Data / Federal awards / NAICS 523110
NAICS 523110 Investment Banking and Securities Dealing: $-1.9 billion in federal contracts to 17 recipients (FY2024 to FY2027)
Updated October 6, 2026. Source: USAspending.gov.
Federal agencies obligated $-1.9 billion under NAICS 523110, Investment Banking and Securities Dealing, across 41 contract awards to 17 named recipients in fiscal years 2024 to 2027. The largest recipients are NISA INVESTMENT ADVISORS LLC ($27.8 million), WELLINGTON MANAGEMENT COMPANY LLP ($11.1 million), MADISON ASSOCIATES INC ($6.1 million). Pension Benefit Guaranty Corporation is the largest buyer with $45.9 million.
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- NAICS code
- 523110 Investment Banking and Securities Dealing
- Contract awards
- 41
- Obligated
- $-1.9 billion
- Named recipients
- 17
- Buying agencies
- 13
- Small business share of obligations
- 15%
- Full and open competition share
- 97%
- Set aside share
- 6%
- Latest action
- 2026-09-23
Incumbents: the largest recipients
Ranked by dollars obligated in fiscal years 2024 to 2027.
| Recipient | Business size | Awards | Obligated | Share |
|---|---|---|---|---|
| NISA INVESTMENT ADVISORS LLC | Other Than Small Business | 1 | $27.8 million | |
| WELLINGTON MANAGEMENT COMPANY LLP | Other Than Small Business | 1 | $11.1 million | |
| MADISON ASSOCIATES INC | Small Business | 13 | $6.1 million | |
| MFS INSTITUTIONAL ADVISORS INC | Other Than Small Business | 1 | $5.7 million | |
| ELOCEN GROUP, LLC (THE) | Small Business | 6 | $1.6 million | |
| PERFORMANCE EQUITY MANAGEMENT, LLC | Other Than Small Business | 1 | $1.1 million | |
| GENERAL MOTORS INVESTMENT MANAGEMENT CORP | Other Than Small Business | 1 | $450,000 | |
| CYPRESS ASSOCIATES LLC | Small Business | 2 | $61,109 | |
| ROLKA LOUBE SALTZER ASSOCIATES, LLC | Small Business | 3 | $0 | |
| SCULLY CAPITAL SERVICES, INC. | Small Business | 2 | $0 | |
| MORTEN BEYER & AGNEW INC | Small Business | 1 | $0 | |
| BERKELEY RESEARCH GROUP, LLC | Other Than Small Business | 1 | $-36,160 | |
| COLCHESTER GLOBAL INVESTORS LIMITED | Other Than Small Business | 1 | $-108,982 | |
| STOUT RISIUS ROSS, LLC | Other Than Small Business | 2 | $-230,556 | |
| J.S. WATKINS REALTY PARTNERS, LLC | Small Business | 1 | $-1,932,269 | |
| CARRINGTON MORTGAGE SERVICES LLC | Other Than Small Business | 1 | $-823,771,465 | |
| SELENE FINANCE LP | Other Than Small Business | 2 | $-1,137,788,171 |
Agencies buying under this code
| Agency | Awards | Obligated | Largest recipient |
|---|---|---|---|
| Pension Benefit Guaranty Corporation | 6 | $45.9 million | NISA INVESTMENT ADVISORS LLC |
| Department of Homeland Security | 6 | $4.5 million | MADISON ASSOCIATES INC |
| Department of Justice | 6 | $1.2 million | MADISON ASSOCIATES INC |
| Department of Transportation | 3 | $983,870 | ELOCEN GROUP, LLC (THE) |
| Department of the Interior | 2 | $449,819 | MADISON ASSOCIATES INC |
| Department of Agriculture | 1 | $361,586 | ELOCEN GROUP, LLC (THE) |
| Department of Energy | 2 | $250,422 | ELOCEN GROUP, LLC (THE) |
| Department of the Treasury | 2 | $61,109 | CYPRESS ASSOCIATES LLC |
| United States Chemical Safety Board | 1 | $47,384 | ELOCEN GROUP, LLC (THE) |
| Federal Communications Commission | 2 | $0 | ROLKA LOUBE SALTZER ASSOCIATES, LLC |
| General Services Administration | 3 | $0 | ELOCEN GROUP, LLC (THE) |
| Securities and Exchange Commission | 2 | $-230,556 | STOUT RISIUS ROSS, LLC |
| Department of Housing and Urban Development | 5 | $-1,963,491,904 | J.S. WATKINS REALTY PARTNERS, LLC |
Obligations by fiscal year
| Fiscal year | Obligated |
|---|---|
| FY2024 | $19.5 million |
| FY2025 | $-1,941,755,816 |
| FY2026 | $12.3 million |
