SCS CAPITAL MANAGEMENT LLC

SCS Capital Management LLC (“SCS”) was founded in 2002 as an investment firm that focuses on two primary market segments: high net worth families and institutional investors. SCS's mission is to provide client-aligned investment advice to high net worth families and institutions. 

SCS is part of the Focus Financial Partners, LLC (“Focus LLC”) partnership and its day-to-day operations are managed and overseen by the SCS Executive Team. The following individuals comprise the Executive Team of SCS: 

-Antony Abbiati – Founder, Chief Executive Officer 

-Adrienne Penta – National Head of Wealth Management 

-Will Skeean - President 

-Marcelo Vedovatto – Chief Operating Officer 

-Lane MacDonald – Chief Investment Officer 

-Colin Campbell – Chief Financial Officer, Chief Compliance Officer 

-Melissa Schneberger – Chief Talent Officer 

Wealth and Investment Management 

SCS provides investment advisory and wealth management services to individuals and related entities, including family trusts and foundations, corporations, business entities and private investment funds through its private client business. SCS’s financial planning professionals work with clients and their SCS relationship team to develop a wealth management strategy, income and cash flow planning, tax planning, and philanthropic strategy. SCS seeks to provide an integrated wealth and investment management program whereby investment portfolios reflect not only SCS’s financial market outlook, but integrate the client’s strategic long-term goals, including income and spending needs, as well as tax and estate planning objectives. Services provided to these advisory clients include identifying investment objectives, including preferences or restrictions, and risk tolerance, developing and documenting asset allocation, investment policy and investment strategy, implementing the investment strategy, performing regular administration, monitoring, and reporting of financial assets and performing due diligence on traditional, hedge and alternative fund managers. Investment advisory and wealth management services are based on the Investment Advisory Agreement ("IAA") entered by an advisory client and SCS. The IAA provides SCS with the authority to recommend and retain other investment advisers and invest in SCS-managed pooled investment vehicles and in other funds that are not affiliated with SCS for certain portions of a client's assets. 

For purposes of this Brochure, “clients” generally refers to the wealth management clients of SCS and not the SCS pooled investment vehicles themselves. 

Retirement Accounts 

SCS is a fiduciary under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) with respect to investment management services and investment advice provided to ERISA plan clients, including plan participants. SCS is also a fiduciary under section 4975 of the Internal Revenue Code of 1986, as amended (the “IRC”) with respect to investment management services and investment advice provided to individual retirement accounts (“IRAs”), ERISA plans, and ERISA plan participants. As such, SCS is subject to specific duties and obligations under ERISA and the IRC that include, among other things, prohibited transaction rules which are intended to prohibit fiduciaries from acting on conflicts of interest. When a fiduciary gives advice, the fiduciary must either avoid certain conflicts of interest or rely upon an applicable prohibited transaction exemption (a “PTE”). 

As a fiduciary, we have duties of care and of loyalty to you and are subject to obligations imposed on us by the federal and state securities laws. As a result, you have certain rights that you cannot waive or limit by contract. Nothing in our agreement with you should be interpreted as a limitation of our obligations under the federal and state securities laws or as a waiver of any non-waivable rights you possess. 

Pooled Investment Vehicles 

SCS also serves as investment adviser to several pooled investment vehicles such as limited liability companies, limited partnerships, and offshore corporations, including several unregistered pooled investment vehicles that are offered and sold to high net worth individual investors as well as institutional investors including endowments, foundations, and other entities, in each case that are both “accredited investors” as defined in Regulation D under the Securities Act and “qualified purchasers” as defined in the Investment Company Act. A list of the current SCS-managed pooled investment vehicles is set forth in Item 10 in this Brochure. Many clients of SCS invest in one or more of the SCS pooled investment vehicles. To avoid a conflict of interest, SCS does not charge management or performance fees to investors in the SCS pooled investment vehicles who are wealth management clients of SCS, although a very small number of former Edge clients, now clients of SCS, continue to remain invested in the performance fee share class of Edge Discovery, LLC. 

