Private fund adviser · Philadelphia, PA
FS Structured Products Advisor, LLC
SEC-registered investment adviser · CRD 301285 · SEC 801-117899
At a glance
FS Structured Products Advisor, LLC is an SEC-registered investment adviser based in Philadelphia, Pennsylvania, with $2.2 billion in regulatory assets under management as of its Form ADV filed March 27, 2026. Its largest client group by assets is pooled investment vehicles. By Form ADV it is a private fund adviser, ranked 1,583rd of 4,686 private fund advisers and 3,438th of 17,210 SEC-registered advisers by assets.
Main office 215-220-6651fsproxy.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $2.2B
- Rank among private fund advisers
- #1,583 of 4,686
- Rank among all SEC RIAs
- #3,438 of 17,210
- Rank in Pennsylvania
- #130 of 564
- Clients
- 6
- Accounts
- 6
- Discretionary
- 100% of AUM
- Employees
- 183
- Advisory staff
- 30
- Offices
- 2
Owners and executives on its Form ADV
- Michael C. FormanChief Executive Officer
- David J. AdelmanPrincipal
- Elizabeth C. DetwilerChief Compliance Officer/managing Director
- Stephen SypherdGeneral Counsel
- Marc R. BryantChief Legal Officer
- Joseph D. McGeehinChief Financial Officer
Custody and brokerage
Custodian
FS Structured Products Advisor, LLC’s Form ADV lists no custodian for separately managed accounts. Firms report one only when they manage $10 million or more in those accounts.
Broker-dealer
Hybrid RIA
FS Structured Products Advisor, LLC is a hybrid RIA: 14 of its employees are also registered representatives of a broker-dealer. It names an affiliated broker-dealer: FS Investment Solutions, LLC.
- FS Investment Solutions, LLC ↗CRD 145244
It doesn’t hold client accounts or customer funds itself. Its annual audited report filed with the SEC, February 2026
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Pooled investment vehicles | 6 | $2.2B | 100% |
Private funds
FS Structured Products Advisor, LLC reports 6 private funds with $2.2B in gross assets: securitized asset funds (Form ADV Item 7.B).
Disciplinary disclosures
FS Structured Products Advisor, LLC reports no disciplinary disclosures in Item 11 of Form ADV. Read the details on the SEC’s adviser search ↗
Services
- Portfolio management for pooled investment vehicles
How it’s paid
- A percentage of assets under management
- Performance-based fees
Form ADV and brochures on the SEC’s adviser search ↗fsproxy.com ↗
AtlasMembers
The full record on FS Structured Products Advisor, 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, 5 years of filings
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- Growth over one, three and five years
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- Rank against 1,820 peers of its type and size
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- Owners and executives, with titles and stakes
- 6 namedLocked
- Main office, fax and compliance officer
- Locked
- Filing changes this year, with alerts
- 5Locked
Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Background
Questions
How much does FS Structured Products Advisor, LLC manage?
FS Structured Products Advisor, LLC reports $2.2 billion in regulatory assets under management across 6 accounts, 100% of it on a discretionary basis, on its Form ADV filed March 27, 2026.
What kind of firm is FS Structured Products Advisor, LLC?
FS Structured Products Advisor, LLC is a private fund adviser by its Form ADV answers. Private funds are at least half of its business by assets.
Who are FS Structured Products Advisor, LLC’s clients?
By assets, its largest client types are pooled investment vehicles ($2.2 billion, 6 clients).
Does FS Structured Products Advisor, LLC manage private funds?
Yes. It reports 6 private funds with $2.2 billion in gross assets, including securitized asset funds.
Does FS Structured Products Advisor, LLC have any disciplinary history?
FS Structured Products Advisor, 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 FS Structured Products Advisor, 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 (2026-03-27), 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 →