Elm Partners Management Llc
- Regulatory AUM
- $3.0B
- Discretionary
- $3.0B
- Clients
- 655
- Avg AUM / client
- $4.6M
- Accounts
- 905
- Employees
- 8
AUM over time
Reported AUM from Form ADV filings, plotted by filing date · as of Mar 29, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 107 | $71.8M | 2.38% |
| High net worth individuals | 537 | $2.0B | 67.3% |
| Investment companies | 1 | $502M | 16.6% |
| Pooled investment vehicles (non-investment companies) | 3 | $383M | 12.7% |
| Charitable organizations | 3 | $27.8M | 0.92% |
| Corporations and other businesses | 4 | $4.3M | 0.14% |
Private funds (3)
Reported in Form ADV Section 7.B.(1), filing of Dec 2024 · $618M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Elm Partners Portfolio Llc | Other Private Fund | Delaware | $334M | 56 |
| Elm Partners Portfolio Ltd. | Other Private Fund | Cayman Islands | $264M | 50 |
| Elm Partners All Equity Portfolio Ltd | Other Private Fund | Cayman Islands | $19.5M | 9 |
People (8)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Haghani, Celeste, Lee | Member | Mar 2012 (14y) | ≈ 56.25% – 100% via Cygnet Capital Llc | |
| Victor John Haghani | Chief Investment Officer | Mar 2012 (14y) | Less than 5% | |
| James Woodson White | Chief Executive Officer And Chief Compliance Officer | Nov 2017 (9y) | Less than 5% | |
| Jerry Arch Bell | Chief Revenue Officer | Apr 2024 (2y) | Less than 5% | |
| Michael Edward Fothergill | Registered representative | Oct 2019 (7y) | ||
| Brandon Labbe | Registered representative | May 2024 (2y) | ||
| Nolan Henry Lenaghan | Registered representative | Jun 2025 (1y) | ||
| Francisco Agrest | Registered representative | Nov 2025 (1y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Cygnet Capital Llc | Holding Company Parent | Mar 2012 | 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):
- Haghani, Celeste, Lee: 75% – 100% of Cygnet Capital Llc × 75% – 100% direct ≈ 56.25% – 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 (3, $618M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Elm Partners Portfolio Llc | Other Private Fund | $334M | $2.0M | 56 |
| Elm Partners Portfolio Ltd. | Other Private Fund | $264M | $1.0M | 50 |
| Elm Partners All Equity Portfolio Ltd | Other Private Fund | $19.5M | $1.0M | 9 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/29/2026 | 1.55 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Allegations: FAILURE TO FILE FORM PF (REGULATORY ASSETS UNDER MANAGEMENT AND RISK EXPOSURE REPORTING) Status: Final Sanction Detail: MONETARY FINE OF $75,000 Summary: ELM ENTERED INTO A SETTLEMENT AGREEMENT WITHOUT ADMITTING OR DENYING FAULT, AGREED TO PAY A $75K FINE, AND IS NOW FULLY COMPLIANT.
Allegations: FAILURE TO COMPLY WITH AMENDMENTS TO ADVISERS ACT RULE 206(4)-1 THAT THE COMMISSION ADOPTED IN DECEMBER 2020 (THE "AMENDED MARKETING RULE"). Status: Final Sanction Detail: MONETARY FINE OF $175,000 Summary: ELM ENTERED INTO A SETTLEMENT AGREEMENT WITHOUT ADMITTING OR DENYING FAULT, AGREED TO PAY A $175,000 FINE, AND IS NOW FULLY COMPLIANT.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
- • Fixed fees
Services
- • Financial planning services
- • Portfolio management for individuals/small businesses
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
Custody
Reported custodians
- Fidelity Brokerage Services $1.2B (38% of AUM) Mar 2026
- Charles Schwab & Co. $757M (25% of AUM) Mar 2026
- Vanguard Marketing Corporation $277M (45% of AUM) Mar 2018
- J.P. Morgan $223M (7% of AUM) Mar 2026
- Interactive Brokers $76.7M (10% of AUM) Mar 2019
- Morgan Stanley $72.7M (12% of AUM) Mar 2018
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 29, 2026.
View current Form ADV (SEC/IAPD) ↗