Heartland Advisors, Inc.
- Regulatory AUM
- $1.9B
- Discretionary
- $1.9B
- Clients
- 90
- Avg AUM / client
- $21.3M
- Accounts
- 93
- Employees
- 26
AUM over time
Reported AUM from Form ADV filings, plotted by filing date · as of Feb 26, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 32 | $21.2M | 1.11% |
| High net worth individuals | 48 | $168M | 8.73% |
| Investment companies | 3 | $1.6B | 85.5% |
| Pension and profit sharing plans | Fewer than 5 clients | $11.4M | 0.59% |
| Charitable organizations | Fewer than 5 clients | $21.5M | 1.12% |
| Other investment advisers | Fewer than 5 clients | $0 | — |
| Corporations and other businesses | 7 | $56.1M | 2.92% |
People (16)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| William John Nasgovitz | Director & Chairman | Mar 1985 (41y) | Less than 5% | |
| William Richard Nasgovitz | Director, Chief Executive Officer & Portfolio Manager | May 2006 (20y) | ≈ 56.25% – 100% via Heartland Holdings, Inc. | |
| Paul, Vinita, Kaur | Vice President, Chief Compliance Officer, General Counsel & Secretary | Aug 2008 (18y) | Less than 5% | |
| Colin Patrick Mcwey | Vice President & Portfolio Manager | CFA | Jun 2009 (17y) | Less than 5% |
| Michael David Kops | Vice President Of Sales | Oct 2009 (17y) | Less than 5% | |
| Nicole Jeannine Best | Senior Vice President, Chief Financial Officer & Chief Adminstrative Officer | May 2010 (16y) | Less than 5% | |
| Andrew John Fleming | Vice President & Portfolio Manager | CFA | Jun 2012 (14y) | Less than 5% |
| Troy William Mcglone | Vice President & Portfolio Manager | CFA | Jun 2014 (12y) | Less than 5% |
| Kevin Douglas Clark | Registered representative | Jan 2002 (25y) | ||
| Linda Marie Lorenz | Registered representative | Jun 2018 (8y) | ||
| Jeffrey James Kohl | Registered representative | Oct 2019 (7y) | ||
| Michael Jack Warecki | Registered representative | Apr 2020 (6y) | ||
| Jacob Scott Westphal | Registered representative | Mar 2021 (5y) | ||
| Karen Ann Leppla | Registered representative | Nov 2022 (4y) | ||
| Lauren Louise Johnson | Registered representative | Sep 2025 (1y) | ||
| William Bennett Volpe | Registered representative | Nov 2025 (1y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Heartland Holdings, Inc. | Shareholder | Aug 2000 | A | 75% or more |
| William J. Nasgovitz Grantor Retained Annuity Trust | Trust | Jul 2009 | B | ≈ 18.75% – 50% via Heartland Holdings, Inc. |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- William Richard Nasgovitz: 75% – 100% of Heartland Holdings, Inc. × 75% – 100% direct ≈ 56.25% – 100% of the firm
- William J. Nasgovitz Grantor Retained Annuity Trust: 25% – 50% of Heartland Holdings, Inc. × 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.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 02/26/2026 | 1.1 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Allegations: ON FEBRUARY 14, 2017, HEARTLAND ADVISORS, INC. ("HEARTLAND") SETTLED AN ADMINISTRATION PROCEEDING BROUGHT BY THE SEC RESOLVING ALLEGED VIOLATIONS OF SECTIONS 13(D) AND 16(A) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES 13D-1, 13D-2, 16A-2 AND 16A-3 PROMULGATED THEREUNDER. WHILE HEARTLAND NEITHER ADMITTED NOR DENIED THE FINDINGS, HEARTLAND AGREED TO THE ENTRY OF A CEASE AND DESIST ORDER REQUIRING FUTURE COMPLIANCE WITH SECTION 13(D) AND SECTION 16(A) AND THE RULES CITED ABOVE AND PAYMENT OF A $180,000 CIVIL PENALTY. THE ORDER RESOLVES ALLEGATIONS THAT HEARTLAND FAILED TO TIMELY FILE BENEFICIAL OWNERSHIP REPORTS IN VIOLATION OF THE AFOREMENTIONED RULES. Status: Final Sanction Detail: PAYMENT OF THE $180,000 PENALTY WAS MADE BY HEARTLAND ON FEBRUARY 21, 2017. Summary: THE MATTER WAS SETTLED WITHOUT ADMITTING OR DENYING THE SEC'S FINDINGS AS DESCRIBED IN ITEMS 7 AND 12 ABOVE.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for investment companies
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- Charles Schwab & Co. $140M (7% of AUM) Feb 2026
- Northern Trust $33.0M (2% of AUM) Feb 2026
- Wells Fargo $32.2M (2% of AUM) Feb 2026
- U.S. Bank $27.3M (2% of AUM) Aug 2018
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: Feb 26, 2026.
View current Form ADV (SEC/IAPD) ↗