Waterfall Asset Management, LLC (New York)

Name: Waterfall Asset Management, LLC
Address: 1251 Avenue Of The Americas, New York, NY, 10020
Telephone: 212-257-4600

Waterfall Asset Management, LLC is a large advisory firm based in New York. It manages $8.94 billion of regulatory assets for 43 client accounts. It has been registered with the SEC as an adviser since 2005 and has operated in the jurisdictions of New York and Texas.

Waterfall Asset Management provides 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.

Waterfall Asset Management: assets under management

The assets under management (AUM) of Waterfall Asset Management, LLC is $8.94 billion, all of which is managed in discretionary accounts. The firm's AUM has grown by 20991% since the beginning of its operation, and $5.79 billion of the total AUM is attributable to clients outside of the United States.

The firm manages $8.94 billion in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $207.96 million each.

Investments

The firm invests in other assets the most. They account for 87% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 10% of the firm’s portfolio. Investments in exchange traded securities form 2% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Waterfall Asset Management, LLC for their services and products based on a percentage of assets under management 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 Waterfall Asset Management serves?

The firm provides services to insurance companies, investment companies, and pooled investment vehicles. The largest group of clients of Waterfall Asset Management is pooled investment vehicles with 20 clients and $7.09 billion of assets under management. Among the 9 most similar advisory firms, Waterfall Asset Management has the 4th lowest percentage of pooled investment vehicles out of all clients.

The amount of regulatory assets under management is $8.28 billion for 35 clients. 37% of the firm’s clients are foreign persons or businesses.

Waterfall Asset Management also advises several private funds. Namely, seven hedge funds and two private equity funds. The minimum investment commitment required of non-related persons ranges from $0 to $5,000,000.

Careers at Waterfall Asset Management, LLC

The company employs 137 people that are either part- or full-time employees. 51 percent of the employees work as investment advisers or researchers. No employees are registered as investment adviser representatives with the state securities authorities.

There are 2 people 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
Thomas Edward Capasse	Manager	1 Jan 2005	Other	1226229
Jack Jay Ross	Manager	1 Jan 2005	Other	1342734
Martin Douglas Sass	Manager	1 Jan 2005	Other	411144
Hugh Roy Lamle	Manager	1 Jan 2005	Other	301153
Steven Alan Shenfeld	Manager	1 Jan 2005	Other	1176990
Susan Garrison Hickey	Chief compliance officer	1 Jan 2005	Other	1285201
Llc M.D. Sass Finstrat Waterfall Holdings	Limited liability company	1 Mar 2005	25% - 50%	20-2510361
Llc M.D. Sass Macquarie Finstrat Waterfall Holdings	Limited liability company	1 Mar 2005	25% - 50%	20-2510361
Robert W Francess	Chief financial officer	1 Apr 2005	Other	4083944
Robert William Francess	Chief financial officer	1 Apr 2005	Other	4083944
Bobby Liu	Vice president and general counsel	1 Jul 2005	Other	4771903
Bobby Liu	Senior vice president, general counsel and chief compliance officer	1 Aug 2006	Other	4771903
Scott D Arden	Chief financial officer	1 Mar 2007	Other	1939543
Thomas Edward Capasse	Member/manager	1 Apr 2008	25% - 50%	1226229
Jack Jay Ross	Member/manager	1 Apr 2008	25% - 50%	1342734
Brian Breakstone	Chief financial officer	1 Apr 2008	Other	3050949
Brain Breakstone	Chief financial officer	1 Apr 2008	Other	3050949
Philip Matthew Sivin	Manager	1 Oct 2009	Other	4362220
Sumana Setty	Chief compliance officer	1 Mar 2011	Other	5812356
Buttacavoli V. Thomas	Member	1 Apr 2011	Other	6155842
Thomas V. Buttacavoli	Manager	1 Apr 2011	Other	6155842
Kenneth Adam Nick	General counsel and chief compliance officer	1 Oct 2011	Other	4830797
Stephen Jon Darke	Manager	1 Apr 2012	Other	5269777
Lp Dyal Capital Partners (A)	Member	1 Aug 2013	25% - 50%	46-0525083
Lp Waterfall Partners Holdings	Member	1 Jan 2016	75% - 100%	81-1061266
Thomas V. Buttacavoli	Manager	1 Jan 2016	Other	6155842

