# Zuckerman Investment Group

> Zuckerman Investment Group is an SEC-registered investment advisory firm in Chicago, IL, registered since 2006, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated September 1, 2026.

- CRD: 137785
- Filed as: ZUCKERMAN INVESTMENT GROUP
- Legal name: Zuckerman Investment Group, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: September 1, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/137785
- AdvisorCensus page: https://advisorcensus.com/firm/zuckerman-investment-group-chicago-il-137785

## Quick answers

**How is Zuckerman Investment Group compensated?**
On its Form ADV (Item 5.E, October 2026), Zuckerman Investment Group 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 Zuckerman Investment Group located?**
Zuckerman Investment Group's principal office is in Chicago, IL, according to its Form ADV.

**Is Zuckerman Investment Group registered with the SEC or a state?**
Zuckerman Investment Group is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 137785.

**How much does Zuckerman Investment Group manage?**
Zuckerman Investment Group reports $2,167,050,844 in regulatory assets under management in its Form ADV filing dated September 1, 2026 (98% discretionary).

**How have Zuckerman Investment Group's assets and staff changed since 2021?**
In the Form ADV data for Zuckerman Investment Group: Regulatory assets under management: $1,048,349,834 in the October 2021 data and $2,167,050,844 in the October 2026 data, up 107%. Total employees: 15 in October 2021 and 15 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Zuckerman Investment Group serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (266); individuals (other than high net worth individuals) (159); pooled investment vehicles (other than investment companies and business development companies) (14).

**Which custodians does Zuckerman Investment Group use?**
Zuckerman Investment Group's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc., CIBC National Trust Company and Pershing LLC as custodians holding 10% or more of its separately managed account assets.

**Does Zuckerman Investment Group 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/137785

**What changed in Zuckerman Investment Group's recent Form ADV filings?**
In the October 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

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- CIBC National Trust Company
- Pershing LLC

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: $2,167,050,844
- Discretionary: $2,118,049,768
- Non-discretionary: $49,001,076

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 159 | $64,858,881 |
| High net worth individuals | 266 | $1,987,468,692 |
| 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) | 14 | $86,294,469 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $3,978,127 |
| Charitable organizations | Fewer than 5 | $15,735,010 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | Fewer than 5 | $8,715,665 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Selection of other advisers (including private fund managers)
- Publication of periodicals or newsletters

### Firm details
- Registered since: 2006 (20 years)
- Employees: 15 total, 6 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, CA, CO, FL, IL, IN, MI, MN, NH, NJ, NY, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- zuckermaninvestmentgroup.com
- Facebook @p
- Instagram @zuckermaninvestmentgroup
- LinkedIn @ZUCKERMAN-INVESTMENT-GROUP

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,048,349,834 | 15 | August 13, 2021 |
| October 2022 | $1,150,666,561 | 17 | September 14, 2022 |
| October 2023 | $1,258,987,905 | 17 | March 29, 2023 |
| October 2024 | $1,542,095,798 | 18 | March 28, 2024 |
| October 2025 | $1,899,810,940 | 20 | March 28, 2025 |
| October 2026 | $2,167,050,844 | 15 | September 1, 2026 |

Regulatory assets under management: $1,048,349,834 in the October 2021 data and $2,167,050,844 in the October 2026 data, up 107%.
Total employees: 15 in October 2021 and 15 in October 2026.

## Changes in the filing (last 12 months)

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

### April 2026
- Employees performing advisory functions went from 7 to 6.
- Regulatory assets under management went from $1,899,810,940 to $2,167,050,844 (+14%).
- Registered or notice-filed in NJ.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Zuckerman Investment Group (CRD 137785): Form ADV filing data as of October 2026.