Clients
Nepc serves 435 clients, 165 of them pension and profit-sharing plans. The average client has about $351 million with the firm, and high-net-worth clients hold 2% of its $152.7 billion in assets.
- High-net-worth individuals35 clients2%
- Pooled investment vehicles8 clients3%
- Pension and profit-sharing plans165 clients64%
- Charitable organizations84 clients10%
- State or municipal government entities73 clients6%
- OtherCorporations and other businesses, Banking or thrift institutions15%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| High-net-worth individuals | 35 | $3,338,291,834 | 2.2% | $95.4M |
| Banking or thrift institutions | 1 | $163,468,822 | 0.1% | $163.5M |
| Pooled investment vehicles | 8 | $5,287,125,770 | 3.5% | $660.9M |
| Pension and profit-sharing plans | 165 | $98,075,759,745 | 64.2% | $594.4M |
| Charitable organizations | 84 | $14,773,041,072 | 9.7% | $175.9M |
| State or municipal government entities | 73 | $8,519,279,748 | 5.6% | $116.7M |
| Insurance companies | 22 | $0 | 0.0% | $0 |
| Corporations and other businesses | 47 | $22,566,827,960 | 14.8% | $480.1M |
| Total | 435 | $152,723,794,951 | 100% | $351.1M |
- Clients
- 35
- Regulatory AUM
- $3,338,291,834
- Share
- 2.2%
- Avg. per client
- $95.4M
- Clients
- 1
- Regulatory AUM
- $163,468,822
- Share
- 0.1%
- Avg. per client
- $163.5M
- Clients
- 8
- Regulatory AUM
- $5,287,125,770
- Share
- 3.5%
- Avg. per client
- $660.9M
- Clients
- 165
- Regulatory AUM
- $98,075,759,745
- Share
- 64.2%
- Avg. per client
- $594.4M
- Clients
- 84
- Regulatory AUM
- $14,773,041,072
- Share
- 9.7%
- Avg. per client
- $175.9M
- Clients
- 73
- Regulatory AUM
- $8,519,279,748
- Share
- 5.6%
- Avg. per client
- $116.7M
- Clients
- 22
- Regulatory AUM
- $0
- Share
- 0.0%
- Avg. per client
- $0
- Clients
- 47
- Regulatory AUM
- $22,566,827,960
- Share
- 14.8%
- Avg. per client
- $480.1M
Total
- Clients
- 435
- Regulatory AUM
- $152,723,794,951
- Share
- 100%
- Avg. per client
- $351.1M
What it does
Nepc provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, selecting other managers and educational seminars. It is paid through a percentage of assets, hourly charges, fixed fees and performance-based fees.
Nepc advises 4 private funds.
100.0% of assets ($152.72B across 132 accounts) are managed with discretion. 2% of clients are outside the U.S., and 303 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks3%
- Funds89%
- Pooled vehicles82%
- Registered funds7%
- Bonds5%
- Investment grade corporate bonds3%
- U.S. government and agency bonds1%
- High-yield corporate bonds1%
- Cash2%
- Other1%
- Other includes multi-asset, liquid real asset smas and client owned real estate.1%
Custodians
Nepc’s client accounts are held mainly at Northern Trust, with 31% of managed assets, and The Bank of New York Mellon, with 20%. Nepc does not have custody of client assets.
- Northern TrustNorthern Trust Corporation · Chicago, IL · $47.48B31%
- The Bank of New York MellonThe Bank of New York Mellon · Pittsburgh, PA · $30.93B20%
- FidelityFidelity · Boston, MA · $30.37B20%
- US BankUS Bank · Minneapolis, MN · $17.42B11%
- All other custodians$26.52B17%
Ownership and leadership
Hightower Holding, LLC owns 75% or more of Nepc, and Michael Manning is its CEO.
- Owns 75% or more of Nepc, LLC
Hightower Holding, LLC
Control person · since January 2025
- Owns 75% or more of Hightower Holding, LLC
Hightower Intermediate, LLC
Control person · since October 2020
- Owns 75% or more of Hightower Intermediate, LLC
HT Holding, LLC
Control person · since October 2020
- Owns 50% to 75% of HT Holding, LLC
THL Equity Fund VII Investors (HT), LLC
Control person · since October 2020
- Owns 25% to 50% of THL Equity Fund VII Investors (HT), LLC
THL HT SPV, L.P.
