Milliman Financial Risk Management LLC

Registered investment adviser · Chicago, IL · CRD #159377

Form ADV data as of 2026-09-01

Regulatory assets

$40.33 billion

Total accounts

246

Employees

177

Disclosure events

Firm details

Website: https://twitter.com/millimanfrm
Telephone: 312-726-0677
SEC file number: 801-73056
Most recent Form ADV filing: 2026-03-31
SEC record: View this firm on the SEC's IAPD site

Disciplinary disclosures

This firm answered No to every Item 11 disciplinary question on its most recent Form ADV filing.

Assets and accounts

Provides continuous and regular supervisory or management services	Yes
Discretionary regulatory assets under management	$40.33 billion
Non-discretionary regulatory assets under management	$0
Total regulatory assets under management	$40.33 billion
Discretionary accounts	246
Non-discretionary accounts	0
Total accounts	246
Regulatory assets under management attributable to non-U.S. persons	$11.01 billion

People

Total employees (excluding clerical)	177
Employees performing investment advisory functions (including research)	135
Employees who are registered representatives of a broker-dealer	4
Employees registered as investment adviser representatives with a state	0
Employees registered as IARs for another investment adviser	0
Employees who are licensed insurance agents	0
Firms or persons who solicit advisory clients on the firm's behalf	0

Custody

Has custody of client cash or bank accounts	No
Has custody of client securities	No
A related person has custody of client cash or bank accounts	No
A related person has custody of client securities	No
The firm acts as a qualified custodian	No
A related person acts as a qualified custodian	No

How the firm is compensated

A percentage of assets under managementHourly chargesFixed fees (other than subscription fees)

Advisory services offered

Portfolio management for investment companiesPortfolio management for pooled investment vehiclesPortfolio management for businesses or institutional clients

Other business activities

Commodity pool operator or commodity trading advisor

Affiliated related persons

Broker-dealer, municipal securities dealer, or government securities broker or dealerOther investment adviser (including financial planners)Pension consultant

Reported conflicts of interest

Form ADV Items 8 asks advisers to disclose arrangements that may create a conflict with client interests. This firm answered Yes to:

Recommends brokers or dealers to clients

Client types

Type of client	Clients	Assets
Investment companies	50	$25.89 billion
Pooled investment vehicles (other than investment companies and BDCs)	5	$1.26 billion
Insurance companies	21	$13.18 billion