AdvisorCensus / Financial advisors / Incentive As
Incentive As is an SEC-registered investment advisory firm in Oslo, Norway, registered since 2015, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated May 22, 2026.
Quick answers
From the filingHow is Incentive As compensated?
On its Form ADV (Item 5.E, October 2026), Incentive As reports these compensation arrangements: a percentage of assets under its management; performance-based fees.
How much does Incentive As charge?
Its Form ADV Part 2A brochure dated March 24, 2026 states: Asset-based fee: 0.8% to 1.25% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.
Where is Incentive As located?
Incentive As' principal office is in Oslo, Norway, according to its Form ADV; the June 2026 filing also lists 1 other office (Schedule D, Section 1.F).
Is Incentive As registered with the SEC or a state?
Incentive As is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 174704.
How much does Incentive As manage?
Incentive As reports $2,464,314,430 in regulatory assets under management in its Form ADV filing dated May 22, 2026 (100% discretionary).
How have Incentive As' assets and staff changed since 2021?
In the Form ADV data for Incentive As: Regulatory assets under management: $1,657,203,472 in the October 2021 data and $2,464,314,430 in the October 2026 data, up 49%. Total employees: 5 in October 2021 and 6 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Incentive As serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (4); corporations or other businesses not listed above (4); sovereign wealth funds and foreign official institutions (1).
Which custodians does Incentive As use?
Incentive As' most recent Form ADV filing (Schedule D, Section 5.K(3)) lists The Bank of New York Mellon as a custodian holding 10% or more of its separately managed account assets.
Does Incentive As 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/174704
What changed in Incentive As' recent Form ADV filings?
In the April 2026 filing data: Changed its office addresses in Stockholm. Updated its list of owners and control persons (Schedule A).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2AAsset-based fee: 0.8% to 1.25% a year (a range, as the brochure states it)
The brochure's wording
The Adviser deducts a management fee (the “Management Fee”), which generally ranges from 0.8% to 1.25% of the net asset value of each investor’s interest in such Funds.
As stated in the firm's Form ADV Part 2A brochure dated March 24, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$2,464,314,430 as of October 2026, filing dated May 22, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
Registration and firm details
Items 1, 2, 5- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2015 (11 years)
- Employees
- Total: 6. Performing investment advisory functions: 4.
- Wrap fee program participation
- No.
- Custodians (Schedule D, Section 5.K(3))
-
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.
- Other offices (Schedule D, Section 1.F)
-
1 other office, as of the June 2026 filing
- States registered or notice-filed
- Not reported.
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $2,464,314,430 | 6 | May 22, 2026 |
| October 2025 | $2,348,257,774 | 6 | March 28, 2025 |
| October 2024 | $2,383,412,066 | 6 | March 15, 2024 |
| October 2023 | $2,215,292,356 | 5 | July 31, 2023 |
| October 2022 | $2,649,166,764 | 5 | August 29, 2022 |
| October 2021 | $1,657,203,472 | 5 | March 31, 2021 |
Regulatory assets under management: $1,657,203,472 in the October 2021 data and $2,464,314,430 in the October 2026 data, up 49%.
Total employees: 5 in October 2021 and 6 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- April 2026
- Changed its office addresses in Stockholm.
- Updated its list of owners and control persons (Schedule A).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Incentive As (CRD 174704): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/incentive-as-oslo-174704