Asset manager · Chicago, IL
Ariel Investments, LLC
SEC-registered investment adviser · CRD 108211 · SEC 801-18767
At a glance
Ariel Investments, LLC is an SEC-registered investment adviser based in Chicago, Illinois, with $12.8 billion in regulatory assets under management as of its Form ADV filed July 28, 2026. Its largest client group by assets is investment companies, and it reports 52 individual clients. By Form ADV it is a asset manager, ranked 457th of 3,218 asset managers and 1,166th of 17,210 SEC-registered advisers by assets.
Main office 312-726-0140arielinvestments.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $13B
- Rank among asset managers
- #457 of 3,218
- Rank among all SEC RIAs
- #1,166 of 17,210
- Rank in Illinois
- #67 of 684
- Individual clients
- 52
- High-net-worth clients
- 47
- Accounts
- 146
- Discretionary
- 100% of AUM
- Employees
- 109
- Advisory staff
- 30
- Offices
- 3
Owners and executives on its Form ADV
- John W. RogersChairman, Co-Ceo, Chief Investment Officer and Director
- Mellody L. Hobson LucasCo-Ceo, President and Director
- Charles K. BobrinskoyVice Chairman
- Wendy D. FoxSenior Vice President, Chief Compliance Officer
- Timothy R. FidlerExecutive Vice President, Director of Research
- Klaas J. M. CremersDirector
- Arne S. DuncanDirector
- Valerie B. JarrettDirector
- Paula WolffDirector
- Anthony D. RomeroDirector
- Kenneth E. KuhrtExecutive Vice President, Co-Chief Investment Officer, Domestic Equities
- Judy A. SmithDirector
Custody and brokerage
Broker-dealer
Hybrid RIA
Ariel Investments, LLC is a hybrid RIA: 23 of its employees are also registered representatives of a broker-dealer. It names an affiliated broker-dealer: Ariel Distributors, LLC.
- Ariel Distributors, LLC ↗CRD 38333
It doesn’t hold client accounts or customer funds itself. Its annual audited report filed with the SEC, February 2026
Its Form ADV brochure (filed March 2026) names Ariel Distributors as the broker-dealer its advisers are registered with.
vestment adviser representatives of Ariel and/or registered representatives of Ariel Distributors) receive incentive compensation from Ariel based upon their sales or institutional business development efforts that increase assets invested
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Investment companies | 7 | $4.2B | 33% |
| State or municipal government entities | 27 | $3.8B | 30% |
| Pension and profit sharing plans | 19 | $1.6B | 13% |
| High-net-worth individuals | 47 | $1.4B | 11% |
| Charitable organizations | 24 | $839M | 7% |
| Corporations or other businesses | 5 | $406M | 3% |
| Insurance companies | 3 | $271M | 2% |
| Pooled investment vehicles | 3 | $205M | 2% |
| Other investment advisers | 6 | $23M | <1% |
| Individuals | 5 | $6M | <1% |
Private funds
Ariel Investments, LLC reports 3 private funds with $206M in gross assets: other private funds (Form ADV Item 7.B).
Disciplinary disclosures
Ariel Investments, LLC reports no disciplinary disclosures in Item 11 of Form ADV. Read the details on the SEC’s adviser search ↗
Services
- Portfolio management for individuals and small businesses
- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses and institutions
How it’s paid
- A percentage of assets under management
- Performance-based fees
Form ADV and brochures on the SEC’s adviser search ↗arielinvestments.com ↗
AtlasMembers
The full record on Ariel Investments, LLC
Ten years of SEC filings, its owners and contacts, and how it stacks up against its peers. Atlas members see all of it.
- Assets, accounts, clients and staff, ten years of filings
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- Growth over one, three and five years
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- Rank against 495 peers of its type and size
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- Owners and executives, with titles and stakes
- 16 namedLocked
- Main office, fax and compliance officer
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- Filing changes this year, with alerts
- 3Locked
Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Background
Questions
How much does Ariel Investments, LLC manage?
Ariel Investments, LLC reports $12.8 billion in regulatory assets under management across 146 accounts, 100% of it on a discretionary basis, on its Form ADV filed July 28, 2026.
What kind of firm is Ariel Investments, LLC?
Ariel Investments, LLC is a asset manager by its Form ADV answers. Most of its assets are managed for funds, institutions or other businesses rather than individuals.
Who are Ariel Investments, LLC’s clients?
By assets, its largest client types are investment companies ($4.2 billion, 7 clients); state or municipal government entities ($3.8 billion, 27 clients); pension and profit sharing plans ($1.6 billion, 19 clients).
Does Ariel Investments, LLC manage private funds?
Yes. It reports 3 private funds with $206 million in gross assets, including other private funds.
Does Ariel Investments, LLC have any disciplinary history?
Ariel Investments, LLC reports no disciplinary disclosures in Item 11 of its Form ADV. Check the SEC’s adviser search for the latest record.
Where these numbers come from
Every figure is Ariel Investments, LLC’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Custodians come from Schedule D 5.K(3) of its latest filing (2026-07-28), which lists those holding 10% or more of separately managed account assets and the amount at each. “Hybrid” means some employees are also registered representatives of a broker-dealer (Item 5.B(2)); affiliated broker-dealers are the related persons it lists in Item 7.A and Schedule D. Firm type comes from its own answers: broker-dealer firms are registered broker-dealers themselves (Item 6.A); private fund advisers manage mostly private funds (Item 7.B, 5.D); wealth managers manage at least half their assets for individuals (5.D). Ranks compare it by regulatory assets with every SEC-registered adviser and with firms of its type. Figures are as of the firm’s last annual update, so they can lag recent deals and market moves. Regulatory AUM counts assets the firm continuously supervises and can differ from what a firm markets.
Not an endorsement or a recommendation. Before hiring any adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search. How to check a financial advisor →