# FEG

> FEG is an SEC-registered investment advisory firm in Cincinnati, OH, registered since 2002, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 121658
- Legal name: Fund Evaluation Group, LLC
- Also doing business as: FEG INVESTMENT ADVISORS
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Cincinnati, OH
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/121658
- AdvisorCensus page: https://advisorcensus.com/firm/feg-cincinnati-oh-121658

## Quick answers

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

**Where is FEG located?**
FEG's principal office is in Cincinnati, OH, according to its Form ADV; the April 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is FEG registered with the SEC or a state?**
FEG is an SEC-registered investment advisory firm, registered since 2002. Status as filed: Approved. CRD 121658.

**How much does FEG manage?**
FEG reports $23,858,830,840 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (67% discretionary).

**How have FEG's assets and staff changed since 2021?**
In the Form ADV data for FEG: Regulatory assets under management: $15,227,459,667 in the October 2021 data and $23,858,830,840 in the October 2026 data, up 57%. Total employees: 128 in October 2021 and 136 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does FEG serve?**
By number of clients on Form ADV Item 5.D: charitable organizations (164); individuals (other than high net worth individuals) (30); high net worth individuals (15).

**Which custodians does FEG use?**
FEG's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. and Northern Trust Securities, Inc. as custodians holding 10% or more of its separately managed account assets.

**Does FEG 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/121658

**What changed in FEG's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 73 to 74. Regulatory assets under management went from $20,565,989,191 to $23,858,830,840 (+16%).

## 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

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- Northern Trust Securities, Inc.

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: $23,858,830,840
- Discretionary: $15,995,525,670
- Non-discretionary: $7,863,305,170

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 30 | $8,318,746 |
| High net worth individuals | 15 | $162,678,989 |
| 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) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $65,650,508 |
| Charitable organizations | 164 | $19,292,575,127 |
| State or municipal government entities (including government pension plans) | 5 | $154,166,850 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 | $4,139,902,290 |
| Corporations or other businesses not listed above | Fewer than 5 | $35,538,330 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services
- Selection of other advisers (including private fund managers)
- Other

### Firm details
- Registered since: 2002 (24 years)
- Employees: 136 total, 74 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: 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, VI, VT, WA, WI, WV, WY
- 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
- Dallas, TX
- Indianapolis, IN

### Websites listed on Form ADV (Item 1.I)
- feg.com
- LinkedIn @FUND-EVALUATION-GROUP

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $15,227,459,667 | 128 | July 1, 2021 |
| October 2022 | $18,769,851,917 | 120 | March 30, 2022 |
| October 2023 | $16,616,287,284 | 130 | March 29, 2023 |
| October 2024 | $19,848,561,829 | 133 | March 28, 2024 |
| October 2025 | $20,565,989,191 | 130 | June 24, 2025 |
| October 2026 | $23,858,830,840 | 136 | March 31, 2026 |

Regulatory assets under management: $15,227,459,667 in the October 2021 data and $23,858,830,840 in the October 2026 data, up 57%.
Total employees: 128 in October 2021 and 136 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 73 to 74.
- Regulatory assets under management went from $20,565,989,191 to $23,858,830,840 (+16%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. FEG (CRD 121658): Form ADV filing data as of October 2026.