{"url":"https://nivawealth.com/firms/milliman-financial-risk-management-159377","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/159377","regulatoryAum":40329783469,"crd":"159377","secFileNumber":"801-73056","legalName":"Milliman Financial Risk Management LLC","displayName":"Milliman Financial Risk Management","website":null,"linkedinUrl":"https://www.linkedin.com/company/milliman-frm","founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"December","headquarters":{"street":"71 S. Wacker DR., 31st Floor","city":"Chicago","state":"IL","stateName":"Illinois","country":"United States","postalCode":"60606"},"tradeNames":[],"registration":{"secApproved":"24 January 2012","noticeFilings":null,"latestNoticeFiling":null},"staff":{"employees":177,"advisory":135,"brokerDealerReps":4,"insuranceAgents":0,"promoters":0},"aum":{"discretionary":40329783469,"discretionaryAccounts":246,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":null,"nonUsClientsPct":13,"nonAumClients":1},"clientTypes":[{"label":"Investment companies","clients":50,"regulatoryAum":25887054055},{"label":"Pooled investment vehicles","clients":5,"regulatoryAum":1263834534},{"label":"Insurance companies","clients":21,"regulatoryAum":13178894880}],"fees":[],"feeNotes":[],"feePrograms":[],"brochureCoverage":{"scope":"known_documents","status":"not_processed","checkedAt":null,"documents":[]},"custodians":[{"name":"Bank of New York Mellon","shortName":"Bank of New York Mellon","location":"New York, NY","smaAssets":264840156},{"name":"Citigroup, Inc","shortName":"Citigroup","location":"New York, NY","smaAssets":1782769168},{"name":"Jpmorgan Chase Bank","shortName":"J.P. Morgan","location":"New York, NY","smaAssets":8291816489},{"name":"Wells Fargo Bank, N.A.","shortName":"Wells Fargo Bank, N.A.","location":"San Francisco, CA","smaAssets":531577855},{"name":"Bank of America Corporation","shortName":"Bank of America","location":"Charlotte, NC","smaAssets":12393085},{"name":"Northern Trust Corporation","shortName":"Northern Trust","location":"Chicago, IL","smaAssets":103539240},{"name":"U.S. Bancorp","shortName":"U.S. Bancorp","location":"Minneapolis, MN","smaAssets":1993568912}],"custodyNote":"Milliman Financial Risk Management does not have custody of client assets.","otherCustodians":[],"leadership":[{"name":"Susan Puz","title":"Chief Compliance Officer","crd":"2710984"}],"ownership":[{"label":"Milliman, Inc.","detail":"Managing member in the 75% or more ownership band and a control person, since October 2011."}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":0,"privateResidences":0},"listedOfficeAddresses":1,"officesByState":[{"state":"Illinois","offices":1,"addresses":[{"street":"71 S. Wacker DR., 31st Floor","city":"Chicago","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"312-726-0677","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Hourly charges","Fixed fees (other than subscription fees)"],"activities":["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":1},{"label":"Derivatives","percent":94},{"label":"Securities issued by pooled investment vehicles (other than registered investment companies)","percent":4}],"privateFunds":0},"sources":{"adv1FilingDate":"31 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/159377/PDF/159377.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Milliman Financial Risk Management have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Milliman Financial Risk Management offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Which custodians does Milliman Financial Risk Management use?","answer":"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","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Milliman Financial Risk Management have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Milliman Financial Risk Management invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Milliman Financial Risk Management?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Milliman Financial Risk Management get paid?","answer":"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","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."}