Asb Capital Management Llc
SEC-registered
Private Fund Manager · Large ($10B–$100B)
CRD 110995
· SEC file 801-57896
· Bethesda, MD
· www.asbrealestate.com
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ADV data as of Apr 29, 2026
- Regulatory AUM
- $36.7B
- Discretionary
- $36.7B
- Clients
- 83
- Avg AUM / client
- $442M
- Accounts
- 84
- Employees
- 62
AUM over time
$9.0B
$36.7B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Apr 29, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| High net worth individuals | 1 | $16.1M | 0.04% |
| Pooled investment vehicles (non-investment companies) | 5 | $33.0B | 90.0% |
| Pension and profit sharing plans | 21 | $1.1B | 3.08% |
| Charitable organizations | 18 | $176M | 0.48% |
| State or municipal government entities | 1 | $5.2M | 0.01% |
| Insurance companies | 18 | $737M | 2.01% |
| Corporations and other businesses | 19 | $1.6B | 4.42% |
Nonprofit clients
Charities that reported this firm as a top-paid contractor (investment services) on Form 990.
| Charity | Location | Period |
|---|---|---|
| Ocu Health & Welfare Trust EIN 261574455 | Covina, CA | 12/31/2024 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C. Showing first 100 of 102.
| Plan | Location | Plan year |
|---|---|---|
| Electrical Workers Deferred Income Plan Local 103, I.B.E.W. Joint Board Of Trustees, Electrical | 2024 | |
| United Food And Commercial Workers Local 1546 Pension Plan Board Of Trustees Of United Food & Commercial Wkrs Local 1546 Pension | 2024 | |
| Michigan Laborers' Pension Plan Board Of Trustees Michigan Laborers' Pension Fund | 2024 | |
| Int'l Brotherhood Of Electrical Workers' Pension Benefit Fund International Brotherhood Of Electrical Workers' Pension Benefit Fund | 2024 | |
| General Building Laborers' Local 66 Pension Fund Board Of Trustees General Building Local 66 Pension Fund | 2024 | |
| Indiana Electrical Workers Pension Plan Indiana Electrical Workers Pension Trust Fund Ibew | 2024 | |
| United Mine Workers Of America 1985 Construction Workers Pension Plan Board Of Trustees Of The Umwa 1985 Construction Workers | Wheeling, WV | 2024 |
| Ibew Local 43 & Electrical Contractors Pension Fund Ibew Local 43 & Electrical Contractors Pension Fund | 2024 | |
| Laborers Local 57 Industrial Pension Plan Trustees Of Laborers Local 57 Industrial Pension | 2024 | |
| Pointers, Cleaners, & Caulkers Pension Fund Board Of Trustees Of Pointers, | 2024 | |
| Central California Ibew Neca Pension Trust Fund Board Of Trustees, Central California Ibew Neca | 2024 | |
| Plumbers Local Union No. 690 Pension Fund Bd Tees Plumbers Lu 690 Pen Fund | 2024 | |
| Pacificorp/Ibew Local 57 Retirement Trust Fund Board Of Trustees Of The Pacificorp/Ibew Local 57 Retirement Trust Fun | 2024 | |
| Local 309 Wiremans Pension Trust Board Of Trustees Of Local 309 Wiremans Pension Trust | 2024 | |
| Indiana/Kentucky/Ohio Regional Council Of Carpenters Pension Fund Board Of Trustees Indiana/Kentucky/Ohio Regional Council Carpenters Pe | 2024 | |
| Laborers' Local #157 Pension Fund Laborers' Local #157 Pension Fund | Schenectady, NY | 2024 |
