# Aegon Real Assets US

> Aegon Real Assets US is an SEC-registered investment advisory firm in Cedar Rapids, IA, registered since 2017, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 286438
- Filed as: AEGON REAL ASSETS US
- Legal name: Aegon USA Realty Advisors, LLC
- Also doing business as: AEGON AM, AEGON AM REAL ASSETS, AEGON ASSET MANAGEMENT, AEGON ASSET MANAGEMENT NA, AEGON ASSET MANAGEMENT NORTH AMERICA, AEGON ASSET MANAGEMENT REAL ASSETS, AEGON RA, AEGON REAL ASSETS
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Cedar Rapids, IA
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/286438
- AdvisorCensus page: https://advisorcensus.com/firm/aegon-real-assets-us-cedar-rapids-ia-286438

## Quick answers

**How is Aegon Real Assets US compensated?**
On its Form ADV (Item 5.E, October 2026), Aegon Real Assets US reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees; other.

**How much does Aegon Real Assets US charge?**
Its Form ADV Part 2A brochure dated March 27, 2026 states: Asset-based fee: up to 2% of assets a year (the maximum the brochure states). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Aegon Real Assets US located?**
Aegon Real Assets US' principal office is in Cedar Rapids, IA, according to its Form ADV; the April 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Aegon Real Assets US registered with the SEC or a state?**
Aegon Real Assets US is an SEC-registered investment advisory firm, registered since 2017. Status as filed: Approved. CRD 286438.

**How much does Aegon Real Assets US manage?**
Aegon Real Assets US reports $394,495,673 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (89% discretionary).

**How have Aegon Real Assets US' assets and staff changed since 2021?**
In the Form ADV data for Aegon Real Assets US: Regulatory assets under management: $1,520,237,832 in the October 2021 data and $394,495,673 in the October 2026 data, down 74%. Total employees: 165 in October 2021 and 178 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Aegon Real Assets US serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (14).

**Which custodians does Aegon Real Assets US use?**
Aegon Real Assets US' most recent Form ADV filing (Schedule D, Section 5.K(3)) lists HSBC, M&T Bank and U.S. Bank as custodians holding 10% or more of its separately managed account assets.

**Does Aegon Real Assets US report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/286438

**What changed in Aegon Real Assets US' recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 43 to 41. Regulatory assets under management went from $512,887,508 to $394,495,673 (-23%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees
- Other

### Fees and minimums (Form ADV Part 2A brochure dated March 27, 2026)

- Asset-based fee: up to 2% of assets a year (the maximum the brochure states)

> Separately managed account Clients are charged annual asset management fees up to 2% of the respective total committed or deployed capital amount.

> Investors in Real Assets Direct Equity Funds pay annual management fees to Aegon Real Assets US in amounts that are up to 2% of their respective total committed or deployed capital amount during the investment period

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- HSBC
- M&T Bank
- U.S. Bank

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $394,495,673
- Discretionary: $353,055,236
- Non-discretionary: $41,440,437

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 14 | $41,440,437 |
| Insurance companies | Fewer than 5 | $353,055,236 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2017 (9 years)
- Employees: 178 total, 41 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, IA, IL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Chicago, IL
- San Francisco, CA

### Websites listed on Form ADV (Item 1.I)
- aegonam.com
- LinkedIn @aegonam

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,520,237,832 | 165 | August 30, 2021 |
| October 2022 | $1,800,489,550 | 167 | September 1, 2022 |
| October 2023 | $1,925,716,973 | 161 | August 10, 2023 |
| October 2024 | $1,898,014,176 | 170 | March 26, 2024 |
| October 2025 | $1,833,052,440 | 176 | March 28, 2025 |
| October 2026 | $394,495,673 | 178 | March 27, 2026 |

Regulatory assets under management: $1,520,237,832 in the October 2021 data and $394,495,673 in the October 2026 data, down 74%.
Total employees: 165 in October 2021 and 178 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 43 to 41.
- Regulatory assets under management went from $512,887,508 to $394,495,673 (-23%).

### December 2025
- Regulatory assets under management went from $1,833,052,440 to $512,887,508 (-72%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Aegon Real Assets US (CRD 286438): Form ADV filing data as of October 2026.