Birch Run Investments, Llc
- Regulatory AUM
- $457M
- Discretionary
- $457M
- Clients
- 55
- Avg AUM / client
- $8.3M
- Accounts
- 55
- Employees
- 5
AUM over time
Annual snapshots from Form ADV filings · as of Mar 25, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| High net worth individuals | 35 | $44.0M | 9.63% |
| Pension and profit sharing plans | 4 | $77.3M | 16.9% |
| State or municipal government entities | 7 | $260M | 56.8% |
| Other investment advisers | 7 | $57.7M | 12.6% |
| Corporations and other businesses | 2 | $18.4M | 4.01% |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Asbestos Workers Philadelphia Pension Fund Asbestos Workers Philadelphia Pension Fund | 2024 | |
| International Union Of Painters And Allied Trades District Council No. 21 Annuity Fund International Union Of Painters & Allied Trades Dc No. 21 Annuity Fund | 2024 | |
| Pension Plan Of Independence Blue Cross Independence Blue Cross, Llc | 2024 |
People (2)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| David Michael Killian | Managing Member, President And Chief Compliance Officer | Sep 2016 (10y) | 75% or more | |
| John Bolton Delaney | Registered representative | CFA | Mar 2023 (3y) |
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.
Retirement plans served (3)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Asbestos Workers Philadelphia Pension Fund | Asbestos Workers Philadelphia Pension Fund | 466 | $238M | 07/01/2024 |
| International Union Of Painters And Allied Trades District Council No. 21 Annuity Fund | International Union Of Painters & Allied Trades Dc No. 21 Annuity Fund | 5,163 | $220M | 07/01/2024 |
| Pension Plan Of Independence Blue Cross | Independence Blue Cross, Llc | 1,133 | $687M | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/25/2026 | 954 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
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- Principal Custody Solutions $216M (47% of AUM) Mar 2026
- Wells Fargo $125M (46% of AUM) Mar 2022
- Charles Schwab & Co. $70.1M (15% of AUM) Mar 2026
- U.S. Bank $49.2M (11% of AUM) Mar 2026
- State Street $35.8M (11% of AUM) Mar 2025
- Pnc Brokerage Corp $29.3M (11% of AUM) Mar 2024
- Wilmington Trust Company $26.1M (10% of AUM) Mar 2024
- RBC $23.3M (9% of AUM) Mar 2022
- Fiduciary Trust Company $23.3M (9% of AUM) Mar 2022
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 25, 2026.
View current Form ADV (SEC/IAPD) ↗