| Asbestos Workers L 24 Pen Fd Def Benefit Plan Bd Ttees Asbestos Wrks L 24 Pen Fd | 2024 | |
| United Food & Commercial Workers Union Local 152 Retail Meat Pension Plan Board Of Trustees, United Food & Commercial Workers Union Local 152 | 2024 | |
| United Association National Pension Fund B/O/T United Association National Pension Fund | Alexandria, VA | 2024 |
| Asbestos Workers Local 8 Retirement Trust Plan Asbestos Workers Local 8 Retirement Trust Plan | 2024 | |
| Neca Ibew Local 176 Pension Trust Fund Trustees Of The Neca Ibew Local 176 Pension Trust Fund | 2024 | |
| Ibew Local 701 Pension Fund Board Of Trustees, 701 Pension Fund | 2024 | |
| Idaho Plumbers And Pipefitters Pension Plan Board Of Trustees, Idaho Plumbers And Pipefitters Pension Plan | 2024 | |
| Neca Ibew Pension Trust Fund Neca Ibew Pension Trust Fund | 2024 | |
| Wisconsin Masons Pension Fund Board Of Trustees Of Wisconsin Masons Pension Fund | 2024 | |
| Plumbers Local #210 Retirement Fund Trustees Of Plumbers Local #210 Retirement Fund | 2024 | |
| California Ironworkers Field Pension Trust Board Of Trustees, California Ironworkers Field Pension Trust Fun | 2024 | |
| Flint Area Sheet Metal Workers Local 7 4 Pension Fund Board Of Trustees, Flint Area Sheet Metal Workers Local 7 Zone 4 | 2024 | |
| Cement Masons Union Local 592 Pension Plan Trustees Of The Cement Masons Union Local 592 Pension Plan | 2024 | |
| Iron Workers Local 17 Pension Fund Iron Workers Local 17 Pension Fund | Troy, MI | 2024 |
| Operating Engineers' Local 324 Pension Fund Joint Board Of Trustees Operating Engineers Local 324 | 2024 | |
| I.B.E.W. Local 38 Pension Plan Ibew Local 38 Pension Plan | 2024 | |
| Drivers Union Local 753 Ib Of T C W & H Of A And Milk Dealers' Pension Trust Trustees Of Drivers 753 And Milk Dealers Pension Trust Fund | 2024 | |
| Bricklayers Local No. 55 Pension Plan Board Of Trustees, Bricklayers Local No. 55 Pension Plan | 2024 | |
| Chicago Painters And Decorators Pension Fund Board Of Trustees Of Chicago Painters And Decorators Pension Fd | Darien, IL | 2024 |
| Bricklayers & Allied Craftsmen Local 1 Of Md, Va & Dc Baltimore Chapter Pension Fund Bricklayers & Allied Craftsmen Local 1 Of Md, Va & Dc Balt Chapter Pen | 2024 | |
| Ibew Local 684 Pension Trust Board Of Trustees, Ibew Local 684 Pension Trust | 2024 | |
| Eighth District Electrical Pension Fund Board Of Trustees, Eighth District Electrical Pension | 2024 | |
| Ibew 648 Pension Plan Ibew 648 Pension Plan | 2024 | |
| Pipefitters Union Local No. 537 Pension Fund Pipe & Refrigeration Fitters Local 537 | 2024 | |
| Pipefitters Local Union No. 537 Deferred Income Annuity Fund Individual Account Plan Pipefitters Local Union No.537 | 2024 | |
| Solano Napa Counties Electrical Workers Pension Plan Bot Of Solano Napa Counties Electric Workers Pt | 2024 | |
| Chicago Area Ib Of T Severance And Retirement Plan Board Of Trustees Chicago Area Ibt Severance And Retirement Trust Fund | 2024 | |
| Chicago Area Ib Of T Pension Trust Fund Board Of Trustees Of Chicago Area Ib Of T Pension Trust Fund | Downers Grove, IL | 2024 |
