Private fund adviser · Minneapolis, MN
Whitebox Advisors LLC
SEC-registered investment adviser · CRD 121995 · SEC 801-65882
At a glance
Whitebox Advisors LLC is an SEC-registered investment adviser based in Minneapolis, Minnesota, with $15.7 billion in regulatory assets under management as of its Form ADV filed March 25, 2026. Its largest client group by assets is pooled investment vehicles. By Form ADV it is a private fund adviser, ranked 438th of 4,686 private fund advisers and 1,013th of 17,210 SEC-registered advisers by assets.
Main office 612-253-6001whiteboxadvisors.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $16B
- Rank among private fund advisers
- #438 of 4,686
- Rank among all SEC RIAs
- #1,013 of 17,210
- Rank in Minnesota
- #19 of 276
- Clients
- 16
- Accounts
- 16
- Discretionary
- 100% of AUM
- Employees
- 67
- Advisory staff
- 35
- Offices
- 5
Owners and executives on its Form ADV
- Robert J. VogelPartner, Chief Investment Officer
- Jacob P. MercerPartner, Head of Special Situations and Restructuring
- Muquarrab B. KarimChief Operating Officer and Chief Financial Officer
- Lisa R. ConradGeneral Counsel and Chief Compliance Officer
- Paul M. RoosPartner, Head of Structured Credit
- Nickolas A. StukasPartner, Head of Credit Relative Value
- Brian G. LutzPartner, Head of Convertible Arbitrage
Custody and brokerage
Custodian
Whitebox Advisors LLC’s Form ADV lists no custodian for separately managed accounts. Firms report one only when they manage $10 million or more in those accounts.
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Pooled investment vehicles | 16 | $16B | 100% |
Private funds
Whitebox Advisors LLC reports 10 private funds with $16B in gross assets: hedge funds, securitized asset funds (Form ADV Item 7.B).
Disciplinary disclosures
Whitebox Advisors LLC answers yes to 4 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
How it’s paid
- A percentage of assets under management
- Performance-based fees
Form ADV and brochures on the SEC’s adviser search ↗whiteboxadvisors.com ↗
AtlasMembers
The full record on Whitebox 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
- Locked
- Growth over one, three and five years
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- Rank against 782 peers of its type and size
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- Owners and executives, with titles and stakes
- 7 namedLocked
- Main office, fax and compliance officer
- Locked
- Filing changes this year, with alerts
- 2Locked
Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Background
Questions
How much does Whitebox Advisors LLC manage?
Whitebox Advisors LLC reports $15.7 billion in regulatory assets under management across 16 accounts, 100% of it on a discretionary basis, on its Form ADV filed March 25, 2026.
What kind of firm is Whitebox Advisors LLC?
Whitebox Advisors LLC is a private fund adviser by its Form ADV answers. Private funds are at least half of its business by assets. A public reporting company controls it.
Who are Whitebox Advisors LLC’s clients?
By assets, its largest client types are pooled investment vehicles ($15.7 billion, 16 clients).
Does Whitebox Advisors LLC manage private funds?
Yes. It reports 10 private funds with $15.7 billion in gross assets, including hedge funds, securitized asset funds.
Does Whitebox Advisors LLC have any disciplinary history?
Whitebox Advisors LLC answers yes to 4 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 Whitebox 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 (2026-03-25), 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 →