Reservoir Operations, L.P. (New York)


Reservoir Operations, L.P. is a large advisory firm based in New York. It manages $2.94 billion of regulatory assets for 13 client accounts. It has been registered with the SEC as an adviser since 2012 and has operated in the jurisdiction of Texas.

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Reservoir Operations provides 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 doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Reservoir Operations: assets under management

The assets under management (AUM) of Reservoir Operations, L.P. is $2.94 billion, all of which is managed in discretionary accounts. The firm's AUM has gone down by -47% since the beginning of its operation, and $2.2 billion of the total AUM is attributable to clients outside of the United States.


The firm manages $2.94 billion in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $226.44 million each.
Reservoir Operations has custody of $2.94 billion in cash and securities for 15 clients in total but doesn’t act as a qualified custodian.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Reservoir Operations, L.P. for their services and products based on a percentage of assets under management 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 Reservoir Operations serves?

The only and largest group of clients of Reservoir Operations is pooled investment vehicles with 15 clients and $2.94 billion of assets under management. Among the 10 most similar advisory firms, Reservoir Operations has the 2nd highest percentage of pooled investment vehicles out of all clients.


The amount of regulatory assets under management is $2.94 billion for 15 clients. 62% of the firm’s clients are foreign persons or businesses.

Reservoir Operations also advises several private funds. Namely, thirteen hedge funds.

Careers at Reservoir Operations, L.P.

The company employs 22 people that are either part- or full-time employees. 55 percent of the employees work as investment advisers or researchers. No 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.

Direct owners and executive officers



Name Entity Date acquired Ownership Employer ID
L.P. Reservoir Operations Management General partner 1 Jul 1998 50% - 75% 13-4016187
Celia Ann Felsher General counsel 1 Aug 1998 Other 5720115
Stephen Peter Cho Chief compliance officer/deputy general counsel 1 Jan 2006 Other 5716604
Daniel Hennelly Stern Co-ceo 1 Aug 2007 Other 2482544
Craig Allen Huff Co-ceo 1 Aug 2007 Other 5075877
Gregg Matthew Zeitlin Senior managing director 1 Feb 2008 Other 1978218
Celia Ann Felsher Chief operating officer 1 Feb 2008 Other 5720115
Adeel Ali Qalbani Senior managing director 1 Feb 2008 Other 3086988
Cyrus A. Borzooyeh Cfo/treasurer 1 Jan 2010 Other 5040946
Amf Rcg Finance Llc Limited partner 1 Jul 2010 Other 20-0318739
Credit Suisse Spring Manager Holdings Llc Limited partner of reservoir strategic partners fund management, lp 1 Jul 2010 Other 13-2774791
L.P. Reservoir Operations General partner of reservoir strategic partners fund management, lp 1 Jul 2010 75% - 100% 156800
Matthew Thomson Popoli Senior managing director 1 Jan 2011 Other 2633241
Anil Amritlal Ranavat Senior managing director 1 Mar 2013 Other 4554495
Stephen Peter Cho General counsel 1 Jan 2016 Other 5716604
Eric Hershel Engler Senior managing director 1 Jan 2016 Other 5204010
Emily Lesher Henry Chief operating officer 1 Jun 2017 Other 2776824
Cesar Antonio Lopez Chief compliance officer 1 Sep 2019 Other 7177770

Indirect Owners

The SEC currently registers 20 indirect owners.

Name Entity Date acquired Ownership Employer ID
Ag Credit Suisse Shareholder 1 Dec 1975 75% - 100% foreign
Credit Suisse Ag Shareholder 1 Dec 1975 75% - 100% foreign
Credit Suisse Group Ag Shareholder 1 Mar 1982 75% - 100% foreign
Daniel Hennelly Stern Sole member 1 Feb 1997 75% - 100% 2482544
L.L.C. Realta Management General partner 1 Feb 1997 Other 1000
Daniel Hennelly Stern Limited partner 1 Jul 1998 25% - 50% 2482544
Craig Allen Huff Limited partner 1 Aug 1998 25% - 50% 5075877
Inc. Credit Suisse Holdings (Usa) Shareholder 1 Jan 2006 75% - 100% 13-2853402
Craig Allen Huff Sole member 1 Nov 2007 75% - 100% 5075877
Llc Clg Partners General partner 1 Nov 2007 Other 1001
Llc Amf Acquisition Member 1 Aug 2008 75% - 100% 45-1744452
Asset Management Finance Corp. Member 1 Aug 2008 75% - 100% 20-0318739
Inc. Credit Suisse Holdings (Usa) Shareholder 1 Aug 2008 75% - 100% 13-2853402
Llc Asset Management Finance Member 1 Jul 2010 75% - 100% 90-0776754
Csam Americas Holding Corp. Sole member 1 Jul 2010 75% - 100% 13-2774791
Inc. Credit Suisse (Usa) Shareholder 1 Jan 2011 75% - 100% 13-1898818
Inc Credit Suisse (Usa) Shareholder 1 Jan 2011 75% - 100% 13-1898818
Credit Suisse Hank Holdings Llc Shareholder 1 Oct 2013 75% - 100% 46-4002733
Inc Credit Suisse (Usa) Member 1 Oct 2013 75% - 100% 13-1898818
Csam Americas Holding Corp Shareholder 1 Feb 2014 Other 13-2774791

Based in New York

The principal office where Reservoir Operations, L.P. performs its advisory services is located at 767 Fifth Avenue, New York, NY 10153, 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 212-610-9000 or by fax 212-610-9001. The normal business hours are 9 am - 6 pm on Monday - Friday. You can find more information about the New York firm at reservoircap.com/.