| Southeastern Carpenters And Millwrights Pension Plan Jt Bd Of Trustees Of Southeastern Carp And Millwrights Pension Plan | 2024 | |
| International Painters And Allied Trades Industry Pension Plan Intl Painters & Allied Trades Ind. Pension Fund Board Of Trustees | 2024 | |
| Ibew Local No. 32 Neca Pension Plan Board Of Trustees Of The Ibew Local No. 32 Neca Pension Plan | 2024 | |
| Ibew Local No. 143 Pension Plan Ibew Local No. 143 Pension Plan | 2024 | |
| Twin City Ironworkers Pension Plan Board Of Trustees Of The Twin City Ironworkers Pension Fund | 2024 | |
| Minnesota Laborers Pension Fund Board Of Trustees Of Minnesota Laborers Pension Fund | 2024 | |
| Bakery & Confectionery Union & Industry International Pension Fund Joint Board Of Trustees, Bakery & Confectionery Union & Industry | 2024 | |
| Sacramento Area Electrical Workers Pension And Profit Sharing Plan Board Of Trustees, Sacramento Area Electrical Workers | 2024 | |
| Carolina Electrical Workers Retirement Fund Board Of Trustees Of Carolina Electrical Workers Retirement Fund | 2024 | |
| Ocu Pension Trust Trustees Of The Ocu Pension Trust | 2024 | |
| Western States Insulators And Allied Workers' Pension Plan Trustees Of W. States Insulators & Allied Workers Pension Fund | 2024 | |
| Plumbers & Steamfitters Local 83 Pension Fund Plumbers & Steamfitter Local 83 | 2024 | |
| Pension Trust Fund For Operating Engineers Board Of Trustees, Pension Trust Fund For Operating | 2024 | |
| Neca Local Union No 313 Ibew Pension Plan Bd Of Tees Of Neca Lu No 313 Ibew Pension Plan | 2024 | |
| Ibew Local 683 Pension Fund Pension Plan Ibew Local 683 Board Of Trustees | 2024 | |
| Heat & Frost Insulators And Allied Workers Local 6 Pension Fund Bd Of Trustees Heat & Frost Insulators And Allied Workers Local 6 Pen | 2024 | |
| Resilient Floor Covering Pension Fund Bot Of Resilient Floor Covering Pension Fund | 2024 | |
| Western States Carpenters Pension Plan Joint Board Of Trustees Western States Carpenters Pension Plan | Los Angeles, CA | 2024 |
| Western Washington Painters Defined Contribution Pension Plan Board Of Trustees, W. Wa Painters Defined Contribution Pension Plan | 2024 | |
| National Electrical Benefit Fund Trustees Of The National Electrical Benefit Fund | 2024 | |
| District Council 82 Painting Industry Pension Plan Trustees Of District Council 82 Painting Industry Pension Plan | 2024 | |
| Sheet Metal Workers Local 98 Pension Fund Board Of Trustees Sheet Metal Workers Local 98 Pension Fund | Ona, WV | 2024 |
| Connecticut Laborers' Pension Plan Connecticut Laborers' Pension Fund Board Of Trustees | West Haven, CT | 2024 |
| Usw District 10, Local 286, Pension Plan Board Of Trustees Usw District 10,Local 286, | 2024 | |
| The Local 259 Pension Fund Board Of Trustees Of The Local 259 Pensi Pension Fund | 2024 | |
| Alaska Plumbing And Pipefitting Industry Pension Plan Board Of Trustees, Alaska Plumbing & Pipefitting Industry Pension Plan | 2024 | |
| Ufcw Union & Partcipating Food Industry Employers Tri State Pension Fund Ufcw Union & Participating Food Industry Employers Tri State Pension F | 2024 | |
| Southern District Ubc Defined Contribution Fund Board Of Trustees Of The Southern District Ubc Defined Contribution F | 2024 | |
