# HF Advisory Services

HF Advisory Services is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Assets under management:** Undisclosed
- **Website:** hfadvisory.com

## Regulatory record

- **CRD number:** 125399
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/125399

## About

HF ADVISORY SERVICES, LLC is a state-registered investment adviser with $21 million in regulatory assets under management. The firm has 1 employee and 1 investment adviser. It operates with a small team.

## Sectors

- Private Credit
- Hedge Funds
- Secondaries & Special Situations

## People

- Charles M. Royce — Chairman and Chief Investment Officer

## Questions

### How is HF Advisory Services related to Royce Investment Partners?

HF Advisory Services operates as a separate entity from Royce Investment Partners, the small-cap equity manager Charles Royce founded and later sold to Legg Mason. The advisory arm focuses on private credit, hedge fund seeding, and distressed secondaries — strategies distinct from the liquid mutual funds at Royce Investment Partners. No formal cross-ownership or commingled capital links the two, though Royce serves as chairman and CIO of both entities.

### Who runs investment decisions at HF Advisory Services?

Charles M. Royce serves as Chairman and Chief Investment Officer and remains the central decision-maker. Royce has more than 50 years of investment experience, having founded Royce Investment Partners in 1972. The firm has not publicly named a successor or additional investment committee members.

### Does HF Advisory Services participate in fund commitments or only direct deals?

Both. The firm originates direct loans to companies and also acquires LP interests in credit and event-driven funds on the secondary market. Its hedge fund seeding activity involves taking economic interests in emerging managers' management companies as well as investing in their funds. Public records confirm co-lending activity alongside other institutional credit providers.

### How does HF Advisory Services source deal flow?

Sourcing relies heavily on the Royce network — a four-decade web of family offices, fund managers, intermediaries, and former portfolio company executives. Because the firm does not market broadly or run a commingled fund, transactions tend to arise through direct referral rather than competitive auction. The firm's relationship with the broader Franklin Templeton ecosystem provides additional informal sourcing exposure.

### What is the firm's known posture on co-investments alongside external GPs?

HF Advisory Services co-invests alongside other institutional lenders in private credit transactions, as confirmed by public records of syndicated credit facilities. The firm does not publicly disclose its co-investment policies or LP base, and it is not known to run a formal co-investor club for external allocators.

### What is the succession plan for HF Advisory Services?

The firm has not publicly addressed succession. Charles Royce remains chairman and CIO in his mid-80s, and no named successor or next-generation leadership team has been disclosed. This is a known structural question for allocators evaluating long-term commitments to the platform.

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Last updated: 2026-06-03T20:00:00.000Z

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