# Milliman Financial Risk Management LLC

> Milliman Financial Risk Management LLC is an SEC-registered investment advisory firm in Chicago, IL, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 159377
- Filed as: MILLIMAN FINANCIAL RISK MANAGEMENT LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/159377
- AdvisorCensus page: https://advisorcensus.com/firm/milliman-financial-risk-management-llc-chicago-il-159377

## Quick answers

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

**Where is Milliman Financial Risk Management LLC located?**
Milliman Financial Risk Management LLC's principal office is in Chicago, IL, according to its Form ADV.

**Is Milliman Financial Risk Management LLC registered with the SEC or a state?**
Milliman Financial Risk Management LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 159377.

**How much does Milliman Financial Risk Management LLC manage?**
Milliman Financial Risk Management LLC reports $40,329,783,469 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Milliman Financial Risk Management LLC's assets and staff changed since 2021?**
In the Form ADV data for Milliman Financial Risk Management LLC: Regulatory assets under management: $27,454,089,866 in the October 2021 data and $40,329,783,469 in the October 2026 data, up 47%. Total employees: 209 in October 2021 and 177 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Milliman Financial Risk Management LLC serve?**
By number of clients on Form ADV Item 5.D: investment companies (50); insurance companies (21); pooled investment vehicles (other than investment companies and business development companies) (5).

**Which custodians does Milliman Financial Risk Management LLC use?**
Milliman Financial Risk Management LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Bank of America, Bank of New York Mellon, Citigroup, Inc, JPMorgan Chase Bank, Northern Trust, US Bank and Wells Fargo Bank, N.A. as custodians holding 10% or more of its separately managed account assets.

**Does Milliman Financial Risk 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/159377

**What changed in Milliman Financial Risk Management LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 134 to 135.

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Bank of America
- Bank of New York Mellon
- Citigroup, Inc
- JPMorgan Chase Bank
- Northern Trust
- US Bank
- Wells Fargo Bank, N.A.

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: $40,329,783,469
- Discretionary: $40,329,783,469
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 50 | $25,887,054,055 |
| Pooled investment vehicles (other than investment companies and business development companies) | 5 | $1,263,834,534 |
| Insurance companies | 21 | $13,178,894,880 |

### Advisory services (Item 5.G)
- 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: 2012 (14 years)
- Employees: 177 total, 135 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- frm.milliman.com/en
- millimanfunds.com
- Facebook @MillimanFRM
- LinkedIn @milliman-frm
- X @millimanfrm

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $27,454,089,866 | 209 | March 31, 2021 |
| October 2022 | $34,310,528,057 | 194 | March 31, 2022 |
| October 2023 | $42,884,691,036 | 205 | April 3, 2023 |
| October 2024 | $42,927,399,019 | 182 | March 31, 2024 |
| October 2025 | $41,061,051,956 | 173 | March 31, 2025 |
| October 2026 | $40,329,783,469 | 177 | March 31, 2026 |

Regulatory assets under management: $27,454,089,866 in the October 2021 data and $40,329,783,469 in the October 2026 data, up 47%.
Total employees: 209 in October 2021 and 177 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 134 to 135.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Milliman Financial Risk Management LLC (CRD 159377): Form ADV filing data as of October 2026.