| Mason Tenders' District Council Pension Fund Board Of Trustees Mason Tenders District Council Pension Fund | 2024 | |
| Seafarers Officers And Employees Pension Plan Board Of Trustees Seafarers Officers And Employees Pension Plan | 2024 | |
| American Federation Of Government Employees Pension Plan American Federation Of Government Employees | 2024 | |
| Laborers Local Union No. 158 Pension Plan Laborers Local Union No. 158 Pension Fund | 2024 | |
| Teamsters Retirement Pension Plan Board Of Trustees, Teamsters Retirement Pension Plan | 2024 | |
| Southern Electrical Retirement Fund Board Of Trustees Southern Electrical Retirement Fund | 2024 | |
| Sheet Metal Workers Local 85 Pension Fund Sheet Metal Workers Local 85 Pension Fund | 2024 | |
| Seafarers Pension Plan Board Of Trustees Seafarers Pension Plan | 2024 | |
| Pipeline Industry Pension Fund Pipeline Industry Pension Fund | Tulsa, OK | 2024 |
| Edison Pension Plan Board Of Trustees, Edison Pension Trust | Portland, OR | 2024 |
| Defined Benefit Pension Plan Of Agc Iuoe Local 701 Pension Trust Fund Board Of Trustees Agc Iuoe Local Of Agc Iuoe Local 701 Pension Trust | 2024 | |
| Plumbers & Steamfitters Local 267 Pension Fund Plumbers 267 Pension Fund Local 267 Pension Fund | 2024 | |
| National Automatic Sprinkler Industry Pension Fund National Automatic Sprinkler Industry Pension Fund Jt Board Of Trustee | Landover, MD | 2024 |
| Iron Workers' Mid America Pension Plan Board Of Trustees Of Iw Mid America Pension Plan | 2024 | |
| Sheet Metal Workers Local No. 177 Pension Fund Trustees Sheet Metal Workers Local No. 177 Pension Fund | 2024 | |
| Hns Management Co Inc Retirement Plan Salaried H N S Management Company Inc | 2024 | |
| Sheet Metal Workers' Pension Plan Of Southern California Arizona And Nevada Board Of Trustees, Sheet Metal Workers' Pension Plan | 2024 | |
| Pension Plan For Employees Of Hns Management Co Inc Represented By Atu H N S Management Company Inc | 2024 | |
| Sheet Metal Workers' Local Union No. 9 Pension Pla Trustees Of Sheet Metal Workers' Local No. 9 Pension Plan | 2024 | |
| Cwa/Itu Negotiated Pension Plan Board Of Trustees Cwa/Itu Negotiated Pension Plan | 2024 | |
| Marble Industry Pension Trust Fund Board Of Trustees Of Marble | 2024 | |
| Western States Office & Professional Employees Pen Western States Office & Professional Emp | 2024 | |
| Washington Dc Cement Masons' Pension Fund Board Of Trustees, Washington Dc Cement Masons' Pension Trust Fund | Columbia, MD | 2024 |
| Maryland Electrical Industry Pension Plan Maryland Electrical Ind Pension | 2024 | |
| Ibew Local Union No. 98, Zone 2 Pension Trust Fund Ibew Local Union 98 | 2024 | |
| Teamsters' Construction Industry & Misc Pension Fund Teamsters' Construction Industry | 2024 | |
| Hanford Multi Employer Pension Plan Hanford Pension & Savings Plans Committee | Richland, WA | 2024 |
| Defined Benefit Pension Plan Of The Plumbers & Steamfitters Local 400 And Mechanical Contractors Association Of North Central Wisconsin Board Of Trustees | Kaukauna, WI | 2024 |
