# Miller Investment Management, LP

> Miller Investment Management, LP is an SEC-registered investment advisory firm in West Conshohocken, PA, registered since 1998, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 108380
- Filed as: MILLER INVESTMENT MANAGEMENT, LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: West Conshohocken, PA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/108380
- AdvisorCensus page: https://advisorcensus.com/firm/miller-investment-management-lp-west-conshohocken-pa-108380

## Quick answers

**How is Miller Investment Management, LP compensated?**
On its Form ADV (Item 5.E, October 2026), Miller Investment Management, LP reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees.

**What does Miller Investment Management, LP's brochure say about its fees?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: 1% of assets a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Miller Investment Management, LP located?**
Miller Investment Management, LP's principal office is in West Conshohocken, PA, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Miller Investment Management, LP registered with the SEC or a state?**
Miller Investment Management, LP is an SEC-registered investment advisory firm, registered since 1998. Status as filed: Approved. CRD 108380.

**How much does Miller Investment Management, LP manage?**
Miller Investment Management, LP reports $7,104,869,806 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (25% discretionary).

**How have Miller Investment Management, LP's assets and staff changed since 2021?**
In the Form ADV data for Miller Investment Management, LP: Regulatory assets under management: $4,024,226,215 in the October 2021 data and $7,104,869,806 in the October 2026 data, up 77%. Total employees: 22 in October 2021 and 18 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Miller Investment Management, LP serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (127); individuals (other than high net worth individuals) (28); pooled investment vehicles (other than investment companies and business development companies) (18).

**Which custodians does Miller Investment Management, LP use?**
Miller Investment Management, LP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Bank of America Private Bank, J.P. Morgan Securities LLC and Pershing LLC as custodians holding 10% or more of its separately managed account assets.

**Does Miller Investment Management, LP 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/108380

**What changed in Miller Investment Management, LP's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 8 to 7. Regulatory assets under management went from $5,694,821,204 to $7,104,869,806 (+25%). Registered or notice-filed in NV.

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Asset-based fee: 1% of assets a year

> The percentage fee for SMAs and such Private Funds is equal to or less than one percent (1%) per annum and may have a minimum fee as stipulated in the investment advisory agreement.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Bank of America Private Bank
- J.P. Morgan Securities LLC
- Pershing LLC

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: $7,104,869,806
- Discretionary: $1,775,592,906
- Non-discretionary: $5,329,276,900

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 28 | $9,470,818 |
| High net worth individuals | 127 | $6,297,655,122 |
| Pooled investment vehicles (other than investment companies and business development companies) | 18 | $637,764,033 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $1,101,980 |
| Charitable organizations | 10 | $158,877,853 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 1998 (27 years)
- Employees: 18 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, DE, FL, MA, NV, NY, OH, PA, SC, TX
- 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
- New York, NY

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $4,024,226,215 | 22 | July 30, 2021 |
| October 2022 | $5,500,719,806 | 21 | May 4, 2022 |
| October 2023 | $5,088,526,105 | 21 | May 2, 2023 |
| October 2024 | $6,375,388,552 | 23 | April 30, 2024 |
| October 2025 | $5,694,821,204 | 19 | March 31, 2025 |
| October 2026 | $7,104,869,806 | 18 | March 31, 2026 |

Regulatory assets under management: $4,024,226,215 in the October 2021 data and $7,104,869,806 in the October 2026 data, up 77%.
Total employees: 22 in October 2021 and 18 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 8 to 7.
- Regulatory assets under management went from $5,694,821,204 to $7,104,869,806 (+25%).
- Registered or notice-filed in NV.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Miller Investment Management, LP (CRD 108380): Form ADV filing data as of October 2026.