Niva WealthLet’s talk

Asb Capital Management

SEC-registered adviser since 2000Bethesda, MDCRD 110995

$36.7B
AUM
83
Clients
See fees
Fee
33
Advisory staff

From Form ADV filed 29 April 2026 · data retrieved 15 October 2026SEC record

Asb Capital Management is an investment adviser headquartered in Bethesda, Maryland, and registered with the SEC since 2000. Its clients include pooled investment vehicles, corporations and other businesses, and pension and profit-sharing plans. High-net-worth individuals account for 0% of its regulatory assets under management.

Its services include portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and portfolio management for institutions. Fee arrangements include a percentage of assets under management and performance-based fees. Chevy Chase Trust Holdings, LLC owns 75% or more of Asb Capital Management.

Clients

Asb Capital Management serves 83 clients, 21 of them pension and profit-sharing plans. The average client has about $442 million with the firm, and high-net-worth clients hold 0% of its $36.7 billion in assets.

Regulatory assets by client type
  • Pooled investment vehicles5 clients90%
  • Pension and profit-sharing plans21 clients3%
  • Insurance companies18 clients2%
  • Corporations and other businesses19 clients4%
  • OtherHigh-net-worth individuals, Charitable organizations, State or municipal government entities1%
Show client breakdown
High-net-worth individuals
Clients
1
Regulatory AUM
$16,124,562
Share
0.0%
Avg. per client
$16.1M
Pooled investment vehicles
Clients
5
Regulatory AUM
$32,991,035,099
Share
90.0%
Avg. per client
$6.60B
Pension and profit-sharing plans
Clients
21
Regulatory AUM
$1,129,533,531
Share
3.1%
Avg. per client
$53.8M
Charitable organizations
Clients
18
Regulatory AUM
$176,497,611
Share
0.5%
Avg. per client
$9.81M
State or municipal government entities
Clients
1
Regulatory AUM
$5,240,054
Share
0.0%
Avg. per client
$5.24M
Insurance companies
Clients
18
Regulatory AUM
$736,585,689
Share
2.0%
Avg. per client
$40.9M
Corporations and other businesses
Clients
19
Regulatory AUM
$1,621,547,273
Share
4.4%
Avg. per client
$85.3M

Total

Clients
83
Regulatory AUM
$36,676,563,819
Share
100%
Avg. per client
$441.9M

What it does

Asb Capital Management provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets and performance-based fees.

Asb Capital Management provided financial planning to 0 clients last fiscal year and advises no private funds.

100.0% of assets ($36.68B across 84 accounts) are managed with discretion. 0% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end

The filed percentages total 102%. The values below are shown as filed.

Exchange-traded equity securities
32%
U.S. government/agency bonds
15%
U.S. state and local bonds
14%
Sovereign bonds
1%
Investment grade corporate bonds
31%
Derivatives
1%
Securities issued by registered investment companies or business development companies
2%
Securities issued by pooled investment vehicles (other than registered investment companies)
1%
Cash and cash equivalents
2%
Other (Real Estate)
3%

Custodians

Asb Capital Management’s client accounts are held mainly at The Bank of New York Mellon, with 3% of managed assets, and Chevy Chase Trust, with 2%. Asb Capital Management has custody of $4.23B for 2 clients.

Managed account assets by custodian
  • Chevy Chase TrustChevy Chase Trust Company · Bethesda, MD · $860.7M2%
  • The Bank of New York MellonThe Bank of New York Mellon Corporation · Boston, MA · $1.20B3%
  • Comerica BankComerica Bank · Dallas, TX · $634.4M2%
  • US Bank National AssociationUS Bank National Association · Milwaukee, WI · $615.6M2%
  • All other custodians$33.37B91%

Ownership and leadership

Chevy Chase Trust Holdings, LLC owns 75% or more of Asb Capital Management.

Who owns the firm
Asb Capital Management LLC· the adviser

  • Chevy Chase Trust Holdings, LLC

    Control person · since February 2009

    Owns 75% or more of Asb Capital Management LLC

Leadership

  • Joel Friedman
    Chief Financial Officer
  • Matthew Ruland
    Chief Operating Officer
  • Paul Duncan
    Chief Compliance Officer
  • Robert Bellinger
    CEO, Asb Capital Management LLC
  • George Clancy
    Director
  • Gilbert Grosvenor
    Director
  • William McSweeny
    Director
  • Howard Platts
    Director
  • Earl Powell
    Director
  • Brendan Reed
    General Counsel
  • Bernard Saul
    Chairman of the Board of Directors and Director
  • Patricia Saul
    Vice Chair of the Board of Directors and Director
  • John Whitaker
    Director

Staff

  • 62 employees
  • 33 in advisory functions
  • 18 state-registered reps
  • 1 soliciting firm

Fees

Asb Capital Management is paid through a percentage of assets under management and performance-based fees.

Asb Capital Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Asb Capital Management has 1 office, with 2 listed addresses across 2 states.

Listed office addresses by state

Maryland · 1 listed address

  • 7501 Wisconsin Avenue, West Tower, 13th Floor, BethesdaHQ

Other business names

Asb Capital Management has reported 2 other business names to the SEC.

  • Asb Investment Management, A Division of Asb Capital Management LLC
  • Asb Real Estate Investments, A Division of Asb Capital Management LLC

Registration details

Legal name
Asb Capital Management LLC
Headquarters
7501 Wisconsin Avenue, West Tower, 13th Floor, Bethesda, MD 20814
Phone
240-482-2900
Website
Not reported
SEC file
801-57896
Structure
Maryland 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 Asb Capital Management have?

Asb Capital Management has 83 clients and manages $36.7 billion for them, as of April 2026. They include 21 pension and profit-sharing plans, 19 corporations and other businesses and 18 charitable organizations.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 29 April 2026

What services does Asb Capital Management offer?

Asb Capital Management provides portfolio management for individuals and small businesses, 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 Asb Capital Management use?

Asb Capital Management’s separately managed account assets are held at The Bank of New York Mellon Corporation (Boston, MA), with $1,200,001,879, Chevy Chase Trust Company (Bethesda, MD), with $860,712,151, Comerica Bank (Dallas, TX), with $634,401,422 and US Bank National Association (Milwaukee, WI), with $615,556,675. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 29 April 2026

How many financial advisors does Asb Capital Management have?

Asb Capital Management has 18 investment adviser representatives registered with state securities authorities, out of 62 employees, and 33 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 Asb Capital Management invest in?

At the end of its last fiscal year, Asb Capital Management’s separately managed accounts held 32% exchange-traded equities, 31% investment grade corporate bonds, 15% U.S. government and agency bonds, 14% state and local bonds, 3% real estate, 2% registered funds (mutual funds, ETFs, BDCs), 2% cash and equivalents, 1% sovereign bonds, 1% derivatives and 1% pooled vehicles (private funds and similar). It advises no private funds of its own.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Asb Capital Management?

Asb Capital Management is owned through a trust by Bernard Saul. Its direct owner is Chevy Chase Trust Holdings, LLC (75% or more).

Source: Form ADV Part 1A, Schedules A and B, filed 29 April 2026

How does Asb Capital Management get paid?

Asb Capital Management 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 29 April 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 110995.

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

Download source data (JSON)How this directory is compiledReport a correction

This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with Asb Capital Management 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.