First Light Asset Management, LLC is a large advisory firm based in Edina. It manages $771.1 million of regulatory assets for 906 client accounts. It has been registered with the SEC as an adviser since 2013 and has operated in the jurisdictions of Arizona, California, District of Columbia, and 12 other states.
First Light Asset Management provides portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, and portfolio management for businesses and institutional clients. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.
The assets under management (AUM) of First Light Asset Management, LLC is $771.1 million, all of which is managed in discretionary accounts. The firm's AUM has grown by 975% since the beginning of its operation, and $6.17 million of the total AUM is attributable to clients outside of the United States.
The advisory firm has several streams of revenue. Clients pay First Light Asset Management, LLC for their services and products based on a percentage of assets under management and performance-based fees. The adviser charges an additional fee when a set benchmark is outperformed. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.
The firm provides services to individuals, charitable organizations, high net worth individuals, pooled investment vehicles, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of First Light Asset Management is high net worth individuals with 693 clients and $374.43 million of assets under management. Among the 9 most similar advisory firms, First Light Asset Management has the 5th highest percentage of high net worth individuals out of all clients.
The amount of regulatory assets under management is $771.1 million for 906 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.
First Light Asset Management also advises several private funds. Namely, two hedge funds. The minimum investment commitment required of non-related persons is $1,000,000 for each fund.
The company employs 13 people that are either part- or full-time employees. 46 percent of the employees work as investment advisers or researchers. 3 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 doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.
The principal office where First Light Asset Management, LLC performs its advisory services is located at 3300 Edinborough Way, Edina, MN 55435, which is also the mailing address of the firm. An additional office of the firm is in Mill Valley, CA. It doesn’t run an office outside of the United States.
You can reach the main office by calling the phone number 952-831-6500 or by fax 952-314-9600. The normal business hours are 8am-4:30pm on Monday - Friday. You can find more information about the New York firm at firstlightam.com.