# Fiam LLC

> Fiam LLC is an SEC-registered investment advisory firm in Smithfield, RI, registered since 2004, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated July 30, 2026.

- CRD: 133196
- Filed as: FIAM LLC
- Also doing business as: FIDELITY ASSET MANAGEMENT SOLUTIONS, FIDELITY INSTITUTIONAL ASSET MANAGEMENT
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Smithfield, RI
- Filing period: October 2026
- Form ADV filing dated: July 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/133196
- AdvisorCensus page: https://advisorcensus.com/firm/fiam-llc-smithfield-ri-133196

## Quick answers

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

**Where is Fiam LLC located?**
Fiam LLC's principal office is in Smithfield, RI, according to its Form ADV; the August 2026 filing also lists 4 other offices (Schedule D, Section 1.F).

**Is Fiam LLC registered with the SEC or a state?**
Fiam LLC is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 133196.

**How much does Fiam LLC manage?**
Fiam LLC reports $347,728,516,377 in regulatory assets under management in its Form ADV filing dated July 30, 2026 (100% discretionary).

**How have Fiam LLC's assets and staff changed since 2021?**
In the Form ADV data for Fiam LLC: Regulatory assets under management: $140,108,514,353 in the October 2021 data and $347,728,516,377 in the October 2026 data, up 148%. Total employees: 171 in October 2021 and 196 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Fiam LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (174); investment companies (113); charitable organizations (111).

**Which custodians does Fiam LLC use?**
Fiam LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Brown Brothers Harriman & Co., National Financial Services LLC (affiliated with the firm), 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.

**Does Fiam LLC report any disciplinary disclosures?**
Reports 2 disclosure items on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation) and 11.D(4) (another regulator's order in the past ten years). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/133196

**What changed in Fiam LLC's recent Form ADV filings?**
In the August 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
- Performance-based fees
- Other

### Custodians (Schedule D, Section 5.K(3))
- Brown Brothers Harriman & Co.
- National Financial Services LLC (affiliated with the firm)
- State Street Bank and Trust Company
- The Bank of New York Mellon
- The Northern Trust Company

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: $347,728,516,377
- Discretionary: $347,726,100,163
- Non-discretionary: $2,416,214

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 23 | $276,283,359 |
| Banking or thrift institutions | Fewer than 5 | $125,974,278 |
| Investment companies | 113 | $235,056,406,435 |
| Pooled investment vehicles (other than investment companies and business development companies) | 174 | $24,424,233,931 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 46 | $12,871,220,732 |
| Charitable organizations | 111 | $14,618,068,604 |
| State or municipal government entities (including government pension plans) | 39 | $9,664,913,118 |
| Other investment advisers | 16 | $28,924,841,232 |
| Insurance companies | 25 | $6,363,491,393 |
| Sovereign wealth funds and foreign official institutions | 13 | $9,044,495,471 |
| Corporations or other businesses not listed above | 36 | $6,358,587,824 |

### Advisory services (Item 5.G)
- 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
- Pension consulting services
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2004 (21 years)
- Employees: 196 total, 139 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AK, AL, CA, CT, DC, DE, FL, GA, HI, IA, IL, IN, KS, MA, MD, ME, MI, MN, MO, NH, NJ, NM, NV, NY, OH, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports 2 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/133196

### Other offices (Schedule D, Section 1.F), as of the August 2026 filing
- Boston, MA
- Jersey City, NJ
- Merrimack, NH
- San Francisco, CA

### Websites listed on Form ADV (Item 1.I)
- clearingcustody.fidelity.com
- fidelity.com
- institutional.fidelity.com
- LinkedIn @fidelity-for-institutional-investors
- LinkedIn @fidelity-for-wealth-managers
- X @FidelityPolicy
- X @fidelityforIIs
- X @fidelityforWMs
- X @fidelitynews
- YouTube @FidelityInstitutional

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $140,108,514,353 | 171 | July 22, 2021 |
| October 2022 | $182,200,948,423 | 182 | July 22, 2022 |
| October 2023 | $152,386,258,592 | 199 | August 8, 2023 |
| October 2024 | $219,221,467,379 | 168 | June 28, 2024 |
| October 2025 | $270,657,357,740 | 192 | July 2, 2025 |
| October 2026 | $347,728,516,377 | 196 | July 30, 2026 |

Regulatory assets under management: $140,108,514,353 in the October 2021 data and $347,728,516,377 in the October 2026 data, up 148%.
Total employees: 171 in October 2021 and 196 in October 2026.

## Changes in the filing (last 12 months)

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

### April 2026
- Employees performing advisory functions went from 137 to 139.
- Regulatory assets under management went from $270,657,357,740 to $347,728,516,377 (+28%).
- Added an office in San Francisco, CA.
- No longer lists an office in Chicago, IL.
- Registered or notice-filed in ME, SC, UT.

### January 2026
- No longer registered or notice-filed in UT.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Fiam LLC (CRD 133196): Form ADV filing data as of October 2026.