Mid Continent Capital LLC (Chicago)

Name: Mid Continent Capital LLC
Address: 123 North Wacker, Chicago, IL, 60606
Telephone: 312-551-8200

Mid Continent Capital LLC is a large advisory firm based in Chicago. It manages $2.75 billion of regulatory assets for 1,210 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of Arizona, California, Colorado, and 9 other states.

Mid Continent Capital provides portfolio management for individuals and small businesses and portfolio management for businesses and institutional clients. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Mid Continent Capital: assets under management

The assets under management (AUM) of Mid Continent Capital LLC is $2.75 billion. The firm's AUM has grown by 227% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $2.65 billion in discretionary accounts and $103.16 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $2.34 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $1.27 million.

Mid Continent Capital has custody of $233.07 million in cash and securities for 42 clients in total and its related person acts as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 61% of the total AUM. The second-largest asset type is investment grade corporate bonds, which make up 19% of the firm’s portfolio. Investments in non-investment grade corporate bonds form 17% of the total invested assets.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Mid Continent Capital LLC for their services and products based on a percentage of assets under management. 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 Scott Gershen serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Richard Scott Gershen is high net worth individuals with 253 clients and $1.66 billion of assets under management. Among the 11 most similar advisory firms, Mid Continent Capital has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $2.72 billion for 325 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Mid Continent Capital doesn't advise any private funds.

Careers at Mid Continent Capital LLC

The company employs 18 people that are either part- or full-time employees. 56 percent of the employees work as investment advisers or researchers. 3 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 Scott Gershen has been acting as President since 1 Jul 2013. Gregory Paul Francoeur joined the executive team most recently as the Director.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Richard Howard Adler	Director	1 Jul 1997	Other	2102059
Harry Tom Griffith	Director	1 Jul 1997	Other	230065
Robert Curran Douglas	President	1 Nov 1998	Other	70997
John D Mabie	Chairman	1 Jun 1999	25% - 50%	1786798
Inc. Ccm Holdings	Member	1 Feb 2000	50% - 75%	36-4356466
Lawrence Jay Brottman	Executive vice president	1 Aug 2000	Other	1227075
Edwin Morse Bruere	Executive vice president	1 Aug 2000	Other	1561663
Susan Elaine Lorsch	Senior vice president	1 Aug 2000	Other	1716576
Convergent Capital Management Llc	Interest holder	1 Apr 2003	75% - 100%	34-1975129
Susan Elaine Lorsch	Executive vice president, chief compliance officer	1 Feb 2004	Other	1716576
Lawrence Jay Brottman	Co-chief executive officer, director	1 May 2006	Other	1227075
Edwin Morse Bruere	Co-chief executive officer, director	1 May 2006	Other	1561663
John D Mabie	Chairman & director	1 May 2006	Other	1786798
Roger A. Albrecht	Executive vice president, director	1 May 2006	Other	4726922
Charles Melcher Sloan	Executive vice president, director	1 May 2006	Other	4295501
Julie Bessent	Chief financial officer	1 May 2006	Other	5149652
David L Mead	President	1 May 2006	Other	2194645
Nancy Ann Venice	Executive vice president	1 May 2006	Other	2519518
Jon Cowell Hunt	Director	1 May 2006	Other	2452038
Richard Scott Gershen	Director	1 Jul 2013	Other	2192421
William Jay Freeman	Director	1 Jul 2013	Other	4650630
Gregory Paul Francoeur	Director	1 Nov 2017	Other	2635132

Indirect Owners

The SEC currently registers 7 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Richard Howard Adler	Shareholder	1 Nov 1993	25% - 50%	2102059
Harry Tom Griffith	Shareholder	1 Nov 1993	25% - 50%	230065
James Edward Hayes	Shareholder	1 Nov 1993	25% - 50%	240511
Inc. Convergent Capital Management	Indirect interest holder	1 Jul 1997	25% - 50%	36-3978495
City National Corporation	Member	1 Apr 2003	75% - 100%	95-2568550
Rbc Usa Holdco Corporation	Owner	1 Nov 2015	75% - 100%	20-0563684
Royal Bank Of Canada	Ultimate owner	1 Nov 2015	75% - 100%	13-5357855

Based in Chicago

The principal office where Mid Continent Capital LLC performs its advisory services is located at 123 North Wacker, Chicago, IL 60606, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 312-551-8200 or by fax 312-551-8781. The normal business hours are 8:30 a.m. - 5:00 p.m. on Monday - Friday. You can find more information about the New York firm at mccllc.com.