{
  "crd_number": 169258,
  "slug": "merganser-capital-management-llc-boston-ma-169258",
  "primary_business_name": "MERGANSER CAPITAL MANAGEMENT, LLC",
  "legal_name": "MERGANSER CAPITAL MANAGEMENT, LLC",
  "dbas": [],
  "city": "Boston",
  "state": "MA",
  "country": "United States",
  "cbsa_code": "14460",
  "metro": {
    "cbsa_code": "14460",
    "common_name": "Boston",
    "msa_name": "Boston-Cambridge-Newton, MA-NH",
    "path": "/advisors/ma/boston"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2013-10-18",
  "years_registered": 12,
  "period": "2026-10-01",
  "filing_date": "2026-03-30",
  "carried_forward": false,
  "raum_total": 17661273000.0,
  "raum_discretionary": 17661273000.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 32,
  "advisory_employees": 11,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": 475513000.0,
      "count": 7,
      "description": "SETTLEMENT FUND & SUBADVISORY"
    },
    "charitable": {
      "raum": 0.0,
      "count": 0
    },
    "individuals": {
      "raum": 0.0,
      "count": 0
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 2642195000.0,
      "count": 7
    },
    "insurance_companies": {
      "raum": 444691000.0,
      "count": 10
    },
    "investment_companies": {
      "raum": 611665000.0,
      "count": 2
    },
    "pension_profit_sharing": {
      "raum": 2315412000.0,
      "count": 11
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 24267000.0,
      "count": null,
      "fewer_than_5": true
    },
    "pooled_investment_vehicles": {
      "raum": 534283000.0,
      "count": 4
    },
    "corporations_other_businesses": {
      "raum": 10613247000.0,
      "count": 83
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 0,
  "states_registered": [
    "MA",
    "NY",
    "TX"
  ],
  "websites": [
    "https://linkedin.com/company/merganser-capital-management",
    "https://merganser.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/169258",
  "city_as_filed": "BOSTON",
  "url": "https://advisorcensus.com/firm/merganser-capital-management-llc-boston-ma-169258",
  "display_name": "Merganser Capital Management, LLC",
  "summary": "Merganser Capital Management, LLC is an SEC-registered investment advisory firm in Boston, MA, registered since 2013, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.",
  "citation": "AdvisorCensus. Merganser Capital Management, LLC (CRD 169258): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients"
  ],
  "quick_answers": [
    {
      "q": "How is Merganser Capital Management, LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Merganser Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management."
    },
    {
      "q": "Where is Merganser Capital Management, LLC located?",
      "a": "Merganser Capital Management, LLC's principal office is in Boston, MA, according to its Form ADV."
    },
    {
      "q": "Is Merganser Capital Management, LLC registered with the SEC or a state?",
      "a": "Merganser Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2013. Status as filed: Approved. CRD 169258."
    },
    {
      "q": "How much does Merganser Capital Management, LLC manage?",
      "a": "Merganser Capital Management, LLC reports $17,661,273,000 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary)."
    },
    {
      "q": "How have Merganser Capital Management, LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Merganser Capital Management, LLC: Regulatory assets under management: $14,866,213,000 in the October 2021 data and $17,661,273,000 in the October 2026 data, up 19%. Total employees: 30 in October 2021 and 32 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Merganser Capital Management, LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: corporations or other businesses not listed above (83); pension and profit sharing plans (but not the plan participants or government pension plans) (11); insurance companies (10)."
    },
    {
      "q": "Which custodians does Merganser Capital Management, LLC use?",
      "a": "Merganser Capital Management, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Northern Trust Corporation, State Street Corporation, The Bank of New York Mellon and US Bank National Association as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Merganser Capital Management, LLC report any disciplinary disclosures?",
      "a": "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/169258"
    },
    {
      "q": "What changed in Merganser Capital Management, LLC's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Employees performing advisory functions went from 10 to 11. Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 14866213000.0,
      "total_employees": 30,
      "filing_date": "2021-03-23"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 14592827000.0,
      "total_employees": 34,
      "filing_date": "2022-03-25"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 13670733000.0,
      "total_employees": 33,
      "filing_date": "2023-03-27"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 15627641000.0,
      "total_employees": 32,
      "filing_date": "2024-03-26"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 17052370000.0,
      "total_employees": 30,
      "filing_date": "2025-03-26"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 17661273000.0,
      "total_employees": 32,
      "filing_date": "2026-03-30"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 10 to 11.",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "Northern Trust Corporation",
      "name_as_filed": "NORTHERN TRUST CORPORATION",
      "affiliated": false
    },
    {
      "name": "State Street Corporation",
      "name_as_filed": "STATE STREET CORPORATION",
      "affiliated": false
    },
    {
      "name": "The Bank of New York Mellon",
      "name_as_filed": "THE BANK OF NEW YORK MELLON",
      "affiliated": false
    },
    {
      "name": "US Bank National Association",
      "name_as_filed": "US BANK NATIONAL ASSOCIATION",
      "affiliated": false
    }
  ],
  "custodians_note": "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.",
  "markdown_url": "https://advisorcensus.com/firm/merganser-capital-management-llc-boston-ma-169258.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": null,
      "fewer_than_5": true,
      "raum": 24267000.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 2,
      "fewer_than_5": false,
      "raum": 611665000.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 4,
      "fewer_than_5": false,
      "raum": 534283000.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 11,
      "fewer_than_5": false,
      "raum": 2315412000.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 7,
      "fewer_than_5": false,
      "raum": 2642195000.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 10,
      "fewer_than_5": false,
      "raum": 444691000.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 83,
      "fewer_than_5": false,
      "raum": 10613247000.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 7,
      "fewer_than_5": false,
      "raum": 475513000.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/169258",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}