Miller Investment Management, LP (West Conshohocken)

Miller Investment Management provides financial planning services, portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, portfolio management for businesses and institutional clients, and selection of other advisers. It prepares financial plans for more than 10 clients. On top of advisory services, the firm doesn't engage in other business activities.

Miller Investment Management: assets under management

The assets under management (AUM) of Miller Investment Management, LP is $2.44 billion. The firm's AUM has grown by 47% since the beginning of its operation, and $13.22 million of the total AUM is attributable to clients outside of the United States.

The firm manages $1.43 billion in discretionary accounts and $1.01 billion in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $7.39 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $20.69 million.

Miller Investment Management has custody of $409.88 million in cash and securities for 23 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in investment and business development companies the most. They account for 57% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 17% of the firm’s portfolio. Investments in other assets form 14% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Miller Investment Management, LP for their services and products based on a percentage of assets under management, fixed fees, and performance-based fees. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Miller Investment Management serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, and pooled investment vehicles. The largest group of clients of Miller Investment Management is high net worth individuals with 130 clients and $1.37 billion of assets under management. Among the 11 most similar advisory firms, Miller Investment Management has the 2nd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $2.44 billion for 183 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 1% of the firm’s clients are foreign persons or businesses.

Miller Investment Management also advises several private funds. Namely, one hedge fund, four real estate funds, one other private fund, and seven private equity funds. The minimum investment commitment required of non-related persons ranges from $0 to $30,000,000.

Careers at Miller Investment Management, LP

The company employs 26 people that are either part- or full-time employees. 54 percent of the employees work as investment advisers or researchers. 9 employees are registered as investment adviser representatives with the state securities authorities.

There’s a single person with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Direct owners and executive officers

Indirect Owners

The SEC currently registers 2 indirect owners.

Based in West Conshohocken

The principal office where Miller Investment Management, LP performs its advisory services is located at One Tower Bridge, Ste 1500, West Conshohocken, PA 19428 2874, which is also the mailing address of the firm. An additional office of the firm is in Houston, TX. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 610-834-9820 or by fax 610-834-9824. The normal business hours are 8:30-5:00 on Monday - Friday. You can find more information about the New York firm at millerinv.com.

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