Merganser Capital Management, Llc
SEC-registered
Investment Adviser · Large ($10B–$100B)
CRD 169258
· SEC file 801-78733
· Boston, MA
· www.merganser.com
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ADV data as of Mar 30, 2026
- Regulatory AUM
- $17.7B
- Discretionary
- $17.7B
- Clients
- 124
- Avg AUM / client
- $142M
- Accounts
- 125
- Employees
- 32
AUM over time
$7.1B
$17.7B
Oct 2013
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 30, 2026
Asset allocation (SMA assets by investment type)
as of Mar 30, 2026
Investment-grade corporate bonds
$12.4B
70%
US government & agency bonds
$5.1B
29%
Cash & equivalents
$177M
1%
Share 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 |
|---|---|---|---|
| High net worth individuals | Fewer than 5 clients | $24.3M | 0.14% |
| Investment companies | 2 | $612M | 3.46% |
| Pooled investment vehicles (non-investment companies) | 4 | $534M | 3.03% |
| Pension and profit sharing plans | 11 | $2.3B | 13.1% |
| State or municipal government entities | 7 | $2.6B | 15.0% |
| Insurance companies | 10 | $445M | 2.52% |
| Corporations and other businesses | 83 | $10.6B | 60.1% |
| Other | 7 | $476M | 2.69% |
Private funds (5)
Reported in Form ADV Section 7.B.(1), filing of Dec 2024 · $637M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Merganser Short Term Bond Fund Llc | Other Private Fund | Delaware | $436M | 39 |
| Merganser Floating Rate Bond Fund Llc | Other Private Fund | Delaware | $98.6M | 6 |
| Merganser Core Bond Fund Ii | Other Private Fund | Delaware | $56.4M | 4 |
| Merganser Short Income Fund, Llc | Other Private Fund | Delaware | $40.0M | 2 |
| Merganser Intermediate Term Bond Fund Ii Llc | Other Private Fund | Delaware | $6.2M | 2 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Plumbers And Steamfitters Local 396 Pension Fund Plumbers And Steamfitters Local 396 | 2024 | |
| Central Pension Fund Of The Iuoe & Participating Employers Board Of Trustees Of The Cpf Of The Iuoe And Participating Employers | 2024 | |
| Jpmorgan Chase Retirement Plan Jpmorgan Chase Bank, National Association | 2024 | |
| Sutter Health Retirement Plan Sutter Health | 2024 | |
| Ufcw Union Local 919 & Contributing Employers' Food Pension Fund Ufcw Union Local 919 & Contributing Empl Pension | 2024 |
People (10)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Nelson, Jonathan, Milton | Shareholder | Nov 2006 (20y) | ≈ 7.03% – 37.5% via Fund Management Inc. | |
| Addis, Jeffrey, Charles | Chief Operating Officer, Principal | Oct 2013 (13y) | Less than 5% | |
| Puglia, Marc, Gerald | Director | Oct 2013 (13y) | Less than 5% | |
| Smock, Andrew, M | Chief Investment Officer, Principal, Director (Chairman) | Jul 2016 (10y) | Less than 5% | |
| Gahan, Dolores, R | Investment Trustee | Dec 2019 (7y) | GP / trustee / elected manager of Gahan 2019 Descendants' Trust (indirect) | |
| Gahan, Michael, Joseph | Independent Trustee | Dec 2019 (7y) | GP / trustee / elected manager of Gahan 2019 Descendants' Trust (indirect) | |
| Gahan, Thomas, James | Special Investment Trustee | Dec 2019 (7y) | GP / trustee / elected manager of Gahan 2019 Descendants' Trust (indirect) | |
| Cloutier, Michael, Joseph | Chief Marketing Officer, Managing Principal, Director | Oct 2021 (5y) | Less than 5% | |
| Voss, Kimberly, Ann | Chief Compliance Officer, Principal | Jan 2023 (4y) | Less than 5% | |
