PPM America: AUM & Ownership

Clients

PPM America serves 46 clients, 26 of them pooled investment vehicles. The average client has about $2.04 billion with the firm, and high-net-worth clients hold 0% of its $93.8 billion in assets.

Regulatory assets by client type

Investment companies1 clients4%
Pooled investment vehicles26 clients13%
Other investment advisers1 clients5%
Insurance companies15 clients79%
OtherHigh-net-worth individuals, Pension and profit-sharing plans, Corporations and other businesses0%

Show client breakdown

Client type	Clients	Regulatory AUM	Share	Avg. per client
High-net-worth individuals	1	$1,541,700	0.0%	$1.54M
Investment companies	1	$3,435,474,032	3.7%	$3.44B
Pooled investment vehicles	26	$11,737,530,142	12.5%	$451.4M
Pension and profit-sharing plans	1	$52,455,032	0.1%	$52.5M
Other investment advisers	1	$4,420,773,004	4.7%	$4.42B
Insurance companies	15	$74,113,656,884	79.0%	$4.94B
Corporations and other businesses	1	$32,181,639	0.0%	$32.2M
Total	46	$93,793,612,433	100%	$2.04B

High-net-worth individuals

Clients: 1
Regulatory AUM: $1,541,700
Share: 0.0%
Avg. per client: $1.54M

Investment companies

Clients: 1
Regulatory AUM: $3,435,474,032
Share: 3.7%
Avg. per client: $3.44B

Pooled investment vehicles

Clients: 26
Regulatory AUM: $11,737,530,142
Share: 12.5%
Avg. per client: $451.4M

Pension and profit-sharing plans

Clients: 1
Regulatory AUM: $52,455,032
Share: 0.1%
Avg. per client: $52.5M

Other investment advisers

Clients: 1
Regulatory AUM: $4,420,773,004
Share: 4.7%
Avg. per client: $4.42B

Insurance companies

Clients: 15
Regulatory AUM: $74,113,656,884
Share: 79.0%
Avg. per client: $4.94B

Corporations and other businesses

Clients: 1
Regulatory AUM: $32,181,639
Share: 0.0%
Avg. per client: $32.2M

Total

Clients: 46
Regulatory AUM: $93,793,612,433
Share: 100%
Avg. per client: $2.04B

What it does

PPM America provides portfolio management for individuals and small businesses, 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, fixed fees, performance-based fees and other arrangements.

PPM America advises 11 private funds.

99.1% of assets ($92.95B across 57 accounts) are managed with discretion; $846.4M across 10 accounts are not. 35% of clients are outside the U.S., and 1 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end

Bonds84%
Cash1%
Other15%
- We have included in other - abs, mbs, cmbs, reits, commercial mortgages, and bank loans15%

Custodians

PPM America’s client accounts are held mainly at The Bank of New York Mellon, with 57% of managed assets, and State Street Bank and Trust, with 15%. PPM America has custody of $2.39B for 2 clients.

Managed account assets by custodian

The Bank of New York MellonThe Bank of New York Mellon · New York, NY · $53.15B57%
Citibank, National AssociationCitibank, National Association · New York, NY · $10.56B11%
State Street Bank and TrustState Street Bank and Trust Company · Boston, MA · $14.20B15%
All other custodians$15.89B17%

Ownership and leadership

PPM Holdings, Inc. owns 75% or more of PPM America, and Christopher Raub is its CEO.

Who owns the firm

PPM America, Inc.· the adviser

PPM Holdings, Inc.
Control person · since February 1996
Owns 75% or more of PPM America, Inc.
- Jackson Holdings LLC
  Control person · since March 2006
  Owns 75% or more of PPM Holdings, Inc.
  - Jackson Financial Inc.
    Control person · since December 2015
    Owns 75% or more of Jackson Holdings LLC

Leadership

Christopher Raub
President, Chief Executive Officer, Chairman of the Board, Director
Thomas Barrus
Senior Vice President, Chief Compliance Officer
Mary Capasso
Executive Vice President, Chief Operating Officer, General Counsel, Director
Oliver Jordan
Executive Vice President, Chief Financial Officer
Savvas Binioris
Director
Thomas Janda
Director
Alison Reed
Director

Staff

217 employees
117 in advisory functions
8 broker-dealer reps
8 soliciting firms

Reported holdings

PPM America’s reported 13F holdings total $15.1M across 4 positions, and the ten largest make up 100.0% of it.

$15.1M
Reported 13F value: 4
Positions: 100.0%
In the 10 largest: −9.3%
Value vs. prior quarter

Ten largest positions, share of reported value

Invesco Senior Loan · Invesco Senior Loan ETF48.7%
Mplx LP · Mplx LP32.6%
Sangoma Technologies · Sangoma Technologies Corp.16.9%
Clear Channel Outdoo · Clear Channel Outdoor Holdings1.8%

Together, the ten largest are 100.0% of reported value.

The 4 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 6 August 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $15.1M is not its $93.79B in regulatory assets and does not represent any individual client's portfolio.

Fees

PPM America is paid through a percentage of assets under management, fixed fees (other than subscription fees), performance-based fees and other.

PPM America’s fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, PPM America has 5 offices (4 private residences, listed without an address), with 2 listed addresses across 2 states.

Listed office addresses by state

Illinois · 1 listed address

225 West Wacker Drive, Suite 1200, ChicagoHQ

Registration details

Legal name: PPM America, Inc.
Headquarters: 225 West Wacker Drive, Suite 1200, Chicago, IL 60606
Phone: 312-634-2500
Website: www.ppmamerica.com
SEC file: 801-40783
Structure: Delaware corporation
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 PPM America have?

PPM America has 46 clients and manages $93.8 billion for them, as of May 2026. They include 26 pooled investment vehicles, 15 insurance companies and 1 high-net-worth individuals.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 29 May 2026

What services does PPM America offer?

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

Which custodians does PPM America use?

PPM America’s separately managed account assets are held at The Bank of New York Mellon (New York, NY), with $53,150,789,600, State Street Bank and Trust Company (Boston, MA), with $14,197,526,209 and Citibank, National Association (New York, NY), with $10,558,607,435. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 29 May 2026

How many financial advisors does PPM America have?

PPM America has 0 investment adviser representatives registered with state securities authorities, out of 217 employees, and 117 perform investment advisory functions. 8 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 PPM America invest in?

At the end of its last fiscal year, PPM America’s separately managed accounts held 84% investment grade corporate bonds, 15% we have included in other - abs, mbs, cmbs, reits, commercial mortgages, and bank loans and 1% cash and equivalents. It advises 11 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 PPM America?

PPM America is owned through a chain of holding companies by Jackson Financial Inc. Its direct owner is PPM Holdings, Inc. (75% or more).

Source: Form ADV Part 1A, Schedules A and B, filed 29 May 2026

How does PPM America get paid?

PPM America is paid through a percentage of assets under management, fixed fees, 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