{ "crd_number": 307865, "slug": "northwestern-mutual-investment-management-company-llc-milwaukee-wi-307865", "primary_business_name": "NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC", "legal_name": "NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC", "dbas": [ "NORTHWESTERN MUTUAL CAPITAL" ], "city": "Milwaukee", "state": "WI", "country": "United States", "cbsa_code": "33340", "metro": { "cbsa_code": "33340", "common_name": "Milwaukee", "msa_name": "Milwaukee-Waukesha, WI", "path": "/advisors/wi/milwaukee" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "2020-12-09", "years_registered": 5, "period": "2026-10-01", "filing_date": "2026-05-06", "carried_forward": false, "raum_total": 323078339738.0, "raum_discretionary": 323078339738.0, "raum_non_discretionary": 0.0, "raum_band": "over_5b", "raum_band_label": "Over $5 billion", "total_employees": 246, "advisory_employees": 213, "client_count_bucket": null, "clients_by_type": { "charitable": { "raum": 117845105.0, "count": 1 }, "banking_thrift": { "raum": 432372980.0, "count": 1 }, "insurance_companies": { "raum": 315117960207.0, "count": 3 }, "pooled_investment_vehicles": { "raum": 7410161446.0, "count": 18 } }, "compensation_types": [ "percentage_of_aum", "performance_based" ], "advisory_activities": [ "portfolio_management_businesses_institutional", "portfolio_management_pooled_vehicles", "selection_of_other_advisers" ], "wrap_fee_participant": false, "disclosure_yes_count": 5, "states_registered": [ "CO", "DE", "FL", "IL", "MA", "MO", "NC", "OH", "PA", "WA", "WI" ], "websites": [ "https://capital.northwesternmutual.com/index.html", "https://linkedin.com/showcase/northwestern-mutual-real-estate", "https://realestate.northwesternmutual.com" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/307865", "disclosure_items": [ { "item": "11.C(2)", "question": "Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?" }, { "item": "11.C(4)", "question": "Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?" }, { "item": "11.C(5)", "question": "Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?" }, { "item": "11.D(2)", "question": "Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?" }, { "item": "11.D(4)", "question": "In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?" } ], "city_as_filed": "MILWAUKEE", "url": "https://advisorcensus.com/firm/northwestern-mutual-investment-management-company-llc-milwaukee-wi-307865", "display_name": "Northwestern Mutual Investment Management Company, LLC", "summary": "Northwestern Mutual Investment Management Company, LLC is an SEC-registered investment advisory firm in Milwaukee, WI, registered since 2020, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated May 6, 2026.", "citation": "AdvisorCensus. Northwestern Mutual Investment Management Company, LLC (CRD 307865): Form ADV filing data as of October 2026.", "registration_type_label": "SEC-registered investment adviser", "compensation_labels": [ "A percentage of assets under your management", "Performance-based fees" ], "advisory_activity_labels": [ "Portfolio management for pooled investment vehicles (other than investment companies)", "Portfolio management for businesses (other than small businesses) or institutional clients", "Selection of other advisers (including private fund managers)" ], "quick_answers": [ { "q": "How is Northwestern Mutual Investment Management Company, LLC compensated?", "a": "On its Form ADV (Item 5.E, October 2026), Northwestern Mutual Investment Management Company, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure." }, { "q": "Where is Northwestern Mutual Investment Management Company, LLC located?", "a": "Northwestern Mutual Investment Management Company, LLC's principal office is in Milwaukee, WI, according to its Form ADV; the June 2026 filing also lists 1 other office (Schedule D, Section 1.F)." }, { "q": "Is Northwestern Mutual Investment Management Company, LLC registered with the SEC or a state?", "a": "Northwestern Mutual Investment Management Company, LLC is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 307865." }, { "q": "How much does Northwestern Mutual Investment Management Company, LLC manage?", "a": "Northwestern Mutual Investment Management Company, LLC reports $323,078,339,738 in regulatory assets under management in its Form ADV filing dated May 6, 2026 (100% discretionary)." }, { "q": "How have Northwestern Mutual Investment Management Company, LLC's assets and staff changed since 2021?", "a": "In the Form ADV data for Northwestern Mutual Investment Management Company, LLC: Regulatory assets under management: $272,339,505,515 in the October 2021 data and $323,078,339,738 in the October 2026 data, up 19%. Total employees: 196 in October 2021 and 246 in October 2026. Assets under management move with markets as well as with clients coming and going." }, { "q": "What types of clients does Northwestern Mutual Investment Management Company, LLC serve?", "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (18); insurance companies (3); banking or thrift institutions (1)." }, { "q": "Which custodians does Northwestern Mutual Investment Management Company, LLC use?", "a": "Northwestern Mutual Investment Management Company, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY Mellon as a custodian holding 10% or more of its separately managed account assets." }, { "q": "Does Northwestern Mutual Investment Management Company, LLC report any disciplinary disclosures?", "a": "Reports 5 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order), 11.D(2) (another regulator's finding of a violation), and 11.D(4) (another regulator's order in the past ten years). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/307865" }, { "q": "What changed in Northwestern Mutual Investment Management Company, LLC's recent Form ADV filings?", "a": "In the April 2026 filing data: Employees performing advisory functions went from 201 to 213." } ], "filing_history": [ { "period": "2021-10-01", "regulatory_assets_under_management": 272339505515.0, "total_employees": 196, "filing_date": "2021-09-01" }, { "period": "2022-10-01", "regulatory_assets_under_management": 288150100028.0, "total_employees": 198, "filing_date": "2022-06-21" }, { "period": "2023-10-01", "regulatory_assets_under_management": 262082656098.0, "total_employees": 209, "filing_date": "2023-09-14" }, { "period": "2024-10-01", "regulatory_assets_under_management": 281345911200.0, "total_employees": 260, "filing_date": "2024-06-10" }, { "period": "2025-10-01", "regulatory_assets_under_management": 299972578140.0, "total_employees": 229, "filing_date": "2025-05-28" }, { "period": "2026-10-01", "regulatory_assets_under_management": 323078339738.0, "total_employees": 246, "filing_date": "2026-05-06" } ], "recent_changes": [ { "period": "2026-04-01", "period_label": "April 2026", "notes": [ "Employees performing advisory functions went from 201 to 213." ] }, { "period": "2025-11-01", "period_label": "November 2025", "notes": [ "Updated its list of owners and control persons (Schedule A)." ] } ], "fees_from_brochure": null, "custodians": [ { "name": "BNY Mellon", "name_as_filed": "BNY MELLON", "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/northwestern-mutual-investment-management-company-llc-milwaukee-wi-307865.md", "clients": [ { "type": "banking_thrift", "label": "Banking or thrift institutions", "count": 1, "fewer_than_5": false, "raum": 432372980.0 }, { "type": "pooled_investment_vehicles", "label": "Pooled investment vehicles (other than investment companies and business development companies)", "count": 18, "fewer_than_5": false, "raum": 7410161446.0 }, { "type": "charitable", "label": "Charitable organizations", "count": 1, "fewer_than_5": false, "raum": 117845105.0 }, { "type": "insurance_companies", "label": "Insurance companies", "count": 3, "fewer_than_5": false, "raum": 315117960207.0 } ], "disclosure_line": "Reports 5 disclosure items on Form ADV Item 11.", "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/307865", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }