Clients
Churchill Asset Management serves 72 clients, 48 of them pooled investment vehicles. The average client has about $773 million with the firm.
- Business development companies3 clients9%
- Pooled investment vehicles48 clients44%
- Insurance companies8 clients35%
- Sovereign wealth funds and foreign official institutions2 clients3%
- Other9 clients7%
- Investment companies2 clients2%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Investment companies | 2 | $1,060,168,330 | 1.9% | $530.1M |
| Business development companies | 3 | $5,107,993,873 | 9.2% | $1.70B |
| Pooled investment vehicles | 48 | $24,503,846,266 | 44.0% | $510.5M |
| Insurance companies | 8 | $19,525,933,897 | 35.1% | $2.44B |
| Sovereign wealth funds and foreign official institutions | 2 | $1,623,794,930 | 2.9% | $811.9M |
| Other | 9 | $3,841,209,134 | 6.9% | $426.8M |
| Total | 72 | $55,662,946,430 | 100% | $773.1M |
- Clients
- 2
- Regulatory AUM
- $1,060,168,330
- Share
- 1.9%
- Avg. per client
- $530.1M
- Clients
- 3
- Regulatory AUM
- $5,107,993,873
- Share
- 9.2%
- Avg. per client
- $1.70B
- Clients
- 48
- Regulatory AUM
- $24,503,846,266
- Share
- 44.0%
- Avg. per client
- $510.5M
- Clients
- 8
- Regulatory AUM
- $19,525,933,897
- Share
- 35.1%
- Avg. per client
- $2.44B
- Clients
- 2
- Regulatory AUM
- $1,623,794,930
- Share
- 2.9%
- Avg. per client
- $811.9M
- Clients
- 9
- Regulatory AUM
- $3,841,209,134
- Share
- 6.9%
- Avg. per client
- $426.8M
Total
- Clients
- 72
- Regulatory AUM
- $55,662,946,430
- Share
- 100%
- Avg. per client
- $773.1M
What it does
Churchill Asset Management provides portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, publishing newsletters and other activities. It is paid through a percentage of assets, subscription fees, fixed fees and performance-based fees.
Churchill Asset Management advises 48 private funds.
100.0% of assets ($55.66B across 72 accounts) are managed with discretion. 61% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks13%
- Funds33%
- Bonds7%
- Cash1%
- Other45%
- Senior leveraged loans, commitments, structured equity, junior capital45%
Filed values cover 99%. The neutral 1% gap has no reported category.
Custodians
Churchill Asset Management’s client accounts are held mainly at J.P. Morgan, with 34% of managed assets, and The Bank of New York Mellon, with 6%. Churchill Asset Management has custody of $372.3M for 2 clients.
- The Bank of New York MellonThe Bank of New York Mellon · New York, NY · $3.49B6%
- US Bank National AssociationUS Bank National Association · Minneapolis, MN · $2.40B4%
- J.P. MorganJP Morgan Chase Bank NA · New York, NY · $18.92B34%
- OtherState Street Bank and Trust, All other custodians55%
Ownership and leadership
Nuveen Private Capital LLC owns 75% or more of Churchill Asset Management, and Kenneth Kencel is its CEO.
- Owns 75% or more of Churchill Asset Management LLC
Nuveen Private Capital LLC
Control person · since March 2023
- Owns 75% or more of Nuveen Private Capital LLC
Nuveen Alternative Holdings LLC
Control person · since March 2023
- Owns 75% or more of Nuveen Alternative Holdings LLC
Tiaa-Cref Asset Management LLC
Control person · since October 2013
- Owns 75% or more of Tiaa-Cref Asset Management LLC
Nuveen Consolidated, LLC
Control person · since November 2025
- Owns 75% or more of Nuveen Consolidated, LLC
Nuveen, LLC
Control person · since November 2025
- Owns 75% or more of Nuveen, LLC
Teachers Insurance and Annuity Association of America
Control person · since July 2014
- Owns 75% or more of Teachers Insurance and Annuity Association of America
Tiaa Board of Governors
Control person · since March 1918
Leadership
- Kenneth KencelElected Manager and Chief Executive Officer
- Shaul VichnessSenior Managing Director, Chief Financial Officer
- Charmagne KukulkaManaging Director, Chief Compliance Officer
- John McCallySenior Managing Director, General Counsel
Staff
- 206 employees
- 79 in advisory functions
- 15 broker-dealer reps
- 1 soliciting firm
Fees
Churchill Asset Management is paid through a percentage of assets under management, subscription fees, fixed fees (other than subscription fees) and performance-based fees.
Churchill Asset Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Churchill Asset Management has 4 offices, with 5 listed addresses across 5 states.
California · 1 listed address
- 880 Apollo Street, El Segundo
Florida · 1 listed address
- 3835 Pga Boulevard, North Building, Palm Beach Gardens
Illinois · 1 listed address
- 333 West Wacker Drive, Chicago
New York · 1 listed address
- 375 Park Avenue, New YorkHQ
North Carolina · 1 listed address
- 8500 Andrew Carnegie BLVD, Charlotte
Registration details
- Legal name
- Churchill Asset Management LLC
- Headquarters
- 375 Park Avenue, New York, NY 10152
- Phone
- 212-478-9200
- Website
- Not reported
- SEC file
- 801-81144
- 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 Churchill Asset Management have?
Churchill Asset Management has 72 clients and manages $55.7 billion for them, as of June 2026. They include 48 pooled investment vehicles, 9 other clients and 8 insurance companies.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 15 June 2026
What services does Churchill Asset Management offer?
Churchill Asset Management provides portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, publishing newsletters and other activities.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Churchill Asset Management use?
Churchill Asset Management’s separately managed account assets are held at JP Morgan Chase Bank NA (New York, NY), with $18,920,519,913, The Bank of New York Mellon (New York, NY), with $3,494,357,102, US Bank National Association (Minneapolis, MN), with $2,403,908,684 and State Street Bank and Trust Company (Kansas City, MO), with $172,152,262. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 15 June 2026
How many financial advisors does Churchill Asset Management have?
Churchill Asset Management has 0 investment adviser representatives registered with state securities authorities, out of 206 employees, and 79 perform investment advisory functions. 15 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 Churchill Asset Management invest in?
At the end of its last fiscal year, Churchill Asset Management’s separately managed accounts held 45% senior leveraged loans, commitments, structured equity, junior capital, 33% pooled vehicles (private funds and similar), 13% non-exchange-traded equities, 7% high-yield corporate bonds and 1% cash and equivalents. It advises 48 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 Churchill Asset Management?
Churchill Asset Management is owned through a chain of holding companies by Tiaa Board of Governors. Its direct owner is Nuveen Private Capital LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 15 June 2026
How does Churchill Asset Management get paid?
Churchill Asset Management is paid through a percentage of assets under management, subscription fees, fixed fees 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