Clients
Merganser Capital Management serves 124 clients, 83 of them corporations and other businesses. The average client has about $142 million with the firm.
- Investment companies2 clients3%
- Pooled investment vehicles4 clients3%
- Pension and profit-sharing plans11 clients13%
- State or municipal government entities7 clients15%
- Insurance companies10 clients3%
- OtherCorporations and other businesses, Other, High-net-worth individuals63%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| High-net-worth individuals | Not reported | $24,267,000 | 0.1% | — |
| Investment companies | 2 | $611,665,000 | 3.5% | $305.8M |
| Pooled investment vehicles | 4 | $534,283,000 | 3.0% | $133.6M |
| Pension and profit-sharing plans | 11 | $2,315,412,000 | 13.1% | $210.5M |
| State or municipal government entities | 7 | $2,642,195,000 | 15.0% | $377.5M |
| Insurance companies | 10 | $444,691,000 | 2.5% | $44.5M |
| Corporations and other businesses | 83 | $10,613,247,000 | 60.1% | $127.9M |
| Other | 7 | $475,513,000 | 2.7% | $67.9M |
| Total | 124 | $17,661,273,000 | 100% | $142.4M |
- Clients
- Not reported
- Regulatory AUM
- $24,267,000
- Share
- 0.1%
- Avg. per client
- —
- Clients
- 2
- Regulatory AUM
- $611,665,000
- Share
- 3.5%
- Avg. per client
- $305.8M
- Clients
- 4
- Regulatory AUM
- $534,283,000
- Share
- 3.0%
- Avg. per client
- $133.6M
- Clients
- 11
- Regulatory AUM
- $2,315,412,000
- Share
- 13.1%
- Avg. per client
- $210.5M
- Clients
- 7
- Regulatory AUM
- $2,642,195,000
- Share
- 15.0%
- Avg. per client
- $377.5M
- Clients
- 10
- Regulatory AUM
- $444,691,000
- Share
- 2.5%
- Avg. per client
- $44.5M
- Clients
- 83
- Regulatory AUM
- $10,613,247,000
- Share
- 60.1%
- Avg. per client
- $127.9M
- Clients
- 7
- Regulatory AUM
- $475,513,000
- Share
- 2.7%
- Avg. per client
- $67.9M
Total
- Clients
- 124
- Regulatory AUM
- $17,661,273,000
- Share
- 100%
- Avg. per client
- $142.4M
What it does
Merganser Capital 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.
Merganser Capital Management advises 4 private funds.
100.0% of assets ($17.66B across 125 accounts) are managed with discretion. $258.9M sits in a wrap fee program the firm both sponsors and manages. 5% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Bonds99%
- Investment grade corporate bonds70%
- U.S. government and agency bonds29%
- Cash1%
Custodians
Merganser Capital Management’s client accounts are held mainly at Northern Trust, with 23% of managed assets, and The Bank of New York Mellon, with 19%. Merganser Capital Management has custody of $534.3M for 4 clients.
- State StreetState Street Corporation · Boston, MA · $2.73B15%
- The Bank of New York MellonThe Bank of New York Mellon · New York, NY · $3.44B19%
- Northern TrustNorthern Trust Corporation · Chicago, IL · $4.03B23%
- US Bank National AssociationUS Bank National Association · Cincinnati, OH · $2.10B12%
- All other custodians$5.37B30%
Ownership and leadership
Providence Equity Capital Markets Merganser LLC owns 75% or more of Merganser Capital Management, and Michael Cloutier is its CEO.
- Owns 75% or more of Merganser Capital Management, LLC
Providence Equity Capital Markets Merganser LLC
Control person · since October 2013
- Owns 50% to 75% of Providence Equity Capital Markets Merganser LLC
Providence Equity Partners L.L.C.
Control person · since October 2013
- Owns 25% to 50% of Providence Equity Partners L.L.C.
Providence Equity Global Group L.L.C.
Control person · since July 2012
- Owns 25% to 50% of Providence Equity Capital Markets Merganser LLC
Gahan 2019 Descendants' Trust
Control person · since December 2019
Thomas Gahan
Special investment trustee · Control person · since December 2019
Michael Gahan
Independent trustee · since December 2019
Dolores Gahan
Investment trustee · since December 2019
- Owns 25% to 50% of Merganser Capital Management, LLC
Merganser Management Holdings LLC
Control person · since February 2022
Leadership
- Michael CloutierChief Executive Officer, Managing Principal, Director
- Jeffrey AddisChief Financial Officer, Principal
- Mark NasserChief Operating Officer, Principal
- Kimberly VossChief Compliance Officer, Principal
- Marc PugliaDirector
- Paul SalemDirector
- Andrew SmockCo-Chief Investment Officer, Principal, Director (chairman)
Staff
- 32 employees
- 11 in advisory functions
Fees
Merganser Capital Management is paid through a percentage of assets under management.
Merganser 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, Merganser Capital Management has 0 offices, with 1 listed address in 1 state.
Massachusetts · 1 listed address
- 99 High Street, BostonHQ
Registration details
- Legal name
- Merganser Capital Management, LLC
- Headquarters
- 99 High Street, Boston, MA 02110-2320
- Phone
- 617-494-1000
- Website
- www.merganser.com
- SEC file
- 801-78733
- Structure
- Delaware 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 Merganser Capital Management have?
Merganser Capital Management has 124 clients and manages $17.7 billion for them, as of March 2026. They include 83 corporations and other businesses, 11 pension and profit-sharing plans and 10 insurance companies.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 30 March 2026
What services does Merganser Capital Management offer?
Merganser Capital 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 Merganser Capital Management use?
Merganser Capital Management’s separately managed account assets are held at Northern Trust Corporation (Chicago, IL), with $4,025,824,000, The Bank of New York Mellon (New York, NY), with $3,442,253,000, State Street Corporation (Boston, MA), with $2,725,642,000 and US Bank National Association (Cincinnati, OH), with $2,101,400,000. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 30 March 2026
How many financial advisors does Merganser Capital Management have?
Merganser Capital Management has 0 investment adviser representatives registered with state securities authorities, out of 32 employees, and 11 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 Merganser Capital Management invest in?
At the end of its last fiscal year, Merganser Capital Management’s separately managed accounts held 70% investment grade corporate bonds, 29% U.S. government and agency bonds and 1% cash and equivalents. It advises 4 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 Merganser Capital Management?
Merganser Capital Management is owned through a chain of holding companies by Providence Equity Global Group L.L.C. Its direct owners are Providence Equity Capital Markets Merganser LLC (75% or more) and Merganser Management Holdings LLC (25% to 50%).
Source: Form ADV Part 1A, Schedules A and B, filed 30 March 2026
How does Merganser Capital Management get paid?
Merganser Capital 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