What Advent Capital Management does

Advent Capital Management, LLC is a privately held registered investment advisor founded in 1995 by Tracy V. Maitland, a former director in Merrill Lynch's Convertible Securities Department. The firm manages approximately $8.2 billion across traditional and alternative strategies on behalf of institutional investors (public and corporate pensions, insurance companies, endowments, and foundations) and private high-net-worth clients, with institutional clients representing more than 90% of AUM. Headquartered in New York with a London office, Advent's investment platform spans the entire capital structure through five core strategies (Balanced Convertibles, Defensive Convertibles, High Yield, Global Partners, and Vega) plus the publicly listed AVK closed-end fund on NYSE and the ACVT exchange-traded fund launched on NYSE in April 2025.

Name

Advent Capital Management

Legal name

Advent Capital Management, LLC

Website

https://adventcap.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

51–100 employees

Short description

Advent Capital Management is a registered investment advisor managing approximately $8.2 billion across convertible, high-yield, and alternative credit strategies, primarily serving institutional pensions, insurers, endowments, and foundations via separately managed accounts, UCITS funds, AVK (NYSE), and the newly launched ACVT ETF.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

akta.pro secondary industry

Large-Cap Equity (Active) (FSAAAIAA)

Keywords

• Convertible securities
• Investment management
• Asset management
• Fixed income
• Alternative investments

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Investment Advisory/Management Fees: Advent earns management fees on approximately $8.2 billion in assets under management across traditional and alternative strategies, closed-end fund (AVK), and exchange-traded fund (ACVT). Fees are typically charged as a percentage of AUM (assets under management).

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Advent Capital Management is a registered investment advisor managing approximately $8.2 billion across traditional and alternative strategies on behalf of institutional investors and private clients. The firm invests across the entire capital structure using a bottom-up, fundamental credit-driven research process combined with equity research, offering separately managed accounts, private funds, UCITS funds, a closed-end fund (AVK), and an exchange-traded fund (ACVT).

Product overview

Advent Capital Management is an investment management firm managing approximately $8.2 billion across traditional and alternative strategies. The product portfolio includes three Traditional Strategies (Balanced Convertibles, Defensive Convertibles, and High Yield) that seek to provide long-term investment returns with emphasis on capital preservation, two Alternative Strategies (Global Partners and Vega) that seek to generate absolute uncorrelated returns, one Closed-End Fund (Advent Convertible and Income Fund - AVK), and one Exchange Traded Fund (Advent Convertible Bond ETF - ACVT). The platform offers investments across the entire capital structure, combining bottom-up fundamental credit and equity research to deliver differentiated results for institutional and private clients.

Differentiator

Problem solved

Functional benefit

Products and services

• Balanced Convertibles Strategy A traditional investment strategy focusing on convertible securities in the 50%-85% delta range (the 'balanced' sweet spot), capturing upside potential of equities with reduced risk. Includes both domestic USD-denominated and global variants and is offered to institutional and private clients.
• Defensive Convertibles Strategy A traditional strategy focusing on convertible securities with higher bond content (trading closer to par value), used as an enhanced fixed income strategy or conservative equity replacement. Includes the Phoenix Convertible Income Strategy for institutional clients.
• High Yield Strategy A traditional strategy seeking consistent outperformance through an alpha-focused relative value investment approach, utilizing deep fundamental credit research and detailed scenario analysis in high-yield securities.
• Global Partners Strategy An alternative strategy leveraging convertibles and disciplined credit and equity research, implementing a flexible multi-strategy approach including idiosyncratic volatility arbitrage, corporate transactions, event-driven opportunities, credit investing, and short selling. Available through separately managed accounts, private funds, and UCITS.
• Vega Strategy A volatility-based alternative investment strategy seeking to generate strong absolute returns in all market environments by identifying idiosyncratic, mispriced volatility opportunities with positive asymmetry. Available through a private placement commingled fund or separately managed account.
• Advent Convertible and Income Fund (AVK) A publicly traded closed-end fund listed on NYSE, managed by Advent Capital Management, that invests across the capital structure combining convertible and high-yield securities to pursue income and total return, with monthly distributions.
• Advent Convertible Bond ETF (ACVT) An exchange-traded fund listed on NYSE, serving as an enhanced fixed income solution designed to deliver total return through a combination of income and capital appreciation by investing in convertible securities with lower delta (reduced sensitivity to equity market movements).

