Clients
Fermat Capital Management serves 12 clients, 7 of them sovereign wealth funds and foreign official institutions. The average client has about $928 million with the firm.
- Pooled investment vehicles5 clients47%
- Insurance companies7%
- Sovereign wealth funds and foreign official institutions7 clients46%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Pooled investment vehicles | 5 | $5,245,936,791 | 47.1% | $1.05B |
| Insurance companies | Not reported | $777,521,257 | 7.0% | — |
| Sovereign wealth funds and foreign official institutions | 7 | $5,116,730,538 | 45.9% | $731.0M |
| Total | 12 | $11,140,188,586 | 100% | $928.3M |
- Clients
- 5
- Regulatory AUM
- $5,245,936,791
- Share
- 47.1%
- Avg. per client
- $1.05B
- Clients
- Not reported
- Regulatory AUM
- $777,521,257
- Share
- 7.0%
- Avg. per client
- —
- Clients
- 7
- Regulatory AUM
- $5,116,730,538
- Share
- 45.9%
- Avg. per client
- $731.0M
Total
- Clients
- 12
- Regulatory AUM
- $11,140,188,586
- Share
- 100%
- Avg. per client
- $928.3M
What it does
Fermat Capital Management provides portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets and performance-based fees.
Fermat Capital Management advises 1 private funds.
90.2% of assets ($10.05B across 11 accounts) are managed with discretion; $1.09B across 2 accounts are not. 88% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Cash1%
- Other99%
- Insurance linked securities which are fixed income or preferred equity type instruments and trade receivables which are short term instruments (less than 365 day term) bought at a discount to par.99%
Custodians
Fermat Capital Management’s client accounts are held mainly at J.P. Morgan, with 21% of managed assets, and Citibank N.A. London, with 18%. Fermat Capital Management has custody of $5.21B for 3 clients.
- J.P. MorganJ.P. Morgan Chase Bank, N.A. · Brooklyn, NY · $2.29B21%
- Citibank N.A. LondonCitibank N.A. London · London · $1.97B18%
- Bank of New York MellonBank of New York Mellon · New York, NY · $777.5M7%
- All other custodians$6.10B55%
Ownership and leadership
Nelson Seo owns 50% to 75% of Fermat Capital Management.
- Owns 50% to 75% of Fermat Capital Management, LLC
Nelson Seo
Control person · since October 2001
- Owns 50% to 75% of Fermat Capital Management, LLC
John Seo
Control person · since October 2001
Leadership
- Jeffrey BatesChief Compliance Officer, Chief Operating Officer
- Adam DenerManaging Principal
- Claudia GreenGeneral Counsel
- Brett HoughtonManaging Principal
- John SeoManaging Member
- Nelson SeoManaging Member
Staff
- 47 employees
- 15 in advisory functions
Fees
Fermat Capital Management is paid through a percentage of assets under management and performance-based fees.
Fermat 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, Fermat Capital Management has 0 offices, with 1 listed address in 1 state.
Connecticut · 1 listed address
- 615 Riverside Avenue, WestportHQ
Registration details
- Legal name
- Fermat Capital Management, LLC
- Headquarters
- 615 Riverside Avenue, Westport, CT 06880-5910
- Phone
- 203-454-6800
- Website
- www.fermatcapital.com
- SEC file
- 801-65497
- Structure
- Connecticut 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 Fermat Capital Management have?
Fermat Capital Management has 12 clients and manages $11.1 billion for them, as of March 2026. They include 7 sovereign wealth funds and foreign official institutions and 5 pooled investment vehicles.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 26 March 2026
What services does Fermat Capital Management offer?
Fermat Capital Management 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 Fermat Capital Management use?
Fermat Capital Management’s separately managed account assets are held at J.P. Morgan Chase Bank, N.A. (Brooklyn, NY), with $2,292,056,184, Citibank N.A. London (London), with $1,972,233,364 and Bank of New York Mellon (New York, NY), with $777,521,257. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 26 March 2026
How many financial advisors does Fermat Capital Management have?
Fermat Capital Management has 0 investment adviser representatives registered with state securities authorities, out of 47 employees, and 15 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 Fermat Capital Management invest in?
At the end of its last fiscal year, Fermat Capital Management’s separately managed accounts held 99% insurance linked securities which are fixed income or preferred equity type instruments and trade receivables which are short term instruments (less than 365 day term) bought at a discount to par. and 1% cash and equivalents. It advises 1 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 Fermat Capital Management?
Fermat Capital Management’s direct owners are Nelson Seo (50% to 75%) and John Seo (50% to 75%).
Source: Form ADV Part 1A, Schedules A and B, filed 26 March 2026
How does Fermat Capital Management get paid?
Fermat 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