Clients
Portfolio Advisors serves 114 clients, 113 of them pooled investment vehicles. The average client has about $420 million with the firm.
- Investment companies1 clients4%
- Pooled investment vehicles113 clients52%
- Pension and profit-sharing plans2%
- Charitable organizations5%
- State or municipal government entities38%
- Insurance companies0%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Investment companies | 1 | $1,685,162,798 | 3.5% | $1.69B |
| Pooled investment vehicles | 113 | $24,679,523,033 | 51.6% | $218.4M |
| Pension and profit-sharing plans | Not reported | $1,109,753,697 | 2.3% | — |
| Charitable organizations | Not reported | $2,308,571,819 | 4.8% | — |
| State or municipal government entities | Not reported | $18,050,957,488 | 37.7% | — |
| Insurance companies | Not reported | $8,566,431 | 0.0% | — |
| Total | 114 | $47,842,535,266 | 100% | $419.7M |
- Clients
- 1
- Regulatory AUM
- $1,685,162,798
- Share
- 3.5%
- Avg. per client
- $1.69B
- Clients
- 113
- Regulatory AUM
- $24,679,523,033
- Share
- 51.6%
- Avg. per client
- $218.4M
- Clients
- Not reported
- Regulatory AUM
- $1,109,753,697
- Share
- 2.3%
- Avg. per client
- —
- Clients
- Not reported
- Regulatory AUM
- $2,308,571,819
- Share
- 4.8%
- Avg. per client
- —
- Clients
- Not reported
- Regulatory AUM
- $18,050,957,488
- Share
- 37.7%
- Avg. per client
- —
- Clients
- Not reported
- Regulatory AUM
- $8,566,431
- Share
- 0.0%
- Avg. per client
- —
Total
- Clients
- 114
- Regulatory AUM
- $47,842,535,266
- Share
- 100%
- Avg. per client
- $419.7M
What it does
Portfolio Advisors 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, hourly charges, fixed fees and performance-based fees.
Portfolio Advisors advises 92 private funds.
61.7% of assets ($29.53B across 104 accounts) are managed with discretion; $18.31B across 19 accounts are not. 38% of clients are outside the U.S., and 4 clients received advice without assets under management last fiscal year.
What the accounts hold
- Funds100%
Custodians
Portfolio Advisors has custody of client assets.
- All other custodians$47.84B100%
Ownership and leadership
Franklin Square Holdings, L.P. owns 75% or more of Portfolio Advisors, and Michael Forman is its CEO.
- Owns 75% or more of Portfolio Advisors LLC
Franklin Square Holdings, L.P.
Control person · since June 2023
- Owns 25% to 50% of Franklin Square Holdings, L.P.
FSH Nci Aggregator, LLC
Control person · since June 2023
- Owns 25% to 50% of FSH Nci Aggregator, LLC
The 2011 Forman Investment Trust
Control person · since June 2023
Michael Heller
Trustee · since January 2012
Thomas Trala
Trustee · Control person · since January 2020
- Owns 25% to 50% of FSH Nci Aggregator, LLC
FB Capital Partners, L.P.
Control person · since June 2023
FB Capital Management, LLC
General partner · Control person · since January 2013
Franklin Square Holdings GP, LLC
General partner · Control person · since May 2007
- Owns 50% to 75% of Franklin Square Holdings GP, LLC
Michael Forman
Control person · since May 2007
- Owns 50% to 75% of Franklin Square Holdings GP, LLC
David Adelman
Control person · since May 2007
Leadership
- Michael FormanChief Executive Officer
- Joseph McGeehinChief Financial Officer
- James PetersonChief Compliance Officer
- Marc BryantChief Legal Officer
Staff
- 164 employees
- 83 in advisory functions
Fees
Portfolio Advisors is paid through a percentage of assets under management, hourly charges, fixed fees (other than subscription fees) and performance-based fees.
Portfolio Advisors’ fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Portfolio Advisors has 8 offices, with 2 listed addresses across 2 states.
Connecticut · 1 listed address
- 9 Old Kings Highway South, DarienHQ
Texas · 1 listed address
- 100 Crescent Court, Dallas
Other business names
Portfolio Advisors has reported 1 other business name to the SEC.
- Asia Select Management Limited (relying Advisor)
Registration details
- Legal name
- Portfolio Advisors LLC
- Headquarters
- 9 Old Kings Highway South, Darien, CT 06820
- Phone
- 203-662-3456
- Website
- Not reported
- SEC file
- 801-46369
- Structure
- Connecticut 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 Portfolio Advisors have?
Portfolio Advisors has 114 clients and manages $47.8 billion for them, as of March 2026. They include 113 pooled investment vehicles and 1 investment companies.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 27 March 2026
What services does Portfolio Advisors offer?
Portfolio Advisors 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
How many financial advisors does Portfolio Advisors have?
Portfolio Advisors has 0 investment adviser representatives registered with state securities authorities, out of 164 employees, and 83 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 Portfolio Advisors invest in?
At the end of its last fiscal year, Portfolio Advisors’ separately managed accounts held 100% pooled vehicles (private funds and similar). It advises 92 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 Portfolio Advisors?
Portfolio Advisors is owned through a chain of holding companies by Michael Forman and David Adelman. Its direct owner is Franklin Square Holdings, L.P. (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 27 March 2026
How does Portfolio Advisors get paid?
Portfolio Advisors 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