# Cercano Management LLC

> Cercano Management LLC is an SEC-registered investment advisory firm in Bellevue, WA, registered since 2021, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 8, 2026.

- CRD: 315897
- Filed as: CERCANO MANAGEMENT LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Bellevue, WA
- Filing period: October 2026
- Form ADV filing dated: September 8, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/315897
- AdvisorCensus page: https://advisorcensus.com/firm/cercano-management-llc-bellevue-wa-315897

## Quick answers

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

**Where is Cercano Management LLC located?**
Cercano Management LLC's principal office is in Bellevue, WA, according to its Form ADV; the October 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Cercano Management LLC registered with the SEC or a state?**
Cercano Management LLC is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 315897.

**How much does Cercano Management LLC manage?**
Cercano Management LLC reports $7,281,283,635 in regulatory assets under management in its Form ADV filing dated September 8, 2026 (97% discretionary).

**How have Cercano Management LLC's assets and staff changed since 2022?**
In the Form ADV data for Cercano Management LLC: Regulatory assets under management: $8,035,585,163 in the October 2022 data and $7,281,283,635 in the October 2026 data, down 9%. Total employees: 45 in October 2022 and 62 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Cercano Management LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (27); high net worth individuals (6).

**Which custodians does Cercano Management LLC use?**
Cercano Management LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc., Goldman Sachs & Co. LLC, JPM and National Financial Services LLC as custodians holding 10% or more of its separately managed account assets.

**Does Cercano Management LLC 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/315897

**What changed in Cercano Management LLC's recent Form ADV filings?**
In the October 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- Goldman Sachs & Co. LLC
- JPM
- National Financial Services LLC

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: $7,281,283,635
- Discretionary: $7,043,063,903
- Non-discretionary: $238,219,732

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 6 | $589,856,019 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 27 | $6,288,023,211 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | Fewer than 5 | $216,432 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | Fewer than 5 | $403,187,973 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2021 (4 years)
- Employees: 62 total, 25 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, TX, WA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Wayzata, MN

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2022 | $8,035,585,163 | 45 | March 31, 2022 |
| October 2023 | $8,000,289,154 | 45 | August 25, 2023 |
| October 2024 | $10,483,204,374 | 70 | September 5, 2024 |
| October 2025 | $10,518,414,764 | 73 | July 22, 2025 |
| October 2026 | $7,281,283,635 | 62 | September 8, 2026 |

Regulatory assets under management: $8,035,585,163 in the October 2022 data and $7,281,283,635 in the October 2026 data, down 9%.
Total employees: 45 in October 2022 and 62 in October 2026.

## Changes in the filing (last 12 months)

### October 2026
- Updated its list of owners and control persons (Schedule A).

### August 2026
- Updated its list of owners and control persons (Schedule A).

### July 2026
- Employees performing advisory functions went from 28 to 25.
- Regulatory assets under management went from $10,625,144,063 to $7,281,283,635 (-31%).
- No longer lists an office in Atlanta, GA.

### April 2026
- Registered or notice-filed in CA, TX.

### February 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Cercano Management LLC (CRD 315897): Form ADV filing data as of October 2026.