LM Capital Group provides portfolio management for institutions and publishing newsletters.
LM Capital Group reports 36 clients. They include 26 state or municipal government entities and 10 other clients. Of its assets, 100.0% ($6.1B across 38 accounts) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| Pension and profit-sharing plans | Fewer than 5 | 2% |
| State or municipal government entities | 72% | 93% |
| Other investment advisers | Fewer than 5 | <1% |
| Corporations and other businesses | Fewer than 5 | 0% |
| Other | 28% | 5% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Pension and profit-sharing plans | Fewer than 5 | $99.1M | 1.6% | — |
| State or municipal government entities | 26 | $5.64B | 92.5% | $217M |
| Other investment advisers | Fewer than 5 | $20.6M | 0.3% | — |
| Corporations and other businesses | Fewer than 5 | $0 | 0.0% | — |
| Other | 10 | $335M | 5.5% | $33.5M |
| Total | 36 | $6.1B | 100% | — |
- Clients
- Fewer than 5
- Regulatory AUM
- $99.1M
- AUM share
- 1.6%
- Avg. per client
- —
- Clients
- 26
- Regulatory AUM
- $5.64B
- AUM share
- 92.5%
- Avg. per client
- $217M
- Clients
- Fewer than 5
- Regulatory AUM
- $20.6M
- AUM share
- 0.3%
- Avg. per client
- —
- Clients
- Fewer than 5
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- —
- Clients
- 10
- Regulatory AUM
- $335M
- AUM share
- 5.5%
- Avg. per client
- $33.5M
Total
- Clients
- 36
- Regulatory AUM
- $6.1B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 0
LM Capital Group is paid through a percentage of assets under management; its fees and minimums are set out in its brochures on the SEC website.
LM Capital Management Inc owns 75% or more of LM Capital Group and is in turn owned by Luis Maizel (25–50%) and John Chalker (25–50%). The leadership team of LM Capital Group includes Chief Financial Officer Tobias Gorodzinsky and Chief Compliance Officer Jeffrey Frankel. It has 20 employees, 9 of them in advisory roles.
Leadership
- Tobias GorodzinskyChief Financial Officer
Jeffrey FrankelChief Compliance Officer- John ChalkerOwner/Partner
Michael ChalkerPortfolio Manager
Luis MaizelSenior Managing Director
Mario ModianoPortfolio Manager
Staff
- 20 employees
- 9 in advisory functions
- Owns 75% or more of LM Capital Group, LLC
LM Capital Management Inc
Control person · since April 2002
- Owns 25% to 50% of LM Capital Management Inc
Luis Maizel
Control person · since September 1988
- Owns 25% to 50% of LM Capital Management Inc
John Chalker
Control person · since September 1988
LM Capital Group’s regulatory assets grew from $5.13B (March 2021) to $6.1B (March 2026); clients rose from 21 to 36 and employees were 20 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $6.1B | 36 | 20 | 1 |
| March 2025 | $5.76B | 35 | 22 | 1 |
| March 2024 | $5B | 35 | 20 | 1 |
| March 2023 | $4.61B | 34 | 20 | 1 |
| March 2022 | $4.93B | 28 | 19 | 3 |
| March 2021 | $5.13B | 21 | 20 | 3 |
Besides its headquarters, LM Capital Group has 0 offices, with 1 listed address in California.
California · 1 listed address
- 750 B Street, Suite 3010, San DiegoHQ
Contact and registration details
- Legal name
- LM Capital Group, LLC
- Headquarters
- 750 B Street, Suite 3010, San Diego, CA 92101
- Website
- lmcapital.com
- Phone
- 619-814-1401
- SEC file
- 801-61100
- Structure
- Delaware LLC
- Fiscal year end
- December
LM Capital Group uses Northern Trust ($2.94B, 53%), State Street ($1.56B, 28%) and BNY Mellon ($1.05B, 19%) as custodians for its separately managed accounts. LM Capital Group does not have custody of client assets.
- Northern TrustNorthern Trust · Chicago, IL · $2.94B53%
- State StreetState Street · Boston, MA · $1.56B28%
- BNY MellonBNY Mellon · New York, NY · $1.05B19%
At year end, LM Capital Group’s separately managed accounts were mostly in bonds (59%).
What the accounts hold
- Bonds59%
- U.S. government and agency bonds37%
- Investment grade corporate bonds19%
- High-yield corporate bonds2%
- State and local bonds1%
- Cash2%
- Other39%
- Mortgage backed securities. asset backed secuities us dollar denominated emerging market debt securities. foreign denominated securities39%
How many clients does LM Capital Group have?
LM Capital Group has 36 clients and manages $6.1 billion for them, as of March 2026. They include 26 state or municipal government entities and 10 other clients.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 24 March 2026
What services does LM Capital Group offer?
LM Capital Group provides portfolio management for institutions and publishing newsletters.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does LM Capital Group use?
LM Capital Group’s separately managed account assets are held at Northern Trust (Chicago, IL), with $2.94B, State Street (Boston, MA), with $1.56B and BNY Mellon (New York, NY), with $1.05B. 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 LM Capital Group have?
LM Capital Group has 0 investment adviser representatives registered with state securities authorities, out of 20 employees, and 9 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 LM Capital Group invest in?
At the end of its last fiscal year, LM Capital Group’s separately managed accounts held 39% other, 37% U.S. government and agency bonds, 19% investment grade corporate bonds, 2% high-yield corporate bonds, 2% cash and equivalents and 1% state and local bonds. The 39% other category is described as: Mortgage Backed Securities. Asset Backed Secuities US Dollar Denominated Emerging Market Debt Securities. Foreign Denominated Securities.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns LM Capital Group?
LM Capital Group is owned through a holding company by Luis Maizel and John Chalker. Its direct owner is LM Capital Management Inc (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 24 March 2026
How does LM Capital Group get paid?
LM Capital Group 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
Is LM Capital Group registered with the SEC?
Yes, LM Capital Group has been registered with the SEC as an investment adviser since 1 April 2002. Its CRD number is 120277 and its SEC file number is 801-61100.
Source: Form ADV Part 1A, Item 1, filed 24 March 2026; IAPD firm record
How do I contact LM Capital Group?
LM Capital Group’s main office is at 750 B Street, Suite 3010, San Diego, CA 92101. Its phone number is 619-814-1401. Its website is lmcapital.com.