{
  "crd_number": 111705,
  "slug": "hfr-asset-management-l-l-c-chicago-il-111705",
  "primary_business_name": "HFR ASSET MANAGEMENT, L.L.C",
  "legal_name": "HFR ASSET MANAGEMENT, L.L.C",
  "dbas": [],
  "city": "Chicago",
  "state": "IL",
  "country": "United States",
  "cbsa_code": "16980",
  "metro": {
    "cbsa_code": "16980",
    "common_name": "Chicago",
    "msa_name": "Chicago-Naperville-Elgin, IL-IN",
    "path": "/advisors/il/chicago"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2001-04-06",
  "years_registered": 25,
  "period": "2026-10-01",
  "filing_date": "2026-02-06",
  "carried_forward": false,
  "raum_total": 326180124.0,
  "raum_discretionary": 326180124.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 2,
  "advisory_employees": 1,
  "client_count_bucket": null,
  "clients_by_type": {
    "pooled_investment_vehicles": {
      "raum": 326180124.0,
      "count": 2
    }
  },
  "compensation_types": [
    "fixed",
    "other",
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "other",
    "portfolio_management_businesses_institutional",
    "portfolio_management_pooled_vehicles",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "IL"
  ],
  "websites": [],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/111705",
  "city_as_filed": "CHICAGO",
  "url": "https://advisorcensus.com/firm/hfr-asset-management-l-l-c-chicago-il-111705",
  "display_name": "HFR Asset Management, L.L.C",
  "summary": "HFR Asset Management, L.L.C is an SEC-registered investment advisory firm in Chicago, IL, registered since 2001, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated February 6, 2026.",
  "citation": "AdvisorCensus. HFR Asset Management, L.L.C (CRD 111705): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)",
    "Performance-based fees",
    "Other"
  ],
  "advisory_activity_labels": [
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Selection of other advisers (including private fund managers)",
    "Other"
  ],
  "quick_answers": [
    {
      "q": "How is HFR Asset Management, L.L.C compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), HFR Asset Management, L.L.C reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees; other."
    },
    {
      "q": "Where is HFR Asset Management, L.L.C located?",
      "a": "HFR Asset Management, L.L.C's principal office is in Chicago, IL, according to its Form ADV."
    },
    {
      "q": "Is HFR Asset Management, L.L.C registered with the SEC or a state?",
      "a": "HFR Asset Management, L.L.C is an SEC-registered investment advisory firm, registered since 2001. Status as filed: Approved. CRD 111705."
    },
    {
      "q": "How much does HFR Asset Management, L.L.C manage?",
      "a": "HFR Asset Management, L.L.C reports $326,180,124 in regulatory assets under management in its Form ADV filing dated February 6, 2026 (100% discretionary)."
    },
    {
      "q": "How have HFR Asset Management, L.L.C's assets and staff changed since 2021?",
      "a": "In the Form ADV data for HFR Asset Management, L.L.C: Regulatory assets under management: $5,021,411,398 in the October 2021 data and $326,180,124 in the October 2026 data, down 94%. Total employees: 4 in October 2021 and 2 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does HFR Asset Management, L.L.C serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2)."
    },
    {
      "q": "Does HFR Asset Management, L.L.C 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/111705"
    },
    {
      "q": "Does HFR Asset Management, L.L.C state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated February 6, 2026 says: \"HFR typically requires a minimum of $15 million for a separately managed account to be opened. Smaller accounts may be opened at HFR’s discretion.\""
    },
    {
      "q": "What changed in HFR Asset Management, L.L.C's recent Form ADV filings?",
      "a": "In the March 2026 filing data: Regulatory assets under management went from $5,117,079,131 to $326,180,124 (-94%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 5021411398.0,
      "total_employees": 4,
      "filing_date": "2021-03-24"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 8496390459.0,
      "total_employees": 4,
      "filing_date": "2022-09-07"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 2529224324.0,
      "total_employees": 3,
      "filing_date": "2023-03-31"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 3207580253.0,
      "total_employees": 3,
      "filing_date": "2024-03-28"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 5117079131.0,
      "total_employees": 3,
      "filing_date": "2025-03-31"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 326180124.0,
      "total_employees": 2,
      "filing_date": "2026-02-06"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-03-01",
      "period_label": "March 2026",
      "notes": [
        "Regulatory assets under management went from $5,117,079,131 to $326,180,124 (-94%)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated February 6, 2026",
    "provided_by_the_firm": false,
    "tiers": [],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$15,000,000",
    "account_minimum_may_be_waived": true,
    "minimum_annual_fee": null,
    "planning_fees": [],
    "figures": [
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $15,000,000 (the brochure says it may be waived or negotiated)"
        ],
        "quotes": [
          "HFR typically requires a minimum of $15 million for a separately managed account to be opened. Smaller accounts may be opened at HFR’s discretion."
        ]
      }
    ],
    "values": {
      "tiers": [],
      "range_pct": null,
      "max_pct": null,
      "account_minimum": 15000000.0,
      "minimum_annual_fee": null,
      "planning": []
    },
    "quotes": [
      "HFR typically requires a minimum of $15 million for a separately managed account to be opened. Smaller accounts may be opened at HFR’s discretion."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/hfr-asset-management-l-l-c-chicago-il-111705.md",
  "clients": [
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 2,
      "fewer_than_5": false,
      "raum": 326180124.0
    }
  ],
  "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/111705",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}