{
  "crd_number": 108211,
  "slug": "ariel-investments-llc-chicago-il-108211",
  "primary_business_name": "ARIEL INVESTMENTS, LLC",
  "legal_name": "ARIEL INVESTMENTS, LLC",
  "dbas": [],
  "city": "Chicago",
  "state": "IL",
  "country": "United States",
  "cbsa_code": "16980",
  "metro": {
    "cbsa_code": "16980",
    "common_name": "Chicago",
    "msa_name": "Chicago-Naperville-Elgin, IL-IN",
    "path": "/advisors/il/chicago"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1983-04-15",
  "years_registered": 43,
  "period": "2026-10-01",
  "filing_date": "2026-07-28",
  "carried_forward": false,
  "raum_total": 12778080506.0,
  "raum_discretionary": 12778080506.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 109,
  "advisory_employees": 30,
  "client_count_bucket": null,
  "clients_by_type": {
    "other": {
      "raum": 0.0,
      "count": 0
    },
    "charitable": {
      "raum": 839419014.0,
      "count": 24
    },
    "individuals": {
      "raum": 6381482.0,
      "count": 5
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 3837236508.0,
      "count": 27
    },
    "insurance_companies": {
      "raum": 270854426.0,
      "count": 3
    },
    "investment_companies": {
      "raum": 4232508154.0,
      "count": 7
    },
    "pension_profit_sharing": {
      "raum": 1606641366.0,
      "count": 19
    },
    "other_investment_advisers": {
      "raum": 23176562.0,
      "count": 6
    },
    "high_net_worth_individuals": {
      "raum": 1350151848.0,
      "count": 47
    },
    "pooled_investment_vehicles": {
      "raum": 205241487.0,
      "count": 3
    },
    "corporations_other_businesses": {
      "raum": 406469659.0,
      "count": 5
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AK",
    "AL",
    "AR",
    "AZ",
    "CA",
    "CO",
    "CT",
    "DC",
    "DE",
    "FL",
    "GA",
    "HI",
    "IA",
    "ID",
    "IL",
    "IN",
    "KS",
    "KY",
    "LA",
    "MA",
    "MD",
    "ME",
    "MI",
    "MN",
    "MO",
    "MS",
    "MT",
    "NC",
    "ND",
    "NE",
    "NH",
    "NJ",
    "NM",
    "NV",
    "NY",
    "OH",
    "OK",
    "OR",
    "PA",
    "PR",
    "RI",
    "SC",
    "SD",
    "TN",
    "TX",
    "UT",
    "VA",
    "VT",
    "WA",
    "WI",
    "WV",
    "WY"
  ],
  "websites": [
    "https://arielinvestments.com",
    "https://facebook.com/ARIELINVESTMENTS",
    "https://instagram.com/ARIELINVESTMENTS",
    "https://linkedin.com/COMPANY/ARIEL-INVESTMENTS",
    "https://twitter.com/ARIELINVESTS",
    "https://vimeo.com/user165596483",
    "https://youtube.com/ARIELINVESTMENTS"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/108211",
  "city_as_filed": "CHICAGO",
  "url": "https://advisorcensus.com/firm/ariel-investments-llc-chicago-il-108211",
  "display_name": "Ariel Investments, LLC",
  "summary": "Ariel Investments, LLC is an SEC-registered investment advisory firm in Chicago, IL, registered since 1983, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated July 28, 2026.",
  "citation": "AdvisorCensus. Ariel Investments, LLC (CRD 108211): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients"
  ],
  "quick_answers": [
    {
      "q": "How is Ariel Investments, LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Ariel Investments, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "Where is Ariel Investments, LLC located?",
      "a": "Ariel Investments, LLC's principal office is in Chicago, IL, according to its Form ADV; the August 2026 filing also lists 2 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Ariel Investments, LLC registered with the SEC or a state?",
      "a": "Ariel Investments, LLC is an SEC-registered investment advisory firm, registered since 1983. Status as filed: Approved. CRD 108211."
    },
    {
      "q": "How much does Ariel Investments, LLC manage?",
      "a": "Ariel Investments, LLC reports $12,778,080,506 in regulatory assets under management in its Form ADV filing dated July 28, 2026 (100% discretionary)."
    },
    {
      "q": "How have Ariel Investments, LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Ariel Investments, LLC: Regulatory assets under management: $14,582,679,279 in the October 2021 data and $12,778,080,506 in the October 2026 data, down 12%. Total employees: 86 in October 2021 and 109 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Ariel Investments, LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: high net worth individuals (47); state or municipal government entities (including government pension plans) (27); charitable organizations (24)."
    },
    {
      "q": "Which custodians does Ariel Investments, LLC use?",
      "a": "Ariel Investments, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists State Street Bank and Trust Company, The Bank of New York Mellon and The Northern Trust Company as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Ariel Investments, LLC report any disciplinary disclosures?",
      "a": "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/108211"
    },
    {
      "q": "What changed in Ariel Investments, LLC's recent Form ADV filings?",
      "a": "In the August 2026 filing data: Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 14582679279.0,
      "total_employees": 86,
      "filing_date": "2021-07-07"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 17426654825.0,
      "total_employees": 97,
      "filing_date": "2022-03-24"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 14834828856.0,
      "total_employees": 93,
      "filing_date": "2023-09-01"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 13392842256.0,
      "total_employees": 101,
      "filing_date": "2024-09-09"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 12369706772.0,
      "total_employees": 120,
      "filing_date": "2025-04-28"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 12778080506.0,
      "total_employees": 109,
      "filing_date": "2026-07-28"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-08-01",
      "period_label": "August 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2025-11-01",
      "period_label": "November 2025",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "State Street Bank and Trust Company",
      "name_as_filed": "STATE STREET BANK AND TRUST COMPANY",
      "affiliated": false
    },
    {
      "name": "The Bank of New York Mellon",
      "name_as_filed": "THE BANK OF NEW YORK MELLON",
      "affiliated": false
    },
    {
      "name": "The Northern Trust Company",
      "name_as_filed": "THE NORTHERN TRUST COMPANY",
      "affiliated": false
    }
  ],
  "custodians_note": "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.",
  "markdown_url": "https://advisorcensus.com/firm/ariel-investments-llc-chicago-il-108211.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 5,
      "fewer_than_5": false,
      "raum": 6381482.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 47,
      "fewer_than_5": false,
      "raum": 1350151848.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 7,
      "fewer_than_5": false,
      "raum": 4232508154.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 3,
      "fewer_than_5": false,
      "raum": 205241487.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 19,
      "fewer_than_5": false,
      "raum": 1606641366.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 24,
      "fewer_than_5": false,
      "raum": 839419014.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 27,
      "fewer_than_5": false,
      "raum": 3837236508.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 6,
      "fewer_than_5": false,
      "raum": 23176562.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 3,
      "fewer_than_5": false,
      "raum": 270854426.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 5,
      "fewer_than_5": false,
      "raum": 406469659.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/108211",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}