Emerald Advisers

What Emerald Advisers does

Emerald Advisers is a Pennsylvania-based, privately held investment management firm founded in 1992 that manages approximately $7.8 billion in combined assets under management and advisement (as of March 31, 2026) across small-cap, mid-cap, and increasingly large-cap equity strategies. Operating under the parent Emerald Asset Management PA, LLC and three core subsidiaries (Emerald Advisers, Inc., Emerald Investment Advisers, LLC, and Emerald Mutual Funds Advisers Trust), the firm serves institutional investors — pensions, endowments, foundations — alongside individual investors through separately managed accounts, mutual funds, and Nasdaq-listed ETFs. Its investment approach is built on a proprietary 10-step process and bottom-up fundamental research, with deep sector specialization across Banking & Finance, Consumer, Energy, Industrials, Life Sciences, and Technology; the life sciences vertical is supported by scientific credentials (PhDs/MDs) on the research team.

The firm earns revenue primarily through asset-based advisory and management fees on AUM and AUA, distributed directly to institutional clients and via ALPS Distributors for mutual funds and ETFs (LFSC and SPIT, co-managed with F/m Investments). In February 2026 Emerald integrated F/m Investments' equity strategies, adding approximately $2.5 billion in assets, 13 investment professionals, and four new strategy sleeves (Large-Cap Core, Small-Cap Core, Large-Cap Value Dividend Select, and Integrated Alpha), broadening the franchise beyond its small/mid-cap growth core. Marketing is content-led, anchored by the 33rd annual Groundhog Day Investment Forum, the Wit & Wisdom daily newsletter, a podcast and video series, and recurring appearances on CNBC, BNN Bloomberg, and Schwab Network.

Name

Emerald Advisers

Legal name

Emerald Asset Management PA, LLC

Website

https://teamemerald.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

11–50 employees

Short description

Emerald Advisers is a privately held, Pennsylvania-based asset manager founded in 1992 that runs approximately $7.8 billion in active equity strategies for institutional and individual investors via separate accounts, mutual funds, and Nasdaq-listed ETFs, specializing in small and mid-cap growth.

Ownership category

akta.pro rank

Product category

Investment Management (Equity Asset Management)

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (52591), Other Financial Vehicles (52599)

SIC

Investment Advice (6282)

akta.pro primary industry

Portfolio Construction & Asset Allocation Advisory (FSAEAAAC)

akta.pro secondary industries

Advisory Portfolio Management (Non-Discretionary) (FSAAABAD), Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

Keywords

• Asset management services
• Growth equity investing
• Separately managed accounts
• Mutual fund management
• Investment advisory services

Headquarters

HQ city

Leola

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Advisory and Management Fees: Emerald Advisers earns revenue through asset-based management and advisory fees charged on assets under management (AUM) and assets under advisement. This includes fees from separately managed accounts, mutual funds, and ETFs. The firm manages $7.8 billion in combined AUM and AUA across its affiliated advisory entities.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels9 records

Core offering

Emerald Advisers actively manages equity investment portfolios for institutional and individual investors using a proprietary 10-step investment process and bottom-up fundamental research focused on small and mid-cap growth companies across six sectors: Banking & Finance, Consumer, Energy, Industrials, Life Sciences, and Technology. The firm delivers its strategies through separately managed accounts, the Emerald Mutual Funds family (Growth Fund, Finance & Banking Innovation Fund), and two Nasdaq-listed ETFs (LFSC and SPIT) co-managed with F/m Investments, generating revenue through asset-based advisory and management fees on $7.8 billion in combined AUM and assets under advisement.

