Empirical Asset Management
Empirical Asset Management is a privately held, SEC-registered RIA in Wellesley, MA that delivers proprietary Rules Based Investing model portfolios to financial advisors and institutional investors through Fidelity, Charles Schwab, and white-label sub-advisory relationships.
- Company typePrivate
- Founded1994
- HeadquartersMaussane, France
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Empirical Asset Management does
Empirical Asset Management, LLC (EAM) is a privately held, SEC-registered investment adviser (RIA) headquartered in Wellesley, Massachusetts, that delivers a family of Rules Based Investing (R) model portfolios to financial advisors and institutional investors under a 'Built by Advisors for Advisors' positioning. The firm was reorganized under Mark Fiskio (founder and CEO) with Glenn Caldicott as CIO; Caldicott is the originator of the proprietary rules-based methodology and the trademarked 'Insider Portfolio(R)' strategy, and previously managed $800M+ in nine Rules Based Investing portfolios at Merrill Lynch from 2006 to 2017. EAM offers six distinct equity strategies (three AI-driven: High Quality, Reinforced Value, Bayesian; and three rules-based: Sustainable Equity/ESG, Equity Income, All Cap Equity), five risk-graded asset allocation models (Conservative through Aggressive), and a Tactical Sector Rotation strategy, each implementing systematic screens for quality, valuation, momentum, insider activity, and risk factors and applying a Higher Moment / non-normal risk optimizer that goes beyond Modern Portfolio Theory.
The business generates revenue through recurring investment advisory fees on sub-advisory and separately managed account arrangements, with model delivery executed through Fidelity and Charles Schwab managed-account platforms (including Schwab's Managed Account Marketplace) and white-label agreements with RIAs. AI capability is delivered via a 2023 strategic partnership with Trefis (thinkHub multi-server AI platform running thousands of algorithms continuously since 2019) and an AI partnership with Queensfield AI in Paris; these underpin the three AI-driven equity models and an AI ETF in development. The firm claims GIPS compliance, has accumulated 47 PSN Informa Top Gun awards in four years (including four in Q4 2025 for the All Cap Equity model), and received a 2026 Newsweek Five-Star ranking placing it among only 300 of 16,000 firms assessed. EAM is led by a small bench of approximately seven senior personnel (CEO/Founder Mark Fiskio; CIO Glenn Caldicott; Managing Director Pete Martin, joined 1 January 2025; Director of Operations Anthony Lima; SVP John P. Shreenan; SVP Anthony Gray, joined 2025; institutional salesperson Warren Mulhern), plus a three-person advisory board.
Empirical Asset Management firmographics
Firmographics- Name
- Empirical Asset Management
- Legal name
- Empirical Asset Management, LLC
- Website
- https://empiricalam.com
- Company type
- Private
- Founded year
- 1994
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Empirical Asset Management is a privately held, SEC-registered RIA in Wellesley, MA that delivers proprietary Rules Based Investing model portfolios to financial advisors and institutional investors through Fidelity, Charles Schwab, and white-label sub-advisory relationships.
- Ownership category
- akta.pro rank
Empirical Asset Management industry classification
Industry- Product category
- Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Quantitative/Systematic Equity (Active) (FSAAAIAL)
- akta.pro secondary industries
- Portfolio Construction & Asset Allocation Advisory (FSAEAAAC), Fee-Based Advisory (FSAEAAAM), Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)
Keywords
Where Empirical Asset Management is headquartered
LocationHeadquarters
- HQ city
- Maussane
- HQ country
- France
- HQ region
- Europe
Offices2 records
Markets served
Empirical Asset Management business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Investment Advisory Fees: Registered Investment Advisor (RIA) providing investment advisory services. Revenue generated through advisory fees charged to clients for portfolio management and investment advice. The firm is SEC-registered and GIPS compliant.
- Sub-Advisory Services: Provides model portfolios and sub-advisory services to other advisors and institutions through platform partnerships (Fidelity, Charles Schwab).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Fidelity Platform Access |
| Subscription | Annual | Charles Schwab Platform Access |
| Subscription | Annual | White Labeling Services |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels7 records
Empirical Asset Management product offering
Product offeringCore offering
Empirical Asset Management is a boutique Registered Investment Advisor that builds and distributes proprietary Rules Based Investing® portfolio models (including AI-driven equity, ESG, equity income, asset allocation, and tactical sector rotation strategies) to financial advisors and institutional investors via Fidelity and Charles Schwab platforms and direct sub-advisory agreements. The firm earns recurring advisory fees on separately managed accounts and licenses its models under white-label and sub-advisory arrangements.
