NAICS 523940:
Portfolio Management and Investment Advice

This industry comprises establishments primarily engaged in managing the portfolio assets (i.e., funds) of others on a fee or commission basis and/or providing customized investment advice to clients on a fee basis. Establishments providing portfolio management have the authority to make investment decisions, and they derive fees based on the size and/or overall performance of the portfolio. Establishments providing investment advice provide financial planning advice and investment counseling to meet the goals and needs of specific clients, but do not have the authority to execute trades.

Financial planning services, customized, fees paid by clientInvestment advisory services, customized, fees paid by clientManaging trusts+1 example

Portfolio fund managing

Matching SIC code: 6282 Investment Advice (also 6799 Investors, Not Elsewhere Classified, 6733 Trusts, Except Educational, Religious, and Charitable)

Where it sits

52Finance and InsuranceSector
523Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesSubsector
5239Other Financial Investment ActivitiesIndustry group
52394Portfolio Management and Investment AdviceNAICS industry
523940Portfolio Management and Investment AdviceNational industry

Largest companies with NAICS 523940

Updated Nov 9, 2026

Rank	Company	Headquarters	Employees
1	Fidelity Investmentsfidelity.com	Boston, US	85K
2	Edward Jonesedwardjones.com	St. Louis, US	47K
3	BlackRockblackrock.com	New York, US	35K
4	Merrill Lynchml.com	New York, US	35K
5	Vanguardvanguard.com	Valley Forge, US	29K
6	Ameriprise Financial Services, LLCameriprise.com	Minneapolis, US	18K
7	Wells Fargo Advisorswellsfargoadvisors.com	St. Louis, US	15K
8	Empowerempower.com	Englewood, US	14K
9	Morningstarmorningstar.com	Chicago, US	12K
10	Franklin Templetonfranklintempleton.com	San Mateo, US	11K

Not this code?

Similar activities the Census classifies elsewhere.

5231Securities and Commodity Contracts Intermediation and BrokerageEstablishments primarily engaged in investment banking, securities intermediation, and commodity contracts intermediation
525920Trusts, Estates, and Agency AccountsLegal entities (i.e., trusts, estates, or agency accounts) administered on behalf of the beneficiaries under the terms of a trust agreement, will, or agency agreement
Establishments providing investment advice in conjunction with their primary activity, such as the sale of stocks, bonds, annuities, and real estate, are classified according to their primary activity.
513Publishing IndustriesEstablishments known as publishers providing generalized investment information to subscribers

Questions about NAICS 523940

Which businesses use NAICS 523940?

Managing trusts and portfolio fund managing, and similar businesses in the Finance and Insurance sector. This industry comprises establishments primarily engaged in managing the portfolio assets (i.e., funds) of others on a fee or commission basis and/or providing customized investment advice to clients on a fee basis.

What SIC code matches NAICS 523940?

SIC 6282, Investment Advice; SIC 6799, Investors, Not Elsewhere Classified; SIC 6733, Trusts, Except Educational, Religious, and Charitable, from the US Census Bureau's concordance between the two systems.

How many companies have NAICS 523940?

68,347 companies with a website carry NAICS 523940 as their primary code in Crustdata's data, worldwide.

Find any company's NAICS codeType a company name or website and get its codes with their titles.

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Code titles, definitions, examples and SIC matches: NAICS 2022 and the Census concordances, US Census Bureau. Company counts and lists: Crustdata, companies with a website, each by its primary code, updated weekly. Employee counts are estimates.