People (28)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Mcsweeny, William, F (Mi Only) | Director | Nov 1997 (29y) | Less than 5% | |
| Saul, Bernard, Francis Ii | Chairman Of The Board Of Directors | Nov 1997 (29y) | ≈ 31.64% – 100% via Chevy Chase Holdings, Inc. | |
| Duncan, Paul, Roy | Chief Compliance Officer | Jan 2005 (22y) | Less than 5% | |
| Platts, Howard, Gregory | Director | Mar 2009 (17y) | Less than 5% | |
| Grosvenor, Gilbert, Melville | Director | Jan 2010 (17y) | Less than 5% | |
| Friedman, Joel, Albert | Chief Financial Officer | Mar 2010 (16y) | Less than 5% | |
| Clancy, George, Patrick | Director | Jul 2010 (16y) | Less than 5% | |
| Robert Benet Bellinger | Ceo, Asb Capital Management Llc | CFA | May 2012 (14y) | Less than 5% |
| Powell, Earl, Alexander | Director | Apr 2018 (8y) | Less than 5% | |
| Whitaker, John, Jeffrey | Director | Jan 2021 (6y) | Less than 5% | |
| Lotuff, Patricia, Saul | Vice Chair | Mar 2022 (4y) | Less than 5% | |
| Matthew Brodie Ruland | Chief Operating Officer | Dec 2022 (4y) | Less than 5% | |
| Reed, Brendan, Joseph | General Counsel | Jan 2024 (3y) | Less than 5% | |
| Judy Kay Mccoy | Registered representative | Oct 2000 (26y) | ||
| Craig Andrew Pernick | Registered representative | Mar 2010 (16y) | ||
| Michael Joseph Stafford | Registered representative | CFA | Jun 2010 (16y) | |
| Francis Paul Nigro | Registered representative | Feb 2011 (15y) | ||
| Robert Wilkinson Eubank | Registered representative | CFA | Apr 2013 (13y) | |
| Justin Scott Liberti | Registered representative | Apr 2016 (10y) | ||
| Robert J Gronda | Registered representative | Oct 2018 (8y) | ||
| Carlton William Davis | Registered representative | Oct 2018 (8y) | ||
| Spencer Christian Smith | Registered representative | Aug 2019 (7y) | ||
| Andrew Morgan | Registered representative | Oct 2022 (4y) | ||
| Sean Finnegan | Registered representative | May 2023 (3y) | ||
| John Robert Dempsey | Registered representative | CFA | Nov 2023 (3y) | |
| Lawrence Phillip Braithwaite | Registered representative | Jan 2024 (3y) | ||
| Ashtyn Lauren Shrader | Registered representative | Feb 2024 (2y) | ||
| Lynn M. Panagos | Registered representative | May 2024 (2y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Chevy Chase Trust Holdings, Llc | Owner | Feb 2009 | A | 75% or more |
| Westminster Investing, Llc | Owner | Feb 2009 | B | ≈ 56.25% – 100% via Chevy Chase Trust Holdings, Llc |
| Chevy Chase Holdings, Inc. | Owner | Feb 2009 | B | ≈ 42.19% – 100% via Westminster Investing, Llc |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Saul, Bernard, Francis Ii: 75% – 100% of Chevy Chase Holdings, Inc. × 75% – 100% of Westminster Investing, Llc × 75% – 100% of Chevy Chase Trust Holdings, Llc × 75% – 100% direct ≈ 31.64% – 100% of the firm
- Westminster Investing, Llc: 75% – 100% of Chevy Chase Trust Holdings, Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Chevy Chase Holdings, Inc.: 75% – 100% of Westminster Investing, Llc × 75% – 100% of Chevy Chase Trust Holdings, Llc × 75% – 100% direct ≈ 42.19% – 100% 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.
