Industries › NAICS 523940
Industry · NAICS 523940 · sector 52 Finance and insurance
Portfolio Management and Investment Advice
Federal contract obligations classified under NAICS 523940, the organisations that win them and the agencies that award them.
USAspending caveat. Figures are obligations reported by federal agencies to USAspending.gov, not payments. In USAspending's words: "An outlay occurs when federal money is actually paid out, not just promised to be paid ('obligated')." "Every agency has a Senior Accountable Official who must officially certify that the quarterly financial data submitted by their agency is accurate and complete." "If there are any discrepancies in procurement data, FPDS is the authoritative source." Contract data for the Department of Defense and the U.S. Army Corps of Engineers is published with a 90-day delay. Data loaded 30 Sep 2026.
Federal agencies obligated $37M in contracts classified under NAICS 523940, Portfolio Management and Investment Advice, in FY2026, and $54M over the five fiscal years since FY2023; the industry ranks 488 of 526 on this site.
Obligations were up 435% on FY2025 ($7.0M), with $0 so far in FY2027.
The largest recipient organisations by the value of $1.0M-plus awards since FY2023 were Pacific Investment Management Company LLC ($5.5M), Pgim, Inc. ($4.6M) and Wellington Management Company LLP ($3.2M).
By place of performance, the most money went to DC, NY and WA.
Contract obligations by fiscal year
Compared with the largest industry FY2026
| Measure | This industry | Aircraft Manufacturing | All contracts |
|---|---|---|---|
| Contract obligations, FY2026 | $37M | $45B | $716B |
| Five-year total | $54M | $211B | $3.0T |
| Share of all contract obligations, five years | 0% | 7.1% | 100% |
Top contractors $1.0M+ award value since FY2023
| # | Organisation | Awards | Award value |
|---|---|---|---|
| 1 | Pacific Investment Management Company LLC | 1 | $5.5M |
| 2 | Pgim, Inc. | 1 | $4.6M |
| 3 | Wellington Management Company LLP | 1 | $3.2M |
| 4 | Colchester Global Investors Limited | 1 | $3.2M |
| 5 | Pugh Capital Management Inc | 1 | $3.0M |
| 6 | Aqr Capital Management LLC | 1 | $3.0M |
| 7 | Los Angeles Capital Management LLC | 1 | $3.0M |
| 8 | Merganser Capital Management, LLC | 1 | $2.9M |
| 9 | Recursion Co | 1 | $2.7M |
| 10 | New Century Advisors LLC | 1 | $2.6M |
| 11 | Allspring Global Investments, LLC | 1 | $2.5M |
| 12 | Longfellow Investment Management Co., LLC | 1 | $2.5M |
| 13 | Goldman Sachs Asset Management, L.P | 1 | $2.4M |
| 14 | Ramirez Asset Management, Inc. | 1 | $2.3M |
| 15 | Schroder Investment Management North America Inc | 1 | $2.2M |
Buying agencies $1.0M+ awards
Where the work is performed
Largest awards since FY2023
| Recipient | Awarding agency | Type | Award value | Begun | Place | Record |
|---|---|---|---|---|---|---|
| Pacific Investment Management Company LLC | Pension Benefit Guaranty Corporation | ContractPurchase Order | $5.5M | 25 Sep 2026 | DC | USAspending |
| Pgim, Inc. | Pension Benefit Guaranty Corporation | ContractPurchase Order | $4.6M | 25 Sep 2026 | DC | USAspending |
| Wellington Management Company LLP | Pension Benefit Guaranty Corporation | ContractPurchase Order | $3.2M | 25 Sep 2026 | DC | USAspending |
| Colchester Global Investors Limited | Pension Benefit Guaranty Corporation | ContractDefinitive Contract | $3.2M | 24 Jan 2024 | DC | USAspending |
| Pugh Capital Management Inc | Pension Benefit Guaranty Corporation | ContractDefinitive Contract | $3.0M | 28 Dec 2023 | WA | USAspending |
| Aqr Capital Management LLC | Pension Benefit Guaranty Corporation | ContractDefinitive Contract | $3.0M | 27 Mar 2026 | CT | USAspending |
| Los Angeles Capital Management LLC | Pension Benefit Guaranty Corporation | ContractDefinitive Contract | $3.0M | 27 Mar 2026 | CA | USAspending |
| Merganser Capital Management, LLC | Pension Benefit Guaranty Corporation | ContractDefinitive Contract | $2.9M | 28 Dec 2023 | MA | USAspending |
| Recursion Co | Department of Housing and Urban Development | ContractDefinitive Contract | $2.7M | 26 Nov 2024 | NY | USAspending |
| New Century Advisors LLC | Pension Benefit Guaranty Corporation | ContractDefinitive Contract | $2.6M | 28 Dec 2023 | DC | USAspending |
Other industries in sector 52: Finance and insurance
- 524114 Direct Health and Medical Insurance Carriers $177B
- 522390 Other Activities Related to Credit Intermediation $5.1B
- 524292 Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds $3.2B
- 523150 Investment Banking and Securities Intermediation $1.2B
- 522110 Commercial Banking $772M
- 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities $481M
- 524298 All Other Insurance Related Activities $238M
- 523920 Portfolio Management $231M
- 524210 Insurance Agencies and Brokerages $202M
- 523910 Miscellaneous Intermediation $50M
- 525120 Health and Welfare Funds $41M
Questions and answers
How much does the federal government spend on NAICS 523940?
$37M in contract obligations classified under Portfolio Management and Investment Advice in FY2026, $54M over the five fiscal years since FY2023. Obligations are commitments, not payments.
Who are the top contractors in Portfolio Management and Investment Advice?
Pacific Investment Management Company LLC ($5.5M), Pgim, Inc. ($4.6M), Wellington Management Company LLP ($3.2M), Colchester Global Investors Limited ($3.2M), Pugh Capital Management Inc ($3.0M), by the value of $1M-plus awards since FY2023.
Which agencies buy in this industry?
By the value of $1.0M-plus contracts since FY2023: Pension Benefit Guaranty Corporation ($46M), Department of Housing and Urban Development ($2.7M).
What is a NAICS code?
In USAspending's words: "NAICS stands for the North American Industrial Classification System. This 6-digit code tells you what industry the work falls into. Each contract record has a NAICS code." Assistance awards (grants, loans, direct payments) carry no NAICS code and are not counted here.
Provenance
Source: USAspending.gov API v2, spending by category (NAICS) by fiscal year, recipient cross-tabulation for FY2022–FY2025 and award search, loaded 30 Sep 2026. State figures come from each state's top-100 NAICS list, so small amounts in a state may be missing. See methodology.