# Keybanc Capital Markets Research, LLC

> Keybanc Capital Markets Research, LLC is an SEC-registered investment advisory firm in Cleveland, OH, registered since 2023, with no regulatory assets under management reported in its Form ADV filing dated June 3, 2026.

- CRD: 326557
- Filed as: KEYBANC CAPITAL MARKETS RESEARCH, LLC
- Legal name: KBCM Research LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Cleveland, OH
- Filing period: October 2026
- Form ADV filing dated: June 3, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/326557
- AdvisorCensus page: https://advisorcensus.com/firm/keybanc-capital-markets-research-llc-cleveland-oh-326557

## Quick answers

**How is Keybanc Capital Markets Research, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Keybanc Capital Markets Research, LLC reports these compensation arrangements: other.

**Where is Keybanc Capital Markets Research, LLC located?**
Keybanc Capital Markets Research, LLC's principal office is in Cleveland, OH, according to its Form ADV.

**Is Keybanc Capital Markets Research, LLC registered with the SEC or a state?**
Keybanc Capital Markets Research, LLC is an SEC-registered investment advisory firm, registered since 2023. Status as filed: Approved. CRD 326557.

**How have Keybanc Capital Markets Research, LLC's assets and staff changed since 2023?**
In the Form ADV data for Keybanc Capital Markets Research, LLC: Total employees: 85 in October 2023 and 80 in October 2026. Assets under management move with markets as well as with clients coming and going.

**Does Keybanc Capital Markets Research, LLC report any disciplinary disclosures?**
Reports 7 disclosure items on Form ADV Item 11: yes answers to 7 questions about regulatory matters (11.C(2), 11.C(4), 11.C(5), 11.D(2), 11.D(4), 11.E(2), 11.G). 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/326557

**Does Keybanc Capital Markets Research, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated June 3, 2026 says: "Due to the nature of our services, no investment or account minimums are required."

**What changed in Keybanc Capital Markets Research, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 80 to 71.

## From the Form ADV filing

### Compensation (Item 5.E)
- Other

### Fees and minimums (Form ADV Part 2A brochure dated June 3, 2026)

- Account minimum: None

> Due to the nature of our services, no investment or account minimums are required.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Advisory services (Item 5.G)
- Other

### Firm details
- Registered since: 2023 (2 years)
- Employees: 80 total, 71 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, CO, CT, FL, GA, IL, MA, MD, MN, NJ, NY, OH, PA, TX, VA, WA, WI
- Disclosures (Item 11): Reports 7 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?
- 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.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?
- 11.G: Is the firm or an advisory affiliate now the subject of a regulatory proceeding that could result in a yes answer to any part of 11.C, 11.D, or 11.E?

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/326557

### Websites listed on Form ADV (Item 1.I)
- key.com/businesses-institutions/solutions/capital-markets/institutional-equities/equity-research.html

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2023 | Not reported | 85 | September 29, 2023 |
| October 2024 | Not reported | 84 | July 25, 2024 |
| October 2025 | Not reported | 89 | February 28, 2025 |
| October 2026 | Not reported | 80 | June 3, 2026 |

Total employees: 85 in October 2023 and 80 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 80 to 71.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Keybanc Capital Markets Research, LLC (CRD 326557): Form ADV filing data as of October 2026.