# Highland Associates Inc

> Highland Associates Inc is an SEC-registered investment advisory firm in Birmingham, AL, registered since 1987, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated July 29, 2026.

- CRD: 104948
- Filed as: HIGHLAND ASSOCIATES INC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Birmingham, AL
- Filing period: October 2026
- Form ADV filing dated: July 29, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/104948
- AdvisorCensus page: https://advisorcensus.com/firm/highland-associates-inc-birmingham-al-104948

## Quick answers

**How is Highland Associates Inc compensated?**
On its Form ADV (Item 5.E, October 2026), Highland Associates Inc reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees). The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Highland Associates Inc located?**
Highland Associates Inc's principal office is in Birmingham, AL, according to its Form ADV; the August 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Highland Associates Inc registered with the SEC or a state?**
Highland Associates Inc is an SEC-registered investment advisory firm, registered since 1987. Status as filed: Approved. CRD 104948.

**How much does Highland Associates Inc manage?**
Highland Associates Inc reports $20,990,815,180 in regulatory assets under management in its Form ADV filing dated July 29, 2026 (35% discretionary).

**How have Highland Associates Inc's assets and staff changed since 2021?**
In the Form ADV data for Highland Associates Inc: Regulatory assets under management: $31,945,447,000 in the October 2021 data and $20,990,815,180 in the October 2026 data, down 34%. Total employees: 25 in October 2021 and 19 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Highland Associates Inc serve?**
By number of clients on Form ADV Item 5.D: corporations or other businesses not listed above (23); pension and profit sharing plans (but not the plan participants or government pension plans) (16); charitable organizations (15).

**Which custodians does Highland Associates Inc use?**
Highland Associates Inc's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Bank of New York, Lincoln Financial, PNC and Principal Financial Group as custodians holding 10% or more of its separately managed account assets.

**Does Highland Associates Inc report any disciplinary disclosures?**
Reports 9 disclosure items on Form ADV Item 11: yes answers to 9 questions about regulatory matters (11.C(1), 11.C(2), 11.C(4), 11.C(5), 11.D(1), 11.D(2), 11.D(4), 11.D(5), 11.E(2)). 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/104948

**What changed in Highland Associates Inc's recent Form ADV filings?**
In the August 2026 filing data: Item 11 disclosure answers changed: 9 yes answers, previously 8 (now yes: 11.E(2)).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)

### Custodians (Schedule D, Section 5.K(3))
- Bank of New York
- Lincoln Financial
- PNC
- Principal Financial Group

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: $20,990,815,180
- Discretionary: $7,450,237,813
- Non-discretionary: $13,540,577,367

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| 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) | 4 | $1,483,246,004 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 16 | $6,177,298,748 |
| Charitable organizations | 15 | $692,664,566 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 7 | $478,794,545 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 23 | $12,158,811,317 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- 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: 1987 (39 years)
- Employees: 19 total, 18 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AL, CA, FL, GA, IL, IN, KS, KY, MN, MO, MS, NC, OH, PA, SC, TN, WA
- Disclosures (Item 11): Reports 9 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(1): Has the SEC or the CFTC ever found that the firm or an advisory affiliate made a false statement or omission?
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
- 11.D(1): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?
- 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?
- 11.D(5): Has another federal regulator, a state regulator, or a foreign financial regulator ever denied, suspended, or revoked the registration or license of the firm or an advisory affiliate, prevented either by order from associating with an investment-related business, or restricted either one's activity?
- 11.E(2): Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?

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/104948

### Other offices (Schedule D, Section 1.F), as of the August 2026 filing
- St Louis, MO

### Websites listed on Form ADV (Item 1.I)
- [highlandassoc.com](https://highlandassoc.com)
- LinkedIn @HIGHLAND-ASSOCIATES-BIRMINGHAM-AL

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $31,945,447,000 | 25 | March 30, 2021 |
| October 2022 | $36,484,774,214 | 20 | September 26, 2022 |
| October 2023 | $25,621,167,078 | 18 | March 29, 2023 |
| October 2024 | $23,574,716,836 | 19 | August 9, 2024 |
| October 2025 | $20,137,309,817 | 20 | July 17, 2025 |
| October 2026 | $20,990,815,180 | 19 | July 29, 2026 |

Regulatory assets under management: $31,945,447,000 in the October 2021 data and $20,990,815,180 in the October 2026 data, down 34%.
Total employees: 25 in October 2021 and 19 in October 2026.

## Changes in the filing (last 12 months)

### August 2026
- Item 11 disclosure answers changed: 9 yes answers, previously 8 (now yes: 11.E(2)).

### April 2026
- Employees performing advisory functions went from 20 to 18.

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

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Highland Associates Inc (CRD 104948): Form ADV filing data as of October 2026.