Indirect Owners

The SEC currently registers 39 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Macquarie Equities (Us) Holdings Pty Limited	Owner	1 Aug 1994	75% - 100%	foreign
L.P. M.D. Sass Financial Strategies	Limited partnership	1 Mar 2005	25% - 50%	20-0479884
L.P. M.D. Sass Macquarie Financial Strategies	Member	1 Mar 2005	75% - 100%	20-0479884
Llc M.D. Sass Financial Strategies Investment Vehicle	Member	1 Mar 2005	Other	20-0767140
Llc M.D. Sass Financial Strategies Parallel Fund	Member	1 Mar 2005	Other	20-0767140
Macquarie Group (Us) Holdings No. 1 Pty Ltd.	Owner	1 Apr 2007	75% - 100%	98-0530184
Macquarie Capital International Holdings Pty Ltd.	Owner	1 Nov 2007	75% - 100%	98-0530186
Macquarie Capital Group Pty Ltd.	Owner	1 Nov 2007	75% - 100%	foreign
Macquarie Financial Holdings Limited	Owner	1 Nov 2007	75% - 100%	foreign
Macquarie Group Limited	Owner	1 Nov 2007	75% - 100%	foreign
Nb Alternatives Holdings Llc	Managing member	1 Feb 2009	75% - 100%	80-0357926
Neuberger Berman Group Llc	Managing member	1 Feb 2009	75% - 100%	61-1591182
Inc. Macquarie Holdings (Usa)	Managing member	1 Feb 2009	Other	13-3789912
Llc M.D. Sass Financial Strategies Gp	General partner	1 Feb 2009	Other	20-0479384
Llc M.D. Sass Financial Holdings	Member	1 Feb 2009	25% - 50%	20-0078345
Macquarie Funding Holdings Inc.	Owner	1 Feb 2009	75% - 100%	20-5913559
Macquarie Americas Holdings Pty Ltd.	Owner	1 Feb 2009	75% - 100%	98-0530183
Macquarie Bank Limited	Owner	1 Feb 2009	75% - 100%	foreign
Macquarie B.H. Pty Ltd.	Owner	1 Feb 2009	75% - 100%	foreign
Macquarie Group Limited	Owner	1 Feb 2009	75% - 100%	foreign
Lehman Brothers Holdings Inc.	Member	1 Feb 2009	25% - 50%	13-3216325
Nb Alternatives Holdings Llc	Managing member	1 May 2009	75% - 100%	80-0357926
Neuberger Berman Group Llc	Managing member	1 May 2009	75% - 100%	61-1591182
Llc Nbsh Acquisition	Member	1 May 2009	75% - 100%	26-4383171
Dyal U.S. Llc	Limited partner	1 Feb 2010	50% - 75%	27-2302032
Dyal Offshore Investors Lp	Member	1 Feb 2010	50% - 75%	98-0657373
Nb Dyal Gp Holdings Llc	General partner	1 Feb 2010	75% - 100%	27-2302165
Nb Alternatives Gp Holdings Llc	Managing member	1 Feb 2010	75% - 100%	80-0357937
Lp Nb Dyal Associates	General partner	1 Apr 2010	Other	96-0657386
Nb Dyal Associates Lp	General partner	1 Apr 2010	Other	96-0657386
Dyal U.S. Llc	Limited partner	1 Apr 2010	50% - 75%	27-2302032
Dyal Offshore Investors Lp	Member	1 Apr 2010	50% - 75%	98-0657373
Dyal Offshore Investors Ii Lp	Member	1 Apr 2012	25% - 50%	80-0804852
Llc Waterfall Partners Gp	General partner	1 Jan 2016	Other	81-1061155
Lp Dyal Capital (A)	Limited partner	1 Jan 2016	25% - 50%	46-0525083
Thomas Edward Capasse	Limited partner	1 Jan 2016	25% - 50%	1226229
Jack Jay Ross	Limited partner	1 Jan 2016	25% - 50%	1342734
Dyal Capital Partners (A) Lp	Limited partner	1 Jan 2016	25% - 50%	46-0525083
Lp Dyal Capital Partners (A)	Limited partner	1 Jan 2016	25% - 50%	46-0525083

Based in New York

The principal office where Waterfall Asset Management, LLC performs its advisory services is located at 1251 Avenue Of The Americas, New York, NY 10020, 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 212-257-4600 or by fax 212-257-4699. The normal business hours are 9:00 a.m - 5:00 p.m. on Monday - Friday. You can find more information about the New York firm at waterfallam.com.