Kaufman Hall Investment Management, Llc
- Regulatory AUM
- $2.8B
- Discretionary
- $2.8B
- Clients
- 28
- Avg AUM / client
- $101M
- Accounts
- 59
- Employees
- 9
AUM over time
Annual snapshots from Form ADV filings · as of Mar 12, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Corporations and other businesses | 28 | $2.8B | 100.0% |
People (3)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Cesarone, Britt, Adelbert | Secretary | Aug 2024 (2y) | Less than 5% | |
| Turner, Robert, Nicholas | Manager & President | Aug 2024 (2y) | Less than 5% | |
| Berry, David, Andrew | Chief Compliance Officer | Nov 2024 (2y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Kaufman, Hall & Associates, Llc | Owner | Sep 2023 | A | 75% or more |
| Kh Aquisition, Llc | Member | Dec 2021 | B | ≈ 42.19% – 100% via Kh Intermediate Holdings, Llc |
| Kh Intermediate Holdings, Llc | Owner | Jun 2023 | B | ≈ 56.25% – 100% via Kaufman, Hall & Associates, Llc |
| Vizient, Inc. | Member | Dec 2021 | B | ≈ 23.73% – 100% via Kh Topco, Llc |
| Kh Topco, Llc | Member | Dec 2023 | B | ≈ 31.64% – 100% via Kh Aquisition, Llc |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Kh Aquisition, Llc: 75% – 100% of Kh Intermediate Holdings, Llc × 75% – 100% of Kaufman, Hall & Associates, Llc × 75% – 100% direct ≈ 42.19% – 100% of the firm
- Kh Intermediate Holdings, Llc: 75% – 100% of Kaufman, Hall & Associates, Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Vizient, Inc.: 75% – 100% of Kh Topco, Llc × 75% – 100% of Kh Aquisition, Llc × 75% – 100% of Kh Intermediate Holdings, Llc × 75% – 100% of Kaufman, Hall & Associates, Llc × 75% – 100% direct ≈ 23.73% – 100% of the firm
- Kh Topco, Llc: 75% – 100% of Kh Aquisition, Llc × 75% – 100% of Kh Intermediate Holdings, Llc × 75% – 100% of Kaufman, Hall & Associates, Llc × 75% – 100% direct ≈ 31.64% – 100% 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) | 03/12/2026 | 1.08 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Allegations: THE SEC FOUND THAT KAUFMAN, HALL & ASSOCIATES, LLC VIOLATED SECTIONS 17(A) AND 15B(C)(1) OF THE SECURITIES EXCHANGE ACT, EXCHANGE ACT RULE 15BA1-8, AND MSRB RULES G-8, G-9 AND G-44 IN CONNECTION WITH THE FIRM'S FAILURE TO RETAIN CERTAIN MUNICIPAL ADVISORY TEXT MESSAGES SENT AND RECEIVED BY SOME PERSONNEL. Status: Final Sanction Detail: THE MONETARY FINE OF $324,000 WAS LEVIED AGAINST KAUFMAN, HALL & ASSOCIATES, LLC. THE FINE WAS PAID IN FULL ON 9/18/24. Summary: THE SEC CONDUCTED A SWEEP OF THE MUNICIPAL ADVISOR INDUSTRY IN CONNECTION RECORDKEEPING RULE VIOLATIONS ASSOCIATED WITH ELECTRONIC MESSAGING. KAUFMAN, HALL & ASSOCIATES, LLC, KHIM'S DIRECT PARENT, WAS INVESTIGATED IN CONNECTION WITH THE SWEEP. AFTER INVESTIGATING, THE SEC FOUND THAT KAUFMAN, HALL & ASSOCIATES, LLC VIOLATED SECTIONS 17(A) AND 15B(C)(1) OF THE SECURITIES EXCHANGE ACT, EXCHANGE ACT RULE 15BA1-8, AND MSRB RULES G-8, G-9 AND G-44 IN CONNECTION WITH THE FIRM'S FAILURE TO RETAIN CERTAIN MUNICIPAL ADVISORY TEXT MESSAGES SENT AND RECEIVED BY SOME PERSONNEL. THE ORDER WAS ENTERED ON 9/17/24.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
- • Fixed fees
Services
- • Financial planning services
- • Portfolio management for businesses/institutional clients
- • Selection of other advisers
Custody
Reported custodians
- Computershare Corporate Trust $988M (35% of AUM) Mar 2026
- U.S. Bancorp Investments, Inc. $928M (33% of AUM) Mar 2026
- BNY Mellon $424M (15% of AUM) Mar 2026
- Salem Trust Company $257M (11% 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 12, 2026.
View current Form ADV (SEC/IAPD) ↗