{"url":"https://nivawealth.com/firms/portfolio-advisors-105981","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/105981","regulatoryAum":47842535266,"crd":"105981","secFileNumber":"801-46369","legalName":"Portfolio Advisors LLC","displayName":"Portfolio Advisors","website":null,"founded":null,"organization":"Connecticut limited liability company","fiscalYearEnd":"December","headquarters":{"street":"9 Old Kings Highway South","city":"Darien","state":"CT","stateName":"Connecticut","country":"United States","postalCode":"06820"},"tradeNames":["Asia Select Management Limited (relying Advisor)"],"registration":{"secApproved":"25 April 1994","noticeFilings":null,"latestNoticeFiling":null},"staff":{"employees":164,"advisory":83,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"discretionary":29530206362,"discretionaryAccounts":104,"nonDiscretionary":18312328904,"nonDiscretionaryAccounts":19,"wrapProgram":null,"nonUsClientsPct":38,"nonAumClients":4},"clientTypes":[{"label":"Investment companies","clients":1,"regulatoryAum":1685162798},{"label":"Pooled investment vehicles","clients":113,"regulatoryAum":24679523033},{"label":"Pension and profit-sharing plans","clients":null,"regulatoryAum":1109753697},{"label":"Charitable organizations","clients":null,"regulatoryAum":2308571819},{"label":"State or municipal government entities","clients":null,"regulatoryAum":18050957488},{"label":"Insurance companies","clients":null,"regulatoryAum":8566431}],"fees":[],"feeNotes":[],"feePrograms":[],"brochureCoverage":{"scope":"known_documents","status":"not_processed","checkedAt":null,"documents":[]},"custodians":[],"custodyNote":"Portfolio Advisors has custody of client assets.","otherCustodians":[],"leadership":[{"name":"Michael Forman","title":"Chief Executive Officer","crd":"5517777"},{"name":"Joseph McGeehin","title":"Chief Financial Officer","crd":"5193186"},{"name":"James Peterson","title":"Chief Compliance Officer","crd":"5632262"},{"name":"Marc Bryant","title":"Chief Legal Officer","crd":"4516386"}],"ownership":[{"label":"Franklin Square Holdings, L.P.","detail":"Member in the 75% or more ownership band and a control person, since June 2023."},{"label":"Franklin Square Holdings GP, LLC","detail":"Indirect owner: general partner of Franklin Square Holdings, L.P. and a control person, since May 2007.","parent":"Franklin Square Holdings, L.P."},{"label":"FSH Nci Aggregator, LLC","detail":"Indirect owner: a limited partner of Franklin Square Holdings, L.P. in the 25% to 50% band and a control person, since June 2023.","parent":"Franklin Square Holdings, L.P."},{"label":"Michael Forman","detail":"Indirect owner: a managing member of Franklin Square Holdings GP, LLC in the 50% to 75% band and a control person, since May 2007. Also a limited partner of FB Capital Partners, L.P. in the 75% or more band and a control person, since August 2005. Also a sole member of FB Capital Management, LLC in the 75% or more band and a control person, since February 2007.","parent":"Franklin Square Holdings GP, LLC"},{"label":"David Adelman","detail":"Indirect owner: a member of Franklin Square Holdings GP, LLC in the 50% to 75% band and a control person, since May 2007.","parent":"Franklin Square Holdings GP, LLC"},{"label":"The 2011 Forman Investment Trust","detail":"Indirect owner: a member of FSH Nci Aggregator, LLC in the 25% to 50% band and a control person, since June 2023.","parent":"FSH Nci Aggregator, LLC"},{"label":"Michael Heller","detail":"Indirect owner: trustee of The 2011 Forman Investment Trust, since January 2012.","parent":"The 2011 Forman Investment Trust"},{"label":"FB Capital Partners, L.P.","detail":"Indirect owner: a member of FSH Nci Aggregator, LLC in the 25% to 50% band and a control person, since June 2023.","parent":"FSH Nci Aggregator, LLC"},{"label":"FB Capital Management, LLC","detail":"Indirect owner: general partner of FB Capital Partners, L.P. and a control person, since January 2013.","parent":"FB Capital Partners, L.P."},{"label":"Thomas Trala","detail":"Indirect owner: trustee of The 2011 Forman Investment Trust and a control person, since January 2020.","parent":"The 2011 Forman Investment Trust"}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":8,"privateResidences":0},"listedOfficeAddresses":2,"officesByState":[{"state":"Connecticut","offices":1,"addresses":[{"street":"9 Old Kings Highway South","city":"Darien","headquarters":true}]},{"state":"Texas","offices":1,"addresses":[{"street":"100 Crescent Court","city":"Dallas"}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"203-662-3456","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Hourly charges","Fixed fees (other than subscription fees)","Performance-based fees"],"activities":["Portfolio management for investment companies","Portfolio management for pooled investment vehicles (other than investment companies)","Portfolio management for businesses (other than small businesses) or institutional clients","Selection of other advisers (including private fund managers)"],"financialPlanningClients":null,"assetMix":[{"label":"Securities issued by pooled investment vehicles (other than registered investment companies)","percent":100}],"privateFunds":92},"sources":{"adv1FilingDate":"27 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/105981/PDF/105981.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Portfolio Advisors have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Portfolio Advisors offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How many financial advisors does Portfolio Advisors have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Portfolio Advisors invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Portfolio Advisors?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Portfolio Advisors get paid?","answer":"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","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."}