# Flaherty & Crumrine Incorporated

> Flaherty & Crumrine Incorporated is an SEC-registered investment advisory firm in Pasadena, CA, registered since 1983, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 25, 2026.

- CRD: 105499
- Filed as: FLAHERTY & CRUMRINE INCORPORATED
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Pasadena, CA
- Filing period: October 2026
- Form ADV filing dated: March 25, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/105499
- AdvisorCensus page: https://advisorcensus.com/firm/flaherty-and-crumrine-incorporated-pasadena-ca-105499

## Quick answers

**How is Flaherty & Crumrine Incorporated compensated?**
On its Form ADV (Item 5.E, October 2026), Flaherty & Crumrine Incorporated reports these compensation arrangements: a percentage of assets under its management.

**Where is Flaherty & Crumrine Incorporated located?**
Flaherty & Crumrine Incorporated's principal office is in Pasadena, CA, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Flaherty & Crumrine Incorporated registered with the SEC or a state?**
Flaherty & Crumrine Incorporated is an SEC-registered investment advisory firm, registered since 1983. Status as filed: Approved. CRD 105499.

**How much does Flaherty & Crumrine Incorporated manage?**
Flaherty & Crumrine Incorporated reports $4,149,835,668 in regulatory assets under management in its Form ADV filing dated March 25, 2026 (100% discretionary).

**How have Flaherty & Crumrine Incorporated's assets and staff changed since 2021?**
In the Form ADV data for Flaherty & Crumrine Incorporated: Regulatory assets under management: $4,627,128,172 in the October 2021 data and $4,149,835,668 in the October 2026 data, down 10%. Total employees: 17 in October 2021 and 14 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Flaherty & Crumrine Incorporated serve?**
By number of clients on Form ADV Item 5.D: insurance companies (8); investment companies (6); pooled investment vehicles (other than investment companies and business development companies) (2).

**Which custodians does Flaherty & Crumrine Incorporated use?**
Flaherty & Crumrine Incorporated's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists JPMorgan Chase Bank, NA, The Bank of New York and The Northern Trust Company as custodians holding 10% or more of its separately managed account assets.

**Does Flaherty & Crumrine Incorporated 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/105499

**What changed in Flaherty & Crumrine Incorporated's recent Form ADV filings?**
In the April 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))
- JPMorgan Chase Bank, NA
- The Bank of New York
- 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: $4,149,835,668
- Discretionary: $4,149,835,668
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 6 | $3,107,023,714 |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $131,433,469 |
| Insurance companies | 8 | $840,596,411 |
| Other | Fewer than 5 | $70,782,074 |

### Advisory services (Item 5.G)
- 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: 1983 (43 years)
- Employees: 14 total, 8 performing advisory functions
- Wrap fee program participation: No
- 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
- Summit, NJ

### Websites listed on Form ADV (Item 1.I)
- flahertycrumrine.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $4,627,128,172 | 17 | March 31, 2021 |
| October 2022 | $4,862,553,227 | 15 | March 31, 2022 |
| October 2023 | $3,943,267,235 | 15 | March 30, 2023 |
| October 2024 | $3,902,574,340 | 13 | March 29, 2024 |
| October 2025 | $4,063,203,427 | 13 | July 11, 2025 |
| October 2026 | $4,149,835,668 | 14 | March 25, 2026 |

Regulatory assets under management: $4,627,128,172 in the October 2021 data and $4,149,835,668 in the October 2026 data, down 10%.
Total employees: 17 in October 2021 and 14 in October 2026.

## Changes in the filing (last 12 months)

### April 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. Flaherty & Crumrine Incorporated (CRD 105499): Form ADV filing data as of October 2026.