{
  "crd_number": 310052,
  "slug": "diaphanum-madrid-310052",
  "primary_business_name": "DIAPHANUM",
  "legal_name": "FEP WEALTH, LLC",
  "dbas": [
    "FAMILY ENTERPRISE PARTNERS"
  ],
  "city": "Madrid",
  "state": null,
  "country": "Spain",
  "cbsa_code": null,
  "metro": null,
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2020-08-21",
  "years_registered": 6,
  "period": "2026-10-01",
  "filing_date": "2026-06-24",
  "carried_forward": false,
  "raum_total": 1368308364.0,
  "raum_discretionary": 0.0,
  "raum_non_discretionary": 1368308364.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 10,
  "advisory_employees": 6,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": 0.0,
      "count": 0
    },
    "charitable": {
      "raum": 1100055.0,
      "count": 0,
      "fewer_than_5": true
    },
    "individuals": {
      "raum": 1017318.0,
      "count": null,
      "fewer_than_5": true
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 0.0,
      "count": 0
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": 0
    },
    "investment_companies": {
      "raum": 0.0,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": 0.0,
      "count": 0
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 1366190991.0,
      "count": 28
    },
    "pooled_investment_vehicles": {
      "raum": 0.0,
      "count": 0
    },
    "corporations_other_businesses": {
      "raum": 0.0,
      "count": 0
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "FL"
  ],
  "websites": [
    "https://diaphanum.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/310052",
  "city_as_filed": "MADRID",
  "url": "https://advisorcensus.com/firm/diaphanum-madrid-310052",
  "display_name": "Diaphanum",
  "summary": "Diaphanum is an SEC-registered investment advisory firm in Madrid, Spain, registered since 2020, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated June 24, 2026.",
  "citation": "AdvisorCensus. Diaphanum (CRD 310052): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for businesses (other than small businesses) or institutional clients"
  ],
  "quick_answers": [
    {
      "q": "How is Diaphanum compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Diaphanum reports these compensation arrangements: a percentage of assets under its management."
    },
    {
      "q": "How much does Diaphanum charge?",
      "a": "Its Form ADV Part 2A brochure dated June 24, 2026 states: Asset-based fee: 0.25% to 2% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement."
    },
    {
      "q": "Where is Diaphanum located?",
      "a": "Diaphanum's principal office is in Madrid, Spain, according to its Form ADV; the July 2026 filing also lists 1 other office (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Diaphanum registered with the SEC or a state?",
      "a": "Diaphanum is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 310052."
    },
    {
      "q": "How much does Diaphanum manage?",
      "a": "Diaphanum reports $1,368,308,364 in regulatory assets under management in its Form ADV filing dated June 24, 2026 (0% discretionary)."
    },
    {
      "q": "How have Diaphanum's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Diaphanum: Regulatory assets under management: $99,520,821 in the October 2021 data and $1,368,308,364 in the October 2026 data, up 1275%. Total employees: 6 in October 2021 and 10 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Diaphanum serve?",
      "a": "By number of clients on Form ADV Item 5.D: high net worth individuals (28)."
    },
    {
      "q": "Which custodians does Diaphanum use?",
      "a": "Diaphanum's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Citigroup Global Markets Inc., Grupo Bursatil Mexicano - GBM (affiliated with the firm), J.P. Morgan Securities LLC and UBS Securities LLC as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Diaphanum 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/310052"
    },
    {
      "q": "What changed in Diaphanum's recent Form ADV filings?",
      "a": "In the July 2026 filing data: Added the business name Family Enterprise Partners. Changed its legal name from Diaphanum Americas LLC to FEP Wealth, LLC. Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 99520821.0,
      "total_employees": 6,
      "filing_date": "2021-09-28"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 157068170.0,
      "total_employees": 9,
      "filing_date": "2022-05-23"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 149500000.0,
      "total_employees": 9,
      "filing_date": "2023-05-01"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 1034923624.0,
      "total_employees": 11,
      "filing_date": "2024-03-25"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 1100047722.0,
      "total_employees": 10,
      "filing_date": "2025-03-31"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 1368308364.0,
      "total_employees": 10,
      "filing_date": "2026-06-24"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-07-01",
      "period_label": "July 2026",
      "notes": [
        "Added the business name Family Enterprise Partners.",
        "Changed its legal name from Diaphanum Americas LLC to FEP Wealth, LLC.",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-03-01",
      "period_label": "March 2026",
      "notes": [
        "Regulatory assets under management went from $1,100,047,722 to $1,368,308,364 (+24%).",
        "No longer lists an office in Madrid.",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated June 24, 2026",
    "provided_by_the_firm": false,
    "tiers": [],
    "flat_rate": null,
    "stated_range": "0.25% to 2% a year",
    "stated_maximum": null,
    "account_minimum": null,
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": "$3,000",
    "planning_fees": [],
    "figures": [
      {
        "label": "Asset-based fee",
        "statements": [
          "Asset-based fee: 0.25% to 2% a year (a range, as the brochure states it)"
        ],
        "quotes": [
          "Annual Fee:     From 0.25% to 2% per year of AUMs"
        ]
      },
      {
        "label": "Minimum annual fee",
        "statements": [
          "Minimum annual fee: $3,000"
        ],
        "quotes": [
          "Minimum Annual Fee:  $3,000.00 per year"
        ]
      }
    ],
    "values": {
      "tiers": [],
      "range_pct": [
        0.25,
        2.0
      ],
      "max_pct": null,
      "account_minimum": null,
      "minimum_annual_fee": 3000.0,
      "planning": []
    },
    "quotes": [
      "Annual Fee:     From 0.25% to 2% per year of AUMs",
      "Minimum Annual Fee:  $3,000.00 per year"
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "Citigroup Global Markets Inc.",
      "name_as_filed": "CITIGROUP GLOBAL MARKETS INC.",
      "affiliated": false
    },
    {
      "name": "Grupo Bursatil Mexicano - GBM",
      "name_as_filed": "GRUPO BURSATIL MEXICANO - GBM",
      "affiliated": true
    },
    {
      "name": "J.P. Morgan Securities LLC",
      "name_as_filed": "J.P. MORGAN SECURITIES LLC",
      "affiliated": false
    },
    {
      "name": "UBS Securities LLC",
      "name_as_filed": "UBS SECURITIES LLC",
      "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/diaphanum-madrid-310052.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": null,
      "fewer_than_5": true,
      "raum": 1017318.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 28,
      "fewer_than_5": false,
      "raum": 1366190991.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "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": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": true,
      "raum": 1100055.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "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": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "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/310052",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}