Product overview
Empirical Asset Management offers a suite of Rules Based Investing® investment models delivered as separate strategies rather than a unified platform. The offerings comprise three AI-driven individual equity models (High Quality, Reinforced Value, Bayesian) built on the Trefis thinkHub AI platform, three non-AI equity models (Sustainable Equity/ESG, Equity Income, All Cap Equity), five Asset Allocation models spanning Conservative to Aggressive risk profiles, and one Tactical model (Sector Rotation). These are made available through institutional platforms (Fidelity, Charles Schwab) as separately managed accounts with documented model delivery setup processes.
Differentiator
Problem solved
Functional benefit
Products and services
- High Quality AI-driven concentrated portfolio of about 30 equal-weighted stocks from the Wilshire 5000 universe, rebalanced every 12-15 months, selected using proprietary fundamental criteria including data quality, size (>$2B), growth, profitability, and financial discipline screens. Built on Trefis thinkHub for financial advisors and institutional clients.
- Reinforced Value Long-only quarterly rebalanced portfolio of about 30 equal-weighted stocks from the Wilshire 5000 universe, selected through proprietary fundamental overlays with demanding long-term performance hurdles and risk metrics.
- Bayesian Quality and value fundamentals portfolio combining systematic stock selection based on growth, profitability, and financial discipline with a proprietary Bayesian quantitative overlay that enhances returns via concentrated 10-stock monthly trading from the core portfolio.
- Sustainable Equity (ESG) Rules-based ESG investing in large-cap U.S. companies demonstrating environmental, social, and governance sustainability, combining exclusionary and inclusionary ESG screens with 36 alpha-generating factors and a Higher Moment Risk Optimizer. Differentiated by avoiding heavy technology exposure.
- Equity Income Rules-based investing in high-dividend-yield firms with consecutive years of dividend increases, screened for ROE, free cash flow to dividend ratio, accrual ratio, and debt-to-equity ratio quality metrics. Maintains dividend yield higher than the S&P 500 with average 15+ years of consecutive dividend increases.
- All Cap Equity Multi-factor equity model screening for legal insider buying, earnings estimate revisions, and momentum/value factors across all U.S. market capitalizations. Won 4 PSN Top Gun awards in Q4 2025.
- Conservative Asset Allocation Rules-based asset allocation targeting approximately 25% equity, 50% fixed income, and 25% alternatives, addressing both normal and non-normal risks including serial correlation, fat tails, and correlation breakdown.
- Moderate Conservative Asset Allocation Rules-based asset allocation targeting approximately 35% equity, 40% fixed income, and 25% alternatives with non-normal risk management.
- Moderate Asset Allocation Rules-based asset allocation targeting approximately 55% equity, 25% fixed income, and 20% alternatives with non-normal risk management.
- Moderate Aggressive Asset Allocation Rules-based asset allocation targeting approximately 65% equity, 15% fixed income, and 20% alternatives with non-normal risk management.
- Aggressive Asset Allocation Rules-based asset allocation targeting approximately 80% equity, 5% fixed income, and 15% alternatives with non-normal risk management.
- Sector Rotation Tactical equity model rotating into U.S. sectors with consistent positive momentum while holding cash to avoid downward trends, with monthly rebalancing and equity exposure that can reduce to 50% or 0%.
Quantifiable outcome
- 47 PSN Informa Top Gun awards in 4 years
- +4 more outcomes
Companies that use Empirical Asset Management
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
Empirical Asset Management technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability5 records
Feature5 records
Empirical Asset Management partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core and minor.
- TrefiscoreTrefis provides their thinkHub AI learning platform to build Empirical's AI-driven investment models including High Quality, Reinforced Value, and Bayesian portfolios. Trefis began building thinkHub's investment modeling capability in 2019 and operates multiple servers running thousands of algorithms 24/7/365. Located in Massachusetts, USA.
- Don BlenkominorPrivate investor and advisory board member. Former Director of Pelham Partners, Ltd (London-based company co-founded in 1995). Former Executive Director in European Real Estate Department of Goldman Sachs. Holds M.B.A. from Stanford University (Arjay Miller Scholar) and B.A. in Economics from Yale University.
