Seelaus Asset Management, LLC (Summit)

Name: Seelaus Asset Management, LLC
Address: 25 Deforest Avenue, Summit, NJ, 07901
Telephone: (212) 935 0755

Seelaus Asset Management, LLC is a large advisory firm based in Summit. It manages $436.89 million of regulatory assets for 548 client accounts. It has been registered with the SEC as an adviser since 2019 and has operated in the jurisdictions of California, Connecticut, Florida, and 7 other states.

Seelaus Asset Management provides financial planning services, portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, and portfolio management for businesses and institutional clients. It prepares financial plans for more than 250 clients. On top of advisory services, the firm doesn't engage in other business activities.

Seelaus Asset Management: assets under management

The assets under management (AUM) of Seelaus Asset Management, LLC is $436.89 million. The firm's AUM has grown by 35% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $418.68 million in discretionary accounts and $18.22 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $832.36 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $404.8 thousand.

Seelaus Asset Management has custody of $53.49 million in cash and securities for 5 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 41% of the total AUM. The second-largest asset type is state and local bonds, which make up 31% of the firm’s portfolio. Investments in investment grade corporate bonds form 11% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Seelaus Asset Management, LLC for their services and products based on a percentage of assets under management, hourly charges, fixed fees, and performance-based fees. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Seelaus Asset Management serves?

The firm provides services to individuals, charitable organizations, other investment advisers, high net worth individuals, pooled investment vehicles, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Seelaus Asset Management is high net worth individuals with 160 clients and $169.98 million of assets under management. Among the 9 most similar advisory firms, Seelaus Asset Management has the 4th lowest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $436.89 million for 306 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Seelaus Asset Management also advises several private funds. Namely, five hedge funds and one other private fund. The minimum investment commitment required of non-related persons ranges from $250,000 to $500,000.

Careers at Seelaus Asset Management, LLC

The company employs 23 people that are either part- or full-time employees. 61 percent of the employees work as investment advisers or researchers. 13 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Randy Mark Masel has served as the Chief Investment Officer since 1 Nov 2016 and Kenneth Harris Klein is the Chief Executive Officer of Seelaus Asset Management, LLC family office. Christina A Goulding joined the executive team most recently as the Chief Operating Officer/ Elected Member.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Inc. R. Seelaus & Co.	Owner/ member	1 Dec 2012	75% - 100%	00-0000000
Richard Paul Seelaus	Managing director/ managing member	1 Dec 2012	Other	500660
Anneliese Mitnick	Managing director/ managing member	1 Dec 2012	Other	4862821
Karolina Pajdak	Chief financial officer/ managing member	1 Dec 2012	Other	4491899
Benjamin Patrick Seelaus	Managing director / managing member	1 Mar 2015	Other	4621898
Kenneth Harris Klein	Chief executive officer/ elected manager	1 Nov 2016	Other	1775678
Randy Mark Masel	Chief investment officer/ elected manager	1 Nov 2016	Other	2219595
Albert Q Murray	Managing director/managing member	1 Aug 2017	Other	1032639
David Eric Zack	Chief compliance officer/ elected manager	1 Aug 2017	Other	2356042
Christina A Goulding	Chief operating officer/ elected member	1 Jul 2019	Other	4760564

Indirect Owners

The SEC currently registers 1 indirect owner.

Name	Entity	Date acquired	Ownership	Employer ID
Joanne Kyne Seelaus	Owner	1 Apr 2015	25% - 50%	6485457

Based in Summit

The principal office where Seelaus Asset Management, LLC performs its advisory services is located at 25 Deforest Avenue, Summit, NJ 07901 The mailing address of the firm is 25 Deforest Avenue, Summit, NJ 07901. An additional office of the firm is in Boca Raton, FL. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number (212) 935 0755 or by fax (888) 901-4201. The normal business hours are 9:00 am - 5:00 pm on Monday - Friday. You can find more information about the New York firm at rseelaus.com.