Asset manager · Boston, MA
Nepc, LLC
SEC-registered investment adviser · CRD 110562 · SEC 801-37227
At a glance
Nepc, LLC is an SEC-registered investment adviser based in Boston, Massachusetts, with $152.7 billion in regulatory assets under management as of its Form ADV filed September 22, 2026. Its largest client group by assets is pension and profit sharing plans, and it reports 35 individual clients. By Form ADV it is a asset manager, ranked 95th of 3,218 asset managers and 178th of 17,210 SEC-registered advisers by assets.
Main office 617-374-1300nepc.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $153B
- Rank among asset managers
- #95 of 3,218
- Rank among all SEC RIAs
- #178 of 17,210
- Rank in Massachusetts
- #18 of 627
- Individual clients
- 35
- High-net-worth clients
- 35
- Accounts
- 132
- Discretionary
- 100% of AUM
- Employees
- 379
- Advisory staff
- 132
- Offices
- 26
Owners and executives on its Form ADV
- Michael P. ManningChief Executive Officer, Chief Financial Officer
- Timothy F McCuskerPresident
- Kellie L. KaneChief Operating Officer
- John F ReganChief Compliance Officer
- Steven F. CharltonHead of Client Solutions
- Kathy A. ConnorsChief Consulting Officer
- Judy A. MurphyChief Human Resources Officer
- Sarah N. SamuelsChief Investment Officer
Custody and brokerage
Broker-dealer
Affiliated broker-dealer
It names an affiliated broker-dealer: Hightower Securities, LLC.
- Hightower Securities, LLC ↗CRD 116681
An introducing broker-dealer: its trades clear through National Financial Services (Fidelity), Pershing and J.P. Morgan, which hold the brokerage accounts. Its annual audited report filed with the SEC, February 2026
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Pension and profit sharing plans | 165 | $98B | 64% |
| Corporations or other businesses | 47 | $23B | 15% |
| Charitable organizations | 84 | $15B | 10% |
| State or municipal government entities | 73 | $8.5B | 6% |
| Pooled investment vehicles | 8 | $5.3B | 3% |
| High-net-worth individuals | 35 | $3.3B | 2% |
| Banking or thrift institutions | 1 | $163M | <1% |
| Insurance companies | 22 | $0M | 0% |
Private funds
Nepc, LLC reports 4 private funds with $2.3B in gross assets: other private funds (Form ADV Item 7.B).
Disciplinary disclosures
Nepc, LLC answers yes to 8 disclosure items in Item 11 of Form ADV (criminal, regulatory or civil matters involving the firm or its advisory affiliates). Read the details on the SEC’s adviser search ↗
Services
- Portfolio management for individuals and small businesses
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses and institutions
- Pension consulting
- Selecting other advisers
- Educational seminars and workshops
How it’s paid
- A percentage of assets under management
- Hourly charges
- Fixed fees
- Performance-based fees
Form ADV and brochures on the SEC’s adviser search ↗nepc.com ↗
AtlasMembers
The full record on Nepc, 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 166 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
- 3Locked
Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Background
Questions
How much does Nepc, LLC manage?
Nepc, LLC reports $152.7 billion in regulatory assets under management across 132 accounts, 100% of it on a discretionary basis, on its Form ADV filed September 22, 2026.
What kind of firm is Nepc, LLC?
Nepc, 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 Nepc, LLC’s clients?
By assets, its largest client types are pension and profit sharing plans ($98.1 billion, 165 clients); corporations or other businesses ($22.6 billion, 47 clients); charitable organizations ($14.8 billion, 84 clients).
Does Nepc, LLC manage private funds?
Yes. It reports 4 private funds with $2.3 billion in gross assets, including other private funds.
Does Nepc, LLC have any disciplinary history?
Nepc, LLC answers yes to 8 disclosure items in Item 11 of Form ADV, which covers criminal, regulatory and civil matters involving the firm or its advisory affiliates. The details are on the SEC’s adviser search.
Where these numbers come from
Every figure is Nepc, 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 (2026-09-22), 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 →