FinCEN AML scope: Texas’s investment advisers
804 of Texas’s SEC-registered investment advisers clear FinCEN’s three-part AML scope test, from the SEC’s own roster dated 2026-11-02. See the exact filter and sources for how that population is defined.
What stands out in Texas
Texas holds two numbers in tension. Only 50.7% of its firms have custody of client cash or securities, the lowest share of the ten, below the national 56.2%. At the same time, 47.9% advise at least one private fund, above the national 39.8%. Texas firms manage other people's fund exposure more often than they hold their assets directly.
Texas’s numbers, in full
- Firms in scope
- 804
- Median staff
- 7
- Fewer than 20 people
- 650 (80.8%)
- 5 people or fewer
- 305 (37.9%)
- Custody of client cash or securities
- 408 (50.7%)
- A related person holds custody
- 324 (40.3%)
- Advise at least one private fund
- 385 (47.9%)
- Median AUM
- $457.2 million
This page is independent research, not legal advice, computed from the SEC’s own public roster of investment advisers. See the method and sources. Verify anything load-bearing against the Federal Register text itself before acting on it. The custody figures above count roster disclosures only. Whether a qualified custodian’s own AML program covers the adviser is a separate question, answered on its own page.