Galliard Capital Management, Llc
SEC-registered
Institutional / Pension Advisor · Large ($10B–$100B)
CRD 106487
· SEC file 801-49780
· Minneapolis, MN
· www.linkedin.com
☆ Save with Pro
ADV data as of Mar 20, 2026
- Regulatory AUM
- $80.3B
- Discretionary
- $79.2B
- Clients
- 188
- Avg AUM / client
- $427M
- Accounts
- 264
- Employees
- 89
AUM over time
$72.5B
$95.4B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 20, 2026
Asset allocation (SMA assets by investment type)
as of Mar 20, 2026
Other
$55.4B
69%
US government & agency bonds
$12.0B
15%
Investment-grade corporate bonds
$7.2B
9%
Pooled investment vehicles
$3.2B
4%
Cash & equivalents
$1.6B
2%
State & local bonds
$803M
1%
Share of SMA assets by investment vehicle type, as filed in Form ADV Item 5.K. Dollar figures are percentages applied to total regulatory AUM.
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 2 | $602M | 0.75% |
| Pooled investment vehicles (non-investment companies) | 4 | $13.5B | 16.9% |
| Pension and profit sharing plans | 104 | $34.1B | 42.5% |
| Charitable organizations | 15 | $3.0B | 3.78% |
| State or municipal government entities | 47 | $26.5B | 33.1% |
| Insurance companies | 4 | $757M | 0.94% |
| Corporations and other businesses | 2 | $285M | 0.35% |
| Other | 10 | $1.4B | 1.77% |
Private funds (3)
Reported in Form ADV Section 7.B.(1), filing of Sep 2024 · $0 combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Galliard Intermediate Aggregate Fund, Llc | Other Private Fund | Delaware | $0 | 0 |
| Galliard Short Core Fund, Llc | Other Private Fund | Delaware | $0 | 0 |
| Galliard Broad Market Core Fund, Llc | Other Private Fund | Delaware | $0 | 0 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Electrical Workers Deferred Income Plan Local 103, I.B.E.W. Joint Board Of Trustees, Electrical | 2024 | |
| Painters And Allied Trades District Council No.35 Annuity Fund Painters Annuity Council No. 35 Annuity Fund | 2024 | |
| Electrical Workers Local No. 292 Defined Contribution And 401 K Plan Trustees Electrical Workers Local No.292 Defined Contribution And 401 K | 2024 | |
| Electrical Workers Local No. 292 Pension Plan Trustees Electrical Workers Local No.292 Pension Plan | 2024 | |
| Central Pension Fund Of The Iuoe & Participating Employers Board Of Trustees Of The Cpf Of The Iuoe And Participating Employers | 2024 | |
| Liberty Mutual 401(k) Plan Liberty Mutual Group Inc. | 2024 | |
| Aep Retirement Savings 401(k) Plan American Electric Power Service Corporation | 2024 | |
| The Retirement And Savings Plan For Amgen Manufacturing Limited Llc Amgen Manufacturing Limited Llc | 2024 | |
| Operating Eng Cons Ind Misc. Pension Fund Bd Of Tr Oper Eng Cons. Industry Miscellaneous Pension Fund | 2024 | |
| U.S. Bank 401(k) Savings Plan U.S. Bancorp | 2024 |
People (6)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Mirza, Ajay, (Nmn) | Senior Managing Principal | Jan 2020 (7y) | Less than 5% | |
| Squire, Sallie, Clements | Manager | Nov 2021 (5y) | Less than 5% | |
| Sullivan, Joseph, Andrew | Manager | Nov 2021 (5y) | GP / trustee / elected manager of Allspring Global Investments Holdings, Llc (indirect) | |
| Norman, Michael, David | President And Senior Managing Principal | Oct 2022 (4y) | Less than 5% | |
| Paul Werner Felsch | Chief Compliance Officer | Feb 2023 (4y) | Less than 5% | |
| Lege, Annette, Janecka | Manager | Aug 2024 (2y) | GP / trustee / elected manager of Allspring Global Investments Holdings, Llc (indirect) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Allspring Global Investments Holdings, Llc | Direct Parent Company | Nov 2021 | A | 75% or more |
| Allspring Buyer, Llc | Shareholder | Nov 2021 | B | ≈ 56.25% – 100% via Allspring Global Investments Holdings, Llc |
| Allspring Intermediate Ii, Llc | Shareholder | Nov 2021 | B | ≈ 42.19% – 100% via Allspring Buyer, Llc |
