Advent Capital Management, LLC (New York)

Name: Advent Capital Management, LLC
Address: 888 Seventh Avenue, New York, NY, 10019
Telephone: 212-482-1600

Advent Capital Management, LLC is a large advisory firm based in New York. It manages $8.58 billion of regulatory assets for 503 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of California, Florida, New York, and Texas.

Advent Capital Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled investment vehicles, and portfolio management for businesses and institutional clients. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Advent Capital Management: assets under management

The assets under management (AUM) of Advent Capital Management, LLC is $8.58 billion, all of which is managed in discretionary accounts. The firm's AUM has grown by 783% since the beginning of its operation, and $1.91 billion of the total AUM is attributable to clients outside of the United States.

The firm manages $8.58 billion in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $17.05 million each.

Advent Capital Management has custody of $145.9 million in cash and securities for 3 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in non-investment grade corporate bonds the most. They account for 52% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 10% of the firm’s portfolio.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Advent Capital Management, LLC for their services and products based on a percentage of assets under management and performance-based fees. The adviser charges an additional fee when a set benchmark is outperformed. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Advent Capital Management serves?

The firm provides services to individuals, insurance companies, investment companies, charitable organizations, high net worth individuals, pooled investment vehicles, banking or thrift institutions, corporations or other businesses, pension and profit sharing plans, and state or municipal government entities. The largest group of clients of Advent Capital Management is pension and profit sharing plans with 43 clients and $3.3 billion of assets under management. Among the 13 most similar advisory firms, Advent Capital Management has the highest percentage of pension and profit sharing plans out of all clients.

The amount of regulatory assets under management is $8.58 billion for 503 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 22% of the firm’s clients are foreign persons or businesses.

Advent Capital Management also advises several private funds. Namely, one hedge fund and one other private fund. The minimum investment commitment required of non-related persons is $3,000,000 for each fund.

Careers at Advent Capital Management, LLC

The company employs 53 people that are either part- or full-time employees. 32 percent of the employees work as investment advisers or researchers. No employees are registered as investment adviser representatives with the state securities authorities.

There’s a single person with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Kris Tate Haber joined the executive team most recently as the Chief Operating Officer.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Tracy Vincent Maitland	Managing member/chief executive officer	1 Apr 2001	50% - 75%	1062056
Ltd. Olympic	Member	1 Apr 2001	Other	foreign
Donald Drapkin	Member	1 Apr 2001	Other	4395865
Steve Chazen	Member	1 Apr 2001	Other	4395871
L.P. Utendahl Capital Management	Member	1 Jun 2001	Other	13-3716179
Utendahl Capital Partners	Member	1 Jun 2001	Other	13-3663000
Rodd M Baxter	General counsel	1 Apr 2002	Other	1567228
Edward Elemuel Johnson	Chief operating officer	1 Apr 2004	Other	1105762
Bruce Stewart Berger	Controller	1 May 2004	Other	2369746
Robert John White	Chief financial officer	1 Aug 2005	Other	4643199
Benin Holdings Llc	Member	1 Jul 2006	Other	20-5160504
Robert Scott Schwartz	Chief compliance officer	1 Aug 2011	Other	1699487
Osbert Martin Hood	Chief operating officer	1 Jul 2012	Other	2880310
Edward Caldwell Delk	General counsel & chief compliance officer	1 Sep 2012	Other	5741937
Kris Tate Haber	Chief operating officer	1 Apr 2014	Other	2421004

Indirect Owners

The SEC currently registers 11 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
John Oscar Utendahl	Chief executive officer	1 Mar 1992	75% - 100%	1055234
Utendahl Capital Corporation	General partner	1 Oct 1992	Other	13-3663001
L.P. Utendahl Management	General partner	1 Sep 1993	75% - 100%	13-3769883
John Oscar Utendahl	Partner	1 Sep 1993	75% - 100%	1055234
L.P. Utendahl Partners	General partner	1 Sep 1993	Other	13-3663089
Utendahl Capital Corporation	Member	1 Sep 1993	75% - 100%	13-3663001
Abdul Al Aladi	Shareholder	1 Apr 2001	75% - 100%	4432163
Llc Utendahl Financial Asset Holding	Limited partner	1 Jul 2006	75% - 100%	20-5160504
Llc Bfh Untendahl Investors	Member	1 Jul 2006	25% - 50%	20-5348312
Andrew Jay Astrachan	Member	1 Jul 2006	75% - 100%	1002815
John Oscar Utendahl	Member	1 Nov 2006	50% - 75%	1055234

Based in New York

The principal office where Advent Capital Management, LLC performs its advisory services is located at 888 Seventh Avenue, New York, NY 10019, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 212-482-1600 or by fax 212-480-9655. The normal business hours are 8 a.m. - 6 p.m. on Monday - Friday. You can find more information about the New York firm at adventcap.com.