{"url":"https://nivawealth.com/firms/merganser-capital-management-169258","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/169258","regulatoryAum":17661273000,"crd":"169258","secFileNumber":"801-78733","legalName":"Merganser Capital Management, LLC","displayName":"Merganser Capital Management","website":"http://www.merganser.com","linkedinUrl":"http://www.linkedin.com/company/merganser-capital-management","founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"December","headquarters":{"street":"99 High Street","city":"Boston","state":"MA","stateName":"Massachusetts","country":"United States","postalCode":"02110-2320"},"tradeNames":[],"registration":{"secApproved":"18 October 2013","noticeFilings":null,"latestNoticeFiling":null},"staff":{"employees":32,"advisory":11,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"discretionary":17661273000,"discretionaryAccounts":125,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":258890000,"nonUsClientsPct":5,"nonAumClients":0},"clientTypes":[{"label":"High-net-worth individuals","clients":null,"regulatoryAum":24267000},{"label":"Investment companies","clients":2,"regulatoryAum":611665000},{"label":"Pooled investment vehicles","clients":4,"regulatoryAum":534283000},{"label":"Pension and profit-sharing plans","clients":11,"regulatoryAum":2315412000},{"label":"State or municipal government entities","clients":7,"regulatoryAum":2642195000},{"label":"Insurance companies","clients":10,"regulatoryAum":444691000},{"label":"Corporations and other businesses","clients":83,"regulatoryAum":10613247000},{"label":"Other","clients":7,"regulatoryAum":475513000}],"fees":[],"feeNotes":[],"custodians":[{"name":"State Street Corporation","shortName":"State Street","location":"Boston, MA","smaAssets":2725642000},{"name":"The Bank of New York Mellon","shortName":"The Bank of New York Mellon","location":"New York, NY","smaAssets":3442253000},{"name":"Northern Trust Corporation","shortName":"Northern Trust","location":"Chicago, IL","smaAssets":4025824000},{"name":"US Bank National Association","shortName":"US Bank National Association","location":"Cincinnati, OH","smaAssets":2101400000}],"custodyNote":"Merganser Capital Management has custody of $534.3M for 4 clients.","otherCustodians":[],"leadership":[{"name":"Michael Cloutier","title":"Chief Executive Officer, Managing Principal, Director","crd":"5294981"},{"name":"Jeffrey Addis","title":"Chief Financial Officer, Principal","crd":"1445627"},{"name":"Mark Nasser","title":"Chief Operating Officer, Principal","crd":"8236838"},{"name":"Kimberly Voss","title":"Chief Compliance Officer, Principal","crd":"5308807"},{"name":"Marc Puglia","title":"Director","crd":"6262774"},{"name":"Paul Salem","title":"Director","crd":"2071043"},{"name":"Andrew Smock","title":"Co-Chief Investment Officer, Principal, Director (chairman)","crd":"5865934"}],"ownership":[{"label":"Providence Equity Capital Markets Merganser LLC","detail":"Member in the 75% or more ownership band and a control person, since October 2013."},{"label":"Merganser Management Holdings LLC","detail":"Member in the 25% to 50% ownership band and a control person, since February 2022."},{"label":"Providence Equity Partners L.L.C.","detail":"Indirect owner: a member of Providence Equity Capital Markets Merganser LLC in the 50% to 75% band and a control person, since October 2013.","parent":"Providence Equity Capital Markets Merganser LLC"},{"label":"Thomas Gahan","detail":"Indirect owner: special investment trustee of Gahan 2019 Descendants' Trust and a control person, since December 2019.","parent":"Gahan 2019 Descendants' Trust"},{"label":"Providence Equity Global Group L.L.C.","detail":"Indirect owner: a non-managing member of Providence Equity Partners L.L.C. in the 25% to 50% band and a control person, since July 2012.","parent":"Providence Equity Partners L.L.C."},{"label":"Gahan 2019 Descendants' Trust","detail":"Indirect owner: a member of Providence Equity Capital Markets Merganser LLC in the 25% to 50% band and a control person, since December 2019.","parent":"Providence Equity Capital Markets Merganser LLC"},{"label":"Michael Gahan","detail":"Indirect owner: independent trustee of Gahan 2019 Descendants' Trust, since December 2019.","parent":"Gahan 2019 Descendants' Trust"},{"label":"Dolores Gahan","detail":"Indirect owner: investment trustee of Gahan 2019 Descendants' Trust, since December 2019.","parent":"Gahan 2019 Descendants' Trust"}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":0,"privateResidences":0},"listedOfficeAddresses":1,"officesByState":[{"state":"Massachusetts","offices":1,"addresses":[{"street":"99 High Street","city":"Boston","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"617-494-1000","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management"],"activities":["Portfolio management for individuals and/or small businesses","Portfolio management for investment companies","Portfolio management for pooled investment vehicles (other than investment companies)","Portfolio management for businesses (other than small businesses) or institutional clients"],"financialPlanningClients":null,"assetMix":[{"label":"U.S. government/agency bonds","percent":29},{"label":"Investment grade corporate bonds","percent":70},{"label":"Cash and cash equivalents","percent":1}],"privateFunds":4},"sources":{"adv1FilingDate":"30 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/169258/PDF/169258.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Merganser Capital Management have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Merganser Capital Management offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Which custodians does Merganser Capital Management use?","answer":"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","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Merganser Capital Management have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Merganser Capital Management invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Merganser Capital Management?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Merganser Capital Management get paid?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}}],"holdings":null,"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva Wealth is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}