Stable Asset Management Lp
- Regulatory AUM
- $4.6B
- Discretionary
- $4.0B
- Clients
- 15
- Avg AUM / client
- $307M
- Accounts
- 15
- Employees
- 21
AUM over time
Annual snapshots from Form ADV filings · as of Jun 25, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 12 | $1.2B | 25.6% |
| State or municipal government entities | 2 | $2.8B | 61.1% |
| Sovereign wealth funds and foreign official institutions | 1 | $609M | 13.2% |
Private funds (4)
Reported in Form ADV Section 7.B.(1), filing of Jun 2024 · $1.1B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Stable Seed Fund Master Ii L.P. master | Other Private Fund | Cayman Islands | $375M | 40 |
| Stable Sunrise, Ltd | Other Private Fund | Cayman Islands | $338M | 2 |
| Stable Cavalry L.P. master | Other Private Fund | Cayman Islands | $302M | 21 |
| Stable Seed Fund Master L.P. master | Other Private Fund | Cayman Islands | $98.3M | 50 |
People (5)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Berntsen, Erik, Serrano | Chief Executive Officer | Dec 2010 (16y) | 50% – 75% | |
| Serrano Berntsen, Erik | Director | Dec 2010 (16y) | ≈ 28.13% – 75% via Stable Holdings Ltd | |
| Gallagher, David, Anthony | Shareholder | Jan 2017 (10y) | ≈ 14.06% – 50% via Stable Holdings Ltd | |
| Wortman, Eric, Neil | Chief Operating Officer And Chief Compliance Officer | Aug 2019 (7y) | Less than 5% | |
| Noyes, Rebecca, Nmn | Chief Financial Officer | Apr 2023 (3y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Stable Asset Investments Ltd | Limited Partner | Mar 2015 | A | 75% or more |
| Stable Asset Management Gp, Llc | General Partner To The Investment Adviser | Mar 2015 | A | Less than 5% |
| Stable Holdings Ltd | Shareholder | Jul 2015 | B | ≈ 56.25% – 100% via Stable Asset Investments Ltd |
Estimated effective ownership (look-through of filed bands):
- Serrano Berntsen, Erik: 50% – 75% of Stable Holdings Ltd × 75% – 100% of Stable Asset Investments Ltd × 75% – 100% direct ≈ 28.13% – 75% of the firm
- Gallagher, David, Anthony: 25% – 50% of Stable Holdings Ltd × 75% – 100% of Stable Asset Investments Ltd × 75% – 100% direct ≈ 14.06% – 50% of the firm
- Stable Holdings Ltd: 75% – 100% of Stable Asset Investments Ltd × 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 (4, $1.1B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Stable Seed Fund Master Ii L.P. | Other Private Fund | $375M | $1.0M | 40 |
| Stable Sunrise, Ltd | Other Private Fund | $338M | $1.0M | 2 |
| Stable Cavalry L.P. | Other Private Fund | $302M | $100K | 21 |
| Stable Seed Fund Master L.P. | Other Private Fund | $98.3M | $1.0M | 50 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 06/25/2026 | 2.5 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
Services
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Selection of other advisers
Custody
Reported custodians
- State Street $2.6B (57% of AUM) Jun 2026
- Northern Trust $609M (13% of AUM) Jun 2026
- BNY Mellon $206M (4% of AUM) Jun 2026
- Caceis Bank Luxembourg $190M (7% of AUM) Nov 2022
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: Jun 25, 2026.
View current Form ADV (SEC/IAPD) ↗