Varde Management, L.P. (Minneapolis)


Varde Management, L.P. is a large advisory firm based in Minneapolis. It manages $18.98 billion of regulatory assets for 78 client accounts. It has been registered with the SEC as an adviser since 2008 and has operated in the jurisdictions of Minnesota and Texas.

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Varde Management provides portfolio management for pooled investment vehicles. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Varde Management: assets under management

The assets under management (AUM) of Varde Management, L.P. is $18.98 billion, all of which is managed in discretionary accounts. The firm's AUM has grown by 367% since the beginning of its operation, and $8.79 billion of the total AUM is attributable to clients outside of the United States.


The firm manages $18.98 billion in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $243.33 million each.
Varde Management has custody of $18.98 billion in cash and securities for 78 clients in total but doesn’t act as a qualified custodian.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Varde Management, L.P. 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 Varde Management serves?

The only and largest group of clients of Varde Management is pooled investment vehicles with 78 clients and $18.98 billion of assets under management. Among the 10 most similar advisory firms, Varde Management has the highest percentage of pooled investment vehicles out of all clients.


The amount of regulatory assets under management is $18.98 billion for 78 clients. 46% of the firm’s clients are foreign persons or businesses.

Varde Management also advises several private funds. Namely, thirty three hedge funds. The minimum investment commitment required of non-related persons ranges from $1 to $10,000,000.

Careers at Varde Management, L.P.

The company employs 303 people that are either part- or full-time employees. 31 percent of the employees work as investment advisers or researchers. No employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate 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
Inc. Varde Management General partner 1 May 1994 Other 41-1780762
George G Hicks Limited partner 1 Mar 2006 Other 1448893
Marcia Lynn Page Limited partner 1 Mar 2006 Other 1448939
Jeremy Dudley Hedberg Limited partner 1 Mar 2006 Other 2514863
Ricky John Noel Limited partner 1 Mar 2006 Other 5313922
Jason Richard Spaeth Retired partner 1 Mar 2006 Other 2550024
Inc. Värde Management General partner 1 Mar 2006 Other 41-1780762
Gregory Scott Mcmillan Retired limited partner 1 Mar 2006 Other 1823021
Inc. Varde Management General partner 1 Mar 2006 Other 41-1780762
Steffanie Lynn Sanders Chief financial officer 1 Oct 2007 Other 5450549
David Arthur Marple General counsel 1 Apr 2008 Other 4077864
David Arthur Marple Chief compliance officer 1 Jul 2008 Other 4077864
Andrew Paul Lenk Limited partner 1 Jan 2009 Other 5629317
David James Parrin Chief financial officer 1 Feb 2010 Other 3066753
Katie Sue Kloster Chief compliance officer 1 Mar 2010 Other 1758354
Ilfryn Cheyney Carstairs Limited partner 1 Jan 2011 Other 5898236
Ali Mohammad Haroon Limited partner 1 Jan 2012 Other 6037540
Bradley Philip Bauer Limited partner 1 Jan 2013 Other 4238951
Brendan Dermott Albee Chief operating officer 1 Nov 2014 Other 4594169
Giuseppe Naglieri Limited partner 1 Jan 2016 Other 6631995
Tim Mooney Limited partner 1 Jan 2016 Other 6632002
Brian Charles Schmidt Limited partner 1 Jan 2017 Other 2995365
Jonathan Andrew Fox Limited partner 1 Jan 2017 Other 2956028
Scott Thomas Hartman Limited partner 1 Jan 2018 Other 4635684
Francisco Milone Limited partner 1 Jan 2018 Other 5396283
L.P. Värde Hus Limited partner 1 Jan 2018 Other 82-3884718
Elena Lieskovska Limited partner 1 Jan 2019 Other 4431585
Haseeb Kamal Malik Limited partner 1 Jan 2019 Other 3117523

Indirect Owners

The SEC currently registers 9 indirect owners.

Name Entity Date acquired Ownership Employer ID
George G Hicks Principal 1 Apr 1994 25% - 50% 1448893
Marcia Lynn Page Principal 1 Apr 1994 25% - 50% 1448939
L.P. Varde Management Parent company 1 Jan 2007 75% - 100% 148949
L.P. Varde Management International Parent company 1 Jan 2007 25% - 50% 131958
L.P. Varde Management Parent company 1 Feb 2008 75% - 100% 148949
Gregory Scott Mcmillan Retired principal 1 Jul 2008 25% - 50% 1823021
L.P. Varde Management Parent company 1 May 2015 75% - 100% 148949
L.P. Varde Management Parent company 1 Jul 2015 75% - 100% 148949
L.P. Varde Management Parent company 1 Oct 2016 75% - 100% 148949

Based in Minneapolis

The principal office where Varde Management, L.P. performs its advisory services is located at 901 Marquette Avenue South, Minneapolis, MN 55402, which is also the mailing address of the firm. An additional office of the firm is in New York, NY. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 952-893-1554 or by fax 952-893-9613. The normal business hours are 7:00 a.m. - 6:00 p.m. on Monday - Friday. You can find more information about the New York firm at varde.com.