Westchester Capital Management provides portfolio management for individuals and small businesses, portfolio management for institutions, and retirement plan services.
Westchester Capital Management reports 469 clients. They include 239 individual clients, 210 high-net-worth individuals, and 11 corporations and other businesses. Of its assets, 100.0% ($691M across 681 accounts) are managed with discretion. It advised 26 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 51% | 10% |
| High-net-worth individuals | 45% | 81% |
| Pension and profit-sharing plans | 2% | 4% |
| Charitable organizations | Fewer than 5 | <1% |
| Corporations and other businesses | 2% | 5% |
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) | 239 | $70M | 10.1% | $293K |
| High-net-worth individuals | 210 | $558M | 80.7% | $2.66M |
| Pension and profit-sharing plans | 9 | $29.9M | 4.3% | $3.32M |
| Charitable organizations | Fewer than 5 | $226K | 0.0% | — |
| Corporations and other businesses | 11 | $33.1M | 4.8% | $3.01M |
| Total | 469 | $691M | 100% | — |
- Clients
- 239
- Regulatory AUM
- $70M
- AUM share
- 10.1%
- Avg. per client
- $293K
- Clients
- 210
- Regulatory AUM
- $558M
- AUM share
- 80.7%
- Avg. per client
- $2.66M
- Clients
- 9
- Regulatory AUM
- $29.9M
- AUM share
- 4.3%
- Avg. per client
- $3.32M
- Clients
- Fewer than 5
- Regulatory AUM
- $226K
- AUM share
- 0.0%
- Avg. per client
- —
- Clients
- 11
- Regulatory AUM
- $33.1M
- AUM share
- 4.8%
- Avg. per client
- $3.01M
Total
- Clients
- 469
- Regulatory AUM
- $691M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 26
- Private funds advised
- 0
Westchester Capital Management charges 0.35%–1.00% a year for its Investment advisory services. The fee is billed in arrears, is negotiable and requires an account of at least $100,000.
Fee details and sources
Cindy Christensen owns 75% or more of Westchester Capital Management. Cindy Christensen is CEO; the leadership team includes President Donna Erickson-Nelson. It has 9 employees, 3 of them in advisory roles.
Leadership
- Cindy ChristensenPresident and Chief Executive Officer
Donna Erickson-NelsonChief Compliance Officer, Executive Vice President and Chief Operating Officer
Investment adviser representatives
3 representatives listed in the SEC register as of 9 October 2026.
Staff
- 9 employees
- 3 in advisory functions
- 3 state-registered reps
- Owns 75% or more of Westchester Capital Management Inc
Cindy Christensen
Control person · since February 2016
Westchester Capital Management’s regulatory assets grew 1.9× from $358M (September 2020) to $691M (September 2026); clients rose from 441 to 469 and employees from 8 to 9.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| September 2026 | $691M | 469 | 9 | 1 |
| September 2025 | $556M | 467 | 7 | 1 |
| September 2024 | $503M | 468 | 9 | 1 |
| February 2024 | $452M | 472 | 8 | 1 |
| January 2023 | $427M | 459 | 8 | 1 |
| December 2021 | $432M | 440 | 8 | 1 |
| September 2020 | $358M | 441 | 8 | 1 |
Besides its headquarters, Westchester Capital Management has 0 offices, with 1 listed address in Nebraska.
Nebraska · 1 listed address
- 801 North 96th St, OmahaHQ
Contact and registration details
- Legal name
- Westchester Capital Management Inc
- Headquarters
- 801 North 96th St, Omaha, NE 68114-2538
- Website
- westchestercapital.com
- Phone
- 402-392-2418
- SEC file
- 801-28498
- Founded
- 1987
- Structure
- Nebraska corporation
- Fiscal year end
- June
Westchester Capital Management uses Charles Schwab ($691M) as custodian for its separately managed accounts. Westchester Capital Management has custody of $11.6M in client assets for 1 client.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $691M100%
At year end, Westchester Capital Management’s separately managed accounts were mostly in stocks (84%) and cash (16%). Its reported 13F holdings for the quarter ended 30 June 2026 total $555M across 46 positions; the largest are Caterpillar, Inc.. (10.7%), Apple, Inc.. (8.0%) and Alphabet, Inc.. Class A - Formerly Google A (6.6%).
What the accounts hold
- Stocks84%
- Funds1%
- Bonds2%
- U.S. government and agency bonds1%
- State and local bonds1%
- Cash16%
Reported 13F holdings
- $555M
- Reported 13F value
- 46
- Positions
- 59.5%
- In the 10 largest
- +11.9%
- Value vs. prior quarter
- Caterpillar, Inc..10.7%
- Apple, Inc..8.0%
- Alphabet, Inc.. Class A - Formerly Google A6.6%
- Berkshire Hathaway Class B5.2%
- Cisco Systems, Inc..5.1%
- Wal-mart, Inc..5.0%
- Microsoft Corporation4.9%
- JP Morgan Chase4.8%
- Abbvie, Inc..4.7%
- The Bank Of New York Mellon Corporation4.6%
Together, the ten largest are 59.5% of reported value.
How many clients does Westchester Capital Management have?
Westchester Capital Management has 469 clients and manages $691 million for them, as of September 2026. They include 239 individual clients, 210 high-net-worth individuals, and 11 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 25 September 2026
What services does Westchester Capital Management offer?
Westchester Capital Management provides portfolio management for individuals and small businesses, portfolio management for institutions, and retirement plan services.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4
How much does Westchester Capital Management charge?
Westchester Capital Management charges 0.35%–1.00% a year for its Investment advisory services. The fee is billed in arrears, is negotiable and requires an account of at least $100,000.
Source: FORM ADV PART 2A - FIRM BROCHURE, filed 25 September 2026
Which custodians does Westchester Capital Management use?
Westchester Capital Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $691M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 25 September 2026
How many financial advisors does Westchester Capital Management have?
Westchester Capital Management has 3 investment adviser representatives registered with state securities authorities, out of 9 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 Westchester Capital Management invest in?
At the end of its last fiscal year, Westchester Capital Management’s separately managed accounts held 84% exchange-traded equities, 16% cash and equivalents, 1% U.S. government and agency bonds, 1% state and local bonds and 1% registered funds (mutual funds, ETFs, BDCs).
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Does Westchester Capital Management have a minimum investment?
Yes, Westchester Capital Management’s minimum account size for its Investment advisory services is $100K.
Source: FORM ADV PART 2A - FIRM BROCHURE, filed 25 September 2026
Who owns Westchester Capital Management?
Westchester Capital Management’s direct owner is Cindy Christensen (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 25 September 2026
How does Westchester Capital Management get paid?
Westchester 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 Westchester Capital Management registered with the SEC?
Yes, Westchester Capital Management has been registered with the SEC as an investment adviser since 19 December 1986. Its CRD number is 110961 and its SEC file number is 801-28498.
Source: Form ADV Part 1A, Item 1, filed 25 September 2026; IAPD firm record
How do I contact Westchester Capital Management?
Westchester Capital Management’s main office is at 801 North 96th St, Omaha, NE 68114-2538. Its phone number is 402-392-2418. Its website is westchestercapital.com.