Ned Davis Research, Inc.
SEC-registered
Mutual Fund / Asset Manager · Boutique (under $100M)
CRD 112260
· SEC file 801-60241
· Sarasota, FL
· WWW.NDR.COM
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ADV data as of Dec 18, 2025
- Regulatory AUM
- $2.2M
- Discretionary
- $2.2M
- Clients
- 1,577
- Avg AUM / client
- $1.4K
- Accounts
- 2
- Employees
- 68
AUM over time
$157K
$2.2M
Jun 30, 2020
Dec 18, 2025
Reported AUM from Form ADV filings, plotted by filing date · as of Dec 18, 2025
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 26 | $0 | — |
| High net worth individuals | 28 | $0 | — |
| Banking or thrift institutions | 89 | $0 | — |
| Investment companies | 1 | $2.0M | 87.9% |
| Pension and profit sharing plans | 23 | $0 | — |
| Charitable organizations | 17 | $0 | — |
| State or municipal government entities | 24 | $0 | — |
| Other investment advisers | 1,089 | $0 | — |
| Insurance companies | 25 | $0 | — |
| Sovereign wealth funds and foreign official institutions | 13 | $0 | — |
| Corporations and other businesses | 241 | $0 | — |
| Other | 1 | $268K | 12.1% |
People (21)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Brian Thomas Sanborn | Chief Operations Officer, Head Of Investment Solutions | CFA | May 2012 (14y) | Less than 5% |
| Mcqueeney, James, Allan | Chief Compliance Officer, Director Market Data & Production | Mar 2020 (6y) | Less than 5% | |
| Jakubowicz, Paul, Michael | Director And Chief Executive Officer | Dec 2021 (5y) | Less than 5% | |
| Colozza, Christopher, Carmine | Chief Financial Officer, Asset Management Division, Delinian | Jan 2022 (5y) | Less than 5% | |
| Best, Nina, Caroline | Board Member, Chief Legal Officer, Secretary | May 2024 (2y) | Less than 5% | |
| Matt Toyne Bauer | Registered representative | CFA | May 2012 (14y) | |
| Joseph Frederick Kalish | Registered representative | Jun 2012 (14y) | ||
| Richard Donald Johnson | Registered representative | Aug 2012 (14y) | ||
| Ulrico Jesus Font | Registered representative | Aug 2012 (14y) | ||
| Steven Russell Sellers | Registered representative | Sep 2012 (14y) | ||
| Alejandra Teresa Grindal | Registered representative | Sep 2012 (14y) | ||
| Lisa Marie Michalski | Registered representative | CFA | Oct 2012 (14y) | |
| Veneta Kireva Dimitrova | Registered representative | Sep 2013 (13y) | ||
| Philippe Jacques Richard Mouls | Registered representative | CFA | Jun 2023 (3y) | |
| Timothy Richard Frazer | Registered representative | Dec 2024 (2y) | ||
| Amy Chesek Lubas | Registered representative | CFA | Jan 2025 (2y) | |
| Timothy Wheelock Hayes | Registered representative | Jan 2025 (2y) | ||
| Andrew Isaac Sinclair | Registered representative | CFA | Jan 2025 (2y) | |
| Robert Clifton Schuster | Registered representative | CFA | Feb 2025 (2y) | |
| Mark William Starner | Registered representative | Oct 2025 (1y) | ||
| Edward Malcolm Clissold | Registered representative | CFA | Dec 2025 (1y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Delinian Holdings Us Llc | Shareholder | May 2023 | A | 75% or more |
| Delinian Ltd. | Shareholder Common Stock | Nov 2022 | B | ≈ 31.64% – 100% via Delinian Holdings Limited |
| Delinian Holdco Limited | Shareholder | May 2023 | B | ≈ 56.25% – 100% via Delinian Holdings Us Llc |
| Delinian Holdings Limited | Shareholder | Nov 2022 | B | ≈ 42.19% – 100% via Delinian Holdco Limited |
| Becketts Bidco Limited | Shareholder | Nov 2022 | B | ≈ 23.73% – 100% via Delinian Ltd. |
