Bars over time
New Investment Advisers per Year
Advisers newly registered with the SEC, and new exempt reporting advisers (venture capital and small private fund managers), per calendar year
New SEC registrations · Continuation · the recent trend, flattening · 3 years
New exempt reporting advisers · Continuation · the recent trend, flattening · 3 years
Faint bars: the projected periods. Whiskers: the range about two in three outcomes land in. A projection, not a promise.
Palanor count from the SEC’s monthly lists of registered and exempt reporting investment advisers (Form ADV). State-registered advisers are not included. A firm counts in the month its registration or first exempt report took effect. An exempt adviser that later registers counts in both series. Exempt reporting began in 2012.
How many new investment firms come under SEC oversight each year: firms registering as advisers, and venture capital and small private fund managers filing as exempt reporting advisers.
What this chart reads
- New SEC Investment Adviser Registrations (U.S., per year)as “New SEC registrations”latest 2025-01-01
- New Exempt Reporting Advisers (U.S., per year)as “New exempt reporting advisers”latest 2025-01-01
Sources
New SEC Investment Adviser Registrations (U.S., per year). Source: Palanor calculation from the SEC's monthly lists "Information About Registered Investment Advisers and Exempt Reporting Advisers" (sec.gov/data-research/sec-markets-data/information-about-registered-investment-advisers-exempt-reporting-advisers), U.S. government work in the public domain; the SEC asks for citation as the source. Loaded and refreshed monthly by Palanor.
New Exempt Reporting Advisers (U.S., per year). Source: Palanor calculation from the SEC's monthly lists "Information About Registered Investment Advisers and Exempt Reporting Advisers" (sec.gov/data-research/sec-markets-data/information-about-registered-investment-advisers-exempt-reporting-advisers), U.S. government work in the public domain; the SEC asks for citation as the source. Loaded and refreshed monthly by Palanor.
Charts are drawn from Palanor's signal library and recomputed from source data on every view. Transformations (changes, indexing, year-on-year rates) are Palanor's.