# Wolverine Asset Management, LLC

> Wolverine Asset Management, LLC is an SEC-registered investment advisory firm in Chicago, IL, registered since 2011, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated June 12, 2026.

- CRD: 138907
- Filed as: WOLVERINE ASSET MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: June 12, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/138907
- AdvisorCensus page: https://advisorcensus.com/firm/wolverine-asset-management-llc-chicago-il-138907

## Quick answers

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

**Where is Wolverine Asset Management, LLC located?**
Wolverine Asset Management, LLC's principal office is in Chicago, IL, according to its Form ADV; the July 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Wolverine Asset Management, LLC registered with the SEC or a state?**
Wolverine Asset Management, LLC is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 138907.

**How much does Wolverine Asset Management, LLC manage?**
Wolverine Asset Management, LLC reports $14,827,291,408 in regulatory assets under management in its Form ADV filing dated June 12, 2026 (100% discretionary).

**How have Wolverine Asset Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Wolverine Asset Management, LLC: Regulatory assets under management: $14,068,367,000 in the October 2021 data and $14,827,291,408 in the October 2026 data, up 5%. Total employees: 44 in October 2021 and 44 in October 2026. Assets under management move with markets as well as with clients coming and going.

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

**Does Wolverine Asset Management, 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/138907

**Does Wolverine Asset Management, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated March 26, 2026 says: "The minimum investment required by the WAM Funds is $5 million US, which may be reduced in WAM’s discretion."

**What changed in Wolverine Asset Management, LLC's recent Form ADV filings?**
In the July 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated March 26, 2026)

- Account minimum: $5,000,000 (the brochure says it may be waived or negotiated)

> The minimum investment required by the WAM Funds is $5 million US, which may be reduced in WAM’s discretion.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $14,827,291,408
- Discretionary: $14,827,291,408
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $14,827,291,408 |

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

### Firm details
- Registered since: 2011 (15 years)
- Employees: 44 total, 20 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- wolve.com
- wolvefunds.com
- LinkedIn @wolverine-asset-management-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $14,068,367,000 | 44 | March 30, 2021 |
| October 2022 | $10,761,937,323 | 44 | March 31, 2022 |
| October 2023 | $8,426,077,507 | 46 | March 29, 2023 |
| October 2024 | $7,990,052,758 | 45 | March 28, 2024 |
| October 2025 | $11,234,881,055 | 47 | March 28, 2025 |
| October 2026 | $14,827,291,408 | 44 | June 12, 2026 |

Regulatory assets under management: $14,068,367,000 in the October 2021 data and $14,827,291,408 in the October 2026 data, up 5%.
Total employees: 44 in October 2021 and 44 in October 2026.

## Changes in the filing (last 12 months)

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

### April 2026
- Employees performing advisory functions went from 23 to 20.
- Regulatory assets under management went from $11,234,881,055 to $14,827,291,408 (+32%).
- Updated its list of owners and control persons (Schedule A).

### February 2026
- Item 11 disclosure answers changed: 0 yes answers, previously 3 (now no: 11.C(2), 11.C(4), 11.C(5)).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Wolverine Asset Management, LLC (CRD 138907): Form ADV filing data as of October 2026.