| Maggotts Midco Limited | Shareholder | Nov 2022 | B | ≈ 17.8% – 100% via Becketts Bidco Limited |
| Hangar Holdco Limited | Shareholder | Nov 2022 | B | ≈ 13.35% – 100% via Maggotts Midco Limited |
| Epiris Fund Iii Co Investment (A) Lp | Shareholder | Jun 2023 | B | ≈ 3.34% – 50% via Hangar Holdco Limited |
| Epiris Fund Iii (B) Lp | Shareholder | Jun 2023 | B | ≈ 3.34% – 50% via Hangar Holdco Limited |
| Epiris Co Invest Gp Iii Limited | General Partner | Jun 2023 | B | GP / trustee / elected manager of Epiris Fund Iii Co Investment (A) Lp (indirect) |
| Epiris Gp Iii Limited | General Partner | Jun 2023 | B | GP / trustee / elected manager of Epiris Fund Iii (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):
- Delinian Ltd.: 75% – 100% of Delinian Holdings Limited × 75% – 100% of Delinian Holdco Limited × 75% – 100% of Delinian Holdings Us Llc × 75% – 100% direct ≈ 31.64% – 100% of the firm
- Delinian Holdco Limited: 75% – 100% of Delinian Holdings Us Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Delinian Holdings Limited: 75% – 100% of Delinian Holdco Limited × 75% – 100% of Delinian Holdings Us Llc × 75% – 100% direct ≈ 42.19% – 100% of the firm
- Becketts Bidco Limited: 75% – 100% of Delinian Ltd. × 75% – 100% of Delinian Holdings Limited × 75% – 100% of Delinian Holdco Limited × 75% – 100% of Delinian Holdings Us Llc × 75% – 100% direct ≈ 23.73% – 100% of the firm
- Maggotts Midco Limited: 75% – 100% of Becketts Bidco Limited × 75% – 100% of Delinian Ltd. × 75% – 100% of Delinian Holdings Limited × 75% – 100% of Delinian Holdco Limited × 75% – 100% of Delinian Holdings Us Llc × 75% – 100% direct ≈ 17.8% – 100% of the firm
- Hangar Holdco Limited: 75% – 100% of Maggotts Midco Limited × 75% – 100% of Becketts Bidco Limited × 75% – 100% of Delinian Ltd. × 75% – 100% of Delinian Holdings Limited × 75% – 100% of Delinian Holdco Limited × 75% – 100% of Delinian Holdings Us Llc × 75% – 100% direct ≈ 13.35% – 100% of the firm
- Epiris Fund Iii Co Investment (A) Lp: 25% – 50% of Hangar Holdco Limited × 75% – 100% of Maggotts Midco Limited × 75% – 100% of Becketts Bidco Limited × 75% – 100% of Delinian Ltd. × 75% – 100% of Delinian Holdings Limited × 75% – 100% of Delinian Holdco Limited × 75% – 100% of Delinian Holdings Us Llc × 75% – 100% direct ≈ 3.34% – 50% of the firm
- Epiris Fund Iii (B) Lp: 25% – 50% of Hangar Holdco Limited × 75% – 100% of Maggotts Midco Limited × 75% – 100% of Becketts Bidco Limited × 75% – 100% of Delinian Ltd. × 75% – 100% of Delinian Holdings Limited × 75% – 100% of Delinian Holdco Limited × 75% – 100% of Delinian Holdings Us Llc × 75% – 100% direct ≈ 3.34% – 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.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 12/18/2025 | 1010 KB | 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
- • Hourly charges
- • Subscription fees
- • Fixed fees
- • Other fees
- • NDR RECEIVES BPS ON OTHER IA'S AUM USING NDR MODELS
Services
- • Portfolio management for investment companies
- • Pension consulting services
- • Publication of periodicals or newsletters
- • Security ratings or pricing services
- • Market timing services
- • Educational seminars/workshops
- • Other services
Custody
Reported custodians
- Charles Schwab & Co. $268K (12% of AUM) Dec 2025
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have 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: Dec 18, 2025.
View current Form ADV (SEC/IAPD) ↗