Canal Capital Management, LLC (Richmond)

Name: Canal Capital Management, LLC
Address: 9 South 5 Th Street, Richmond, VA, 23219
Telephone: 804-325-1450

Canal Capital Management, LLC is a large advisory firm based in Richmond. It manages $389.37 million of regulatory assets for 1,203 client accounts. It has been registered with the SEC as an adviser since 2012 and has operated in the jurisdictions of Maryland, Texas, and Virginia.

Canal Capital Management provides financial planning services, portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, selection of other advisers, and general business consulting & tax services. It prepares financial plans for more than 100 clients. On top of advisory services, the firm doesn't engage in other business activities.

Canal Capital Management: assets under management

The assets under management (AUM) of Canal Capital Management, LLC is $389.37 million. The firm's AUM has grown by 236% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $361 million in discretionary accounts and $28.37 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $315.01 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $497.66 thousand.

Canal Capital Management has custody of $108.35 million in cash and securities for 57 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in investment and business development companies the most. They account for 41% of the total AUM. The second-largest asset type is exchange traded securities, which make up 27% of the firm’s portfolio. Investments in pooled investment vehicles form 23% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Canal Capital 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 Canal Capital Management serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, pooled investment vehicles, and pension and profit sharing plans. The largest group of clients of Canal Capital Management is high net worth individuals with 137 clients and $297.48 million of assets under management. Among the 8 most similar advisory firms, Canal Capital Management has the 2nd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $389.37 million for 320 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.

Canal Capital Management also advises several private funds. Namely, three real estate funds. The minimum investment commitment required of non-related persons is $250,000 for each fund.

Careers at Canal Capital Management, LLC

The company employs 8 people that are either part- or full-time employees. 63 percent of the employees work as investment advisers or researchers. 6 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.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Everett Neil Gilliss	Managing member & chief compliance officer	1 Apr 2011	75% - 100%	4064036
Noah Charles Perry Greenbaum	Member	1 Jan 2015	Other	5596246
Craig David Truitt	Member	1 Jan 2015	Other	1254434
Margaret J Smith	Member	1 Jan 2016	Other	5137450

Based in Richmond

The principal office where Canal Capital Management, LLC performs its advisory services is located at 9 South 5 Th Street, Richmond, VA 23219, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 804-325-1450 or by fax 866-381-5362. The normal business hours are 8:00 a.m. - 5:00 p.m. on Monday - Friday. You can find more information about the New York firm at canalcapitalmanagement.com.