Control person · since December 2020
- Owns 25% to 50% of THL Equity Fund VII Investors (HT), LLC
THL Equity Fund VII Investors (HT) Blocker, LLC
Control person · since October 2020
- Owns 25% to 50% of THL Equity Fund VII Investors (HT) Blocker, LLC
THL HT Parallel SPV, L.P.
Control person · since December 2020
- Owns 10% to 25% of Nepc, LLC
Nepc Partners, LLC
since January 2025
Leadership
- Michael ManningChief Executive Officer, Chief Financial Officer
- Timothy McCuskerPresident
- Kellie KaneChief Operating Officer
- John ReganChief Compliance Officer
- Steven CharltonHead of Client Solutions
- Kathy ConnorsChief Consulting Officer
- Judy MurphyChief Human Resources Officer
- Sarah SamuelsChief Investment Officer
Staff
- 379 employees
- 132 in advisory functions
- 1 state-registered rep
- 1 soliciting firm
Reported holdings
Nepc’s reported 13F holdings total $5.36B across 53 positions, and the ten largest make up 75.1% of it.
- $5.36B
- Reported 13F value
- 53
- Positions
- 75.1%
- In the 10 largest
- +6.7%
- Value vs. prior quarter
- Vanguard Index Fds · S&P 500 ETF Shs12.1%
- Vanguard Scottsdale Fds · Int-term Corp.11.4%
- Vanguard Scottsdale Fds · Inter Term Treas9.3%
- Vanguard Scottsdale Fds · Shrt Trm Corp. BD9.2%
- Vanguard Scottsdale Fds · Long Term Treas9.1%
- Vanguard Scottsdale Fds · Total Corp. Bnd7.1%
- Vanguard Tax-managed Fds · Van FTSE Dev Mkt5.7%
- Schwab Strategic TR · US Tips ETF4.1%
- iShares TR · Broad Usd High3.6%
- Vanguard Intl Equity Index F · FTSE Emr Mkt ETF3.4%
Together, the ten largest are 75.1% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $5.36B is not its $152.72B in regulatory assets and does not represent any individual client's portfolio.
Fees
Nepc is paid through a percentage of assets under management, hourly charges, fixed fees (other than subscription fees) and performance-based fees.
Nepc’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Nepc has 25 offices (20 private residences, listed without an address), with 6 listed addresses across 6 states.
California · 1 listed address
- 50 California Street, San Francisco
Georgia · 1 listed address
- 400 Galleria Parkway, Atlanta
Illinois · 1 listed address
- 30 South Wacker Drive, Chicago
Massachusetts · 1 listed address
- 225 Franklin Street, 29th Floor, BostonHQ
Nevada · 1 listed address
- 9440 West Sahara Avenue, Las Vegas
North Carolina · 1 listed address
- 5113 Piper Station Drive, Charlotte
Registration details
- Legal name
- Nepc, LLC
- Headquarters
- 225 Franklin Street, 29th Floor, Boston, MA 02110
- Phone
- 617-374-1300
- Website
- www.nepc.com
- SEC file
- 801-37227
- 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 Nepc have?
Nepc has 435 clients and manages $152.7 billion for them, as of September 2026. They include 165 pension and profit-sharing plans, 84 charitable organizations and 73 state or municipal government entities.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 22 September 2026
What services does Nepc offer?
Nepc provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, selecting other managers and educational seminars.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Nepc use?
Nepc’s separately managed account assets are held at Northern Trust Corporation (Chicago, IL), with $47,481,873,726, The Bank of New York Mellon (Pittsburgh, PA), with $30,929,873,746, Fidelity (Boston, MA), with $30,371,985,679 and US Bank (Minneapolis, MN), with $17,417,918,357. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 22 September 2026
How many financial advisors does Nepc have?
Nepc has 1 investment adviser representatives registered with state securities authorities, out of 379 employees, and 132 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 Nepc invest in?
At the end of its last fiscal year, Nepc’s separately managed accounts held 82% pooled vehicles (private funds and similar), 7% registered funds (mutual funds, ETFs, BDCs), 3% exchange-traded equities, 3% investment grade corporate bonds, 2% cash and equivalents, 1% U.S. government and agency bonds, 1% high-yield corporate bonds and 1% other includes multi-asset, liquid real asset smas and client owned real estate.. 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 Nepc?
Nepc is owned through a chain of holding companies by THL HT SPV, L.P. and THL HT Parallel SPV, L.P. Its direct owners are Nepc Partners, LLC (10% to 25%) and Hightower Holding, LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 22 September 2026
How does Nepc get paid?
Nepc is paid through a percentage of assets under management, hourly charges, fixed fees and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file