Aon Investments Usa Inc.
- Regulatory AUM
- $151B
- Discretionary
- $118B
- Clients
- 579
- Avg AUM / client
- $261M
- Accounts
- 300
- Employees
- 255
AUM over time
Annual snapshots from Form ADV filings · as of Mar 25, 2026
Asset allocation (SMA assets by investment type)
as of Mar 25, 2026Share of SMA assets by investment vehicle type, as filed in Form ADV Item 5.K. Dollar figures are percentages applied to total regulatory AUM.
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | Fewer than 5 clients | $0 | — |
| High net worth individuals | Fewer than 5 clients | $0 | — |
| Banking or thrift institutions | 20 | $0 | — |
| Investment companies | 3 | $0 | — |
| Pooled investment vehicles (non-investment companies) | 31 | $34.4B | 22.8% |
| Pension and profit sharing plans | 272 | $113B | 74.6% |
| Charitable organizations | 8 | $1.2B | 0.78% |
| State or municipal government entities | 32 | $127M | 0.08% |
| Insurance companies | 2 | $0 | — |
| Corporations and other businesses | 139 | $0 | — |
| Other | 72 | $2.6B | 1.71% |
Private funds (8)
Reported in Form ADV Section 7.B.(1), filing of Oct 2024 · $1.8B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Aon Alternatives Fund Spc Aon Return Enhancing Alternatives Portfolio Sp | Hedge Fund | Cayman Islands | $703M | 38 |
| Aon Alternatives Fund Spc Aon Opportunistic Credit Portfolio Sp | Hedge Fund | Cayman Islands | $347M | 32 |
| Aon Private Credit Opportunities Fund , Llc | Other Private Fund | Delaware | $226M | 15 |
| Aon Private Credit Opportunities Fund Ii, Lp | Other Private Fund | Delaware | $210M | 43 |
| Khf Fund, Lp | Other Private Fund | Delaware | $175M | 2 |
| Aon Diversifying Alternatives Portfolio Ltd. | Hedge Fund | Cayman Islands | $172M | 19 |
| Core Plus Bond Fund, A Series Of Aon Institutional Funds, Llc | Other Private Fund | Delaware | $0 | 0 |
| Credit Opportunities Fund, A Series Of Aon Institutional Funds, Llc | Other Private Fund | Delaware | $0 | 0 |
Nonprofit clients
Charities that reported this firm as a top-paid contractor (investment services) on Form 990.
| Charity | Location | Period |
|---|---|---|
| Toyota Technological Institute At Chicago EIN 364479457 | Chicago, IL | 06/30/2024 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C. Showing first 100 of 133.
People (6)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Testore, David, Jonathan | Chief Operating Officer | Aug 2008 (18y) | Less than 5% | |
| Ivinjack, Russell, Kenneth | Global Chief Investment Officer | Feb 2020 (7y) | Less than 5% | |
| Wallace, Matthew, Bradley | Chief Compliance Officer | Apr 2021 (5y) | Less than 5% | |
| Jacobs, Ari, Noah | Global Head Of Investments | Nov 2023 (3y) | Less than 5% | |
| Ward, Bryan Richard | Head Of U.S. Investments | Mar 2024 (2y) | Less than 5% | |
| Robertson, Nicole, Williams | Head Of Investment Operations North America | Oct 2024 (2y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Aon Consulting, Inc. | Owner | Jan 2011 | A | 75% or more |
| Aon Plc | Owner | Jun 2014 | B | ≈ 13.35% – 100% via Randolph Finance Unlimited Company |
| Aon Global Holdings Plc | Owner | Jan 2015 | B | ≈ 31.64% – 100% via Aon Corporation |
| Aon Corporation | Owner | Dec 2018 | B | ≈ 42.19% – 100% via Aon Group, Inc. |
| Aon Group, Inc. | Owner | Dec 2018 | B | ≈ 56.25% – 100% via Aon Consulting, Inc. |
| Aon Global Limited | Owner | Sep 2014 | B | ≈ 23.73% – 100% via Aon Global Holdings Plc |
| Randolph Finance Unlimited Company | Owner | Apr 2012 | B | ≈ 17.8% – 100% via Aon Global Limited |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Aon Plc: 75% – 100% of Randolph Finance Unlimited Company × 75% – 100% of Aon Global Limited × 75% – 100% of Aon Global Holdings Plc × 75% – 100% of Aon Corporation × 75% – 100% of Aon Group, Inc. × 75% – 100% of Aon Consulting, Inc. × 75% – 100% direct ≈ 13.35% – 100% of the firm
- Aon Global Holdings Plc: 75% – 100% of Aon Corporation × 75% – 100% of Aon Group, Inc. × 75% – 100% of Aon Consulting, Inc. × 75% – 100% direct ≈ 31.64% – 100% of the firm
- Aon Corporation: 75% – 100% of Aon Group, Inc. × 75% – 100% of Aon Consulting, Inc. × 75% – 100% direct ≈ 42.19% – 100% of the firm
