Tocqueville Asset Management LP (New York)

Name: Tocqueville Asset Management LP
Address: 40 West 57 Th Street, New York, NY, 10019
Telephone: 212-698-0800

Tocqueville Asset Management LP is a large advisory firm based in New York. It manages $10.89 billion of regulatory assets for 2,623 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of Alabama, Alaska, Arizona, and 49 other states.

Tocqueville Asset Management provides financial planning services, portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled investment vehicles, portfolio management for businesses and institutional clients, and selection of other advisers. It prepares financial plans for more than 250 clients. On top of advisory services, the firm doesn't engage in other business activities.

Tocqueville Asset Management: assets under management

The assets under management (AUM) of Tocqueville Asset Management LP is $10.89 billion. The firm's AUM has grown by 837% since the beginning of its operation, and $1.94 billion of the total AUM is attributable to clients outside of the United States.

The firm manages $10.87 billion in discretionary accounts and $22.14 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $4.25 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $325.54 thousand.

Tocqueville Asset Management has custody of $838.22 million in cash and securities for 173 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 government bonds form 4% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Tocqueville Asset Management LP 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.

What kind of clients Tocqueville Asset Management serves?

The firm provides services to individuals, insurance companies, investment companies, charitable organizations, high net worth individuals, pooled investment vehicles, corporations or other businesses, pension and profit sharing plans, and state or municipal government entities. The largest group of clients of Tocqueville Asset Management is high net worth individuals with 1,070 clients and $5.18 billion of assets under management. Among the 11 most similar advisory firms, Tocqueville Asset Management has the 2nd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $10.89 billion for 2,028 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 4% of the firm’s clients are foreign persons or businesses.

Tocqueville Asset Management also advises several private funds. Namely, four hedge funds. The minimum investment commitment required of non-related persons ranges from $250,000 to $1,000,000.

Careers at Tocqueville Asset Management LP

The company employs 107 people that are either part- or full-time employees. 47 percent of the employees work as investment advisers or researchers. 13 employees are registered as investment adviser representatives with the state securities authorities.

There are 5 people with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates 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
Francois Daniel Sicart	Chair & director of gp	1 Jan 1990	Other	423199
Tocqueville Management Corp.	General partner	1 Jan 1990	75% - 100%	13-3547559
Jean Pierre Augustin Conreur	Shareholder of gp.	1 Jan 1990	Other	52627
Robert William Kleinschmidt	President, ceo & director of gp	1 Jul 1991	Other	855215
Elizabeth Frances Bosco	Compliance officer	1 Dec 1999	Other	26453
Roger Charles Cotta	Chief operating officer	1 Jan 2001	Other	1327682
Thomas O'donnell Pandick	Chief compliance officer	1 Oct 2004	Other	4346309
John Patrick Cassidy	Treasurer	1 Jan 2005	Other	42935
James Edward Hunt	Partner	1 Dec 2005	Other	2003648
John Clemens Hathaway	Partner	1 Dec 2005	Other	239704
Philip Drew Rankin	Partner	1 Dec 2005	Other	2443529
Robert Joseph Kramer	Chief operating officer	1 Jun 2011	Other	843354
Robert W. Kleinschmidt Irrevocable Dynasty Trust	Limited partner	1 Nov 2011	Other	30-6297512
Alexander William Kleinschmidt	Trustee	1 Nov 2011	Other	4858430
Paul J Kleinschmidt	Trustee	1 Nov 2011	Other	5102086
Lara R. Kleinschmidt	Trustee	1 Nov 2011	Other	xxx-xx-xxxx
New York Private Trust	Trustee	1 Nov 2011	Other	20-4996441
Helen Balk	Controller	1 Jan 2014	Other	6310880
John Clemens Hathaway	Chairman of gp	1 Jan 2018	Other	239704
Kim A Kleinschmidt	Trustee	1 Jan 2019	25% - 50%	xxx-xx-xxxx

Indirect Owners

The SEC currently registers 4 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Francois Daniel Sicart	Shareholder	1 Jan 2000	25% - 50%	423199
Robert William Kleinschmidt	Shareholder	1 Jan 2000	50% - 75%	855215
Lara R Kleinschmidt	Trustee	1 Nov 2011	Other	6645694
Kim Alan Kleinschmidt	Trustee	1 Jan 2019	Other	7116569

Based in New York

The principal office where Tocqueville Asset Management LP performs its advisory services is located at 40 West 57 Th Street, New York, NY 10019, which is also the mailing address of the firm. An additional office of the firm is in Vero Beach, FL. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 212-698-0800 or by fax 212-262-0154. The normal business hours are 9:00 am to 5:00 pm on Monday - Friday. You can find more information about the New York firm at tocqueville.com.