Clients
Milliman Financial Risk Management serves 76 clients, 50 of them investment companies. The average client has about $531 million with the firm.
- Investment companies50 clients64%
- Pooled investment vehicles5 clients3%
- Insurance companies21 clients33%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Investment companies | 50 | $25,887,054,055 | 64.2% | $517.7M |
| Pooled investment vehicles | 5 | $1,263,834,534 | 3.1% | $252.8M |
| Insurance companies | 21 | $13,178,894,880 | 32.7% | $627.6M |
| Total | 76 | $40,329,783,469 | 100% | $530.7M |
- Clients
- 50
- Regulatory AUM
- $25,887,054,055
- Share
- 64.2%
- Avg. per client
- $517.7M
- Clients
- 5
- Regulatory AUM
- $1,263,834,534
- Share
- 3.1%
- Avg. per client
- $252.8M
- Clients
- 21
- Regulatory AUM
- $13,178,894,880
- Share
- 32.7%
- Avg. per client
- $627.6M
Total
- Clients
- 76
- Regulatory AUM
- $40,329,783,469
- Share
- 100%
- Avg. per client
- $530.7M
What it does
Milliman Financial Risk Management provides portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets, hourly charges and fixed fees.
Milliman Financial Risk Management advises no private funds.
100.0% of assets ($40.33B across 246 accounts) are managed with discretion. 13% of clients are outside the U.S., and 1 clients received advice without assets under management last fiscal year.
What the accounts hold
- Funds4%
- Bonds1%
- Other94%
- Derivatives94%
Filed values cover 99%. The neutral 1% gap has no reported category.
Custodians
Milliman Financial Risk Management’s client accounts are held mainly at J.P. Morgan, with 21% of managed assets, and U.S. Bancorp, with 5%. Milliman Financial Risk Management does not have custody of client assets.
- Bank of New York MellonBank of New York Mellon · New York, NY · $264.8M1%
- CitigroupCitigroup, Inc · New York, NY · $1.78B4%
- J.P. MorganJpmorgan Chase Bank · New York, NY · $8.29B21%
- Wells Fargo Bank, N.A.Wells Fargo Bank, N.A. · San Francisco, CA · $531.6M1%
- U.S. BancorpU.S. Bancorp · Minneapolis, MN · $1.99B5%
- OtherBank of America, Northern Trust, All other custodians68%
Ownership and leadership
Milliman, Inc. owns 75% or more of Milliman Financial Risk Management.
- Owns 75% or more of Milliman Financial Risk Management LLC
Milliman, Inc.
Control person · since October 2011
Leadership
- Susan PuzChief Compliance Officer
Staff
- 177 employees
- 135 in advisory functions
- 4 broker-dealer reps
Fees
Milliman Financial Risk Management is paid through a percentage of assets under management, hourly charges and fixed fees (other than subscription fees).
Milliman Financial Risk Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Milliman Financial Risk Management has 0 offices, with 1 listed address in 1 state.
Illinois · 1 listed address
- 71 S. Wacker DR., 31st Floor, ChicagoHQ
Registration details
- Legal name
- Milliman Financial Risk Management LLC
- Headquarters
- 71 S. Wacker DR., 31st Floor, Chicago, IL 60606
- Phone
- 312-726-0677
- Website
- Not reported
- SEC file
- 801-73056
- 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 Milliman Financial Risk Management have?
Milliman Financial Risk Management has 76 clients and manages $40.3 billion for them, as of March 2026. They include 50 investment companies, 21 insurance companies and 5 pooled investment vehicles.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026
What services does Milliman Financial Risk Management offer?
Milliman Financial Risk Management provides 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 Milliman Financial Risk Management use?
Milliman Financial Risk Management’s separately managed account assets are held at Jpmorgan Chase Bank (New York, NY), with $8,291,816,489, U.S. Bancorp (Minneapolis, MN), with $1,993,568,912, Citigroup, Inc (New York, NY), with $1,782,769,168, Wells Fargo Bank, N.A. (San Francisco, CA), with $531,577,855, Bank of New York Mellon (New York, NY), with $264,840,156, Northern Trust Corporation (Chicago, IL), with $103,539,240 and Bank of America Corporation (Charlotte, NC), with $12,393,085. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 31 March 2026
How many financial advisors does Milliman Financial Risk Management have?
Milliman Financial Risk Management has 0 investment adviser representatives registered with state securities authorities, out of 177 employees, and 135 perform investment advisory functions. 4 are registered representatives of a broker-dealer and 0 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 Milliman Financial Risk Management invest in?
At the end of its last fiscal year, Milliman Financial Risk Management’s separately managed accounts held 94% derivatives, 4% pooled vehicles (private funds and similar) and 1% U.S. government and agency bonds. It advises no private funds of its own.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Milliman Financial Risk Management?
Milliman Financial Risk Management’s direct owner is Milliman, Inc. (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 31 March 2026
How does Milliman Financial Risk Management get paid?
Milliman Financial Risk Management is paid through a percentage of assets under management, hourly charges and fixed fees. 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