# Merlin Asset Management

> Merlin Asset Management is a state-registered investment advisory firm in Newport, RI, registered since 2024, reporting $25 million to $100 million in regulatory assets under management in its Form ADV filing dated March 2, 2026.

- CRD: 284790
- Filed as: MERLIN ASSET MANAGEMENT
- Legal name: Merlin Capital Inc.
- Registration: State-registered investment adviser (status as filed: APPROVED)
- Location: Newport, RI
- Filing period: October 2026
- Form ADV filing dated: March 2, 2026
- Public record (IAPD): https://adviserinfo.sec.gov/firm/summary/284790
- AdvisorCensus page: https://advisorcensus.com/firm/merlin-asset-management-newport-ri-284790

## Quick answers

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

**Where is Merlin Asset Management located?**
Merlin Asset Management's principal office is in Newport, RI, according to its Form ADV.

**Is Merlin Asset Management registered with the SEC or a state?**
Merlin Asset Management is a state-registered investment advisory firm, registered since 2024. Status as filed: APPROVED. CRD 284790.

**How much does Merlin Asset Management manage?**
Merlin Asset Management reports $50,211,696 in regulatory assets under management in its Form ADV filing dated March 2, 2026 (100% discretionary).

**How have Merlin Asset Management's assets and staff changed since 2021?**
In the Form ADV data for Merlin Asset Management: Regulatory assets under management: $210,098,226 in the October 2021 data and $50,211,696 in the October 2026 data, down 76%. Total employees: 1 in October 2021 and 1 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Merlin Asset Management serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (22); individuals (other than high net worth individuals) (3); corporations or other businesses not listed above (1).

**Does Merlin 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 public record on IAPD: https://adviserinfo.sec.gov/firm/summary/284790

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $50,211,696
- Discretionary: $50,211,696
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 3 | $708,719 |
| High net worth individuals | 22 | $49,501,140 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| 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 | 1 | $1,837 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses

### Firm details
- Registered since: 2024 (2 years)
- Employees: 1 total, 1 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NY, RI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- merlinam.com
- LinkedIn @MERLIN-ASSET-MANAGEMENT
- X @MERLINAMGMT

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $210,098,226 | 1 | April 12, 2021 |
| October 2022 | $110,184,188 | 1 | March 12, 2022 |
| October 2023 | $51,862,718 | 1 | May 8, 2023 |
| October 2026 | $50,211,696 | 1 | March 2, 2026 |

Regulatory assets under management: $210,098,226 in the October 2021 data and $50,211,696 in the October 2026 data, down 76%.
Total employees: 1 in October 2021 and 1 in October 2026.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Merlin Asset Management (CRD 284790): Form ADV filing data as of October 2026.