Custodians

Ranked by FY2025 reported client assets held — from Form ADV Schedule D 5.K.(3), where advisers name every custodian holding 10%+ of their separately-managed-account assets and the dollar amount.

#	Custodian	Reported RAUM at custodian	Advisory firms
501	Benefit Trust Company	$188M	1
502	Pictet	$187M	2
503	Bank Of China Hong Kong	$186M	2
504	First Horizon Advisors, Inc.	$185M	2
505	The Glenmede Trust Company, N.A.	$185M	2
506	Investrust	$182M	1
507	Bank Pictet & Cie (Europe) Ag, London Branch	$182M	1
508	Nationwide Investment Services Corporation	$181M	11
509	J P Morgan Chase Bank Na	$179M	1
510	Rl 360 Insurance Company Limited	$176M	2
511	Nomura Bank Luxembourg S.A.	$175M	1
512	Kleinwort Benson (Jersey) Ltd	$174M	1
513	Horizon Bank, N.A.	$173M	1
514	Scotia Itrade	$171M	1
515	Mercury Investment Services Llc	$170M	1
516	United Community Bank	$169M	1
517	Stancorp Financial Group, Inc.	$169M	1
518	Julius Bär Group Ag	$169M	2
519	Ipx Retirement	$168M	2
520	Banco De Sabadell, S.A. Miami Branch	$168M	1
521	Npb Neue Privat Bank Ag	$168M	2
522	Great West Life & Annuity	$167M	1
523	Integrated Financial Arrangements Ltd	$165M	1
524	Carta Securities, Llc	$165M	1
525	Neue Privat Bank Ag (Npb)	$164M	1
526	Tristate Capital Bank	$164M	2
527	Helaba Landesbank Hessen Thüringen	$164M	1
528	China Citic Bank International Limited	$163M	1
529	Frost Brokerage Services, Inc.	$162M	1
530	Hyposwiss Private Bank Geneve Sa	$161M	1
531	Commerce Brokerage Services, Inc.	$160M	1
532	Lincoln National Corporation	$160M	2
533	Pcs / Ipx	$158M	1
534	Tradestation Securities, Inc.	$158M	2
535	Scotiabank	$158M	3
536	Axis Bank Limited	$155M	3
537	Fidelity Prime Financing, Llc	$152M	1
538	Andbanc Brokerage, Llc	$152M	1
539	United Bank Of Switzerland	$150M	1
540	Dorsey And Whitney Trust Company, Llc	$150M	2
541	Bok Financial Corp Et Al Sec Cik 0000875357	$149M	1
542	Cadence Bank	$148M	1
543	Bank Leumi Le Israel B.M.	$147M	2
544	Bown Brothers Harriman & Co	$143M	1
545	Fidelity Custody & Clearing	$143M	1
546	Aos, Inc.	$142M	1
547	Austin Capital Trust Company	$139M	2
548	John A. Levin & Co., Inc.	$139M	1
549	Johnson Financial Group Llc	$138M	1
550	Credo	$137M	1

Uses each firm's latest annual updating amendment for FY2025. Custodian families include separately reported subsidiaries or acquired platforms. Covers advisers with separately managed accounts naming a custodian at the 10%+ threshold. Brochure-mined custodians without amounts appear on individual firm pages.