Milliman Financial Risk Management Llc
- Regulatory AUM
- $40.3B
- Discretionary
- $40.3B
- Clients
- 76
- Avg AUM / client
- $531M
- Accounts
- 246
- Employees
- 177
AUM over time
Annual snapshots from Form ADV filings · as of Mar 31, 2026
Asset allocation (SMA assets by investment type)
as of Mar 31, 2026Share of SMA assets by investment vehicle type, as filed in Form ADV Item 5.K. Dollar figures are percentages applied to total regulatory AUM.
Investments (13F portfolio — 9 positions, $6,403,028)
13F period Sep 30, 2022| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Ishares Tr | SHORT TREAS BD | $2,000,209 | 18,183,727 | 31.2% | 0.0% |
| 2 | Ishares Tr | CORE US AGGBD ET | $1,161,902 | 12,060,440 | 18.1% | 0.0% |
| 3 | Vanguard Bd Index Fd Inc | TOTAL BND MRKT | $1,010,387 | 14,164,976 | 15.8% | 0.0% |
| 4 | Vanguard Index Fds | TOTAL STK MKT | $983,844 | 5,481,942 | 15.4% | 0.0% |
| 5 | Vanguard Tax Managed Intl Fd | FTSE DEV MKT ETF | $530,384 | 14,587,039 | 8.28% | 0.0% |
| 6 | Ishares Tr | CORE S&P TTL STK | $334,863 | 4,209,995 | 5.23% | 0.0% |
| 7 | Schwab Strategic Tr | US BRD MKT ETF | $138,355 | 3,294,953 | 2.16% | 0.0% |
| 8 | Vanguard Intl Equity Index F | FTSE EMR MKT ETF | $133,421 | 3,656,397 | 2.08% | 0.0% |
| 9 | Schwab Strategic Tr | US AGGREGATE B | $109,663 | 2,420,294 | 1.71% | 0.0% |
Top 25 of 9 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 50 | $25.9B | 64.2% |
| Pooled investment vehicles (non-investment companies) | 5 | $1.3B | 3.13% |
| Insurance companies | 21 | $13.2B | 32.7% |
People (1)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Puz, Susan, Helen | Chief Compliance Officer | Sep 2014 (12y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Milliman, Inc. | Managing Member | Oct 2011 | A | 75% or more |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
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) | 03/31/2026 | 1.14 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
- • Hourly charges
- • Fixed fees
Services
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- J.P. Morgan $8.3B (21% of AUM) Mar 2026
- Us Bancorp $2.0B (5% of AUM) Mar 2026
- Citigroup, Inc. $1.8B (4% of AUM) Mar 2026
- Wells Fargo $532M (1% of AUM) Mar 2026
- BNY Mellon $265M (1% of AUM) Mar 2026
- Australia And New Zealand Banking Group $193M (1% of AUM) Mar 2020
- Northern Trust $104M (0% of AUM) Mar 2026
- Bank Of America, National Association $12.4M (0% of AUM) Mar 2026
- State Street $116K (0% of AUM) Mar 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: Mar 31, 2026.
View current Form ADV (SEC/IAPD) ↗