Overview
PMAM was organized in June 1989, under the name of Independence Capital Management, Inc. The principal
office of PMAM is located at Eight Tower Bridge, 161 Washington Street, 11th Floor West Suite 1111,
Conshohocken, Pennsylvania 19428. PMAM is a wholly owned subsidiary of The Penn Mutual Life Insurance
Company (“Penn Mutual”), a mutual life insurance company. As of December 31, 2023, PMAM is managing
approximately $33.6b in client assets, all of which is managed on a discretionary basis. PMAM offers investment
management services to: affiliated insurance company general and separate accounts and other affiliated
corporate entities; third-party U.S. institutional clients; registered investment companies; private funds;
separately managed portfolios; and other pooled investment vehicles. The Firm generally manages client
investment portfolios (on both a discretionary
and non-discretionary basis) in a manner consistent with client
written investment objectives, guidelines, limitations and restrictions. PMAM manages client investment
portfolios based on various investment strategies and may perform day-to-day investment management
services directly or retain independent investment advisers (“Sub-Advisers”) to manage a portion or all of client
investment portfolios. PMAM also offers a fee-based advisory wrap program (“Wrap Fee Program”) which is
a customized discretionary investment advisory program for affiliated insurance company clients seeking to
bundle fees for services associated with investment management, custodian fees, proxy fees, brokerage and
other transaction costs (including costs related to derivative transactions). For more information on the Wrap
Fee Program, please refer to the PMAM Wrap Fee Program Brochure.