Wakefield Asset Management

Wakefield is organized as a limited liability limited partnership (LLLP), a hybrid structure available in a minority of U.S. states. This form combines the pass-through tax treatment of a limited partnership with liability protection for general partners — meaning the firm's principals can manage investments directly without facing unlimited personal liability for firm-level debts or claims. The LLLP election is unusual among registered investment advisers and suggests a deliberate governance design, not a default incorporation choice.

Wakefield holds an active registration with the SEC as an investment adviser, which subjects it to fiduciary duties, recordkeeping requirements, and regulatory examination. The absence of a Form ADV Part 2A brochure in public databases suggests the firm manages a concentrated client base — likely under the thresholds that trigger broader public disclosure — or relies on private placement memoranda distributed to qualified purchasers. The registration itself signals the firm operates in a fiduciary capacity, not under the family office exemption, and accepts external client assets.

No. Wakefield does not appear in the SEC's EDGAR database as a 13F filer, which typically means the firm's discretionary equity assets under management fall below the $100 million reporting threshold, or it holds securities not captured by the 13F regime — such as private equity, real estate, or debt instruments. Allocators evaluating the firm should expect a non-public portfolio and limited transparency into current holdings.

Wakefield is registered with the SEC as an investment adviser, not operating under the family office exemption under Rule 202(a)(11)(G)-1 of the Investment Advisers Act. That exemption bars family offices from holding themselves out to the public as investment advisers and limits their client base to family members and certain key employees. Wakefield's active RIA registration confirms it manages money for clients beyond a single family, even if the client roster remains concentrated and private.

The LLLP form is authorized under the uniform partnership laws of a subset of states, including Colorado and Delaware. It was originally designed for family-owned businesses and professional services firms that wanted general-partner liability shields without incorporating. For an asset manager, the structure allows the general partner to make investment decisions and sign contracts on behalf of the partnership without exposing personal assets beyond their capital contribution — a protection typically unavailable in a standard limited partnership. This governance choice suggests the principals intend to remain deeply involved in portfolio management while insulating personal wealth from the advisory entity.