Carret Asset Management, LLC (New York)

Carret Asset Management, LLC is a large advisory firm based in New York. It manages $2.47 billion of regulatory assets for 2,140 client accounts. It has been registered with the SEC as an adviser since 2004 and has operated in the jurisdictions of Arizona, California, Colorado, and 37 other states.

Carret Asset Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, and portfolio management for businesses and institutional clients. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Carret Asset Management: assets under management

The assets under management (AUM) of Carret Asset Management, LLC is $2.47 billion. The firm's AUM has grown by 156% since the beginning of its operation, and $10.25 million of the total AUM is attributable to clients outside of the United States.

The firm manages $2.47 billion in discretionary accounts and $1.33 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $1.16 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $190.45 thousand.

Carret Asset Management has custody of $34.53 million in cash and securities for 16 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in state and local bonds the most. They account for 32% of the total AUM. The second-largest asset type is investment grade corporate bonds, which make up 31% of the firm’s portfolio. Investments in exchange traded securities form 25% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Carret Asset Management, LLC for their services and products based on a percentage of assets under management, fixed fees, and performance-based fees. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Wayne Stanley Reisner serves?

The firm provides services to individuals, investment companies, charitable organizations, other investment advisers, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Wayne Stanley Reisner is high net worth individuals with 327 clients and $1.09 billion of assets under management. Among the 9 most similar advisory firms, Carret Asset Management has the 2nd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $2.47 billion for 1,461 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 1% of the firm’s clients are foreign persons or businesses.

Carret Asset Management doesn't advise any private funds.

Careers at Carret Asset Management, LLC

The company employs 20 people that are either part- or full-time employees. 50 percent of the employees work as investment advisers or researchers. 6 employees are registered as investment adviser representatives with the state securities authorities.

There’s a single person with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Wayne Stanley Reisner has been acting as President since 1 Apr 2004. Jason Richard Graybill joined the executive team most recently as the Principal, Senior Managing Director.

Direct owners and executive officers

Indirect Owners

The SEC currently registers 17 indirect owners.

Based in New York

The principal office where Carret Asset Management, LLC performs its advisory services is located at 320 Park Avenue, New York, NY 10022, which is also the mailing address of the firm. An additional office of the firm is in Denver, CO. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 212-593-3800 or by fax 212-593-9796. The normal business hours are 9:00 am to 5:30 pm on Monday - Friday. You can find more information about the New York firm at carret.com.

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