# Madison Asset Management

> Madison Asset Management is an SEC-registered investment advisory firm in Madison, WI, registered since 2004, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 20, 2026.

- CRD: 130874
- Filed as: MADISON ASSET MANAGEMENT
- Legal name: Madison Asset Management, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Madison, WI
- Filing period: October 2026
- Form ADV filing dated: March 20, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/130874
- AdvisorCensus page: https://advisorcensus.com/firm/madison-asset-management-madison-wi-130874

## Quick answers

**How is Madison Asset Management compensated?**
On its Form ADV (Item 5.E, October 2026), Madison Asset Management reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees). The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Madison Asset Management located?**
Madison Asset Management's principal office is in Madison, WI, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Madison Asset Management registered with the SEC or a state?**
Madison Asset Management is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 130874.

**How much does Madison Asset Management manage?**
Madison Asset Management reports $4,862,471,814 in regulatory assets under management in its Form ADV filing dated March 20, 2026 (100% discretionary).

**How have Madison Asset Management's assets and staff changed since 2021?**
In the Form ADV data for Madison Asset Management: Regulatory assets under management: $5,314,374,742 in the October 2021 data and $4,862,471,814 in the October 2026 data, down 9%. Total employees: 91 in October 2021 and 92 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Madison Asset Management serve?**
By number of clients on Form ADV Item 5.D: investment companies (31); banking or thrift institutions (3); pension and profit sharing plans (but not the plan participants or government pension plans) (2).

**Does Madison Asset Management 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/130874

**What changed in Madison Asset Management's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 42 to 44.

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $4,862,471,814
- Discretionary: $4,862,471,814
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 3 | $6,525,957 |
| Investment companies | 31 | $4,842,029,323 |
| Business development companies | Not reported | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | Not reported | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 2 | $13,916,534 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| 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 | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2004 (22 years)
- Employees: 92 total, 44 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VI, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Milwaukee, WI

### Websites listed on Form ADV (Item 1.I)
- madisonfunds.com
- madisoninvestments.com
- LinkedIn @madison-investment-advisors

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $5,314,374,742 | 91 | June 11, 2021 |
| October 2022 | $5,413,292,510 | 95 | June 10, 2022 |
| October 2023 | $3,920,106,732 | 96 | March 29, 2023 |
| October 2024 | $4,484,845,089 | 95 | March 22, 2024 |
| October 2025 | $5,176,717,599 | 94 | March 28, 2025 |
| October 2026 | $4,862,471,814 | 92 | March 20, 2026 |

Regulatory assets under management: $5,314,374,742 in the October 2021 data and $4,862,471,814 in the October 2026 data, down 9%.
Total employees: 91 in October 2021 and 92 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 42 to 44.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Madison Asset Management (CRD 130874): Form ADV filing data as of October 2026.