Asset manager · Madison, WI
Madison Investment Advisors, LLC
SEC-registered investment adviser · CRD 110297 · SEC 801-52751
At a glance
Madison Investment Advisors, LLC is an SEC-registered investment adviser based in Madison, Wisconsin, with $13.8 billion in regulatory assets under management as of its Form ADV filed March 20, 2026. Its largest client group by assets is individuals, and it reports 14,602 individual clients. By Form ADV it is a asset manager, ranked 440th of 3,218 asset managers and 1,105th of 17,210 SEC-registered advisers by assets.
Main office 608-274-0300madisoninvestments.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $14B
- Rank among asset managers
- #440 of 3,218
- Rank among all SEC RIAs
- #1,105 of 17,210
- Rank in Wisconsin
- #8 of 195
- Individual clients
- 14,602
- High-net-worth clients
- 2,243
- Accounts
- 16,164
- Discretionary
- 100% of AUM
- Employees
- 92
- Advisory staff
- 44
- Offices
- 2
Owners and executives on its Form ADV
- Steven A. CarlChief Distribution Officer, Chairman of the Executive Committee
- Steven J. FredricksChief Compliance Officer and Chief Legal Officer
- Patrick F RyanHead of Multi-Asset Solutions, Portfolio Manager
- 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 Fixed Income, Portfolio Manager
- Mark D. HenricksonChief Financial Officer
Custody and brokerage
Broker-dealer
Hybrid RIA
Madison Investment Advisors, LLC 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.
Several 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 |
|---|---|---|---|
| Individuals | 12,359 | $3.3B | 24% |
| High-net-worth individuals | 2,243 | $3.0B | 22% |
| Charitable organizations | 622 | $2.1B | 15% |
| Insurance companies | 106 | $2.0B | 14% |
| Corporations or other businesses | 495 | $1.3B | 10% |
| State or municipal government entities | 83 | $1.0B | 7% |
| Banking or thrift institutions | 87 | $611M | 4% |
| Pension and profit sharing plans | 169 | $499M | 4% |
Disciplinary disclosures
Madison Investment Advisors, LLC reports no disciplinary disclosures in Item 11 of Form ADV. Read the details on the SEC’s adviser search ↗
Services
- Financial planning
- Portfolio management for individuals and small businesses
- Portfolio management for businesses and institutions
- Pension consulting
- Selecting other advisers
- Other services
How it’s paid
- A percentage of assets under management
- Fixed fees
Form ADV and brochures on the SEC’s adviser search ↗madisoninvestments.com ↗
AtlasMembers
The full record on Madison Investment Advisors, 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 480 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
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- Filing changes this year, with alerts
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Background
Questions
How much does Madison Investment Advisors, LLC manage?
Madison Investment Advisors, LLC reports $13.8 billion in regulatory assets under management across 16,164 accounts, 100% of it on a discretionary basis, on its Form ADV filed March 20, 2026.
What kind of firm is Madison Investment Advisors, LLC?
Madison Investment Advisors, 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 Madison Investment Advisors, LLC’s clients?
By assets, its largest client types are individuals ($3.3 billion, 12,359 clients); high-net-worth individuals ($3.0 billion, 2,243 clients); charitable organizations ($2.1 billion, 622 clients).
Does Madison Investment Advisors, LLC have any disciplinary history?
Madison Investment Advisors, 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 Madison Investment Advisors, 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 (2026-03-20), 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 →