Frost Investment Advisors provides portfolio management for individuals and small businesses, portfolio management for investment companies, and portfolio management for institutions.
Frost Investment Advisors reports 9 clients. They include 4 investment companies, 3 insurance companies and 1 corporate or other business client. Of its assets, 100.0% ($5.36B across 10 accounts) are managed with discretion. It advised 3 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Investment companies | 44% | 92% |
| Insurance companies | 33% | 7% |
| Corporations and other businesses | 11% | <1% |
| Other | 11% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Investment companies | 4 | $4.95B | 92.4% | $1.24B |
| Insurance companies | 3 | $382M | 7.1% | $127M |
| Corporations and other businesses | 1 | $7.78M | 0.1% | $7.78M |
| Other | 1 | $18.4M | 0.3% | $18.4M |
| Total | 9 | $5.36B | 100% | $596M |
- Clients
- 4
- Regulatory AUM
- $4.95B
- AUM share
- 92.4%
- Avg. per client
- $1.24B
- Clients
- 3
- Regulatory AUM
- $382M
- AUM share
- 7.1%
- Avg. per client
- $127M
- Clients
- 1
- Regulatory AUM
- $7.78M
- AUM share
- 0.1%
- Avg. per client
- $7.78M
- Clients
- 1
- Regulatory AUM
- $18.4M
- AUM share
- 0.3%
- Avg. per client
- $18.4M
Total
- Clients
- 9
- Regulatory AUM
- $5.36B
- AUM share
- 100%
- Avg. per client
- $596M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 3
- Private funds advised
- 0
Frost Investment Advisors is paid through a percentage of assets under management and other compensation; its fees and minimums are set out in its brochures on the SEC website.
Frost Bank owns 75% or more of Frost Investment Advisors and is in turn owned by Cullen/Frost Bankers, Inc. (75% or more). The leadership team of Frost Investment Advisors includes President Mace McCain and Chief Compliance Officer Robert Pfeifer. It has 31 employees.
Staff
- 31 employees
- 31 in advisory functions
- 26 state-registered reps
- 4 broker-dealer reps
- 3 soliciting firms
- Owns 75% or more of Frost Investment Advisors, LLC
Frost Bank
Control person · since December 2007
- Owns 75% or more of Frost Bank
Cullen/Frost Bankers, Inc.
Control person · since June 2013
Frost Investment Advisors’ regulatory assets grew from $5.02B (July 2021) to $5.36B (March 2026); clients fell from 30 to 9 and employees from 34 to 31.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Mar 2026March 2026 | $5.36B | 9 | 31 | 1 |
| Mar 2025March 2025 | $5.08B | 10 | 31 | 1 |
| Mar 2024March 2024 | $4.18B | 12 | 30 | 1 |
| Jun 2023June 2023 | $3.91B | 14 | 30 | 1 |
| Mar 2022March 2022 | $4.96B | 27 | 34 | 1 |
| Jul 2021July 2021 | $5.02B | 30 | 34 | 1 |
Besides its headquarters, Frost Investment Advisors has 0 offices, with 1 listed address in 1 state.
Texas · 1 listed address
- 111 West Houston Street, 10th Floor, San AntonioHQ
Contact and registration details
- Legal name
- Frost Investment Advisors, LLC
- Headquarters
- 111 West Houston Street, 10th Floor, San Antonio, TX 78205
- Website
- frostinv.com
- Phone
- 210-220-5070
- @frost-investment-advisors-llc
- SEC file
- 801-68724
- Structure
- Texas LLC
- Fiscal year end
- December
Frost Investment Advisors’ named custodian for separately managed accounts is Frost Bank ($408M). Frost Investment Advisors has custody of client assets.
- Frost BankFrost Bank · San Antonio, TX · $408M100%
At year end, Frost Investment Advisors’ separately managed accounts were mostly in bonds (67%).
What the accounts hold
- Funds3%
- Bonds67%
- U.S. government and agency bonds32%
- Investment grade corporate bonds21%
- State and local bonds13%
- Sovereign bonds1%
- Cash5%
- Other25%
- Asset-backed securities ("abs"); commercial mortgage-backed securities ("cmbs"); non-agency residential mortgage-backed securities ("mbs") collateral loan obligation ("clo")25%
How many clients does Frost Investment Advisors have?
Frost Investment Advisors has 9 clients and manages $5.36 billion for them, as of March 2026. They include 4 investment companies, 3 insurance companies and 1 corporate or other business client.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 24 March 2026
What services does Frost Investment Advisors offer?
Frost Investment Advisors provides portfolio management for individuals and small businesses, portfolio management for investment companies, 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 Frost Investment Advisors use?
Frost Investment Advisors’ separately managed account assets are held at Frost Bank (San Antonio, TX), with $408M. 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 Frost Investment Advisors have?
Frost Investment Advisors has 26 investment adviser representatives registered with state securities authorities, out of 31 employees, and 31 perform investment advisory functions. 4 employees are registered representatives of a broker-dealer and 0 employees 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 Frost Investment Advisors invest in?
At the end of its last fiscal year, Frost Investment Advisors’ separately managed accounts held 32% U.S. government and agency bonds, 25% other, 21% investment grade corporate bonds, 13% state and local bonds, 5% cash and equivalents, 3% registered funds (mutual funds, ETFs, BDCs) and 1% sovereign bonds. The 25% other category is described as: Asset-Backed Securities ("Abs"); Commercial Mortgage-Backed Securities ("CMBS"); Non-Agency Residential Mortgage-Backed Securities ("MBS") Collateral Loan Obligation ("Clo").
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Frost Investment Advisors?
Frost Investment Advisors is owned through a holding company by Cullen/Frost Bankers, Inc. Its direct owner is Frost Bank (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 24 March 2026
How does Frost Investment Advisors get paid?
Frost Investment Advisors is paid through a percentage of assets under management and other compensation. 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
How do I contact Frost Investment Advisors?
Frost Investment Advisors’ main office is at 111 West Houston Street, 10th Floor, San Antonio, TX 78205. Its phone number is 210-220-5070. Its website is frostinv.com.
