Clients
Fiduciary Management serves 570 clients, 196 of them high-net-worth individuals. The average client has about $20 million with the firm, and high-net-worth clients hold 10% of its $11.4 billion in assets.
- Individuals198 clients6%
- High-net-worth individuals196 clients10%
- Investment companies6 clients53%
- Pooled investment vehicles5 clients7%
- Pension and profit-sharing plans35 clients10%
- OtherCharitable organizations, State or municipal government entities, Insurance companies, Corporations and other businesses, Other13%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 198 | $720,788,733 | 6.3% | $3.64M |
| High-net-worth individuals | 196 | $1,135,633,245 | 10.0% | $5.79M |
| Investment companies | 6 | $6,020,535,538 | 53.0% | $1.00B |
| Pooled investment vehicles | 5 | $810,085,440 | 7.1% | $162.0M |
| Pension and profit-sharing plans | 35 | $1,146,870,052 | 10.1% | $32.8M |
| Charitable organizations | 93 | $783,792,684 | 6.9% | $8.43M |
| State or municipal government entities | 16 | $163,533,244 | 1.4% | $10.2M |
| Insurance companies | Not reported | $192,131,109 | 1.7% | — |
| Corporations and other businesses | 21 | $192,650,149 | 1.7% | $9.17M |
| Other | Not reported | $193,904,341 | 1.7% | — |
| Total | 570 | $11,359,924,535 | 100% | $19.9M |
- Clients
- 198
- Regulatory AUM
- $720,788,733
- Share
- 6.3%
- Avg. per client
- $3.64M
- Clients
- 196
- Regulatory AUM
- $1,135,633,245
- Share
- 10.0%
- Avg. per client
- $5.79M
- Clients
- 6
- Regulatory AUM
- $6,020,535,538
- Share
- 53.0%
- Avg. per client
- $1.00B
- Clients
- 5
- Regulatory AUM
- $810,085,440
- Share
- 7.1%
- Avg. per client
- $162.0M
- Clients
- 35
- Regulatory AUM
- $1,146,870,052
- Share
- 10.1%
- Avg. per client
- $32.8M
- Clients
- 93
- Regulatory AUM
- $783,792,684
- Share
- 6.9%
- Avg. per client
- $8.43M
- Clients
- 16
- Regulatory AUM
- $163,533,244
- Share
- 1.4%
- Avg. per client
- $10.2M
- Clients
- Not reported
- Regulatory AUM
- $192,131,109
- Share
- 1.7%
- Avg. per client
- —
- Clients
- 21
- Regulatory AUM
- $192,650,149
- Share
- 1.7%
- Avg. per client
- $9.17M
- Clients
- Not reported
- Regulatory AUM
- $193,904,341
- Share
- 1.7%
- Avg. per client
- —
Total
- Clients
- 570
- Regulatory AUM
- $11,359,924,535
- Share
- 100%
- Avg. per client
- $19.9M
What it does
Fiduciary Management 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.
Fiduciary Management advises no private funds.
100.0% of assets ($11.36B across 577 accounts) are managed with discretion. $193.9M sits in a wrap fee program the firm both sponsors and manages. 1% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks95%
- Cash5%
Custodians
Fiduciary Management’s client accounts are held mainly at The Northern Trust, with 12% of managed assets, and Charles Schwab, with 5%. Fiduciary Management does not have custody of client assets.
- The Northern TrustThe Northern Trust Company · Chicago, IL · $1.31B12%
- U.S. Bank TrustU.S. Bank Trust Company · Minneapolis, MN · $499.4M4%
- Charles SchwabCharles Schwab Corporation · Westlake, TX · $610.2M5%
- All other custodians$8.94B79%
Ownership and leadership
Ted Kellner owns 25% to 50% of Fiduciary Management, and John Brandser is its CEO.
- Owns 25% to 50% of Fiduciary Management, Inc.
Ted Kellner
Control person · since June 2017
- Owns 25% to 50% of Fiduciary Management, Inc.
Patrick English
Control person · since December 2022
- Owns 10% to 25% of Fiduciary Management, Inc.
John Brandser
Control person · since December 2022
- Owns 5% to 10% of Fiduciary Management, Inc.
Bladen Burns
since December 2022
- Owns 5% to 10% of Fiduciary Management, Inc.
Jonathan Bloom
Control person · since December 2023
Leadership
- John BrandserPresident, Chief Executive Officer
- Bladen BurnsExecutive Vice President
- Jessica TaskeVice President
- Ryan LadwigChief Compliance Officer
- Jonathan BloomChief Investment Officer
- Ted KellnerRetired Executive Charman
- Patrick EnglishChairman
Staff
- 25 employees
- 17 in advisory functions
- 3 state-registered reps
Reported holdings
Fiduciary Management’s reported 13F holdings total $7.03B across 56 positions, and the ten largest make up 33.4% of it.
- $7.03B
- Reported 13F value
- 56
- Positions
- 33.4%
- In the 10 largest
- −12.7%
- Value vs. prior quarter
- Aramark5.3%
- Booking Holdings Inc.4.7%
- Insight Enterprises3.8%
- Charles Schwab Corp.3.0%
- Valvoline Inc..2.9%
- Hayward Holdings2.9%
- Ferguson Enterprises2.9%
- Cdw Corp.2.8%
- Onemain Holdings2.7%
- Zions Bancorporation2.6%
Together, the ten largest are 33.4% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $7.03B is not its $11.36B in regulatory assets and does not represent any individual client's portfolio.
Fees
Fiduciary Management is paid through a percentage of assets under management.
Fiduciary Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Fiduciary Management has 0 offices, with 1 listed address in 1 state.
Wisconsin · 1 listed address
- 790 N. Water Street, Suite 2100, MilwaukeeHQ
Registration details
- Legal name
- Fiduciary Management, Inc.
- Headquarters
- 790 N. Water Street, Suite 2100, Milwaukee, WI 53202
- Phone
- 414-226-4545
- Website
- Not reported
- SEC file
- 801-15164
- Structure
- Wisconsin 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 Fiduciary Management have?
Fiduciary Management has 570 clients and manages $11.4 billion for them, as of June 2026. They include 198 other individuals, 196 high-net-worth individuals and 93 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 9 June 2026
What services does Fiduciary Management offer?
Fiduciary Management 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 Fiduciary Management use?
Fiduciary Management’s separately managed account assets are held at The Northern Trust Company (Chicago, IL), with $1,314,420,218, Charles Schwab Corporation (Westlake, TX), with $610,194,833 and U.S. Bank Trust Company (Minneapolis, MN), with $499,439,099. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 9 June 2026
How many financial advisors does Fiduciary Management have?
Fiduciary Management has 3 investment adviser representatives registered with state securities authorities, out of 25 employees, and 17 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 Fiduciary Management invest in?
At the end of its last fiscal year, Fiduciary Management’s separately managed accounts held 95% exchange-traded equities and 5% cash and equivalents. 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 Fiduciary Management?
Fiduciary Management’s direct owners are Bladen Burns, Ted Kellner, John Brandser, Patrick English and Jonathan Bloom, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 9 June 2026
How does Fiduciary Management get paid?
Fiduciary Management is paid through a percentage of assets under management. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file