Wolverine Asset Management, Llc
- Regulatory AUM
- $14.8B
- Discretionary
- $14.8B
- Clients
- 3
- Avg AUM / client
- $4.9B
- Accounts
- 3
- Employees
- 44
AUM over time
Annual snapshots from Form ADV filings · as of Jun 12, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 3 | $14.8B | 100.0% |
Private funds (1)
Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $8.0B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Wolverine Flagship Fund Trading Limited master | Hedge Fund | Cayman Islands | $8.0B | 128 |
People (7)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Bellick, Robert, Ross | Limited Partner | Jun 1994 (32y) | ≈ 18.75% – 50% via Wolverine Holdings, L.P. | |
| Gust, Christopher, Lazarus | Chief Investment Officer/Chief Executive Officer | Jun 1994 (32y) | ≈ 18.75% – 50% via Wolverine Holdings, L.P. | |
| Henschel, Eric, Jonathan | Limited Partner | Jan 2001 (26y) | GP / trustee / elected manager of Wolverine Holdings, L.P. (indirect) | |
| Kula, Judith, Marie | Chief Financial Officer | Nov 2001 (25y) | Less than 5% | |
| Sujdak, Andrew, Richard | Chief Research Officer | Nov 2001 (25y) | Less than 5% | |
| Nadel, Kenneth, Lyn | Chief Operating Officer | Feb 2008 (19y) | Less than 5% | |
| Cavicke, David | Chief Compliance Officer | Oct 2021 (5y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Wolverine Holdings, L.P. | Managing Member | Jan 2012 | A | 75% or more |
| Wolverine Trading Partners, Inc. | General Partner | Jun 1994 | B | GP / trustee / elected manager of Wolverine Holdings, L.P. (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Bellick, Robert, Ross: 25% – 50% of Wolverine Holdings, L.P. × 75% – 100% direct ≈ 18.75% – 50% of the firm
- Gust, Christopher, Lazarus: 25% – 50% of Wolverine Holdings, L.P. × 75% – 100% direct ≈ 18.75% – 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 (1, $8.0B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Wolverine Flagship Fund Trading Limited | Hedge Fund | $8.0B | $2.0M | 128 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 06/12/2026 | 1.56 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Allegations: ON OCTOBER 8, 2015, WOLVERINE ASSET MANAGEMENT, LLC ("WAM") AND ITS AFFILIATE WOLVERINE TRADING, LLC, WITHOUT ADMITTING OR DENYING THE FINDINGS, REACHED A SETTLEMENT WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE "COMMISSION"). THE COMMISSION FOUND THAT WAM VIOLATED SECTION 204A OF THE INVESTMENT ADVISERS ACT OF 1940 BY FAILING TO ESTABLISH, MAINTAIN OR ENFORCE WRITTEN POLICIES AND PROCEDURES REASONABLY DESIGNED TO PREVENT THE MISUSE OF MATERIAL, NONPUBLIC INFORMATION IN CONNECTION WITH THE SHARING OF INFORMATION REGARDING A PARTICULAR EXCHANGE-TRADED NOTE AMONG AFFILIATED ENTITIES. WAM AGREED TO RELIEF IN THE FORM OF A CENSURE AND A CEASE AND DESIST ORDER, AND PAYMENT OF $364,145.80 IN DISGORGEMENT, $39,158.47 IN PREJUDGMENT INTEREST, AND A $375,000 PENALTY. IN RESPONSE TO THE COMMISSION'S INQUIRY, WAM TOOK PROMPT STEPS TO ENHANCE ITS POLICIES AND PROCEDURES RELATING TO INFORMATION BARRIERS. Status: Final Sanction Detail: ON OCTOBER 8, 2015, WOLVERINE ASSET MANAGEMENT, LLC ("WAM") AND ITS AFFILIATE WOLVERINE TRADING, LLC, WITHOUT ADMITTING OR DENYING THE FINDINGS, REACHED A SETTLEMENT WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE "COMMISSION"). THE COMMISSION FOUND THAT WAM VIOLATED SECTION 204A OF THE INVESTMENT ADVISERS ACT OF 1940 BY FAILING TO ESTABLISH, MAINTAIN OR ENFORCE WRITTEN POLICIES AND PROCEDURES REASONABLY DESIGNED TO PREVENT THE MISUSE OF MATERIAL, NONPUBLIC INFORMATION IN CONNECTION WITH THE SHARING OF INFORMATION REGARDING A PARTICULAR EXCHANGE-TRADED NOTE AMONG AFFILIATED ENTITIES. WAM AGREED TO RELIEF IN THE FORM OF A CENSURE AND A CEASE AND DESIST ORDER, AND PAYMENT OF $364,145.80 IN DISGORGEMENT, $39,158.47 IN PREJUDGMENT INTEREST, AND A $375,000 PENALTY. IN RESPONSE TO THE COMMISSION'S INQUIRY, WAM TOOK PROMPT STEPS TO ENHANCE ITS POLICIES AND PROCEDURES RELATING TO INFORMATION BARRIERS. Summary: ALL FINES WERE PAID ON OCTOBER 15, 2015.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for pooled investment vehicles
Custody
Firm reports having custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Jun 12, 2026.
View current Form ADV (SEC/IAPD) ↗