# BPS Capital Management, Inc.

> BPS Capital Management, Inc. is an SEC-registered investment advisory firm in Bloomington, MN, registered since 2002, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated January 21, 2026.

- CRD: 120006
- Filed as: BPS CAPITAL MANAGEMENT, INC.
- Also doing business as: BPS ASSOCIATES INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Bloomington, MN
- Filing period: October 2026
- Form ADV filing dated: January 21, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/120006
- AdvisorCensus page: https://advisorcensus.com/firm/bps-capital-management-inc-bloomington-mn-120006

## Quick answers

**How is BPS Capital Management, Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), BPS Capital Management, Inc. reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is BPS Capital Management, Inc. located?**
BPS Capital Management, Inc.'s principal office is in Bloomington, MN, according to its Form ADV.

**Is BPS Capital Management, Inc. registered with the SEC or a state?**
BPS Capital Management, Inc. is an SEC-registered investment advisory firm, registered since 2002. Status as filed: Approved. CRD 120006.

**How much does BPS Capital Management, Inc. manage?**
BPS Capital Management, Inc. reports $3,104,631,016 in regulatory assets under management in its Form ADV filing dated January 21, 2026 (0% discretionary).

**How have BPS Capital Management, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for BPS Capital Management, Inc.: Regulatory assets under management: $3,879,172,415 in the October 2021 data and $3,104,631,016 in the October 2026 data, down 20%. Total employees: 7 in October 2021 and 5 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does BPS Capital Management, Inc. serve?**
By number of clients on Form ADV Item 5.D: banking or thrift institutions (46); high net worth individuals (14); insurance companies (4).

**Which custodians does BPS Capital Management, Inc. use?**
BPS Capital Management, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Banker's Bank and United Banker's Bank as custodians holding 10% or more of its separately managed account assets.

**Does BPS Capital Management, Inc. 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/120006

**What changed in BPS Capital Management, Inc.'s recent Form ADV filings?**
In the February 2026 filing data: Regulatory assets under management went from $3,459,134,754 to $3,104,631,016 (-10%).

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Banker's Bank
- United Banker'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: $3,104,631,016
- Discretionary: $0
- Non-discretionary: $3,104,631,016

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 14 | $81,260,772 |
| Banking or thrift institutions | 46 | $2,658,347,258 |
| Charitable organizations | 3 | $42,383,162 |
| State or municipal government entities (including government pension plans) | 1 | $12,396,998 |
| Insurance companies | 4 | $238,255,992 |
| Corporations or other businesses not listed above | 4 | $71,986,834 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2002 (24 years)
- Employees: 5 total, 3 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MN
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- bpscapital.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $3,879,172,415 | 7 | January 26, 2021 |
| October 2022 | $5,379,111,786 | 7 | January 28, 2022 |
| October 2023 | $4,880,672,225 | 7 | January 12, 2023 |
| October 2024 | $3,769,701,433 | 6 | January 30, 2024 |
| October 2025 | $3,459,134,754 | 5 | January 24, 2025 |
| October 2026 | $3,104,631,016 | 5 | January 21, 2026 |

Regulatory assets under management: $3,879,172,415 in the October 2021 data and $3,104,631,016 in the October 2026 data, down 20%.
Total employees: 7 in October 2021 and 5 in October 2026.

## Changes in the filing (last 12 months)

### February 2026
- Regulatory assets under management went from $3,459,134,754 to $3,104,631,016 (-10%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. BPS Capital Management, Inc. (CRD 120006): Form ADV filing data as of October 2026.