| Allspring Intermediate I, Llc | Shareholder | Nov 2021 | B | ≈ 31.64% – 100% via Allspring Intermediate Ii, Llc |
| Allspring Group Holdings, Llc | Shareholder | Nov 2021 | B | ≈ 23.73% – 100% via Allspring Intermediate I, Llc |
| Gtcr Fund Xiii/B Lp | Shareholder | Nov 2021 | B | ≈ 5.93% – 50% via Allspring Group Holdings, Llc |
| Gtcr Partners Xiii/B Lp | General Partner | Jul 2020 | B | GP / trustee / elected manager of Gtcr Fund Xiii/B Lp (indirect) |
| Gtcr Investment Xiii Llc | General Partner | Jul 2020 | B | GP / trustee / elected manager of Gtcr Partners Xiii/B Lp (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Allspring Buyer, Llc: 75% – 100% of Allspring Global Investments Holdings, Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Allspring Intermediate Ii, Llc: 75% – 100% of Allspring Buyer, Llc × 75% – 100% of Allspring Global Investments Holdings, Llc × 75% – 100% direct ≈ 42.19% – 100% of the firm
- Allspring Intermediate I, Llc: 75% – 100% of Allspring Intermediate Ii, Llc × 75% – 100% of Allspring Buyer, Llc × 75% – 100% of Allspring Global Investments Holdings, Llc × 75% – 100% direct ≈ 31.64% – 100% of the firm
- Allspring Group Holdings, Llc: 75% – 100% of Allspring Intermediate I, Llc × 75% – 100% of Allspring Intermediate Ii, Llc × 75% – 100% of Allspring Buyer, Llc × 75% – 100% of Allspring Global Investments Holdings, Llc × 75% – 100% direct ≈ 23.73% – 100% of the firm
- Gtcr Fund Xiii/B Lp: 25% – 50% of Allspring Group Holdings, Llc × 75% – 100% of Allspring Intermediate I, Llc × 75% – 100% of Allspring Intermediate Ii, Llc × 75% – 100% of Allspring Buyer, Llc × 75% – 100% of Allspring Global Investments Holdings, Llc × 75% – 100% direct ≈ 5.93% – 50% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (3, $0 gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Galliard Intermediate Aggregate Fund, Llc | Other Private Fund | $0 | $5.0M | 0 |
| Galliard Short Core Fund, Llc | Other Private Fund | $0 | $5.0M | 0 |
| Galliard Broad Market Core Fund, Llc | Other Private Fund | $0 | $5.0M | 0 |
From Form ADV Section 7.B private fund reporting.
Retirement plans served (10)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Electrical Workers Deferred Income Plan Local 103, I.B.E.W. | Joint Board Of Trustees, Electrical | 8,300 | $1.8B | 12/01/2024 |
| Painters And Allied Trades District Council No.35 Annuity Fund | Painters Annuity Council No. 35 Annuity Fund | 2,820 | $527M | 07/01/2024 |
| Electrical Workers Local No. 292 Defined Contribution And 401 K Plan | Trustees Electrical Workers Local No.292 Defined Contribution And 401 K | 5,698 | $1.2B | 05/01/2024 |
| Electrical Workers Local No. 292 Pension Plan | Trustees Electrical Workers Local No.292 Pension Plan | 2,466 | $447M | 05/01/2024 |
| Central Pension Fund Of The Iuoe & Participating Employers | Board Of Trustees Of The Cpf Of The Iuoe And Participating Employers | 104,686 | $27.4B | 02/01/2024 |
| Liberty Mutual 401(k) Plan | Liberty Mutual Group Inc. | 31,562 | $11.4B | 01/01/2024 |
| Aep Retirement Savings 401(k) Plan | American Electric Power Service Corporation | 16,345 | $5.2B | 01/01/2024 |
| The Retirement And Savings Plan For Amgen Manufacturing Limited Llc | Amgen Manufacturing Limited Llc | 2,589 | $780M | 01/01/2024 |
| Operating Eng Cons Ind Misc. Pension Fund | Bd Of Tr Oper Eng Cons. Industry Miscellaneous Pension Fund | 3,934 | $846M | 01/01/2024 |
| U.S. Bank 401(k) Savings Plan | U.S. Bancorp | 67,658 | $11.4B | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/20/2026 | 1.9 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Fixed fees
Services
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Selection of other advisers
Custody
Reported custodians
- BNY Mellon $45.7B (57% of AUM) Mar 2026
- Wells Fargo $43.4B (47% of AUM) Sep 2023
- State Street $7.6B (8% of AUM) Mar 2019
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 20, 2026.
View current Form ADV (SEC/IAPD) ↗