# Merganser Capital Management, LLC

> 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.

- CRD: 169258
- Filed as: MERGANSER CAPITAL MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boston, MA
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/169258
- AdvisorCensus page: https://advisorcensus.com/firm/merganser-capital-management-llc-boston-ma-169258

## Quick answers

**How is Merganser Capital Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Merganser Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management.

**Where is Merganser Capital Management, LLC located?**
Merganser Capital Management, LLC's principal office is in Boston, MA, according to its Form ADV.

**Is Merganser Capital Management, LLC registered with the SEC or a state?**
Merganser Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2013. Status as filed: Approved. CRD 169258.

**How much does Merganser Capital Management, LLC manage?**
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).

**How have Merganser Capital Management, LLC's assets and staff changed since 2021?**
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.

**What types of clients does Merganser Capital Management, LLC serve?**
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).

**Which custodians does Merganser Capital Management, LLC use?**
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.

**Does Merganser Capital Management, 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/169258

**What changed in Merganser Capital Management, LLC's recent Form ADV filings?**
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).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Custodians (Schedule D, Section 5.K(3))
- Northern Trust Corporation
- State Street Corporation
- The Bank of New York Mellon
- US Bank National Association

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.

### Regulatory assets under management (Item 5.F)
- Total: $17,661,273,000
- Discretionary: $17,661,273,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | Fewer than 5 | $24,267,000 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 2 | $611,665,000 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 4 | $534,283,000 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 11 | $2,315,412,000 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 7 | $2,642,195,000 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 10 | $444,691,000 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 83 | $10,613,247,000 |
| Other | 7 | $475,513,000 |

### 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 pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2013 (12 years)
- Employees: 32 total, 11 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: MA, NY, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- merganser.com
- LinkedIn @merganser-capital-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $14,866,213,000 | 30 | March 23, 2021 |
| October 2022 | $14,592,827,000 | 34 | March 25, 2022 |
| October 2023 | $13,670,733,000 | 33 | March 27, 2023 |
| October 2024 | $15,627,641,000 | 32 | March 26, 2024 |
| October 2025 | $17,052,370,000 | 30 | March 26, 2025 |
| October 2026 | $17,661,273,000 | 32 | March 30, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 10 to 11.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Merganser Capital Management, LLC (CRD 169258): Form ADV filing data as of October 2026.