Granite Springs Asset Management, LLC (Summit)

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

Granite Springs Asset Management, LLC is a large advisory firm based in Summit. It manages $369.65 million of regulatory assets for 508 client accounts. It has been registered with the SEC as an adviser since 2009 and has operated in the jurisdictions of California, Connecticut, Florida, and 7 other states.

Granite Springs Asset Management provides financial planning services, portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled investment vehicles, and portfolio management for businesses and institutional clients. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Granite Springs Asset Management: assets under management

The assets under management (AUM) of Granite Springs Asset Management, LLC is $369.65 million. The firm's AUM has grown by 2980% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $352.41 million in discretionary accounts and $17.24 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $751.41 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $441.95 thousand.

Investments

The firm invests in exchange traded securities the most. They account for 45% of the total AUM. The second-largest asset type is state and local bonds, which make up 36% of the firm’s portfolio. Investments in non-investment grade corporate bonds form 6% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Granite Springs Asset Management, LLC for their services and products based on a percentage of assets under management, hourly charges, fixed fees, and performance-based fees. The adviser charges an additional fee when a set benchmark is outperformed. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Granite Springs Asset Management serves?

The firm provides services to individuals, investment companies, 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 Granite Springs Asset Management is individuals with 365 clients and $94.09 million of assets under management. Among the 10 most similar advisory firms, Granite Springs Asset Management has the 5th highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $369.65 million for 508 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.

Granite Springs Asset Management also advises several private funds. Namely, one hedge fund and five other private funds. The minimum investment commitment required of non-related persons is $250,000 for each fund.

Careers at Granite Springs Asset Management, LLC

The company employs 24 people that are either part- or full-time employees. 71 percent of the employees work as investment advisers or researchers. 15 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 Granite Springs Asset Management, LLC family office. Albert Q Murray joined the executive team most recently as the Managing Director/Managing Member.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Patrick Lawrence Smith	Member/chief compliance officer	1 Mar 2009	75% - 100%	2323591
Raphaella Eliseo	Member & senior vp	1 Mar 2010	Other	2198750
Richard Joseph Duggan	Member & managing director	1 Jun 2010	Other	1418417
Inc. R. Seelaus & Co.	Owner	1 Dec 2012	75% - 100%	00-0000000
Richard Paul Seelaus	Managing director	1 Dec 2012	Other	500660
Anneliese Seelaus	Managing director	1 Dec 2012	Other	4862821
Bernard Garruppo	Chief executive officer, chief compliance officer	1 Dec 2012	Other	1357573
Karolina Pajdak	Chief financial officer	1 Dec 2012	Other	4491899
Anneliese Mitnick	Managing director	1 Dec 2012	Other	4862821
Michael Henderson Cornell	Managing director	1 Dec 2012	Other	2740653
Benjamin Patrick Seelaus	Managing director	1 Mar 2015	Other	4621898
Ben Seelaus	Managing director	1 Mar 2015	Other	4621898
Craig Barry Weiss	Chief compliance officer	1 Oct 2016	Other	2354195
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

Indirect Owners

The SEC currently registers 3 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Richard Paul Seelaus	Ceo, rop, crop, srop, cco	1 Mar 1984	50% - 75%	500660
Joanne Kyne Seelaus	Owner	1 Apr 2015	25% - 50%	6485457
Joanne K Seelaus	Owner	1 Apr 2015	25% - 50%	6485457

Based in Summit

The principal office where Granite Springs Asset Management, LLC performs its advisory services is located at 25 Deforest Avenue, Summit, NJ 07901, which is also the mailing address of the firm. An additional office of the firm is in Red Bank, NJ. 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 granite-springs.com.