{
  "crd_number": 104751,
  "slug": "zazove-associates-llc-incline-village-nv-104751",
  "primary_business_name": "ZAZOVE ASSOCIATES LLC",
  "legal_name": "ZAZOVE ASSOCIATES LLC",
  "dbas": [],
  "city": "Incline Village",
  "state": "NV",
  "country": "United States",
  "cbsa_code": "39900",
  "metro": {
    "cbsa_code": "39900",
    "common_name": "Reno",
    "msa_name": "Reno, NV",
    "path": "/advisors/nv/reno"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1989-08-18",
  "years_registered": 37,
  "period": "2026-10-01",
  "filing_date": "2026-04-29",
  "carried_forward": false,
  "raum_total": 1965261712.0,
  "raum_discretionary": 1965261712.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 21,
  "advisory_employees": 11,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": 0.0,
      "count": null
    },
    "charitable": {
      "raum": 0.0,
      "count": 0
    },
    "individuals": {
      "raum": 0.0,
      "count": 0
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 159382898.0,
      "count": 1,
      "fewer_than_5": true
    },
    "insurance_companies": {
      "raum": 1246829193.0,
      "count": 53
    },
    "investment_companies": {
      "raum": 0.0,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": 99098749.0,
      "count": 4,
      "fewer_than_5": true
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 0.0,
      "count": 0
    },
    "pooled_investment_vehicles": {
      "raum": 265801019.0,
      "count": 7
    },
    "corporations_other_businesses": {
      "raum": 194149853.0,
      "count": 7
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "NV"
  ],
  "websites": [
    "https://linkedin.com/company/zazove-associates-llc",
    "https://zazove.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/104751",
  "city_as_filed": "INCLINE VILLAGE",
  "url": "https://advisorcensus.com/firm/zazove-associates-llc-incline-village-nv-104751",
  "display_name": "Zazove Associates LLC",
  "summary": "Zazove Associates LLC is an SEC-registered investment advisory firm in Incline Village, NV, registered since 1989, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated April 29, 2026.",
  "citation": "AdvisorCensus. Zazove Associates LLC (CRD 104751): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients"
  ],
  "quick_answers": [
    {
      "q": "How is Zazove Associates LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Zazove Associates LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is Zazove Associates LLC located?",
      "a": "Zazove Associates LLC's principal office is in Incline Village, NV, according to its Form ADV."
    },
    {
      "q": "Is Zazove Associates LLC registered with the SEC or a state?",
      "a": "Zazove Associates LLC is an SEC-registered investment advisory firm, registered since 1989. Status as filed: Approved. CRD 104751."
    },
    {
      "q": "How much does Zazove Associates LLC manage?",
      "a": "Zazove Associates LLC reports $1,965,261,712 in regulatory assets under management in its Form ADV filing dated April 29, 2026 (100% discretionary)."
    },
    {
      "q": "How have Zazove Associates LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Zazove Associates LLC: Regulatory assets under management: $2,288,912,460 in the October 2021 data and $1,965,261,712 in the October 2026 data, down 14%. Total employees: 25 in October 2021 and 21 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Zazove Associates LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: insurance companies (53); pooled investment vehicles (other than investment companies and business development companies) (7); corporations or other businesses not listed above (7)."
    },
    {
      "q": "Which custodians does Zazove Associates LLC use?",
      "a": "Zazove Associates LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists State Street and US Bank as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Zazove Associates LLC report any disciplinary disclosures?",
      "a": "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/104751"
    },
    {
      "q": "What changed in Zazove Associates LLC's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 2288912460.0,
      "total_employees": 25,
      "filing_date": "2021-07-20"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 2520614911.0,
      "total_employees": 24,
      "filing_date": "2022-02-16"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 2278112186.0,
      "total_employees": 25,
      "filing_date": "2023-05-31"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 2286673248.0,
      "total_employees": 25,
      "filing_date": "2024-04-29"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 2071646009.0,
      "total_employees": 22,
      "filing_date": "2025-03-28"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 1965261712.0,
      "total_employees": 21,
      "filing_date": "2026-04-29"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "State Street",
      "name_as_filed": "STATE STREET",
      "affiliated": false
    },
    {
      "name": "US Bank",
      "name_as_filed": "US BANK",
      "affiliated": false
    }
  ],
  "custodians_note": "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.",
  "markdown_url": "https://advisorcensus.com/firm/zazove-associates-llc-incline-village-nv-104751.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 7,
      "fewer_than_5": false,
      "raum": 265801019.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 4,
      "fewer_than_5": true,
      "raum": 99098749.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 1,
      "fewer_than_5": true,
      "raum": 159382898.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 53,
      "fewer_than_5": false,
      "raum": 1246829193.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 7,
      "fewer_than_5": false,
      "raum": 194149853.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/104751",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}