# Ullico Investment Advisors, Inc.

> Ullico Investment Advisors, Inc. is an SEC-registered investment advisory firm in Bethesda, MD, registered since 1990, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 4, 2026.

- CRD: 106628
- Filed as: ULLICO INVESTMENT ADVISORS, INC.
- Also doing business as: UIA INVESTMENT MANAGEMENT, LLC (RELYING ADVISER), UIF GP, LLC (RELYING ADDVISER), ULLICO DIEF, LLC (RELYING ADVISER), ULLICO INFRASTRUCTURE MANAGEMENT COMPANY, LLC (RELYING ADVISER), ULLICO ISCF, LLC (RELYING ADVISER), ULLICO VALUE-ADD FUND I GP LLC (RELYING ADVISER)
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Bethesda, MD
- Filing period: October 2026
- Form ADV filing dated: August 4, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/106628
- AdvisorCensus page: https://advisorcensus.com/firm/ullico-investment-advisors-inc-bethesda-md-106628

## Quick answers

**How is Ullico Investment Advisors, Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), Ullico Investment Advisors, Inc. reports these compensation arrangements: a percentage of assets under its management. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Ullico Investment Advisors, Inc. located?**
Ullico Investment Advisors, Inc.'s principal office is in Bethesda, MD, according to its Form ADV; the September 2026 filing also lists 5 other offices (Schedule D, Section 1.F).

**Is Ullico Investment Advisors, Inc. registered with the SEC or a state?**
Ullico Investment Advisors, Inc. is an SEC-registered investment advisory firm, registered since 1990. Status as filed: Approved. CRD 106628.

**How much does Ullico Investment Advisors, Inc. manage?**
Ullico Investment Advisors, Inc. reports $13,924,070,380 in regulatory assets under management in its Form ADV filing dated August 4, 2026 (100% discretionary).

**How have Ullico Investment Advisors, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Ullico Investment Advisors, Inc.: Regulatory assets under management: $8,242,733,698 in the October 2021 data and $13,924,070,380 in the October 2026 data, up 69%. Total employees: 62 in October 2021 and 92 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Ullico Investment Advisors, Inc. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (12); pension and profit sharing plans (but not the plan participants or government pension plans) (10); banking or thrift institutions (1).

**Which custodians does Ullico Investment Advisors, Inc. use?**
Ullico Investment Advisors, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY, Caseis Bank and U.S. Bank as custodians holding 10% or more of its separately managed account assets.

**Does Ullico Investment Advisors, Inc. 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/106628

**What changed in Ullico Investment Advisors, Inc.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 53 to 58.

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- BNY
- Caseis Bank
- U.S. Bank

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: $13,924,070,380
- Discretionary: $13,924,070,380
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 1 | $116,760,229 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 12 | $13,052,415,623 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 10 | $530,686,681 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 1 | $0 |
| Insurance companies | 1 | $224,207,847 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### 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
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 1990 (36 years)
- Employees: 92 total, 58 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MD
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the September 2026 filing
- Chapel Hill, NC
- Chicago, IL
- New York, NY
- Newport Beach, CA
- Washington, DC

### Websites listed on Form ADV (Item 1.I)
- [flickr.com/photos/ullico](https://flickr.com/photos/ullico)
- [ullico-urs.com](https://ullico-urs.com)
- [ullico.com](https://ullico.com)
- [vimeo.com/user18015411](https://vimeo.com/user18015411)
- Facebook @ULLICOINC
- Instagram @ULLICOINC
- LinkedIn @ULLICO
- X @UllicoInc
- YouTube @UCDFQBRNTURV730QMMWEYT1W

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $8,242,733,698 | 62 | May 12, 2021 |
| October 2022 | $9,799,271,187 | 69 | May 9, 2022 |
| October 2023 | $10,400,415,425 | 72 | July 21, 2023 |
| October 2024 | $11,318,266,665 | 83 | May 30, 2024 |
| October 2025 | $12,750,234,734 | 87 | March 29, 2025 |
| October 2026 | $13,924,070,380 | 92 | August 4, 2026 |

Regulatory assets under management: $8,242,733,698 in the October 2021 data and $13,924,070,380 in the October 2026 data, up 69%.
Total employees: 62 in October 2021 and 92 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 53 to 58.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Ullico Investment Advisors, Inc. (CRD 106628): Form ADV filing data as of October 2026.