Scale indicators5 records
Recent moves5 records
Expansion highlights5 records
Empirical Asset Management competitors and assessment
Company assessmentDirect peers
- AlphaSimplex Group: Quantitative investment manager known for systematic, rules-based strategies and AI/machine-learning-driven research. Pete Martin's prior employer and a close functional analog to Empirical's Trefis-backed AI and systematic offering.
- Anchor Capital Advisors: Boutique RIA offering rules-based equity and ETF model portfolios to advisors and institutions. Closely comparable in business model (model-portfolio distributor to RIAs) and target customer (financial advisors).
- WisdomTree Investments: Factor and systematic ETF sponsor with strong advisor-channel distribution. Comparable to Empirical in disciplined, rules-based equity and ETF product orientation, although WisdomTree's distribution is at substantially greater scale.
- Parametric Portfolio Associates: Systematic, customized direct-indexing and active equity manager distributed to advisors through Fidelity, Schwab and other SMA platforms. Directly comparable to Empirical in product type (rules-based active equity and asset allocation) and advisor-channel distribution.
Broad incumbents
- SEI Investments: Platform-based asset manager providing systematic and customized portfolio solutions to advisor and institutional clients. Comparable in systematic investment process and large-scale advisor platform distribution.
- GMO Asset Management: Boston-based, long-tenured systematic and value-oriented active manager with multiple equity and asset allocation strategies. Comparable in systematic/active philosophy and Boston-area presence, but at substantially greater scale and product breadth.
- Hartford Funds: Asset manager distributing systematic and fundamental mutual fund/ETF strategies through advisor and institutional channels. Comparable in advisor-channel distribution focus on systematic equity products, though at much greater scale.
- Virtus Investment Partners (IndexIQ): Multi-boutique asset manager; IndexIQ is its systematic/factor ETF and SMA franchise. Comparable in factor-based and rules-driven product design and advisor distribution.
- Eaton Vance (Morgan Stanley Investment Management): Boston-headquartered traditional active and quantitative manager with a broad suite of equity, income and allocation strategies. Comparable in Boston base, active-equity orientation and institutional/intermediary distribution, though now embedded within a much larger platform.
- Natixis Investment Managers: Large multi-affiliate asset manager with systematic, quantitative and fundamental equity capabilities distributed through institutional and intermediary channels. Relevant comparator for institutional distribution, though Empirical operates at a much smaller scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Empirical Asset Management social profiles
Digital presenceEmpirical Asset Management financial estimates
Financial estimateRevenue estimate
Valuation estimate
Empirical Asset Management leadership team
Management profileNumber of profiles
Profiles8 records
Empirical Asset Management funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Empirical Asset Management M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Empirical Asset Management
What does Empirical Asset Management do?
Empirical Asset Management is a boutique Registered Investment Advisor that builds and distributes proprietary Rules Based Investing® portfolio models (including AI-driven equity, ESG, equity income, asset allocation, and tactical sector rotation strategies) to financial advisors and institutional investors via Fidelity and Charles Schwab platforms and direct sub-advisory agreements. The firm earns recurring advisory fees on separately managed accounts and licenses its models under white-label and sub-advisory arrangements.
Is Empirical Asset Management a public or private company?
Empirical Asset Management is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Empirical Asset Management founded?
Empirical Asset Management was founded in 1994. It employs 1 to 10 people.
Where is Empirical Asset Management based?
Empirical Asset Management is headquartered in Maussane, France, in the Europe region.
How does Empirical Asset Management make money?
Two revenue lines are on record. Investment Advisory Fees are the primary driver. The others are sub-Advisory Services.
Who are Empirical Asset Management's main competitors?
Direct peers on record are AlphaSimplex Group, Anchor Capital Advisors, WisdomTree Investments and Parametric Portfolio Associates. Broad incumbents are SEI Investments, GMO Asset Management, Hartford Funds, Virtus Investment Partners (IndexIQ), Eaton Vance (Morgan Stanley Investment Management) and Natixis Investment Managers.
Does Empirical Asset Management have an API?
No public API is recorded for Empirical Asset Management.
What industry is Empirical Asset Management in?
Empirical Asset Management's product category is Investment Management. Its primary akta.pro industry code is FSAAAIAL, Quantitative/Systematic Equity (Active), with a secondary code of FSAEAAAC, Portfolio Construction & Asset Allocation Advisory. Its NAICS code is 523940 and its SIC code is 6282.