# Hillsdale Investment Management Inc.

> Hillsdale Investment Management Inc. is an SEC-registered investment advisory firm in Toronto, Canada, registered since 2006, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 19, 2026.

- CRD: 137883
- Filed as: HILLSDALE INVESTMENT MANAGEMENT INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Toronto, Canada
- Filing period: October 2026
- Form ADV filing dated: August 19, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/137883
- AdvisorCensus page: https://advisorcensus.com/firm/hillsdale-investment-management-inc-toronto-137883

## Quick answers

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

**Where is Hillsdale Investment Management Inc. located?**
Hillsdale Investment Management Inc.'s principal office is in Toronto, Canada, according to its Form ADV.

**Is Hillsdale Investment Management Inc. registered with the SEC or a state?**
Hillsdale Investment Management Inc. is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 137883.

**How much does Hillsdale Investment Management Inc. manage?**
Hillsdale Investment Management Inc. reports $7,769,548,706 in regulatory assets under management in its Form ADV filing dated August 19, 2026 (100% discretionary).

**How have Hillsdale Investment Management Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Hillsdale Investment Management Inc.: Regulatory assets under management: $2,719,647,104 in the October 2021 data and $7,769,548,706 in the October 2026 data, up 186%. Total employees: 29 in October 2021 and 46 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Hillsdale Investment Management Inc. serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (108); high net worth individuals (62); pooled investment vehicles (other than investment companies and business development companies) (25).

**Which custodians does Hillsdale Investment Management Inc. use?**
Hillsdale Investment Management Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists RBC Investor & Treasury Services and State Street Bank and Trust Company as custodians holding 10% or more of its separately managed account assets.

**Does Hillsdale Investment Management Inc. report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation). 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/137883

**What changed in Hillsdale Investment Management Inc.'s recent Form ADV filings?**
In the September 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

### Custodians (Schedule D, Section 5.K(3))
- RBC Investor & Treasury Services
- State Street Bank and 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: $7,769,548,706
- Discretionary: $7,769,548,706
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 108 | $3,444,087 |
| High net worth individuals | 62 | $17,370,577 |
| 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) | 25 | $6,688,328,585 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $129,513,289 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 11 | $921,214,155 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 21 | $9,678,013 |
| 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

### Firm details
- Registered since: 2006 (20 years)
- Employees: 46 total, 35 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports 1 disclosure item 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?

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/137883

### Websites listed on Form ADV (Item 1.I)
- [hillsdaleinv.com](https://hillsdaleinv.com)
- LinkedIn @HILLSDALE-INVESTMENT-MANAGEMENT

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,719,647,104 | 29 | June 18, 2021 |
| October 2022 | $3,165,941,835 | 28 | March 29, 2022 |
| October 2023 | $2,699,105,296 | 31 | March 30, 2023 |
| October 2024 | $2,785,603,810 | 35 | March 27, 2024 |
| October 2025 | $4,460,003,433 | 40 | March 30, 2025 |
| October 2026 | $7,769,548,706 | 46 | August 19, 2026 |

Regulatory assets under management: $2,719,647,104 in the October 2021 data and $7,769,548,706 in the October 2026 data, up 186%.
Total employees: 29 in October 2021 and 46 in October 2026.

## Changes in the filing (last 12 months)

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

### April 2026
- Employees performing advisory functions went from 29 to 35.
- Regulatory assets under management went from $4,460,003,433 to $7,769,548,706 (+74%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Hillsdale Investment Management Inc. (CRD 137883): Form ADV filing data as of October 2026.