# Shepherd Kaplan LLC

> Shepherd Kaplan LLC is an SEC-registered investment advisory firm in Boston, MA, registered since 2003, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 128244
- Filed as: SHEPHERD KAPLAN LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boston, MA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/128244
- AdvisorCensus page: https://advisorcensus.com/firm/shepherd-kaplan-llc-boston-ma-128244

## Quick answers

**How is Shepherd Kaplan LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Shepherd Kaplan LLC reports these compensation arrangements: other.

**Where is Shepherd Kaplan LLC located?**
Shepherd Kaplan LLC's principal office is in Boston, MA, according to its Form ADV.

**Is Shepherd Kaplan LLC registered with the SEC or a state?**
Shepherd Kaplan LLC is an SEC-registered investment advisory firm, registered since 2003. Status as filed: Approved. CRD 128244.

**How much does Shepherd Kaplan LLC manage?**
Shepherd Kaplan LLC reports $10,157,050,719 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (8% discretionary).

**How have Shepherd Kaplan LLC's assets and staff changed since 2021?**
In the Form ADV data for Shepherd Kaplan LLC: Regulatory assets under management: $7,408,215,042 in the October 2021 data and $10,157,050,719 in the October 2026 data, up 37%. Total employees: 43 in October 2021 and 42 in October 2026. Assets under management move with markets as well as with clients coming and going.

**Which custodians does Shepherd Kaplan LLC use?**
Shepherd Kaplan LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Northern Trust Securities, Inc. as a custodian holding 10% or more of its separately managed account assets.

**Does Shepherd Kaplan 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/128244

## From the Form ADV filing

### Compensation (Item 5.E)
- Other

### Custodians (Schedule D, Section 5.K(3))
- Northern Trust Securities, Inc.

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: $10,157,050,719
- Discretionary: $862,247,181
- Non-discretionary: $9,294,803,538

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Other investment advisers | Fewer than 5 | $10,157,050,719 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- 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: 2003 (22 years)
- Employees: 42 total, 24 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, CO, DC, FL, MA, MD, NY, PA, TX, VA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- sk-llc.com
- skk-llc.com
- LinkedIn @SHEPHERD-KAPLAN-KROCHUK
- LinkedIn @SHEPHERD-KAPLAN-LLC

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $7,408,215,042 | 43 | September 22, 2021 |
| October 2022 | $8,511,576,009 | 44 | July 12, 2022 |
| October 2023 | $7,629,797,085 | 42 | May 4, 2023 |
| October 2024 | $8,617,780,105 | 43 | March 28, 2024 |
| October 2025 | $9,398,575,271 | 46 | March 31, 2025 |
| October 2026 | $10,157,050,719 | 42 | March 31, 2026 |

Regulatory assets under management: $7,408,215,042 in the October 2021 data and $10,157,050,719 in the October 2026 data, up 37%.
Total employees: 43 in October 2021 and 42 in October 2026.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Shepherd Kaplan LLC (CRD 128244): Form ADV filing data as of October 2026.