- Aon Group, Inc.: 75% – 100% of Aon Consulting, Inc. × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Aon Global Limited: 75% – 100% of Aon Global Holdings Plc × 75% – 100% of Aon Corporation × 75% – 100% of Aon Group, Inc. × 75% – 100% of Aon Consulting, Inc. × 75% – 100% direct ≈ 23.73% – 100% of the firm
- Randolph Finance Unlimited Company: 75% – 100% of Aon Global Limited × 75% – 100% of Aon Global Holdings Plc × 75% – 100% of Aon Corporation × 75% – 100% of Aon Group, Inc. × 75% – 100% of Aon Consulting, Inc. × 75% – 100% direct ≈ 17.8% – 100% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (8, $1.8B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Aon Alternatives Fund Spc Aon Return Enhancing Alternatives Portfolio Sp | Hedge Fund | $703M | $1.0M | 38 |
| Aon Alternatives Fund Spc Aon Opportunistic Credit Portfolio Sp | Hedge Fund | $347M | $1.0M | 32 |
| Aon Private Credit Opportunities Fund , Llc | Other Private Fund | $226M | $0 | 15 |
| Aon Private Credit Opportunities Fund Ii, Lp | Other Private Fund | $210M | $0 | 43 |
| Khf Fund, Lp | Other Private Fund | $175M | $0 | 2 |
| Aon Diversifying Alternatives Portfolio Ltd. | Hedge Fund | $172M | $0 | 19 |
| Core Plus Bond Fund, A Series Of Aon Institutional Funds, Llc | Other Private Fund | $0 | $0 | 0 |
| Credit Opportunities Fund, A Series Of Aon Institutional Funds, Llc | Other Private Fund | $0 | $0 | 0 |
From Form ADV Section 7.B private fund reporting.
Retirement plans served (100)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| The Maryland State Education Association Pension Plan And Trust | Maryland State Education Association, Inc. | 92 | $54.1M | 09/01/2024 |
| Pennsylvania State Education Association Pension Plan | Pennsylvania State Education Assoc | 259 | $310M | 07/01/2024 |
| Lehigh Valley Health Network, Inc. Retirement Plan | Lehigh Valley Health Network, Inc. | 2,783 | $1.1B | 07/01/2024 |
| Retirement Benefit Accumulation Plan For Employees Of Pwc | Pwc Us Group Llp | 4,676 | $1.9B | 07/01/2024 |
| Columbia Bank Retirement Plan | Columbia Bank | 255 | $500M | 07/01/2024 |
| Retirement Plan For Employees Of Pwc | Pwc Us Group Llp | 193 | $85.3M | 07/01/2024 |
| Retirement Plan For Employees Of Ben E. Keith Company And Its Affiliates | Ben E. Keith Company | 2,334 | $442M | 07/01/2024 |
| Inglis House Retirement Plan | Inglis House | 17 | $18.0M | 07/01/2024 |
| Contributory Defined Benefit Retirement Plan At Rensselaer Polytechnic Institute | Rensselaer Polytechnic Institute C/O Controllers Office | 47 | $221M | 07/01/2024 |
| Alaska Laborers Employers Retirement Fund | Board Of Trustees, Alaska Laborers Employers Retirement Fund | 1,694 | $658M | 07/01/2024 |
| Retirement & Pension Plan Of Mriglobal (Plan I) | Mriglobal | 0 | $191K | 06/01/2024 |
| Seneca Foods Corporation Employees' Pension Benefit Plan | Seneca Foods Corporation | 1,570 | $293M | 04/01/2024 |
| Sheet Metal Workers' Local 100 Washington, D.C. Area Pension Fund | Bd Ttees Sheet Metal Workers' Local 100 Washington | 1,336 | $392M | 04/01/2024 |
| Hunton Andrews Kurth Llp Retirement Savings Plan | Hunton Andrews Kurth Llp | 1,467 | $1.3B | 04/01/2024 |
| The Rite Aid Pension Plan | Rite Aid Corporation | 884 | $117M | 03/01/2024 |
| Shamrock Foods Company Retirement Plan | Shamrock Foods Company | 0 | $0 | 01/01/2024 |
| Fortune Brands Innovations Retirement Savings Plan | Fortune Brands Innovations, Inc. | 5,181 | $825M | 01/01/2024 |
| Henry Schein, Inc. 401(k) Savings Plan | Henry Schein, Inc. | 7,079 | $1.6B | 01/01/2024 |
| The Scotts Company Llc Associates' Pension Plan | The Scotts Company Llc | 51 | $53.9M | 01/01/2024 |
| American International Group, Inc. Incentive Savings Plan | American International Group, Inc. | 5,072 | $4.5B | 01/01/2024 |
| Food Lion 401(k) Plan | Food Lion, Llc | 81,798 | $1.3B | 01/01/2024 |
| Hannaford Bros. Co. 401(k) Plan | Hannaford Bros. Co., Llc | 28,962 | $1.1B | 01/01/2024 |
| The Quest Diagnostics Profit Sharing Plan | Quest Diagnostics Clinical Laboratories, Inc. | 48,596 | $5.6B | 01/01/2024 |
| Blue Cross And Blue Shield Of Al 401(k) Plan Salary Deferral Plan | Blue Cross Blue Shield Of Alabama | 4,358 | $880M | 01/01/2024 |
| United Launch Alliance Pension Plan For Hourly Employees Of The Space Systems Group At Harlingen | United Launch Alliance | 2 | $12.0M | 01/01/2024 |
Top 25 of 100 plans by assets.
