50 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 14 August 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $10.03B is not its $12.78B in regulatory assets and does not represent any individual client's portfolio.

Fees

Ariel Investments is paid through a percentage of assets under management and performance-based fees.

Ariel Investments’ fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Ariel Investments has 2 offices, with 3 listed addresses across 3 states.

Listed office addresses by state

Illinois · 1 listed address

  • 200 East Randolph Street, Suite 2900, ChicagoHQ

Registration details

Legal name
Ariel Investments, LLC
Headquarters
200 East Randolph Street, Suite 2900, Chicago, IL 60601-6505
Phone
312-726-0140
Website
www.arielinvestments.com
SEC file
801-18767
Structure
Delaware LLC
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 Ariel Investments have?

Ariel Investments has 146 clients and manages $12.8 billion for them, as of July 2026. They include 47 high-net-worth individuals, 27 state or municipal government entities and 24 charitable organizations.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 28 July 2026

What services does Ariel Investments offer?

Ariel Investments provides portfolio management for individuals and small businesses, portfolio management for investment companies, 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 Ariel Investments use?

Ariel Investments’ separately managed account assets are held at The Northern Trust Company (Chicago, IL), with $3,622,084,262, The Bank of New York Mellon (New York, NY), with $1,839,322,538 and State Street Bank and Trust Company (Boston, MA), with $1,471,833,197. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 28 July 2026

How many financial advisors does Ariel Investments have?

Ariel Investments has 6 investment adviser representatives registered with state securities authorities, out of 109 employees, and 30 perform investment advisory functions. 23 are registered representatives of a broker-dealer and 0 are 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 Ariel Investments invest in?

At the end of its last fiscal year, Ariel Investments’ separately managed accounts held 98% exchange-traded equities and 2% cash and equivalents. 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 Ariel Investments?

Ariel Investments is owned through a holding company by John Rogers and Mellody Hobson Lucas. Its direct owner is Ariel Investments Holding Company, LLC (75% or more).

Source: Form ADV Part 1A, Schedules A and B, filed 28 July 2026

How does Ariel Investments get paid?

Ariel Investments 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

Sources

  1. Form ADV Part 1A, amendment filed 28 July 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 108211.
  3. Form 13F-HR, filed 14 August 2026 for the quarter ended 30 June 2026.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since.

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This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with Ariel Investments, LLC and makes no representation about the quality of its services. Figures reflect the filing dates shown and may have changed. Ownership percentages are the bands reported to the SEC, not exact figures.