Asset manager · Chicago, IL
Milliman Financial Risk Management LLC
SEC-registered investment adviser · CRD 159377 · SEC 801-73056
At a glance
Milliman Financial Risk Management LLC is an SEC-registered investment adviser based in Chicago, Illinois, with $40.3 billion in regulatory assets under management as of its Form ADV filed March 31, 2026. Its largest client group by assets is investment companies. By Form ADV it is a asset manager, ranked 240th of 3,218 asset managers and 516th of 17,210 SEC-registered advisers by assets.
Main office 312-726-0677millimanfunds.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $40B
- Rank among asset managers
- #240 of 3,218
- Rank among all SEC RIAs
- #516 of 17,210
- Rank in Illinois
- #38 of 684
- Clients
- 76
- Accounts
- 246
- Discretionary
- 100% of AUM
- Employees
- 177
- Advisory staff
- 135
- Offices
- 1
Owners and executives on its Form ADV
- Susan H. PuzChief Compliance Officer
Custody and brokerage
7 custodians
- J.P. Morgan$8.3B64%
- U.S. Bank$2.0B15%
- Citi$1.8B14%
- Wells Fargo$532M4%
- BNY$265M2%
- Northern Trust$104M<1%
- Merrill / Bank of America$12M<1%
Broker-dealer
Hybrid RIA
Milliman Financial Risk Management LLC is a hybrid RIA: 4 of its employees are also registered representatives of a broker-dealer. It names an affiliated broker-dealer: Milliman Investment Management Services LLC.
- Milliman Investment Management Services LLC ↗CRD 292521
An introducing broker-dealer: its trades clear through Wedbush, which holds the brokerage accounts. Its annual audited report filed with the SEC, April 2026
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Investment companies | 50 | $26B | 64% |
| Insurance companies | 21 | $13B | 33% |
| Pooled investment vehicles | 5 | $1.3B | 3% |
Disciplinary disclosures
Milliman Financial Risk Management LLC reports no disciplinary disclosures in Item 11 of Form ADV. Read the details on the SEC’s adviser search ↗
Services
- 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
- Hourly charges
- Fixed fees
Form ADV and brochures on the SEC’s adviser search ↗millimanfunds.com ↗
AtlasMembers
The full record on Milliman Financial Risk Management 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
- Locked
- Growth over one, three and five years
- Locked
- Rank against 326 peers of its type and size
- Locked
- Owners and executives, with titles and stakes
- 1 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 Milliman Financial Risk Management LLC manage?
Milliman Financial Risk Management LLC reports $40.3 billion in regulatory assets under management across 246 accounts, 100% of it on a discretionary basis, on its Form ADV filed March 31, 2026.
What kind of firm is Milliman Financial Risk Management LLC?
Milliman Financial Risk Management 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 Milliman Financial Risk Management LLC’s clients?
By assets, its largest client types are investment companies ($25.9 billion, 50 clients); insurance companies ($13.2 billion, 21 clients); pooled investment vehicles ($1.3 billion, 5 clients).
Does Milliman Financial Risk Management LLC have any disciplinary history?
Milliman Financial Risk Management 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 Milliman Financial Risk Management 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 (2026-03-31), 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 →