# Philadelphia Financial

> Philadelphia Financial is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2005, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 23, 2026.

- CRD: 131413
- Filed as: PHILADELPHIA FINANCIAL
- Legal name: Philadelphia Financial Management of San Francisco, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 23, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/131413
- AdvisorCensus page: https://advisorcensus.com/firm/philadelphia-financial-san-francisco-ca-131413

## Quick answers

**How is Philadelphia Financial compensated?**
On its Form ADV (Item 5.E, October 2026), Philadelphia Financial reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is Philadelphia Financial located?**
Philadelphia Financial's principal office is in San Francisco, CA, according to its Form ADV.

**Is Philadelphia Financial registered with the SEC or a state?**
Philadelphia Financial is an SEC-registered investment advisory firm, registered since 2005. Status as filed: Approved. CRD 131413.

**How much does Philadelphia Financial manage?**
Philadelphia Financial reports $730,032,684 in regulatory assets under management in its Form ADV filing dated March 23, 2026 (100% discretionary).

**How have Philadelphia Financial's assets and staff changed since 2021?**
In the Form ADV data for Philadelphia Financial: Regulatory assets under management: $540,621,622 in the October 2021 data and $730,032,684 in the October 2026 data, up 35%. Total employees: 8 in October 2021 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Philadelphia Financial serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (3).

**Does Philadelphia Financial 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/131413

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $730,032,684
- Discretionary: $730,032,684
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $730,032,684 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2005 (21 years)
- Employees: 9 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $540,621,622 | 8 | March 25, 2021 |
| October 2022 | $598,818,000 | 8 | March 25, 2022 |
| October 2023 | $718,659,956 | 8 | April 26, 2023 |
| October 2024 | $642,832,777 | 8 | March 1, 2024 |
| October 2025 | $748,291,211 | 9 | March 18, 2025 |
| October 2026 | $730,032,684 | 9 | March 23, 2026 |

Regulatory assets under management: $540,621,622 in the October 2021 data and $730,032,684 in the October 2026 data, up 35%.
Total employees: 8 in October 2021 and 9 in October 2026.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Philadelphia Financial (CRD 131413): Form ADV filing data as of October 2026.