Retirement plans served (100)
| 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 |
| United Food And Commercial Workers Local 1546 Pension Plan | Board Of Trustees Of United Food & Commercial Wkrs Local 1546 Pension | 4,533 | $217M | 09/01/2024 |
| Michigan Laborers' Pension Plan | Board Of Trustees Michigan Laborers' Pension Fund | 12,152 | $1.3B | 09/01/2024 |
| Int'l Brotherhood Of Electrical Workers' Pension Benefit Fund | International Brotherhood Of Electrical Workers' Pension Benefit Fund | 472,935 | $2.8B | 07/01/2024 |
| General Building Laborers' Local 66 Pension Fund | Board Of Trustees General Building Local 66 Pension Fund | 561 | $218M | 07/01/2024 |
| Indiana Electrical Workers Pension Plan | Indiana Electrical Workers Pension Trust Fund Ibew | 2,806 | $520M | 07/01/2024 |
| United Mine Workers Of America 1985 Construction Workers Pension Plan | Board Of Trustees Of The Umwa 1985 Construction Workers | 195 | $470M | 07/01/2024 |
| Ibew Local 43 & Electrical Contractors Pension Fund | Ibew Local 43 & Electrical Contractors Pension Fund | 925 | $271M | 07/01/2024 |
| Laborers Local 57 Industrial Pension Plan | Trustees Of Laborers Local 57 Industrial Pension | 1,436 | $338M | 07/01/2024 |
| Pointers, Cleaners, & Caulkers Pension Fund | Board Of Trustees Of Pointers, | 1,591 | $412M | 07/01/2024 |
| Central California Ibew Neca Pension Trust Fund | Board Of Trustees, Central California Ibew Neca | 385 | $131M | 07/01/2024 |
| Plumbers Local Union No. 690 Pension Fund | Bd Tees Plumbers Lu 690 Pen Fund | 687 | $284M | 07/01/2024 |
| Pacificorp/Ibew Local 57 Retirement Trust Fund | Board Of Trustees Of The Pacificorp/Ibew Local 57 Retirement Trust Fun | 699 | $207M | 07/01/2024 |
| Local 309 Wiremans Pension Trust | Board Of Trustees Of Local 309 Wiremans Pension Trust | 456 | $198M | 07/01/2024 |
| Indiana/Kentucky/Ohio Regional Council Of Carpenters Pension Fund | Board Of Trustees Indiana/Kentucky/Ohio Regional Council Carpenters Pe | 6,194 | $1.8B | 07/01/2024 |
| Laborers' Local #157 Pension Fund | Laborers' Local #157 Pension Fund | 619 | $104M | 07/01/2024 |
| Asbestos Workers L 24 Pen Fd Def Benefit Plan | Bd Ttees Asbestos Wrks L 24 Pen Fd | 427 | $108M | 07/01/2024 |
| United Food & Commercial Workers Union Local 152 Retail Meat Pension Plan | Board Of Trustees, United Food & Commercial Workers Union Local 152 | 1,488 | $530M | 07/01/2024 |
| United Association National Pension Fund | B/O/T United Association National Pension Fund | 93,165 | $7.7B | 07/01/2024 |
| Asbestos Workers Local 8 Retirement Trust Plan | Asbestos Workers Local 8 Retirement Trust Plan | 144 | $18.6M | 06/01/2024 |
| Neca Ibew Local 176 Pension Trust Fund | Trustees Of The Neca Ibew Local 176 Pension Trust Fund | 2,166 | $725M | 06/01/2024 |
| Ibew Local 701 Pension Fund | Board Of Trustees, 701 Pension Fund | 1,101 | $528M | 06/01/2024 |
| Idaho Plumbers And Pipefitters Pension Plan | Board Of Trustees, Idaho Plumbers And Pipefitters Pension Plan | 1,508 | $189M | 06/01/2024 |
| Neca Ibew Pension Trust Fund | Neca Ibew Pension Trust Fund | 6,690 | $1.6B | 06/01/2024 |
| Wisconsin Masons Pension Fund | Board Of Trustees Of Wisconsin Masons Pension Fund | 1,001 | $327M | 06/01/2024 |
Top 25 of 100 plans by assets.
From Form 5500 service-provider disclosures.
Foundations & charities (1)
| Organization | Type | Assets | As of |
|---|---|---|---|
| Ocu Health & Welfare Trust | Public charity | $298M | 12/31/2024 |
From IRS Form 990 investment-management-fee disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 04/29/2026 | 1.15 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
- • Performance-based fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- BNY Mellon $1.2B (3% of AUM) Apr 2026
- Chevy Chase Trust Company $861M (2% of AUM) Apr 2026
- Comerica Bank Trust National Association $634M (2% of AUM) Apr 2026
- U.S. Bank $616M (2% of AUM) Apr 2026
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: Apr 29, 2026.
View current Form ADV (SEC/IAPD) ↗