Millrace Asset Group, Inc. (Berwyn)

Name: Millrace Asset Group, Inc.
Address: 1205 Westlakes Drive, Berwyn, PA, 19312
Telephone: 610-251-2820

Millrace Asset Group, Inc. is a large advisory firm based in Berwyn. It manages $181.44 million of regulatory assets for 2 client accounts. It has been registered with the SEC as an adviser since 2005 and has operated in the jurisdiction of Pennsylvania.

Millrace Asset Group provides portfolio management for investment companies and portfolio management for pooled investment vehicles. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Millrace Asset Group: assets under management

The assets under management (AUM) of Millrace Asset Group, Inc. is $181.44 million, all of which is managed in discretionary accounts. The firm's AUM has grown by 263% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $181.44 million in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $90.72 million each.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Millrace Asset Group, Inc. 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 William Lloyd Kitchel serves?

The firm provides services to investment companies and pooled investment vehicles. The largest group of clients of William Lloyd Kitchel is pooled investment vehicles with 1 clients and $133.39 million of assets under management. Among the 8 most similar advisory firms, Millrace Asset Group has the 2nd highest percentage of pooled investment vehicles out of all clients.

The amount of regulatory assets under management is $181.44 million for 2 clients. None of the firm’s clients are foreign persons or businesses.

Millrace Asset Group also advises several private funds. Namely, one hedge fund. The minimum investment commitment required of non-related persons is $500,000 for each fund.

Careers at Millrace Asset Group, Inc.

The company employs 8 people that are either part- or full-time employees. 50 percent of the employees work as investment advisers or researchers. No 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.

William Lloyd Kitchel has been acting as President since 1 Dec 2001. Daniel James Hammond joined the executive team most recently as the Chief Compliance Officer.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
William Lloyd Kitchel	President	1 Dec 2001	50% - 75%	2194656
Whitney Montfort Maroney	Secretary/treasurer	1 Dec 2001	50% - 75%	5064284
Daniel James Hammond	Chief financial officer	1 Dec 2001	Other	5064303
Whitney M Maroney	Secretary/treasurer	1 Dec 2001	50% - 75%	5064284
Daniel J Hammond	Chief financial officer	1 Dec 2001	Other	5064303
John Francis Wartman	Chief operating officer	1 Feb 2005	Other	1409434
John Francis Wartman	Chief compliance officer	1 Jan 2006	Other	1409434
Daniel James Hammond	Chief compliance officer	1 Jun 2007	Other	5064303
Daniel J Hammond	Chief compliance officer	1 Jun 2007	Other	5064303
Kevin Robert Baker	Portfolio manager	1 Jun 2007	Other	1599995

Based in Berwyn

The principal office where Millrace Asset Group, Inc. performs its advisory services is located at 1205 Westlakes Drive, Berwyn, PA 19312, 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 610-251-2820 or by fax 610-251-2830. The normal business hours are 8:30am to 5:00pm on Monday - Friday. You can find more information about the New York firm at millraceasset.com.