Turtle Creek Management, LLC (Dallas)

Name: Turtle Creek Management, LLC
Address: 3838 Oak Lawn Ave, Dallas, TX, 75219
Telephone: 214.468.0100

Turtle Creek Management, LLC is a large advisory firm based in Dallas. It manages $2.71 billion of regulatory assets for 377 client accounts. It has been registered with the SEC as an adviser since 2010 and has operated in the jurisdictions of California, Massachusetts, Oklahoma, and Texas.

Turtle Creek Management provides portfolio management for individuals and small businesses 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.

Turtle Creek Management: assets under management

The assets under management (AUM) of Turtle Creek Management, LLC is $2.71 billion. The firm's AUM has grown by 608% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $735.82 million in discretionary accounts and $1.97 billion in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $2.41 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $27.35 million.

Turtle Creek Management has custody of $779.99 million in cash and securities for 320 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 73% of the total AUM. The second-largest asset type is investment and business development companies, which make up 14% of the firm’s portfolio. Investments in other assets form 6% of the total invested assets.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Turtle Creek Management, LLC for their services and products based on a percentage of assets under management. 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.

What kind of clients Turtle Creek Management serves?

The firm provides services to charitable organizations, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Turtle Creek Management is high net worth individuals with 307 clients and $2.29 billion of assets under management. Among the 10 most similar advisory firms, Turtle Creek Management has the 2nd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $2.71 billion for 377 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Turtle Creek Management doesn't advise any private funds.

Careers at Turtle Creek Management, LLC

The company employs 9 people that are either part- or full-time employees. 78 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 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
Philip Corder Witter Kistler	Manager	1 Mar 2006	Other	2546664
Richard Kevin Hardage	Manager	1 Mar 2006	Other	3154980
Peter John Denker	Manager	1 Mar 2006	Other	65404
Richard Craig Knocke	Manager	1 Oct 2007	Other	2586086
Llc Tctc Holdings	Sole member	1 Dec 2009	75% - 100%	80-0500233
Sarah Heimbach Wood	Chief compliance officer	1 May 2011	Other	5928601
Sarah Esther Heimbach	Chief compliance officer	1 May 2011	Other	5928601

Indirect Owners

The SEC currently registers 4 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Philip Corder Witter Kistler	Manager and member	1 Dec 2009	25% - 50%	2546664
Richard Kevin Hardage	Manager and member	1 Dec 2009	25% - 50%	3154980
Richard Craig Knocke	Manager and member	1 Dec 2009	25% - 50%	2586086
Peter John Denker	Manager and member	1 Dec 2009	25% - 50%	65404

Based in Dallas

The principal office where Turtle Creek Management, LLC performs its advisory services is located at 3838 Oak Lawn Ave, Dallas, TX 75219, 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 214.468.0100 or by fax 214.468.0106. The normal business hours are 8:15am-4:45pm on Monday - Friday. You can find more information about the New York firm at turtlecreekdallas.com.