Redmond Asset Management, LLC (Henrico)

Redmond Asset Management, LLC is a large advisory firm based in Henrico. It manages $277.85 million of regulatory assets for 403 client accounts. It has been registered with the SEC as an adviser since 2005 and has operated in the jurisdictions of Florida, Maryland, North Carolina, Texas, and Virginia.

Redmond Asset Management provides portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, and subscription to model portfolio. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Redmond Asset Management: assets under management

The assets under management (AUM) of Redmond Asset Management, LLC is $277.85 million. The firm's AUM has grown by 982% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $256.89 million in discretionary accounts and $20.96 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $663.8 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $1.31 million.

Redmond Asset Management has custody of $7.25 million in cash and securities for 8 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 82% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 7% of the firm’s portfolio. Investments in investment grade corporate bonds form 4% of the total invested assets.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Redmond Asset Management, LLC for their services and products based on a percentage of assets under management. 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 Redmond Asset Management serves?

The firm provides services to individuals and high net worth individuals. The largest group of clients of Redmond Asset Management is high net worth individuals with 56 clients and $186.29 million of assets under management. Among the 7 most similar advisory firms, Redmond Asset Management has the 2nd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $222.04 million for 192 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Redmond Asset Management doesn't advise any private funds.

Careers at Redmond Asset Management, LLC

The company employs 6 people that are either part- or full-time employees. 67 percent of the employees work as investment advisers or researchers. 4 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone 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.

Direct owners and executive officers

Based in Henrico

The principal office where Redmond Asset Management, LLC performs its advisory services is located at 8001 Franklin Farms Drive, Henrico, VA 23229, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 804-288-6080 or by fax 804-288-6082. The normal business hours are 9:00 am - 5:00 pm on Monday - Friday. You can find more information about the New York firm at redmondassetmanagement.com/.

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