Quantifiable outcome

• Over 25 years of demonstrated investment discipline with consistent returns
• +1 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Guggenheim InvestmentscoreChannel Partner/ Reseller/ DistributorAdvent acts as investment adviser to the Advent Convertible and Income Fund (AVK), a registered closed-end investment company offered on the Guggenheim Investments platform. Guggenheim provides the distribution and administrative infrastructure for the fund, while Advent manages the investment portfolio.
• UN Principles for Responsible Investment (UNPRI)minorOthersAdvent is a signatory to the UNPRI, demonstrating commitment to incorporating ESG principles into investment processes and corporate practices.
• Task Force on Climate-Related Financial Disclosures (TCFD)minorOthersAdvent supports the TCFD framework for climate-related financial disclosures, integrating climate risk considerations into investment analysis and reporting.
• SEO (Sponsors of Educational Opportunity)minorStrategic or Co-development PartnerPartnership with SEO which recruits and trains accomplished Black, Hispanic and Native American college students. Advent uses this partnership for recruitment of diverse talent including summer internships and positions.
• SG Partners (Women-Owned Recruitment Firm)minorStrategic or Co-development PartnerAdvent partners with women-owned recruitment firms such as SG Partners to help attract female and diverse candidates for employment.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Allianz Global Investors: Allianz Global Investors manages significant institutional assets in convertible bonds and credit strategies, with global distribution infrastructure. Their convertible franchise is a direct competitor to Advent's Balanced and Global Partners strategies, especially for European pension and endowment mandates.
• Eaton Vance Management (Morgan Stanley Investment Management): Eaton Vance is a US institutional asset manager with established convertible bond strategies and a closed-end fund franchise, comparable in size and product mix to Advent. Now part of Morgan Stanley IM but historically operated as a comparable boutique institutional manager serving institutional and high-net-worth clients.
• Calamos Advisors: Calamos is a leading US-based alternatives manager with deep roots in convertible securities across active, ETF, and closed-end fund vehicles. It is the closest direct peer to Advent given the shared convertible-focused investment philosophy and multi-product structure (Calamos Convertible, Calamos Global Total Return).
• Gabelli Funds (GAMCO Investors): Gabelli/GAMCO operates a closed-end fund franchise including several income-focused vehicles, comparable to AVK. They also offer separately managed accounts to institutional clients, with comparable boutique institutional positioning and US-registered RIA structure.
• Western Asset Management: Western Asset is a leading institutional fixed-income manager with deep credit research capabilities and a pension/endowment client base. Comparable to Advent's institutional-grade credit research approach and similar client mix.
• Lord, Abbett & Co. Lord Abbett is a privately held US asset manager offering institutional fixed-income, equity, and alternative strategies with a similar client profile to Advent. Comparable institutional infrastructure, boutique-style private ownership, and convertible-related fund offerings.
• First Trust: First Trust operates convertible securities ETFs and closed-end funds, creating direct ETF competition with ACVT. Like Advent, they target yield-oriented institutional and advisor-distributed capital with focused strategies.

Broad incumbents

• BlackRock: BlackRock is the world's largest asset manager offering convertibles (ICVT ETF) and broad credit exposure. As a broad incumbent, it competes with Advent for institutional mandates but operates at massive scale with substantially broader product coverage and lower-cost products.
• PIMCO: PIMCO is a global institutional fixed-income leader with credit and convertible strategies serving pension funds and endowments. As a broad incumbent, it competes for the same institutional clients as Advent but with substantially broader mandates and brand recognition.
• State Street Global Advisors: State Street Global Advisors operates the SPDR Bloomberg Convertible Securities ETF (CWB), a direct competitor to Advent's ACVT ETF. As a broad incumbent, it competes on the convertible ETF wrapper specifically, leveraging massive scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/advent-capital-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Advent Capital Management