20 Gates Management Llc
- Regulatory AUM
- $5.0B
- Discretionary
- $3.9B
- Clients
- 6
- Avg AUM / client
- $828M
- Accounts
- 6
- Employees
- 10
AUM over time
Annual snapshots from Form ADV filings · as of Mar 31, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 2 | $3.6B | 73.3% |
| Other investment advisers | 1 | $16.9M | 0.34% |
| Insurance companies | 2 | $1.3B | 26.4% |
| Corporations and other businesses | 1 | $0 | — |
Private funds (2)
Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $4.0B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Mountcliff Funding Llc | Securitized Asset Fund | Delaware | $2.8B | 1 |
| 805 7510689651 | Securitized Asset Fund | Ireland | $1.1B | 1 |
People (6)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Bald, Hans, Walter | President, Chief Executive Officer | Aug 2010 (16y) | ≈ 37.5% – 75% via 20 Gates Holding Llc | |
| Soave, Joseph, Anthony | Chief Financial Officer, Managing Director | Aug 2010 (16y) | Less than 5% | |
| Borg, Josh, David | Managing Director | Nov 2010 (16y) | Less than 5% | |
| Golombeck, Mark | Managing Director | Nov 2010 (16y) | Less than 5% | |
| Smith, Alexander, Matthew | Managing Director | Nov 2010 (16y) | Less than 5% | |
| Zorovich, Raymond, John | Chief Compliance Officer, General Counsel | Jul 2013 (13y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| 20 Gates Holding Llc | Single Member | Nov 2011 | A | 75% or more |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Bald, Hans, Walter: 50% – 75% of 20 Gates Holding Llc × 75% – 100% direct ≈ 37.5% – 75% 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 (2, $4.0B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Mountcliff Funding Llc | Securitized Asset Fund | $2.8B | $0 | 1 |
| 805 7510689651 | Securitized Asset Fund | $1.1B | $0 | 1 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/31/2026 | 1.45 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
- • Other fees
- • RESIDUAL INTEREST
Services
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Other services
Custody
Reported custodians
- Mass Mutual $907M (16% of AUM) Mar 2021
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have 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 31, 2026.
View current Form ADV (SEC/IAPD) ↗