Clients
Penn Mutual Asset Management serves 35 clients, 29 of them investment companies. The average client has about $1.21 billion with the firm.
- Investment companies29 clients22%
- Insurance companies5 clients78%
- Corporations and other businesses1 clients0%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Investment companies | 29 | $9,275,419,204 | 21.9% | $319.8M |
| Insurance companies | 5 | $32,983,935,631 | 78.0% | $6.60B |
| Corporations and other businesses | 1 | $27,388,378 | 0.1% | $27.4M |
| Total | 35 | $42,286,743,213 | 100% | $1.21B |
- Clients
- 29
- Regulatory AUM
- $9,275,419,204
- Share
- 21.9%
- Avg. per client
- $319.8M
- Clients
- 5
- Regulatory AUM
- $32,983,935,631
- Share
- 78.0%
- Avg. per client
- $6.60B
- Clients
- 1
- Regulatory AUM
- $27,388,378
- Share
- 0.1%
- Avg. per client
- $27.4M
Total
- Clients
- 35
- Regulatory AUM
- $42,286,743,213
- Share
- 100%
- Avg. per client
- $1.21B
What it does
Penn Mutual Asset Management provides portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions and selecting other managers. It is paid through a percentage of assets.
Penn Mutual Asset Management advises no private funds.
100.0% of assets ($42.29B across 35 accounts) are managed with discretion. $33.01B sits in a wrap fee program the firm both sponsors and manages. 0% of clients are outside the U.S., and 1 clients received advice without assets under management last fiscal year.
What the accounts hold
- Bonds51%
- Investment grade corporate bonds40%
- State and local bonds6%
- High-yield corporate bonds4%
- U.S. government and agency bonds1%
- Cash2%
- Other46%
- Contains abs, clo, cmbs, rmbs, preferred stock, equities (excluding fhlb), rated fixed income notes, and alternative investments.45%
- Derivatives1%
Filed values cover 99%. The neutral 1% gap has no reported category.
Custodians
Penn Mutual Asset Management’s client accounts are held mainly at The Bank of New York Mellon, with 75% of managed assets. Penn Mutual Asset Management has custody of $29.10B for 6 clients.
- The Bank of New York MellonThe Bank of New York Mellon · Syracuse, NY · $31.55B75%
- All other custodians$10.73B25%
Ownership and leadership
The Penn Mutual Life Insurance Company owns 75% or more of Penn Mutual Asset Management.
- Owns 75% or more of Penn Mutual Asset Management, LLC
The Penn Mutual Life Insurance Company
Control person · since June 1989
Leadership
- Keith Gordon HuckerbyChief Operating Officer, Manager of Board of Managers
- Victoria Marie RobinsonChief Compliance Officer, Manager of Board of Managers
- Stephen KennedyManager of Board of Managers
- Richard KlenkManager of Board of Managers
- David Michael O'MalleyChairman of the Board of Managers
Staff
- 30 employees
- 30 in advisory functions
- 4 state-registered reps
- 3 broker-dealer reps
Reported holdings
Penn Mutual Asset Management’s reported 13F holdings total $19.5M across 9 positions, and the ten largest make up 100.0% of it.
- $19.5M
- Reported 13F value
- 9
- Positions
- 100.0%
- In the 10 largest
- −0.2%
- Value vs. prior quarter
- Wells Fargo & CO · Perp Pfd Cnv A35.6%
- Annaly Capital Management IN20.4%
- Agnc Invt Corp.20.1%
- Armour Residential REIT Inc. · Com Shs15.6%
- Phathom Pharmaceuticals Inc.3.5%
- Vaneck ETF Trust · JP Mrgan EM Loc2.4%
- Rubrik Inc.. · CL A1.0%
- Navan Inc. · CL A1.0%
- Servicetitan Inc. · Shs CL A0.4%
Together, the ten largest are 100.0% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $19.5M is not its $42.29B in regulatory assets and does not represent any individual client's portfolio.
Fees
Penn Mutual Asset Management is paid through a percentage of assets under management.
Penn Mutual Asset Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Penn Mutual Asset Management has 0 offices, with 1 listed address in 1 state.
Pennsylvania · 1 listed address
- Eight Tower Bridge, 161 Washington Street, Suite 1111, ConshohockenHQ
Registration details
- Legal name
- Penn Mutual Asset Management, LLC
- Headquarters
- Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428
- Phone
- 215-956-8114
- Website
- Not reported
- SEC file
- 801-35477
- 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 Penn Mutual Asset Management have?
Penn Mutual Asset Management has 35 clients and manages $42.3 billion for them, as of April 2026. They include 29 investment companies, 5 insurance companies and 1 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 1 April 2026
What services does Penn Mutual Asset Management offer?
Penn Mutual Asset Management provides portfolio management for investment companies, 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 Penn Mutual Asset Management use?
Penn Mutual Asset Management’s separately managed account assets are held at The Bank of New York Mellon (Syracuse, NY), with $31,551,805,164. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 1 April 2026
How many financial advisors does Penn Mutual Asset Management have?
Penn Mutual Asset Management has 4 investment adviser representatives registered with state securities authorities, out of 30 employees, and 30 perform investment advisory functions. 3 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 Penn Mutual Asset Management invest in?
At the end of its last fiscal year, Penn Mutual Asset Management’s separately managed accounts held 45% contains abs, clo, cmbs, rmbs, preferred stock, equities (excluding fhlb), rated fixed income notes, and alternative investments., 40% investment grade corporate bonds, 6% state and local bonds, 4% high-yield corporate bonds, 2% cash and equivalents, 1% U.S. government and agency bonds and 1% derivatives. 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 Penn Mutual Asset Management?
Penn Mutual Asset Management’s direct owner is the Penn Mutual Life Insurance Company (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 1 April 2026
How does Penn Mutual Asset Management get paid?
Penn Mutual Asset Management is paid through a percentage of assets under management. 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