Reaves Asset Management

What Reaves Asset Management does

Reaves Asset Management (legal name: W. H. Reaves & Co., Inc.) is a privately held, SEC-registered investment adviser founded in 1978 and headquartered in Jersey City, NJ. The firm specializes exclusively in essential service infrastructure investments, including utilities, communications, energy midstream, and transportation companies, with a focus on generating competitive risk-adjusted returns and income across market cycles. Reaves operates as an S corporation with broad employee ownership through a Profit Sharing Trust and has no external parent or institutional investor backing.

The firm offers a multi-product suite including the Reaves Utility Income Fund (UTG), a closed-end fund with approximately $4.57 billion in AUM as of April 2026; the Virtus Reaves Utilities ETF (UTES), the only actively managed utilities ETF; the Reaves Infrastructure Fund (RSRFX), a mutual fund; and two separately managed account strategies (Reaves Long Term Value Strategy and Reaves Dividend Income Strategy). Its go-to-market targets institutional investors, high net worth individuals, and financial advisors/RIAs through direct sales engagement, thought leadership content, and portfolio manager calls. The firm reaches clients through both direct SMA distribution and exchange-listed retail vehicles.

Reaves generates revenue primarily through advisory fees on assets under management, with historical wrap account fees of 300 basis points (1/1/2003-12/31/2016) and 250 basis points (effective 1/1/2017). The firm reaches clients through content marketing, quarterly commentaries, white papers, and direct advisor engagement. Leadership includes CEO and Co-Portfolio Manager Jay Rhame, President John Bartlett, and Co-Portfolio Manager and CIO Tim Porter.

Name

Reaves Asset Management

Legal name

W. H. Reaves & Co., Inc.

Website

https://reavesam.com

Company type

Private

Founded year

1978

Operating status

Operating

Headcount range

11–50 employees

Short description

Reaves Asset Management is a privately held SEC-registered investment adviser founded in 1978, specializing exclusively in essential service infrastructure (utilities, communications, energy, transportation). The firm serves institutional investors, high net worth individuals, and financial advisors through closed-end funds, ETFs, mutual funds, and separately managed accounts.

Ownership category

akta.pro rank

Headquarters

HQ city

Jersey City

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Advisory Fees: Reaves generates revenue through advisory fees charged to clients for investment management services. Fees are described in detail in Form ADV Part 2A. The firm manages closed-end funds (UTG), ETFs (UTES), and separately managed accounts, all of which generate management fee revenue.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Reaves Asset Management is a U.S. SEC-registered investment adviser that actively manages portfolios focused on essential service infrastructure companies, including utilities, communications, energy midstream, and transportation. The firm manages three registered funds — the Reaves Utility Income Fund (UTG) closed-end fund, the Virtus Reaves Utilities ETF (UTES), and the Reaves Infrastructure Fund — alongside two separately managed account strategies (Reaves Long Term Value Strategy and Reaves Dividend Income Strategy). Investment decisions are driven by fundamental, bottom-up research and a contrarian approach targeting defensive equity exposure with reliable income.

Product overview

Reaves Asset Management operates as a multi-product investment management firm offering a suite of essential service infrastructure-focused investment strategies. The product lineup includes three registered funds: the Reaves Utility Income Fund (UTG), a closed-end fund providing monthly distributions; the Virtus Reaves Utilities ETF (UTES), an actively managed utilities ETF; and the Reaves Infrastructure Fund. These are complemented by two separately managed account strategies: the Reaves Long Term Value Strategy targeting risk-adjusted returns through value-oriented infrastructure holdings, and the Reaves Dividend Income Strategy focused on high after-tax dividend income with 15-30 concentrated equity positions. All products share a common investment philosophy centered on essential service infrastructure companies with defensive characteristics, high barriers to entry, and sustainable dividend growth.

Differentiator

Problem solved

Functional benefit

Brands

• Reaves Utility Income Fund (UTG): Closed-end fund managed by Reaves Asset Management focused on utility and infrastructure investments with monthly distributions.
• Virtus Reaves Utilities ETF (UTES)
• Reaves Infrastructure Fund
• Reaves Long Term Value Strategy
• Reaves Dividend Income Strategy

Products and services

• Reaves Utility Income Fund (UTG) A closed-end fund managed by Reaves Asset Management, focused on utility and infrastructure investments, providing monthly distributions to shareholders. A 5% payout increase to $0.21 per share was announced in June 2026, with an annualized distribution rate of $2.52 and current yield of 6.12%.
• Virtus Reaves Utilities ETF (UTES) An actively managed ETF listed on exchanges, the only actively managed utilities ETF, applying active management to the selection of utilities stocks. Focused on essential service infrastructure companies within the utilities sector and distributed through ETF providers and broker-dealers.
• Reaves Infrastructure Fund A mutual fund focused on infrastructure investments, part of the Reaves managed portfolio suite, also referenced as the Reaves Utilities & Energy Infrastructure Fund (symbol RSRFX).
• Reaves Long Term Value Strategy A value-oriented separately managed account strategy seeking high risk-adjusted total returns through investments in essential service infrastructure companies with strong balance sheets, good cash flow, and dividend growth history. Available as a separately managed account.
• Reaves Dividend Income Strategy A separately managed account strategy holding a concentrated portfolio of approximately 15 to 30 equity securities, with the primary objective of providing a high level of after-tax dividend income and a secondary objective of capital appreciation.

Quantifiable outcome

• Utilities sector achieved lowest beta and best downside capture of all major industry sectors over past 20 years
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Scale indicators2 records

Recent moves4 records

Expansion highlights4 records

Emerging players

• InfraCap: Smaller ETF sponsor with utility/infrastructure and preferred-income ETFs (e.g., MLPA, PFFA-adjacent) competing with UTES for retail and advisor flow in the same niche.

Broad incumbents

• Nuveen (TIAA): Large multi-affiliate asset manager with utility/infrastructure sector funds (e.g., Nuveen Utilities ETF, infrastructure equity portfolios), overlapping with Reaves in the same end-client segments.
• Brookfield Asset Management: Global infrastructure and real assets powerhouse offering both listed-equity and private infrastructure strategies; competes with Reaves at the institutional infrastructure sleeve level.

Direct peers

• Gabelli Funds: Active equity manager with utility/MLP/infrastructure ETFs and SMA strategies (e.g., GUT, MLPA-adjacent products) that overlap with Reaves' product set.
• Cohen & Steers: Specialist active manager in real assets/income strategies, including dedicated utilities and infrastructure equity strategies, directly competing with Reaves for institutional and advisor allocations.
• Tortoise Capital Advisors: Specialist manager focused on energy infrastructure and essential service income strategies, directly competing for utility/infrastructure allocations from advisors and institutions.
• Eaton Vance: Historically operated dedicated utilities/infrastructure strategies and income-focused equity portfolios; competes with Reaves in the dividend-income and defensive-equity SMA channel.
• Virtus Investment Partners: Reaves' distribution partner on the UTES ETF and operator of multiple active equity strategies; a closely aligned peer in active equity product design and ETF distribution.
• Kroll (Duff & Phelps Investment Management): Active manager with utility, infrastructure, and real-assets strategies serving institutional and advisor clients in overlapping segments.
• ClearBridge Investments: Active equity manager (Franklin Templeton affiliate) with infrastructure and dividend-income strategies that compete for the same defensive-equity mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/reavesassetmgmt

Compliance2 records

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 Reaves Asset Management