Asset manager · Milwaukee, WI
Northwestern Mutual Investment Management Company, LLC
SEC-registered investment adviser · CRD 307865 · SEC 801-119948
At a glance
Northwestern Mutual Investment Management Company, LLC is an SEC-registered investment adviser based in Milwaukee, Wisconsin, with $323.1 billion in regulatory assets under management as of its Form ADV filed May 6, 2026. Its largest client group by assets is insurance companies. By Form ADV it is a asset manager, ranked 53rd of 3,218 asset managers and 81st of 17,210 SEC-registered advisers by assets.
Main office 414-665-1444capital.northwesternmutual.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $323B
- Rank among asset managers
- #53 of 3,218
- Rank among all SEC RIAs
- #81 of 17,210
- Rank in Wisconsin
- #2 of 195
- Clients
- 23
- Accounts
- 32
- Discretionary
- 100% of AUM
- Employees
- 246
- Advisory staff
- 213
- Offices
- 2
Owners and executives on its Form ADV
- John E. BentleyChairman & President
- Thomas D. ZaleDirector; Vice President - Real Estate
- Daniel J. JulkaDirector; Vice President - Private Securities
- Raymond J. AuthDirector; Vice President - Investment Strategy
- Jason D. SmithDirector; Vice President - Public Investments
- Daniel M. FleschChief Operating Officer
- Deborah Allison SchultzDirector; Vice President - Chief Risk Officer
- Cindy M. DodgeTreasurer
- Matthew E. GabrysChief Compliance Officer
Custody and brokerage
Broker-dealer
Affiliated broker-dealer
It names an affiliated broker-dealer: Northwestern Mutual Investment Services, LLC.
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Insurance companies | 3 | $315B | 98% |
| Pooled investment vehicles | 18 | $7.4B | 2% |
| Banking or thrift institutions | 1 | $432M | <1% |
| Charitable organizations | 1 | $118M | <1% |
Private funds
Northwestern Mutual Investment Management Company, LLC reports 25 private funds with $5.1B in gross assets: private equity funds, securitized asset funds (Form ADV Item 7.B).
Disciplinary disclosures
Northwestern Mutual Investment Management Company, LLC answers yes to 14 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 pooled investment vehicles
- Portfolio management for businesses and institutions
- Selecting other advisers
How it’s paid
- A percentage of assets under management
- Performance-based fees
Form ADV and brochures on the SEC’s adviser search ↗capital.northwesternmutual.com ↗
AtlasMembers
The full record on Northwestern Mutual Investment Management Company, 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 106 peers of its type and size
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- Owners and executives, with titles and stakes
- 9 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 Northwestern Mutual Investment Management Company, LLC manage?
Northwestern Mutual Investment Management Company, LLC reports $323.1 billion in regulatory assets under management across 32 accounts, 100% of it on a discretionary basis, on its Form ADV filed May 6, 2026.
What kind of firm is Northwestern Mutual Investment Management Company, LLC?
Northwestern Mutual Investment Management Company, 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. It reports a bank or thrift among its related persons.
Who are Northwestern Mutual Investment Management Company, LLC’s clients?
By assets, its largest client types are insurance companies ($315.1 billion, 3 clients); pooled investment vehicles ($7.4 billion, 18 clients); banking or thrift institutions ($432 million, 1 clients).
Does Northwestern Mutual Investment Management Company, LLC manage private funds?
Yes. It reports 25 private funds with $5.1 billion in gross assets, including private equity funds, securitized asset funds.
Does Northwestern Mutual Investment Management Company, LLC have any disciplinary history?
Northwestern Mutual Investment Management Company, LLC answers yes to 14 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 Northwestern Mutual Investment Management Company, 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 (2026-05-06), 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 →