Harris Associates LP is a large advisory firm based in Chicago. It manages $107.37 billion of regulatory assets for 2,225 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.
Harris Associates provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled investment vehicles, and portfolio management for businesses and institutional clients. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.
The assets under management (AUM) of Harris Associates LP is $107.37 billion. The firm's AUM has grown by 743% since the beginning of its operation, and $17.19 billion of the total AUM is attributable to clients outside of the United States.
The advisory firm has several streams of revenue. Clients pay Harris Associates LP for their services and products based on a percentage of assets under management, fixed fees, 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.
The firm provides services to 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 Harris Associates is investment companies with 22 clients and $75.02 billion of assets under management. Among the 9 most similar advisory firms, Harris Associates has the highest percentage of investment companies out of all clients.
The amount of regulatory assets under management is $106.12 billion for 2,220 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.
Harris Associates also advises several private funds. Namely, two hedge funds. The minimum investment commitment required of non-related persons is $1,000,000 for each fund.
The company employs 201 people that are either part- or full-time employees. 20 percent of the employees work as investment advisers or researchers. 3 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 compensates employees in addition to the salary for bringing in new clients. Employees receive compensation from other entities for client referrals.
The principal office where Harris Associates LP performs its advisory services is located at 111 S. Wacker Drive, Chicago, IL 60606, 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 312-646-3600 or by fax 312-268-5295. The normal business hours are 8:30 a.m.- 5:00 p.m. on Monday - Friday. You can find more information about the New York firm at harrisinst.com.