{"url":"https://nivawealth.com/firms/nlg-capital-109396","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/109396","regulatoryAum":46546821614,"crd":"109396","secFileNumber":"801-57721","legalName":"NLG Capital LLC","displayName":"NLG Capital","website":null,"founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"December","headquarters":{"street":"One National Life Drive","city":"Montpelier","state":"VT","stateName":"Vermont","country":"United States","postalCode":"05604"},"tradeNames":[],"registration":{"secApproved":"11 July 2000","noticeFilings":null,"latestNoticeFiling":null},"staff":{"employees":54,"advisory":48,"brokerDealerReps":1,"insuranceAgents":0,"promoters":0},"aum":{"discretionary":46546821614,"discretionaryAccounts":10,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":null,"nonUsClientsPct":10,"nonAumClients":0},"clientTypes":[{"label":"Pension and profit-sharing plans","clients":1,"regulatoryAum":319106340},{"label":"Charitable organizations","clients":1,"regulatoryAum":23800399},{"label":"Insurance companies","clients":6,"regulatoryAum":46171072295},{"label":"Corporations and other businesses","clients":2,"regulatoryAum":32842580}],"fees":[],"feeNotes":[],"custodians":[{"name":"Jpmorgan Chase Bank, N.A.","shortName":"J.P. Morgan","location":"New York, NY","smaAssets":39073137170}],"custodyNote":"NLG Capital does not have custody of client assets.","otherCustodians":[],"leadership":[{"name":"Jason Doiron","title":"Chief Executive Officer and Chief Investment Officer","crd":"4965652"},{"name":"Joseph Heaslip","title":"Vice President and Chief Operating Officer","crd":"5386934"},{"name":"Lisa Muller","title":"Vice President, Chief Counsel, & Secretary","crd":"5599199"},{"name":"Peter Trojano","title":"Vice President","crd":"2939588"},{"name":"Gregory Dwight Teese","title":"Chief Compliance Officer","crd":"2135269"},{"name":"Paul Koenig","title":"Deputy Chief Investment Officer","crd":"5256104"},{"name":"Christopher Zimmerman","title":"Assistant Secretary","crd":"8066871"}],"ownership":[{"label":"NLG Cap Holdco LLC","detail":"Sole member, nlg capital llc in the 75% or more ownership band and a control person, since December 2026."},{"label":"National Life Holding Company (\"NLHC\")","detail":"Indirect owner: a sole stockholder of NLV Financial Corporation (\"NLVF) in the 75% or more band and a control person, since January 1999.","parent":"NLV Financial Corporation (\"NLVF)"},{"label":"NLV Financial Corporation (\"NLVF)","detail":"Indirect owner: a sole stockholder of NLG Cap Holdco LLC in the 75% or more band and a control person, since December 2025.","parent":"NLG Cap Holdco LLC"}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":2,"privateResidences":0},"listedOfficeAddresses":3,"officesByState":[{"state":"New York","offices":1,"addresses":[{"street":"330 Madison Avenue","city":"New York City"}]},{"state":"Texas","offices":1,"addresses":[{"street":"15455 Dallas Parkway, Ste. 800","city":"Addison"}]},{"state":"Vermont","offices":1,"addresses":[{"street":"One National Life Drive","city":"Montpelier","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"802-229-3773","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Performance-based fees","Other"],"activities":["Portfolio management for businesses (other than small businesses) or institutional clients","Selection of other advisers (including private fund managers)"],"financialPlanningClients":"0","assetMix":[{"label":"Non-exchange-traded equity securities","percent":1},{"label":"U.S. government/agency bonds","percent":1},{"label":"U.S. state and local bonds","percent":4},{"label":"Investment grade corporate bonds","percent":44},{"label":"Non-investment grade corporate bonds","percent":2},{"label":"Derivatives","percent":3},{"label":"Securities issued by pooled investment vehicles (other than registered investment companies)","percent":4},{"label":"Cash and cash equivalents","percent":2},{"label":"Other","percent":39,"detail":"MBS, CMO, Abs and Private Abs, Oia, Mortgage Loans, Real Estate, Private Credit, Private Equity"}],"privateFunds":0},"sources":{"adv1FilingDate":"30 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/109396/PDF/109396.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does NLG Capital have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does NLG Capital offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Which custodians does NLG Capital use?","answer":"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","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does NLG Capital have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does NLG Capital invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns NLG Capital?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does NLG Capital get paid?","answer":"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","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."}