# Penso Advisors, LLC

> Penso Advisors, LLC is an SEC-registered investment advisory firm in New York, NY, registered since 2012, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 158297
- Filed as: PENSO ADVISORS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/158297
- AdvisorCensus page: https://advisorcensus.com/firm/penso-advisors-llc-new-york-ny-158297

## Quick answers

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

**Where is Penso Advisors, LLC located?**
Penso Advisors, LLC's principal office is in New York, NY, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Penso Advisors, LLC registered with the SEC or a state?**
Penso Advisors, LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 158297.

**How much does Penso Advisors, LLC manage?**
Penso Advisors, LLC reports $1,061,821,178 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (6% discretionary).

**How have Penso Advisors, LLC's assets and staff changed since 2021?**
In the Form ADV data for Penso Advisors, LLC: Regulatory assets under management: $1,108,271,208 in the October 2021 data and $1,061,821,178 in the October 2026 data, down 4%. Total employees: 13 in October 2021 and 10 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Penso Advisors, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (4).

**Which custodians does Penso Advisors, LLC use?**
Penso Advisors, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists J.P. Morgan Clearing Corp., Morgan Stanley and Safra Securities LLC as custodians holding 10% or more of its separately managed account assets.

**Does Penso Advisors, 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/158297

**What changed in Penso Advisors, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $1,233,719,715 to $1,061,821,178 (-14%). Employees performing advisory functions went from 3 to 2.

## 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

### Custodians (Schedule D, Section 5.K(3))
- J.P. Morgan Clearing Corp.
- Morgan Stanley
- Safra Securities 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: $1,061,821,178
- Discretionary: $61,218,428
- Non-discretionary: $1,000,602,750

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 4 | $960,733,328 |
| Other investment advisers | Fewer than 5 | $100,000,000 |
| Corporations or other businesses not listed above | Fewer than 5 | $1,087,850 |

### Advisory services (Item 5.G)
- 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: 10 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NY
- 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
- Cedarhurst, NY

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,108,271,208 | 13 | April 27, 2021 |
| October 2022 | $1,177,547,248 | 11 | March 29, 2022 |
| October 2023 | $1,236,791,480 | 11 | June 30, 2023 |
| October 2024 | $889,950,567 | 12 | March 28, 2024 |
| October 2025 | $1,233,719,715 | 11 | March 31, 2025 |
| October 2026 | $1,061,821,178 | 10 | March 31, 2026 |

Regulatory assets under management: $1,108,271,208 in the October 2021 data and $1,061,821,178 in the October 2026 data, down 4%.
Total employees: 13 in October 2021 and 10 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $1,233,719,715 to $1,061,821,178 (-14%).
- Employees performing advisory functions went from 3 to 2.

### February 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Penso Advisors, LLC (CRD 158297): Form ADV filing data as of October 2026.