# Fiduciary Management, Inc.

> Fiduciary Management, Inc. is an SEC-registered investment advisory firm in Milwaukee, WI, registered since 1980, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated June 9, 2026.

- CRD: 109149
- Filed as: FIDUCIARY MANAGEMENT, INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Milwaukee, WI
- Filing period: October 2026
- Form ADV filing dated: June 9, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/109149
- AdvisorCensus page: https://advisorcensus.com/firm/fiduciary-management-inc-milwaukee-wi-109149

## Quick answers

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

**Where is Fiduciary Management, Inc. located?**
Fiduciary Management, Inc.'s principal office is in Milwaukee, WI, according to its Form ADV.

**Is Fiduciary Management, Inc. registered with the SEC or a state?**
Fiduciary Management, Inc. is an SEC-registered investment advisory firm, registered since 1980. Status as filed: Approved. CRD 109149.

**How much does Fiduciary Management, Inc. manage?**
Fiduciary Management, Inc. reports $11,359,924,535 in regulatory assets under management in its Form ADV filing dated June 9, 2026 (100% discretionary).

**How have Fiduciary Management, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Fiduciary Management, Inc.: Regulatory assets under management: $16,869,752,608 in the October 2021 data and $11,359,924,535 in the October 2026 data, down 33%. Total employees: 25 in October 2021 and 25 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Fiduciary Management, Inc. serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (198); high net worth individuals (196); charitable organizations (93).

**Which custodians does Fiduciary Management, Inc. use?**
Fiduciary Management, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab, The Northern Trust Company. and U.S. Bank as custodians holding 10% or more of its separately managed account assets.

**Does Fiduciary 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/109149

**What changed in Fiduciary Management, Inc.'s recent Form ADV filings?**
In the July 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

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab
- The Northern Trust Company.
- U.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: $11,359,924,535
- Discretionary: $11,359,924,535
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 198 | $720,788,733 |
| High net worth individuals | 196 | $1,135,633,245 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 6 | $6,020,535,538 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 5 | $810,085,440 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 35 | $1,146,870,052 |
| Charitable organizations | 93 | $783,792,684 |
| State or municipal government entities (including government pension plans) | 16 | $163,533,244 |
| Other investment advisers | 0 | $0 |
| Insurance companies | Fewer than 5 | $192,131,109 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 21 | $192,650,149 |
| Other | Fewer than 5 | $193,904,341 |

### 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

### Firm details
- Registered since: 1980 (46 years)
- Employees: 25 total, 17 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AZ, CA, CT, DE, FL, GA, IL, IN, KS, MA, MD, MI, MN, MO, NJ, NY, OH, PA, TN, TX, VA, WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- fmimgt.com
- Facebook @Fiduciary-Management-Inc
- LinkedIn @fiduciary-management-inc-
- X @FiduciaryMgt

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $16,869,752,608 | 25 | March 26, 2021 |
| October 2022 | $17,323,689,295 | 25 | March 16, 2022 |
| October 2023 | $13,213,149,862 | 26 | June 20, 2023 |
| October 2024 | $14,936,427,714 | 26 | March 27, 2024 |
| October 2025 | $14,977,293,915 | 24 | March 17, 2025 |
| October 2026 | $11,359,924,535 | 25 | June 9, 2026 |

Regulatory assets under management: $16,869,752,608 in the October 2021 data and $11,359,924,535 in the October 2026 data, down 33%.
Total employees: 25 in October 2021 and 25 in October 2026.

## Changes in the filing (last 12 months)

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

### April 2026
- Regulatory assets under management went from $14,977,293,915 to $11,359,924,535 (-24%).
- Registered or notice-filed in AZ, MD.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Fiduciary Management, Inc. (CRD 109149): Form ADV filing data as of October 2026.