# Keystone National Group, LLC

> Keystone National Group, LLC is an SEC-registered investment advisory firm in Salt Lake City, UT, registered since 2007, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated September 18, 2026.

- CRD: 142885
- Filed as: KEYSTONE NATIONAL GROUP, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Salt Lake City, UT
- Filing period: October 2026
- Form ADV filing dated: September 18, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/142885
- AdvisorCensus page: https://advisorcensus.com/firm/keystone-national-group-llc-salt-lake-city-ut-142885

## Quick answers

**How is Keystone National Group, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Keystone National Group, LLC 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 Keystone National Group, LLC located?**
Keystone National Group, LLC's principal office is in Salt Lake City, UT, according to its Form ADV; the October 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Keystone National Group, LLC registered with the SEC or a state?**
Keystone National Group, LLC is an SEC-registered investment advisory firm, registered since 2007. Status as filed: Approved. CRD 142885.

**How much does Keystone National Group, LLC manage?**
Keystone National Group, LLC reports $2,502,802,240 in regulatory assets under management in its Form ADV filing dated September 18, 2026 (100% discretionary).

**How have Keystone National Group, LLC's assets and staff changed since 2021?**
In the Form ADV data for Keystone National Group, LLC: Regulatory assets under management: $1,054,640,770 in the October 2021 data and $2,502,802,240 in the October 2026 data, up 137%. Total employees: 16 in October 2021 and 42 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Keystone National Group, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (12); investment companies (1).

**Does Keystone National Group, LLC 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/142885

**What changed in Keystone National Group, LLC's recent Form ADV filings?**
In the October 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

### Regulatory assets under management (Item 5.F)
- Total: $2,502,802,240
- Discretionary: $2,502,802,240
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 1 | $1,948,500,639 |
| Pooled investment vehicles (other than investment companies and business development companies) | 12 | $554,301,601 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2007 (19 years)
- Employees: 42 total, 40 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: UT
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Dallas, TX

### Websites listed on Form ADV (Item 1.I)
- keystonenational.com
- LinkedIn @keystonenationalgroup

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,054,640,770 | 16 | March 23, 2021 |
| October 2022 | $1,296,628,311 | 16 | March 24, 2022 |
| October 2023 | $1,810,015,814 | 26 | August 1, 2023 |
| October 2024 | $2,130,000,279 | 35 | August 21, 2024 |
| October 2025 | $2,274,095,442 | 39 | March 31, 2025 |
| October 2026 | $2,502,802,240 | 42 | September 18, 2026 |

Regulatory assets under management: $1,054,640,770 in the October 2021 data and $2,502,802,240 in the October 2026 data, up 137%.
Total employees: 16 in October 2021 and 42 in October 2026.

## Changes in the filing (last 12 months)

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

### April 2026
- Employees performing advisory functions went from 38 to 40.
- Regulatory assets under management went from $2,274,095,442 to $2,502,802,240 (+10%).
- Changed its office addresses in Dallas, TX.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Keystone National Group, LLC (CRD 142885): Form ADV filing data as of October 2026.