From Form 5500 service-provider disclosures.
Foundations & charities (1)
| Organization | Type | Assets | As of |
|---|---|---|---|
| Toyota Technological Institute At Chicago | Public charity | $293M | 06/30/2024 |
From IRS Form 990 investment-management-fee disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/25/2026 | 3.3 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Allegations: THE SECURITIES AND EXCHANGE COMMISSION ("SEC") ENTERED AN ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS (THE "ORDER") AGAINST AON INVESTMENTS USA INC. ("AON"). THE ORDER ALLEGED THAT AON: (I) FAILED TO "ADEQUATELY INVESTIGATE" A CLIENT'S CONCERNS ABOUT DISCREPANCIES BETWEEN HISTORICAL RETURNS AND RETURNS USED TO CALCULATE A "RISK SHARE RETURN RATE" USED TO DETERMINE EMPLOYEE CONTRIBUTIONS TO PENSIONS; (II) MADE "MATERIAL MISSTATEMENTS AND OMISSIONS" TO THE CLIENT ABOUT THE REASONS FOR REPORTING DISCREPANCIES, AND (III) IDENTIFIED REPORTING ERRORS BUT DID NOT FULLY INVESTIGATE AND DISCLOSE THE IMPACT OF THE ERRORS. AON CONSENTED TO THE SEC ORDER WITHOUT ADMITTING OR DENYING THE FINDINGS THEREIN. Status: Final Sanction Detail: AON WAS ORDERED TO PAY A CIVIL MONETARY PENALTY OF $1,000,000.00, AND TO PAY DISGORGEMENT AND PRE-JUDGMENT INTEREST OF $542,187.79. AON PAID $1,542,187.79 TO THE SEC ON FEBRUARY 5, 2024. Summary: ON JANUARY 25, 2024, THE SEC INITIATED A SETTLED ADMINISTRATIVE PROCEEDING AGAINST AON. AON NEITHER ADMITTED NOR DENIED THE SEC'S FINDINGS. THE ORDER ALLEGED THAT AON: (I) FAILED TO "ADEQUATELY INVESTIGATE" A CLIENT'S CONCERNS ABOUT DISCREPANCIES BETWEEN HISTORICAL RETURNS AND RETURNS USED TO CALCULATE A "RISK SHARE RETURN RATE" USED TO DETERMINE EMPLOYEE CONTRIBUTIONS TO PENSIONS; (II) MADE "MATERIAL MISSTATEMENTS AND OMISSIONS" TO THE CLIENT ABOUT THE REASONS FOR REPORTING DISCREPANCIES, AND (III) IDENTIFIED REPORTING ERRORS BUT DID NOT FULLY INVESTIGATE AND DISCLOSE THE IMPACT OF THE ERRORS. AS A RESULT, THE SEC ALLEGED THAT AON VIOLATED SECTION 206(2) OF THE ADVISERS ACT. THE SEC ORDERED AON TO CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF THE REFERENCED SECTION, IMPOSED A CENSURE, REQUIRED DISGORGEMENT AND PRE-JUDGMENT INTEREST OF $542,187.79, AND IMPOSED A CIVIL MONETARY PENALTY OF $1,000,000.00. AS PART OF THE RESOLUTION OF THIS MATTER, THE SEC RECOGNIZED REMEDIAL EFFORTS AND AON'S COOPERATION.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
- • Hourly charges
- • Fixed fees
Services
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Pension consulting services
- • Selection of other advisers
- • Educational seminars/workshops
Custody
Reported custodians
- Fidelity Investments $45.3B (30% of AUM) Mar 2026
- Northern Trust $37.7B (25% of AUM) Mar 2026
- BNY Mellon $26.3B (17% of AUM) Mar 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 25, 2026.
View current Form ADV (SEC/IAPD) ↗