# Zazove Associates LLC

> 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.

- CRD: 104751
- Filed as: ZAZOVE ASSOCIATES LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Incline Village, NV
- Filing period: October 2026
- Form ADV filing dated: April 29, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/104751
- AdvisorCensus page: https://advisorcensus.com/firm/zazove-associates-llc-incline-village-nv-104751

## Quick answers

**How is Zazove Associates LLC compensated?**
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.

**Where is Zazove Associates LLC located?**
Zazove Associates LLC's principal office is in Incline Village, NV, according to its Form ADV.

**Is Zazove Associates LLC registered with the SEC or a state?**
Zazove Associates LLC is an SEC-registered investment advisory firm, registered since 1989. Status as filed: Approved. CRD 104751.

**How much does Zazove Associates LLC manage?**
Zazove Associates LLC reports $1,965,261,712 in regulatory assets under management in its Form ADV filing dated April 29, 2026 (100% discretionary).

**How have Zazove Associates LLC's assets and staff changed since 2021?**
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.

**What types of clients does Zazove Associates LLC serve?**
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).

**Which custodians does Zazove Associates LLC use?**
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.

**Does Zazove Associates 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/104751

**What changed in Zazove Associates LLC's recent Form ADV filings?**
In the April 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

### Custodians (Schedule D, Section 5.K(3))
- State Street
- US 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: $1,965,261,712
- Discretionary: $1,965,261,712
- 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 | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 7 | $265,801,019 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 4 | $99,098,749 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 1 | $159,382,898 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 53 | $1,246,829,193 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 7 | $194,149,853 |
| Other | Not reported | $0 |

### Advisory services (Item 5.G)
- 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

### Firm details
- Registered since: 1989 (37 years)
- Employees: 21 total, 11 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NV
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [zazove.com](https://zazove.com)
- LinkedIn @zazove-associates-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,288,912,460 | 25 | July 20, 2021 |
| October 2022 | $2,520,614,911 | 24 | February 16, 2022 |
| October 2023 | $2,278,112,186 | 25 | May 31, 2023 |
| October 2024 | $2,286,673,248 | 25 | April 29, 2024 |
| October 2025 | $2,071,646,009 | 22 | March 28, 2025 |
| October 2026 | $1,965,261,712 | 21 | April 29, 2026 |

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.

## Changes in the filing (last 12 months)

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

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Zazove Associates LLC (CRD 104751): Form ADV filing data as of October 2026.