Differentiator

Problem solved

Functional benefit

Products and services

• Emerald Separate Accounts (Equity SMA Strategies) Customized direct equity portfolios managed by Emerald for institutional clients, endowments, foundations, and high-net-worth individuals, covering small-cap, mid-cap, and large-cap growth strategies sourced from the firm's 10-step research process.
• Emerald Growth Fund (Mutual Fund) A long-running mutual fund in the Emerald Mutual Funds family focused on growth equity investing, available to individual and intermediary investors via broker-dealers and RIAs and distributed by ALPS Distributors, Inc.
• Emerald Finance & Banking Innovation Fund (Mutual Fund) A sector-focused mutual fund in the Emerald Mutual Funds family providing investors exposure to Banking & Finance innovation themes, distributed by ALPS Distributors, Inc.
• F/m Emerald Life Sciences Innovation ETF (LFSC) Nasdaq-listed ETF co-managed with F/m Investments providing public market investors exposure to life sciences innovation themes, distributed through ALPS Distributors and available via brokerage accounts.
• F/m Emerald Special Situations ETF (SPIT) Nasdaq-listed active ETF co-managed with F/m Investments targeting companies undergoing leadership overhauls, business turns, or M&A activity, distributed by ALPS Distributors and available through brokerage accounts.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core and minor.

• F/m InvestmentscoreStrategic or Co-development Partner · 1 February 2026Emerald Advisers and F/m Investments executed a significant strategic integration in early 2026, bringing approximately 13 new team members and approximately $2.5 billion in assets to Emerald. The integration added strategies including Large-Cap Core, Small-Cap Core, Large-Cap Value Dividend Select, and Integrated Alpha. Emerald CEO David Volpe stated the colleagues from F/m demonstrated the same dedication to active management and alpha delivery as Emerald.
• F/m InvestmentscoreStrategic or Co-development Partner · 1 October 2025Emerald Advisers and F/m Investments co-launched the F/m Emerald Special Situations ETF (NASDAQ: SPIT), targeting companies in moments of transformation. The active, benchmark-insensitive ETF focuses on companies undergoing leadership overhauls, business turns, or M&A activity.
• F/m InvestmentscoreStrategic or Co-development Partner · 1 October 2024Emerald Advisers and F/m Investments co-launched the F/m Emerald Life Sciences Innovation ETF (ticker: LFSC) on Nasdaq. The ETF reflects Emerald's commitment to delivering innovative investment solutions aligned with long-term growth trends in life sciences. CEO Scott Rehr stated Emerald has a long history of identifying compelling growth opportunities in emerging sectors.
• ALPS Distributors, Inc.minorChannel Partner/ Reseller/ DistributorALPS Distributors, Inc. serves as the distributor for the Emerald Mutual Funds family and co-managed ETFs (LFSC, SPIT). Note: ALPS Distributors, Inc. is not affiliated with The Emerald Mutual Funds.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Kennedy Capital Management: Specialist small and mid-cap active equity manager with bottom-up research, mutual fund and SMA distribution — directly comparable niche and channel mix.
• Royce Investment Partners: Long-standing small-cap specialist active equity manager with multi-channel distribution (mutual funds, SMAs, CITs) and bottom-up fundamental research approach very similar to Emerald's.
• Mairs & Power: Independent active equity manager with multi-decade track record serving institutional and retail clients through funds and SMAs.
• Nicholas Investment Partners: Active small and mid-cap equity manager distributing through mutual funds and SMAs, with a research-driven approach similar to Emerald's bottom-up process.
• Perritt Capital Management: Small-cap-focused active equity boutique with SMA and fund offerings, serving institutional and retail clients in a comparable niche.
• Ariel Investments: Independent active equity manager with bottom-up fundamental research across multiple strategies, mutual funds and SMAs for institutional and retail clients.
• Conestoga Capital Advisors: Boutique active equity manager focused on small and mid-cap growth equities distributed via SMAs and mutual funds, very comparable specialty to Emerald.
• Westwood Holdings Group: Mid-sized active equity manager focused on small and mid-cap strategies serving institutional and high-net-worth clients, comparable in AUM scale and product mix.
• Boston Trust Walden Company: Mid-sized active equity manager serving institutional and high-net-worth clients with SMA and fund offerings; comparable scale and client base.

Broad incumbents

• Calamos Advisors: Larger diversified active manager with growing ETF suite on Nasdaq (similar listing venue to Emerald's LFSC/SPIT) and multi-channel distribution including mutual funds and SMAs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UC1lblExe4P7-DDR69rgUnPQ
• LinkedInlinkedin.com/company/emerald-advisers-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Emerald Advisers