Through the merger of Edge Capital Group, LLC and Lake Street Advisors Group, LLC into SCS on February 1, 2025 and March 1, 2025, respectively, SCS now serves as the investment manager of four additional private investment funds: Edge Discovery LLC, Edge Private Opportunities Fund, LP, Edge Private Income Opportunities Fund, LP and LSA Access Fund LP. 

Additionally, by way of the merger of Edge Capital Group, LLC into SCS on February 1, 2025, SCS, through its Blue Current Asset Management division1, is the investment adviser to the Blue Current Global Dividend Fund (the “Fund” or “BCGDX”), a diversified series of Ultimus Managers Trust, an open[1]end investment company registered under the Investment Company Act of 1940. In managing the Fund, SCS follows defined investment policies and restrictions in helping the Fund reach its objective.

These investment policies and restrictions can be found in the Fund’s prospectus and the Statement of Additional Information available at www.bluecurrentfunds.com. 

SCS’s Blue Current Asset Management division also provides discretionary investment management services to separately managed accounts, both for clients where SCS serves as the primary investment adviser and clients where SCS is a Blue Current is a business unit of SCS. It is not a separate legal entity or separately registered investment adviser third-party manager of separately managed accounts for unaffiliated advisers. SCS’s Blue Current Asset Management division manages the Global Dividend Equity, the U.S. Dividend Equity, and the International Dividend Equity separately managed account strategies. Additional information on these strategies is available at www.bluecurrentportfolios.com. 

Focus Financial Partners 

SCS is part of the Focus Financial Partners, LLC (“Focus LLC”) partnership. Specifically, SCS is a wholly[1]owned indirect subsidiary of Focus LLC. Focus Financial Partners Inc. is the sole managing member of Focus LLC. Ultimate governance of Focus LLC is conducted through the board of directors at Ferdinand FFP Ultimate Holdings, LP. Focus LLC is majority-owned, indirectly and collectively, by investment vehicles affiliated with Clayton, Dubilier & Rice, LLC (“CD&R”). Investment vehicles affiliated with Stone Point Capital LLC (“Stone Point”) are indirect owners of Focus LLC. Because SCS is an indirect, wholly[1]owned subsidiary of Focus LLC, CD&R and Stone Point investment vehicles are indirect owners of SCS. 

Focus LLC also owns other registered investment advisers, broker-dealers, pension consultants, insurance firms, business managers and other firms (the “Focus Partners”), most of which provide wealth management, benefit consulting and investment consulting services to individuals, families, employers, and institutions. Some Focus Partners also manage or advise limited partnerships, private funds, or investment companies as disclosed on their respective Form ADVs. 

We help our clients obtain certain insurance solutions from unaffiliated, third-party insurance brokers by introducing clients to our affiliate, Focus Risk Solutions, LLC (“FRS”), a wholly owned subsidiary of our parent company, Focus Financial Partners, LLC. Please see Items 5 and 10 for a fuller discussion of this service and other important information. 

We offer clients the option of obtaining certain financial solutions from unaffiliated third-party financial institutions through UPTIQ Treasury & Credit Solutions, LLC (together with UPTIQ, Inc. and its affiliates, “UPTIQ”). Please see Items 5 and 10 for a fuller discussion of these services and other important information.

Regulatory Assets Under Management 

SCS provides discretionary and non-discretionary asset management. These assets are referred to as “regulatory assets under management”. In addition, SCS also advises clients on assets in accounts not managed by SCS. In this situation, we refer to those assets as “assets under advisement”. 

As of March 1, 2026, SCS's regulatory assets under management were approximately $48,650,197,284. Of this amount, approximately $42,287,156,034 was managed by SCS on a discretionary basis, and $6,363,041,250 on a non-discretionary basis. As of March 1, 2026, SCS's assets under advisement were approximately $9,572,700,000. Total assets were approximately $58,222,897,284.