| Salem, Paul, Jude | Director | Dec 2024 (2y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Providence Equity Capital Markets Merganser Llc | Member | Oct 2013 | A | 75% or more |
| Merganser Management Holdings Llc | Member | Feb 2022 | A | 10% – 25% |
| Providence Equity Partners L.L.C. | Member | Oct 2013 | B | ≈ 37.5% – 75% via Providence Equity Capital Markets Merganser Llc |
| Fund Management Inc. | Non Managing Member | Nov 2006 | B | ≈ 9.38% – 37.5% via Providence Equity Partners L.L.C. |
| Providence Equity Global Group L.L.C. | Non Managing Member | Jul 2012 | B | ≈ 9.38% – 37.5% via Providence Equity Partners L.L.C. |
| Gahan 2019 Descendants' Trust | Member | Dec 2019 | B | ≈ 18.75% – 50% via Providence Equity Capital Markets Merganser Llc |
Undisclosed: 0% – 15% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Nelson, Jonathan, Milton: 75% – 100% of Fund Management Inc. × 25% – 50% of Providence Equity Partners L.L.C. × 50% – 75% of Providence Equity Capital Markets Merganser Llc × 75% – 100% direct ≈ 7.03% – 37.5% of the firm
- Providence Equity Partners L.L.C.: 50% – 75% of Providence Equity Capital Markets Merganser Llc × 75% – 100% direct ≈ 37.5% – 75% of the firm
- Fund Management Inc.: 25% – 50% of Providence Equity Partners L.L.C. × 50% – 75% of Providence Equity Capital Markets Merganser Llc × 75% – 100% direct ≈ 9.38% – 37.5% of the firm
- Providence Equity Global Group L.L.C.: 25% – 50% of Providence Equity Partners L.L.C. × 50% – 75% of Providence Equity Capital Markets Merganser Llc × 75% – 100% direct ≈ 9.38% – 37.5% of the firm
- Gahan 2019 Descendants' Trust: 25% – 50% of Providence Equity Capital Markets Merganser Llc × 75% – 100% direct ≈ 18.75% – 50% 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 (5, $637M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Merganser Short Term Bond Fund Llc | Other Private Fund | $436M | $1.0M | 39 |
| Merganser Floating Rate Bond Fund Llc | Other Private Fund | $98.6M | $1.0M | 6 |
| Merganser Core Bond Fund Ii | Other Private Fund | $56.4M | $5.0M | 4 |
| Merganser Short Income Fund, Llc | Other Private Fund | $40.0M | $5.0M | 2 |
| Merganser Intermediate Term Bond Fund Ii Llc | Other Private Fund | $6.2M | $5.0M | 2 |
From Form ADV Section 7.B private fund reporting.
Retirement plans served (5)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Plumbers And Steamfitters Local 396 Pension Fund | Plumbers And Steamfitters Local 396 | 386 | $93.3M | 07/01/2024 |
| Central Pension Fund Of The Iuoe & Participating Employers | Board Of Trustees Of The Cpf Of The Iuoe And Participating Employers | 104,686 | $27.4B | 02/01/2024 |
| Jpmorgan Chase Retirement Plan | Jpmorgan Chase Bank, National Association | 78,270 | $16.1B | 01/01/2024 |
| Sutter Health Retirement Plan | Sutter Health | 40,026 | $6.2B | 01/01/2024 |
| Ufcw Union Local 919 & Contributing Employers' Food Pension Fund | Ufcw Union Local 919 & Contributing Empl Pension | 4,271 | $470M | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 1.91 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
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- Northern Trust $4.0B (23% of AUM) Mar 2026
- BNY Mellon $3.4B (19% of AUM) Mar 2026
- State Street $2.7B (15% of AUM) Mar 2026
- U.S. Bank $2.1B (12% of AUM) Mar 2026
- J.P. Morgan $1.3B (9% of AUM) Jan 2023
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 30, 2026.
View current Form ADV (SEC/IAPD) ↗