Rail-Splitter Capital Management provides portfolio management for individuals and small businesses and selecting other managers.
Rail-Splitter Capital Management reports 34 clients. They include 22 high-net-worth individuals and 12 individual clients. Of its assets, 96.4% ($467M across 83 accounts) are managed with discretion; $17.4M across 25 accounts are not. A wrap fee program the firm both sponsors and manages holds $484M.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 35% | 4% |
| High-net-worth individuals | 65% | 95% |
| Pension and profit-sharing plans | Fewer than 5 | 1% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 12 | $18.5M | 3.8% | $1.54M |
| High-net-worth individuals | 22 | $458M | 94.7% | $20.8M |
| Pension and profit-sharing plans | Fewer than 5 | $7.09M | 1.5% | — |
| Total | 34 | $484M | 100% | — |
- Clients
- 12
- Regulatory AUM
- $18.5M
- AUM share
- 3.8%
- Avg. per client
- $1.54M
- Clients
- 22
- Regulatory AUM
- $458M
- AUM share
- 94.7%
- Avg. per client
- $20.8M
- Clients
- Fewer than 5
- Regulatory AUM
- $7.09M
- AUM share
- 1.5%
- Avg. per client
- —
Total
- Clients
- 34
- Regulatory AUM
- $484M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 0
Rail-Splitter Capital Management charges 0.40%–2.00% a year for its Investment Management Services. The fee is billed in arrears and is negotiable.
Fee details and sources
Thomas Croghan owns 75% or more of Rail-Splitter Capital Management. The leadership team of Rail-Splitter Capital Management includes Chief Compliance Officer John Souter. It has 3 employees.
Leadership
- John SouterManaging Member and Chief Compliance Officer
- Thomas CroghanManaging Member
- John CroghanChairman
Investment adviser representatives
3 representatives listed in the SEC register as of 9 October 2026.
Staff
- 3 employees
- 3 in advisory functions
- 3 state-registered reps
- Owns 75% or more of Rail-Splitter Capital Management LLC
Thomas Croghan
Control person · since September 2025
- Owns 10% to 25% of Rail-Splitter Capital Management LLC
John Souter
Control person · since September 2025
Besides its headquarters, Rail-Splitter Capital Management has 0 offices, with 1 listed address in Illinois.
Illinois · 1 listed address
- 588 Lincoln Avenue, Suite 200, WinnetkaHQ
Contact and registration details
- Legal name
- Rail-Splitter Capital Management LLC
- Headquarters
- 588 Lincoln Avenue, Suite 200, Winnetka, IL 60093
- Website
- rail-splitter.com
- Phone
- 773-294-6099
- SEC file
- 801-134698
- Structure
- Delaware LLC
- Fiscal year end
- December
Rail-Splitter Capital Management uses Goldman Sachs & Co. ($484M) as custodian for its separately managed accounts. Rail-Splitter Capital Management does not have custody of client assets.
- Goldman Sachs & Co.Goldman Sachs & Co. LLC · New York, NY · $484M100%
At year end, Rail-Splitter Capital Management’s separately managed accounts were mostly in stocks (82%) and bonds (16%).
What the accounts hold
- Stocks82%
- Bonds16%
- U.S. government and agency bonds14%
- Investment grade corporate bonds2%
- Cash2%
How many clients does Rail-Splitter Capital Management have?
Rail-Splitter Capital Management has 34 clients and manages $484 million for them, as of June 2026. They include 22 high-net-worth individuals and 12 individual clients.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 24 June 2026
What services does Rail-Splitter Capital Management offer?
Rail-Splitter Capital Management provides portfolio management for individuals and small businesses and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Rail-Splitter Capital Management charge?
Rail-Splitter Capital Management charges 0.40%–2.00% a year for its Investment Management Services. The fee is billed in arrears and is negotiable.
Source: RAIL-SPLITTER CAPITAL MANAGEMENT LLC DISCLOSURE BROCHURE, filed 24 June 2026
Which custodians does Rail-Splitter Capital Management use?
Rail-Splitter Capital Management’s separately managed account assets are held at Goldman Sachs & Co. LLC (New York, NY), with $484M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 24 June 2026
How many financial advisors does Rail-Splitter Capital Management have?
Rail-Splitter Capital Management has 3 investment adviser representatives registered with state securities authorities, out of 3 employees, and 3 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 Rail-Splitter Capital Management invest in?
At the end of its last fiscal year, Rail-Splitter Capital Management’s separately managed accounts held 82% exchange-traded equities, 14% U.S. government and agency bonds, 2% investment grade corporate bonds and 2% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Rail-Splitter Capital Management?
Rail-Splitter Capital Management’s direct owners are John Souter (10% to 25%) and Thomas Croghan (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 24 June 2026
How does Rail-Splitter Capital Management get paid?
Rail-Splitter Capital 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
Is Rail-Splitter Capital Management registered with the SEC?
Yes, Rail-Splitter Capital Management has been registered with the SEC as an investment adviser since 27 February 2026. Its CRD number is 338394 and its SEC file number is 801-134698.
Source: Form ADV Part 1A, Item 1, filed 24 June 2026; IAPD firm record
How do I contact Rail-Splitter Capital Management?
Rail-Splitter Capital Management’s main office is at 588 Lincoln Avenue, Suite 200, Winnetka, IL 60093. Its phone number is 773-294-6099. Its website is rail-splitter.com.