Prophecy Asset Management LP (New York)

Name: Prophecy Asset Management LP
Address: 641 Lexington Avenue, New York, NY, 10022
Telephone: 212-328-9563

Prophecy Asset Management LP is a large advisory firm based in New York. It manages $561.93 million of regulatory assets for 3 client accounts. It has been registered with the SEC as an adviser since 2015 and has operated in the jurisdictions of New York and South Carolina.

Prophecy Asset Management provides portfolio management for pooled investment vehicles and selection of other advisers. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Prophecy Asset Management: assets under management

The assets under management (AUM) of Prophecy Asset Management LP is $561.93 million, all of which is managed in discretionary accounts. The firm's AUM has grown by 508% since the beginning of its operation, and $419.02 million of the total AUM is attributable to clients outside of the United States.

The firm manages $561.93 million in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $187.31 million each.

Prophecy Asset Management has custody of $461.27 million in cash and securities for 3 clients in total but doesn’t act as a qualified custodian.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Prophecy Asset Management LP for their services and products based on a percentage of assets under management 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 John Patrick Hughes serves?

The only and largest group of clients of John Patrick Hughes is pooled investment vehicles with 3 clients and $561.93 million of assets under management. Among the 10 most similar advisory firms, Prophecy Asset Management has the 2nd highest percentage of pooled investment vehicles out of all clients.

The amount of regulatory assets under management is $561.93 million for 3 clients. 66% of the firm’s clients are foreign persons or businesses.

Prophecy Asset Management also advises several private funds. Namely, three hedge funds. The minimum investment commitment required of non-related persons ranges from $0 to $250,000.

Careers at Prophecy Asset Management LP

The company employs 7 people that are either part- or full-time employees. 29 percent of the employees work as investment advisers or researchers. No employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

John Patrick Hughes has been acting as President since 1 Jan 2015. William Robert Brennan joined the executive team most recently as the Chief Operating Officer.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Jeffrey Richard Spotts	Chief compliance officer/ managing member of prophecy asset management, lp	1 Oct 2004	50% - 75%	1916564
Llc Prophecy Asset Management	General partner of prophecy asset management, lp	1 Apr 2014	75% - 100%	00-0000000
William Robert Brennan	Chief operating officer	1 Oct 2014	Other	2447538
John Patrick Hughes	President/chief investment officer	1 Jan 2015	50% - 75%	2486574

Indirect Owners

The SEC currently registers 1 indirect owner.

Name	Entity	Date acquired	Ownership	Employer ID
Jeffrey Richard Spotts	Managing member	1 Apr 2014	75% - 100%	1916564

Based in New York

The principal office where Prophecy Asset Management LP performs its advisory services is located at 641 Lexington Avenue, New York, NY 10022, which is also the mailing address of the firm. An additional office of the firm is in Charleston, SC. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 212-328-9563 or by fax 212-656-1778. The normal business hours are 9:00 am - 5:00 pm on Monday - Friday. You can find more information about the New York firm at prophecyfund.com.