Clients
Northwestern Mutual Investment Management serves 23 clients, 18 of them pooled investment vehicles. The average client has about $14 billion with the firm.
- Pooled investment vehicles18 clients2%
- Insurance companies3 clients98%
- OtherBanking or thrift institutions, Charitable organizations0%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Banking or thrift institutions | 1 | $432,372,980 | 0.1% | $432.4M |
| Pooled investment vehicles | 18 | $7,410,161,446 | 2.3% | $411.7M |
| Charitable organizations | 1 | $117,845,105 | 0.0% | $117.8M |
| Insurance companies | 3 | $315,117,960,207 | 97.5% | $105.04B |
| Total | 23 | $323,078,339,738 | 100% | $14.05B |
- Clients
- 1
- Regulatory AUM
- $432,372,980
- Share
- 0.1%
- Avg. per client
- $432.4M
- Clients
- 18
- Regulatory AUM
- $7,410,161,446
- Share
- 2.3%
- Avg. per client
- $411.7M
- Clients
- 1
- Regulatory AUM
- $117,845,105
- Share
- 0.0%
- Avg. per client
- $117.8M
- Clients
- 3
- Regulatory AUM
- $315,117,960,207
- Share
- 97.5%
- Avg. per client
- $105.04B
Total
- Clients
- 23
- Regulatory AUM
- $323,078,339,738
- Share
- 100%
- Avg. per client
- $14.05B
What it does
Northwestern Mutual Investment Management provides portfolio management for pooled vehicles, portfolio management for institutions and selecting other managers. It is paid through a percentage of assets and performance-based fees.
Northwestern Mutual Investment Management advises 25 private funds.
100.0% of assets ($323.08B across 32 accounts) are managed with discretion. 39% of clients are outside the U.S., and 23 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks4%
- Exchange-traded equities3%
- Non-exchange-traded equities1%
- Funds5%
- Bonds66%
- Investment grade corporate bonds57%
- High-yield corporate bonds4%
- State and local bonds2%
- Sovereign bonds2%
- U.S. government and agency bonds1%
- Cash2%
- Other22%
- Co-investment funds, collateral loan obligations, real estate, mortgage loans, mortgage-backed securities, other asset-backed securities22%
Filed values cover 99%. The neutral 1% gap has no reported category.
Custodians
Northwestern Mutual Investment Management’s client accounts are held mainly at The Bank of New York Mellon, with 44% of managed assets. Northwestern Mutual Investment Management has custody of $809.5M for 9 clients.
- The Bank of New York MellonThe Bank of New York Mellon · New York, NY · $141.35B44%
- All other custodians$181.72B56%
Ownership and leadership
The Northwestern Mutual Life Insurance Company owns 75% or more of Northwestern Mutual Investment Management.
- Owns 75% or more of Northwestern Mutual Investment Management Company, LLC
The Northwestern Mutual Life Insurance Company
Control person · since January 2015
Leadership
- Raymond AuthDirector; Vice President - Investment Strategy
- John BentleyChairman & President
- Daniel JulkaDirector; Vice President - Private Securities
- Deborah SchultzDirector; Vice President - Chief Risk Officer
- Jason SmithDirector; Vice President - Public Investments
- Thomas ZaleDirector; Vice President - Real Estate
- Daniel FleschChief Operating Officer
- Matthew GabrysChief Compliance Officer
- Cindy DodgeTreasurer
Staff
- 246 employees
- 213 in advisory functions
Reported holdings
Northwestern Mutual Investment Management’s reported 13F holdings total $8.53B across 880 positions, and the ten largest make up 65.5% of it.
- $8.53B
- Reported 13F value
- 880
- Positions
- 65.5%
- In the 10 largest
- +29.3%
- Value vs. prior quarter
- iShares TR · MSCI Eafe ETF12.7%
- iShares TR · Core S&P500 ETF12.3%
- iShares TR · Core S&P Scp ETF8.7%
- iShares TR · Core S&P Mcp ETF7.7%
- Vanguard Index Fds · S&P 500 ETF Shs6.2%
- iShares TR · Iboxx Inv CP ETF5.8%
- iShares TR · Broad Usd High3.8%
- iShares TR · Iboxx HI YD ETF3.5%
- iShares TR · 20 YR TR BD ETF3.0%
- Nvidia Corporation1.8%
Together, the ten largest are 65.5% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $8.53B is not its $323.08B in regulatory assets and does not represent any individual client's portfolio.
Fees
Northwestern Mutual Investment Management is paid through a percentage of assets under management and performance-based fees.
Northwestern Mutual Investment Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Northwestern Mutual Investment Management has 1 office, with 2 listed addresses across 2 states.
New York · 1 listed address
- 200 Liberty Street, New York
Wisconsin · 1 listed address
- 720 East Wisconsin Avenue, MilwaukeeHQ
Other business names
Northwestern Mutual Investment Management has reported 1 other business name to the SEC.
- Northwestern Mutual Capital
Registration details
- Legal name
- Northwestern Mutual Investment Management Company, LLC
- Headquarters
- 720 East Wisconsin Avenue, Milwaukee, WI 53202-4797
- Phone
- 414-665-1444
- Website
- Not reported
- SEC file
- 801-119948
- 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 Northwestern Mutual Investment Management have?
Northwestern Mutual Investment Management has 23 clients and manages $323.1 billion for them, as of May 2026. They include 18 pooled investment vehicles, 3 insurance companies and 1 banking or thrift institutions.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 6 May 2026
What services does Northwestern Mutual Investment Management offer?
Northwestern Mutual Investment Management provides portfolio management for pooled vehicles, 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 Northwestern Mutual Investment Management use?
Northwestern Mutual Investment Management’s separately managed account assets are held at The Bank of New York Mellon (New York, NY), with $141,354,705,515. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 6 May 2026
How many financial advisors does Northwestern Mutual Investment Management have?
Northwestern Mutual Investment Management has 0 investment adviser representatives registered with state securities authorities, out of 246 employees, and 213 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 Northwestern Mutual Investment Management invest in?
At the end of its last fiscal year, Northwestern Mutual Investment Management’s separately managed accounts held 57% investment grade corporate bonds, 22% co-investment funds, collateral loan obligations, real estate, mortgage loans, mortgage-backed securities, other asset-backed securities, 5% pooled vehicles (private funds and similar), 4% high-yield corporate bonds, 3% exchange-traded equities, 2% state and local bonds, 2% sovereign bonds, 2% cash and equivalents, 1% non-exchange-traded equities and 1% U.S. government and agency bonds. It advises 25 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 Northwestern Mutual Investment Management?
Northwestern Mutual Investment Management’s direct owner is the Northwestern Mutual Life Insurance Company (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 6 May 2026
How does Northwestern Mutual Investment Management get paid?
Northwestern Mutual Investment Management is paid through a percentage of assets under management 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