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The fee is billed in advance and is negotiable.","source":"FORM ADV PART 2A AND 2B, filed 25 March 2026","sourceRef":{"doc":"brochure","section":"fees"}},{"question":"Which custodians does Private Management Group use?","answer":"Private Management Group’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $4.9B. Only custodians holding at least a tenth of those assets are named.","source":"Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 31 July 2026","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Private Management Group have?","answer":"Private Management Group has 21 investment adviser representatives registered with state securities authorities, out of 21 employees, and 21 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 Private Management Group invest in?","answer":"At the end of its last fiscal year, Private Management Group’s separately managed accounts held 72% exchange-traded equities, 12% investment grade corporate bonds, 9% high-yield corporate bonds, 4% U.S. government and agency bonds, 2% registered funds (mutual funds, ETFs, BDCs) and 1% cash and equivalents.","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 Private Management Group?","answer":"Private Management Group’s direct owners are Robert Summers (25% to 50%) and Dennis Reiland (50% to 75%).","source":"Form ADV Part 1A, Schedules A and B, filed 31 July 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Private Management Group get paid?","answer":"Private Management Group is paid through a percentage of assets under management. 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