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North Shore Private Asset Management, LLC

Multifamily office listing in Lake Forest, Illinois, United States.

SEC-registered

Regulatory AUM: $573 million
Employees: 4
Clients: 0
SEC CRD: 130132

Full-service money management for wealthy individuals, families, and select institutions.

Overview

North Shore Private Asset Management is a full-service money management firm serving wealthy individuals, families, and select institutions. Its services include custom portfolio management, asset allocation accounts, institutional asset management, and financial planning. The firm says its services are provided on a flat fee basis rather than through commissions or transactions.

History

North Shore Private Asset Management began in 2004 as a multi-family office for clients on Chicago’s North Shore. The firm says it has been based in Lake Forest, Illinois, since its founding and serves clients in the Chicago area and across the United States.

Leadership

Founder David H. Melsheimer, CFA, is President and Chief Investment Officer. He oversees the firm’s investment philosophy, reviews investment strategies, and identifies themes and trends in financial markets.

Mark Saran, AAMS, AIF, is Executive Vice President and manages portfolios for individual and institutional clients. William N. Gregg is Senior Managing Director and Head of Fixed Income Management. Vicki A. Zacher is an Investment Associate responsible for operations and client service.

Services

North Shore offers custom portfolio management, asset allocation accounts, institutional asset management, and financial planning. Its team brings together portfolio management, fixed income management, investment oversight, operations, and client service.

What the firm offers

Investment management
Financial planning

Client Focus

The firm serves wealthy individuals, families, and select institutions. Its client relationships include individual and institutional investors in the Chicago area and across the United States.

Approach

North Shore says its services are provided on a flat fee basis rather than through commissions or transactions. The firm reports that its three senior advisors together have more than 90 years of investment experience.

Registration

North Shore Private Asset Management, LLC identifies itself as a registered investment adviser and directs visitors to its SEC Investment Adviser Public Disclosure information.

By the numbers

Source: SEC Form ADV data (Part 1A, Items 5A, 5D, 5F) via SEC Information About Registered Investment Advisers files and IAPD, CRD 130132. As of September 1, 2026.

Regulatory assets under management
Year	Regulatory AUM	Discretionary	Non-discretionary
2016	$119 million	$119 million	$0
2017	$123 million	$123 million	$0
2018	$181 million	$181 million	$0
2019	$186 million	$186 million	$0
2020	$255 million	$255 million	$0
2021	$329 million	$329 million	$0
2022	$305 million	$305 million	$0
2023	$349 million	$349 million	$0
2025	$475 million	$473 million	$1 million
2026	$573 million	$571 million	$1 million

Source: SEC Form ADV data (Part 1A, Items 5A, 5D, 5F) via SEC Information About Registered Investment Advisers files and IAPD, CRD 130132. Regulatory AUM divided by the client count reported in Item 5D. Client types reported as fewer than 5 are not counted, so this is approximate. As of September 1, 2026.

Average AUM per client
Year	Average AUM per client
2018	$2 million
2019	$2 million
2020	$2 million
2021	$2 million
2022	$2 million
2023	$2 million
2025	$2 million
2026	$3 million

Source: SEC Form ADV data (Part 1A, Items 5A, 5D, 5F) via SEC Information About Registered Investment Advisers files and IAPD, CRD 130132. "<5" means the firm reported fewer than 5 clients of that type. As of September 1, 2026.

Clients by type
Client type	Clients (2026)
Individuals	80
High net worth individuals	128
Government entities	8
Corporations	1
Other	1

Source: SEC Form ADV data (Part 1A, Items 5A, 5D, 5F) via SEC Information About Registered Investment Advisers files and IAPD, CRD 130132. As of September 1, 2026.

Employees reported on Form ADV
Year	Employees
2016	4
2017	4
2018	4
2019	4
2020	4
2021	4
2022	4
2023	4
2025	4
2026	4

Ranks #9 of 17 SEC-registered firms in IL on MultifamilyOffices.com by regulatory AUM.

Source: SEC Form ADV data (Part 1A, Items 5A, 5D, 5F) via SEC Information About Registered Investment Advisers files and IAPD, CRD 130132. Ranking uses only firms profiled on MultifamilyOffices.com. As of September 1, 2026.

FAQs

When was North Shore Private Asset Management founded?

The firm began in 2004 as a multi-family office for clients on Chicago’s North Shore.

Who leads the firm’s investment process?

What services does North Shore provide?

Its services include custom portfolio management, asset allocation accounts, institutional asset management, and financial planning.

LocationMultifamily offices in Illinois
The Illinois multifamily offices page helps wealthy families and business owners compare firms serving clients in the state. It can give readers broader context when considering investment management and financial planning for personal or family assets.
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Sources

Claim or correct this profile

This profile is a factual summary written in our own words from public sources. It is for information only. It is not an endorsement, rating, ranking or recommendation, and it is not investment advice. MultiFamilyOffices.com is not affiliated with the SEC or with this firm unless stated. Form ADV figures are self-reported by the firm.

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