# Hilltop Securities Asset Management, LLC

> Hilltop Securities Asset Management, LLC is an SEC-registered investment advisory firm in Dallas, TX, registered since 1991, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 26, 2026.

- CRD: 110760
- Filed as: HILLTOP SECURITIES ASSET MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Dallas, TX
- Filing period: October 2026
- Form ADV filing dated: March 26, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/110760
- AdvisorCensus page: https://advisorcensus.com/firm/hilltop-securities-asset-management-llc-dallas-tx-110760

## Quick answers

**How is Hilltop Securities Asset Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Hilltop Securities Asset Management, LLC reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees); other.

**Where is Hilltop Securities Asset Management, LLC located?**
Hilltop Securities Asset Management, LLC's principal office is in Dallas, TX, according to its Form ADV; the April 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Hilltop Securities Asset Management, LLC registered with the SEC or a state?**
Hilltop Securities Asset Management, LLC is an SEC-registered investment advisory firm, registered since 1991. Status as filed: Approved. CRD 110760.

**How much does Hilltop Securities Asset Management, LLC manage?**
Hilltop Securities Asset Management, LLC reports $37,701,591,625 in regulatory assets under management in its Form ADV filing dated March 26, 2026 (0% discretionary).

**How have Hilltop Securities Asset Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Hilltop Securities Asset Management, LLC: Regulatory assets under management: $15,600,000,000 in the October 2021 data and $37,701,591,625 in the October 2026 data, up 142%. Total employees: 26 in October 2021 and 31 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Hilltop Securities Asset Management, LLC serve?**
By number of clients on Form ADV Item 5.D: state or municipal government entities (including government pension plans) (60).

**Does Hilltop Securities Asset Management, LLC report any disciplinary disclosures?**
Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). 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/110760

**What changed in Hilltop Securities Asset Management, LLC's recent Form ADV filings?**
In the April 2026 filing data: Its Item 11 disclosure answers changed. Regulatory assets under management went from $31,688,490,690 to $37,701,591,625 (+19%).

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $37,701,591,625
- Discretionary: $0
- Non-discretionary: $37,701,591,625

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| State or municipal government entities (including government pension plans) | 60 | $37,701,591,625 |

### Advisory services (Item 5.G)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Educational seminars/workshops
- Other

### Firm details
- Registered since: 1991 (34 years)
- Employees: 31 total, 13 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, CA, CO, FL, GA, IN, KY, LA, MA, ME, MI, MN, MS, NC, NJ, NM, NY, OH, OK, OR, RI, TN, TX, VA, WA
- Disclosures (Item 11): Reports 3 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 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?

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/110760

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Austin, TX
- Solana Beach, CA

### Websites listed on Form ADV (Item 1.I)
- hilltopsecurities.com/asset-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $15,600,000,000 | 26 | July 2, 2021 |
| October 2022 | $18,200,000,000 | 29 | September 22, 2022 |
| October 2023 | $21,409,909,710 | 35 | August 25, 2023 |
| October 2024 | $27,229,315,502 | 29 | August 28, 2024 |
| October 2025 | $31,688,490,690 | 31 | March 24, 2025 |
| October 2026 | $37,701,591,625 | 31 | March 26, 2026 |

Regulatory assets under management: $15,600,000,000 in the October 2021 data and $37,701,591,625 in the October 2026 data, up 142%.
Total employees: 26 in October 2021 and 31 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Its Item 11 disclosure answers changed.
- Regulatory assets under management went from $31,688,490,690 to $37,701,591,625 (+19%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Hilltop Securities Asset Management, LLC (CRD 110760): Form ADV filing data as of October 2026.