Clients
NLG Capital serves 10 clients, 6 of them insurance companies. The average client has about $4.65 billion with the firm.
- Insurance companies6 clients99%
- OtherPension and profit-sharing plans, Charitable organizations, Corporations and other businesses1%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Pension and profit-sharing plans | 1 | $319,106,340 | 0.7% | $319.1M |
| Charitable organizations | 1 | $23,800,399 | 0.1% | $23.8M |
| Insurance companies | 6 | $46,171,072,295 | 99.2% | $7.70B |
| Corporations and other businesses | 2 | $32,842,580 | 0.1% | $16.4M |
| Total | 10 | $46,546,821,614 | 100% | $4.65B |
- Clients
- 1
- Regulatory AUM
- $319,106,340
- Share
- 0.7%
- Avg. per client
- $319.1M
- Clients
- 1
- Regulatory AUM
- $23,800,399
- Share
- 0.1%
- Avg. per client
- $23.8M
- Clients
- 6
- Regulatory AUM
- $46,171,072,295
- Share
- 99.2%
- Avg. per client
- $7.70B
- Clients
- 2
- Regulatory AUM
- $32,842,580
- Share
- 0.1%
- Avg. per client
- $16.4M
Total
- Clients
- 10
- Regulatory AUM
- $46,546,821,614
- Share
- 100%
- Avg. per client
- $4.65B
What it does
NLG Capital provides portfolio management for institutions and selecting other managers. It is paid through a percentage of assets, performance-based fees and other arrangements.
NLG Capital provided financial planning to 0 clients last fiscal year and advises no private funds.
100.0% of assets ($46.55B across 10 accounts) are managed with discretion. 10% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks1%
- Funds4%
- Bonds51%
- Investment grade corporate bonds44%
- State and local bonds4%
- High-yield corporate bonds2%
- U.S. government and agency bonds1%
- Cash2%
- Other42%
- Mbs, cmo, abs and private abs, oia, mortgage loans, real estate, private credit, private equity39%
- Derivatives3%
Custodians
NLG Capital’s client accounts are held mainly at J.P. Morgan, with 84% of managed assets. NLG Capital does not have custody of client assets.
- J.P. MorganJpmorgan Chase Bank, N.A. · New York, NY · $39.07B84%
- All other custodians$7.47B16%
Ownership and leadership
NLG Cap Holdco LLC owns 75% or more of NLG Capital, and Jason Doiron is its CEO.
- Owns 75% or more of NLG Capital LLC
NLG Cap Holdco LLC
Control person · since December 2026
- Owns 75% or more of NLG Cap Holdco LLC
NLV Financial Corporation ("NLVF)
Control person · since December 2025
- Owns 75% or more of NLV Financial Corporation ("NLVF)
National Life Holding Company ("NLHC")
Control person · since January 1999
Leadership
- Jason DoironChief Executive Officer and Chief Investment Officer
- Joseph HeaslipVice President and Chief Operating Officer
- Lisa MullerVice President, Chief Counsel, & Secretary
- Peter TrojanoVice President
- Gregory Dwight TeeseChief Compliance Officer
- Paul KoenigDeputy Chief Investment Officer
- Christopher ZimmermanAssistant Secretary
Staff
- 54 employees
- 48 in advisory functions
- 1 broker-dealer rep
Fees
NLG Capital is paid through a percentage of assets under management, performance-based fees and other.
NLG Capital’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, NLG Capital has 2 offices, with 3 listed addresses across 3 states.
New York · 1 listed address
- 330 Madison Avenue, New York City
Texas · 1 listed address
- 15455 Dallas Parkway, Ste. 800, Addison
Vermont · 1 listed address
- One National Life Drive, MontpelierHQ
Registration details
- Legal name
- NLG Capital LLC
- Headquarters
- One National Life Drive, Montpelier, VT 05604
- Phone
- 802-229-3773
- Website
- Not reported
- SEC file
- 801-57721
- 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 NLG Capital have?
NLG Capital has 10 clients and manages $46.5 billion for them, as of March 2026. They include 6 insurance companies, 2 corporations and other businesses and 1 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 30 March 2026
What services does NLG Capital offer?
NLG Capital provides portfolio management for institutions and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does NLG Capital use?
NLG Capital’s separately managed account assets are held at Jpmorgan Chase Bank, N.A. (New York, NY), with $39,073,137,170. 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 NLG Capital have?
NLG Capital has 0 investment adviser representatives registered with state securities authorities, out of 54 employees, and 48 perform investment advisory functions. 1 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 NLG Capital invest in?
At the end of its last fiscal year, NLG Capital’s separately managed accounts held 44% investment grade corporate bonds, 39% mbs, cmo, abs and private abs, oia, mortgage loans, real estate, private credit, private equity, 4% state and local bonds, 4% pooled vehicles (private funds and similar), 3% derivatives, 2% high-yield corporate bonds, 2% cash and equivalents, 1% non-exchange-traded equities 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 NLG Capital?
NLG Capital is owned through a chain of holding companies by National Life Holding Company ("NLHC"). Its direct owner is NLG Cap Holdco LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 30 March 2026
How does NLG Capital get paid?
NLG Capital is paid through a percentage of assets under management, performance-based fees and other arrangements. 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