First Light Asset Management provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and portfolio management for institutions. The firm advises 3 private funds.
First Light Asset Management reports 861 clients. They include 659 high-net-worth individuals, 167 individual clients, and 18 corporations and other businesses. Of its assets, 100.0% ($1.41B across 861 accounts) are managed with discretion. A wrap fee program the firm both sponsors and manages holds $376M. Of its clients, 8% are outside the U.S.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 19% | 3% |
| High-net-worth individuals | 77% | 25% |
| Pooled investment vehicles | <1% | 69% |
| Pension and profit-sharing plans | <1% | <1% |
| Charitable organizations | <1% | <1% |
| Other client typesCorporations and other businesses | 2% | 2% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 167 | $41.3M | 2.9% | $247K |
| High-net-worth individuals | 659 | $355M | 25.2% | $538K |
| Pooled investment vehicles | 5 | $975M | 69.3% | $195M |
| Pension and profit-sharing plans | 5 | $5.59M | 0.4% | $1.12M |
| Charitable organizations | 7 | $4.13M | 0.3% | $590K |
| Corporations and other businesses | 18 | $26.5M | 1.9% | $1.47M |
| Total | 861 | $1.41B | 100% | $1.63M |
- Clients
- 167
- Regulatory AUM
- $41.3M
- AUM share
- 2.9%
- Avg. per client
- $247K
- Clients
- 659
- Regulatory AUM
- $355M
- AUM share
- 25.2%
- Avg. per client
- $538K
- Clients
- 5
- Regulatory AUM
- $975M
- AUM share
- 69.3%
- Avg. per client
- $195M
- Clients
- 5
- Regulatory AUM
- $5.59M
- AUM share
- 0.4%
- Avg. per client
- $1.12M
- Clients
- 7
- Regulatory AUM
- $4.13M
- AUM share
- 0.3%
- Avg. per client
- $590K
- Clients
- 18
- Regulatory AUM
- $26.5M
- AUM share
- 1.9%
- Avg. per client
- $1.47M
Total
- Clients
- 861
- Regulatory AUM
- $1.41B
- AUM share
- 100%
- Avg. per client
- $1.63M
- Clients outside the U.S.
- 8%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 3
First Light Asset Management is paid through a percentage of assets under management and performance-based fees; its fees and minimums are set out in its brochures on the SEC website.
Mathew Arens owns 50% to 75% of First Light Asset Management. The leadership team of First Light Asset Management includes Chief Financial Officer Kurt Peterson. It has 14 employees, 7 of them in advisory roles.
Staff
- 14 employees
- 7 in advisory functions
- 3 state-registered reps
- 2 soliciting firms
- Owns 50% to 75% of First Light Asset Management, LLC
Mathew Arens
Control person · since September 2013
- Owns 25% to 50% of First Light Asset Management, LLC
Mathew Arens 2021 Irrevocable Trust
Control person · since December 2021
First Trust Company, LLC
Trustee · Control person · since October 2021
First Light Asset Management’s regulatory assets went from $1.4B (May 2021) to $1.41B (March 2026); clients fell from 996 to 861 and employees rose from 13 to 14.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Mar 2026March 2026 | $1.41B | 861 | 14 | 2 |
| Mar 2025March 2025 | $1.13B | 1,077 | 15 | 2 |
| Jul 2024July 2024 | $1.39B | 1,165 | 14 | 2 |
| Mar 2023March 2023 | $1.26B | 1,177 | 11 | 2 |
| Jul 2022July 2022 | $1.46B | 1,138 | 13 | 2 |
| May 2021May 2021 | $1.4B | 996 | 13 | 2 |
Besides its headquarters, First Light Asset Management has 1 office, with 2 listed addresses across 2 states.
California · 1 listed address
- 1 Harbor Drive, Suite 108, Sausalito
Minnesota · 1 listed address
- 3300 Edinborough Way, Suite 201, EdinaHQ
Contact and registration details
- Legal name
- First Light Asset Management, LLC
- Headquarters
- 3300 Edinborough Way, Suite 201, Edina, MN 55435
- Website
- firstlightam.com
- Phone
- 952-831-6500
- @first-light-asset-management
- SEC file
- 801-78528
- Structure
- Delaware LLC
- Fiscal year end
- December
First Light Asset Management’s named custodians for separately managed accounts are RBC Capital Markets ($303M, 84%) and Charles Schwab ($56.3M, 16%). First Light Asset Management has custody of client assets.
- RBC Capital MarketsRBC Capital Markets, LLC · New York, NY · $303M84%
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $56.3M16%
At year end, First Light Asset Management’s separately managed accounts were mostly in stocks (100%). Its reported 13F holdings for the quarter ended 30 June 2026 total $1.65B across 31 positions; the largest are Neogenomics Inc. (10.9%), Si-bone Inc. (8.1%) and Axogen Inc. (7.7%).
What the accounts hold
- Stocks100%
How many clients does First Light Asset Management have?
First Light Asset Management has 861 clients and manages $1.41 billion for them, as of March 2026. They include 659 high-net-worth individuals, 167 individual clients, and 18 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 24 March 2026
What services does First Light Asset Management offer?
First Light Asset 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 First Light Asset Management use?
First Light Asset Management’s separately managed account assets are held at RBC Capital Markets, LLC (New York, NY), with $303M and Charles Schwab & Co., Inc. (Westlake, TX), with $56.3M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 24 March 2026
How many financial advisors does First Light Asset Management have?
First Light Asset Management has 3 investment adviser representatives registered with state securities authorities, out of 14 employees, and 7 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 First Light Asset Management invest in?
At the end of its last fiscal year, First Light Asset Management’s separately managed accounts held 100% exchange-traded equities. 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 First Light Asset Management?
First Light Asset Management’s direct owners are Mathew Arens (50% to 75%) and Mathew Arens 2021 Irrevocable Trust (25% to 50%).
Source: Form ADV Part 1A, Schedules A and B, filed 24 March 2026
How does First Light Asset Management get paid?
First Light Asset 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
How do I contact First Light Asset Management?
First Light Asset Management’s main office is at 3300 Edinborough Way, Suite 201, Edina, MN 55435. Its phone number is 952-831-6500. Its website is firstlightam.com.