Asset manager · Madison, WI
Madison Asset Management
Madison Asset Management, LLC · SEC-registered investment adviser · CRD 130874 · SEC 801-62992
At a glance
Madison Asset Management is an SEC-registered investment adviser based in Madison, Wisconsin, with $4.9 billion in regulatory assets under management as of its Form ADV filed March 20, 2026. Its largest client group by assets is investment companies. By Form ADV it is a asset manager, ranked 704th of 3,218 asset managers and 2,144th of 17,210 SEC-registered advisers by assets.
Main office 800-767-0300madisonfunds.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $4.9B
- Rank among asset managers
- #704 of 3,218
- Rank among all SEC RIAs
- #2,144 of 17,210
- Rank in Wisconsin
- #20 of 195
- Clients
- 36
- Accounts
- 36
- Discretionary
- 100% of AUM
- Employees
- 92
- Advisory staff
- 44
- Offices
- 2
Owners and executives on its Form ADV
- Steven A. CarlChief Distribution Officer and Chairman of the Executive Committee
- Mark D. HenricksonChief Financial Officer
- Patrick F RyanHead of Multi-Asset Solutions, Portfolio Manager
- Steven J. FredricksChief Compliance Officer and Chief Legal Officer
- Richard A. EisingerHead of Equities, Portfolio Manager
- Jill M. FriedowHead of Operations and Chief Technology Officer
- Haruki ToyamaHead of MID Cap & Large Cap Equity, Portfolio Manager
- Michael S. SandersHead of Madison Fixed Income, Portfolio Manager
Custody and brokerage
Custodian
Madison Asset Management’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
Madison Asset Management is a hybrid RIA: 20 of its employees are also registered representatives of a broker-dealer. It names an affiliated broker-dealer: MFD Distributor, LLC.
- MFD Distributor, LLC ↗CRD 44930
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 MFD Distributor as the broker-dealer its advisers are registered with.
A number of our employees are registered representatives of MFD Distributor, LLC so that they can make offers of our affiliated funds to the public.
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Investment companies | 31 | $4.8B | 100% |
| Pension and profit sharing plans | 2 | $14M | <1% |
| Banking or thrift institutions | 3 | $7M | <1% |
Disciplinary disclosures
Madison Asset Management 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 businesses and institutions
How it’s paid
- A percentage of assets under management
- Fixed fees
Form ADV and brochures on the SEC’s adviser search ↗madisonfunds.com ↗
AtlasMembers
The full record on Madison Asset Management
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 708 peers of its type and size
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- Owners and executives, with titles and stakes
- 8 namedLocked
- Main office, fax and compliance officer
- Locked
- Filing changes this year, with alerts
- 1Locked
Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Background
Questions
How much does Madison Asset Management manage?
Madison Asset Management reports $4.9 billion in regulatory assets under management across 36 accounts, 100% of it on a discretionary basis, on its Form ADV filed March 20, 2026.
What kind of firm is Madison Asset Management?
Madison Asset Management 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 Madison Asset Management’s clients?
By assets, its largest client types are investment companies ($4.8 billion, 31 clients); pension and profit sharing plans ($14 million, 2 clients); banking or thrift institutions ($7 million, 3 clients).
Does Madison Asset Management have any disciplinary history?
Madison Asset Management 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 Madison Asset Management’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 (2026-03-20), 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 →