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Benefit Street Partners L.L.C. (New York)


Benefit Street Partners L.L.C. is a large advisory firm based in New York. It manages $23.06 billion of regulatory assets for 43 client accounts. It has been registered with the SEC as an adviser since 2011.

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Benefit Street Partners L.L.C provides portfolio management for investment companies and portfolio management for pooled investment vehicles. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Benefit Street Partners L.L.C: assets under management

The assets under management (AUM) of Benefit Street Partners L.L.C. is $23.06 billion. The firm's AUM has grown by 2540% since the beginning of its operation, and $13.37 billion of the total AUM is attributable to clients outside of the United States.


The firm manages $23.02 billion in discretionary accounts and $39.44 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $548.21 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $39.44 million.
Benefit Street Partners L.L.C has custody of $11.51 billion in cash and securities for 25 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in pooled investment vehicles the most. They account for 64% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 34% of the firm’s portfolio. Investments in derivatives form 2% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Benefit Street Partners L.L.C. for their services and products based on a percentage of assets under management and performance-based fees. 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 Richard Jan Byrne serves?

The firm provides services to investment companies, pooled investment vehicles, and pension and profit sharing plans. The largest group of clients of Richard Jan Byrne is pooled investment vehicles with 39 clients and $22.13 billion of assets under management. Among the 10 most similar advisory firms, Benefit Street Partners L.L.C has the 2nd highest percentage of pooled investment vehicles out of all clients.


The amount of regulatory assets under management is $23.06 billion for 43 clients. 46% of the firm’s clients are foreign persons or businesses.

Benefit Street Partners L.L.C also advises several private funds. Namely, twenty hedge funds, two real estate funds, and sixteen securitized asset funds. The minimum investment commitment required of non-related persons ranges from $0 to $450,000,000.

Careers at Benefit Street Partners L.L.C.

The company employs 177 people that are either part- or full-time employees. 62 percent of the employees work as investment advisers or researchers. No employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone 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.

Richard Jan Byrne has been acting as President since 1 Apr 2013. Inc. Franklin Resources joined the executive team most recently as the Sole Member.

Direct owners and executive officers



Name Entity Date acquired Ownership Employer ID
Thomas James Gahan President and chief executive officer 1 Feb 2011 Other 1315264
David Joseph Manlowe Chief operating officer, secretary and treasurer 1 Feb 2011 Other 2340122
Jonathan M Nelson Member 1 Feb 2011 25% - 50% 5088937
Paul Jude Salem Member 1 Feb 2011 25% - 50% 2071043
Roman Bejger Chief compliance officer 1 Feb 2011 Other 5862847
Jonathan Milton Nelson Member 1 Feb 2011 25% - 50% 5088937
Roman Andrew Bejger Chief compliance officer 1 Feb 2011 Other 5862847
Llc Bsp Holdco Managing member 1 Jul 2012 50% - 75% 46-0570888
Providence Equity L.L.C. Non-managing member 1 Jul 2012 50% - 75% 04-3753094
Bryan Roger Martoken Chief financial officer 1 Sep 2012 Other 4669169
Alexander Howe Mcmillan Chief compliance officer 1 Sep 2012 Other 2945481
Richard Jan Byrne President 1 Apr 2013 Other 1414142
Llc Benefit Street Partnerco Non-managing member 1 Aug 2017 25% - 50% 82-3934108
Llc Benefit Street Partners Holdings Non-managing member 1 Oct 2018 75% - 100% 45-1499751
Inc. Franklin Resources Sole member 1 Feb 2019 75% - 100% 13-2670991

Indirect Owners

The SEC currently registers 17 indirect owners.

Name Entity Date acquired Ownership Employer ID
Jonathan Milton Nelson Member, president and senior managing director 1 Apr 2003 25% - 50% 5088937
Glenn Michael Creamer Member, vice president and senior managing director 1 Apr 2003 Other 5088938
Paul Jude Salem Member, vice president and senior managing director 1 Apr 2003 Other 2071043
Jonathan Milton Nelson Member 1 Nov 2009 25% - 50% 5088937
Glenn Michael Creamer Member 1 Nov 2009 25% - 50% 5088938
Paul Jude Salem Member 1 Nov 2009 25% - 50% 2071043
Providence Managing Member L.L.C. Managing member 1 Nov 2009 Other 27-1430591
Providence Equity Global Group L.L.C. Sole member 1 Nov 2009 75% - 100% 68-0679481
Thomas James Gahan Sole member 1 Jul 2012 75% - 100% 1315264
Providence Managing Member L.L.C. Managing member 1 Jul 2012 Other 27-1430591
Providence Equity Global Group L.L.C. Member 1 Jul 2012 25% - 50% 68-0679481
Providence Management Holdco L.L.C. Managing member 1 Jul 2012 Other 27-1502416
Benefit Street Partners L.L.C. Managing member 1 Aug 2017 Other 45-1499751
Michael Eugene Paasche Member 1 Oct 2017 25% - 50% 1848910
Llc Bsp Holdco Managing member 1 Oct 2018 25% - 50% 46-0570888
Providence Equity L.L.C. Non-managing member 1 Oct 2018 25% - 50% 04-3753094
Llc Benefit Street Partnerco Non-managing member 1 Oct 2018 25% - 50% 82-3934108

Based in New York

The principal office where Benefit Street Partners L.L.C. performs its advisory services is located at 9 West 57 Th Street, New York, NY 10019, which is also the mailing address of the firm. An additional office of the firm is in Houston, TX. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 212-588-6770 or by fax 212-588-6769. The normal business hours are 8 am - 5 pm on Monday - Friday. You can find more information about the New York firm at provequity.com.


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