Products and services bought
| Code | Product or service | Awards | Obligated |
|---|---|---|---|
| R710 | Support- Management: Financial | 10 | $45.9 million |
| R499 | Support- Professional: Other | 7 | $4.8 million |
| R704 | Support- Management: Auditing | 5 | $449,819 |
| S216 | Housekeeping- Facilities Operations Support | 1 | $361,586 |
| M1AZ | Operation of Other Administrative Facilities and Service Buildings | 2 | $250,422 |
| R706 | Support- Management: Logistics Support | 1 | $47,384 |
| R707 | Support- Management: Contract/procurement/acquisition Support | 1 | $0 |
| R411 | Support- Professional: Real Property Appraisals | 1 | $0 |
| R418 | Support- Professional: Legal | 1 | $0 |
| B547 | Special Studies/analysis- Accounting/financial Management | 1 | $-36,160 |
Largest contract awards
| Award ID | Recipient | Agency | Type | NAICS | What it buys | Obligated in window | Award value | Starts | Ends | Place of performance | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 16PBGC18C0006 | NISA INVESTMENT ADVISORS LLC | Pension Benefit Guaranty Corporation | Definitive Contract | 523110 | LDI FIXED INCOME INVESTMENT MANAGEMENT SERVICES | $27,766,028 | $83,868,385 | December 19, 2017 | December 18, 2027 | Saint Louis, MO | usaspending.gov |
| 16PBGC18C0005 | WELLINGTON MANAGEMENT COMPANY LLP | Pension Benefit Guaranty Corporation | Definitive Contract | 523110 | LDI FIXED INCOME INVESTMENT MANAGEMENT | $11,057,537 | $35,147,136 | December 19, 2017 | December 18, 2026 | Boston, MA | usaspending.gov |
| PBGC01CT170003 | MFS INSTITUTIONAL ADVISORS INC | Pension Benefit Guaranty Corporation | Definitive Contract | 523110 | IGF::CT::IGF PORTFOLIO MANAGEMENT SERVICES | $5,687,995 | $12,053,982 | October 1, 2016 | October 31, 2026 | Boston, MA | usaspending.gov |
| 70VT1522F00011 | MADISON ASSOCIATES INC | Department of Homeland Security | BPA Call | 523110 | MISSION SUPPORT SERVICES FOR DHS OIG OFFICE OF INVESTIGATIONS | $3,072,849 | $7,172,498 | June 2, 2022 | June 30, 2025 | Washington, DC | usaspending.gov |
| 16PBGC20C0003 | PERFORMANCE EQUITY MANAGEMENT, LLC | Pension Benefit Guaranty Corporation | Definitive Contract | 523110 | DELPHI PRIVATE MARKETS ASSETS | $1,051,810 | $4,452,077 | October 1, 2019 | October 31, 2026 | Greenwich, CT | usaspending.gov |
| 693JJ426F00015N | ELOCEN GROUP, LLC (THE) | Department of Transportation | Delivery Order | 523110 | THE PURPOSE OF THIS TASK ORDER IS TO PROVIDE CONTRACT SUPPORT FOR FMCSA'S NATIONWIDE SPACE MANAGEMENT RESPONSIBILITIES. | $983,870 | $983,870 | May 1, 2026 | April 30, 2027 | Bowie, MD | usaspending.gov |
| 15JCRM22F00000084 | MADISON ASSOCIATES INC | Department of Justice | Delivery Order | 523110 | LITCON | $952,619 | $1,859,599 | September 5, 2022 | September 4, 2027 | Leesburg, VA | usaspending.gov |
| 70VT1523F00034 | MADISON ASSOCIATES INC | Department of Homeland Security | BPA Call | 523110 | MISSION SUPPORT SERVICES FOR THE DHS OIG OFFICE OF INVESTIGATIONS. | $889,788 | $1,448,223 | September 28, 2023 | September 27, 2026 | Washington, DC | usaspending.gov |
| 140D0423F0552 | MADISON ASSOCIATES INC | Department of the Interior | Delivery Order | 523110 | THIS ORDER IS FOR ONSITE AND IN-DEPTH EXPERT SERVICES TO PROVIDE THE INSPECTION DIVISION WITH INSPECTION AND EVALUATION SUPPORT. THE INSPECT | $556,655 | $761,661 | July 10, 2023 | January 11, 2027 | Leesburg, VA | usaspending.gov |
| 70VT1526F00037 | MADISON ASSOCIATES INC | Department of Homeland Security | BPA Call | 523110 | FORENSIC AND INVESTIGATIVE SUPPORT SERVICES SEC. 4. (A). | $526,662 | $526,662 | September 28, 2026 | September 27, 2027 | Washington, DC | usaspending.gov |
| 16PBGC20C0002 | GENERAL MOTORS INVESTMENT MANAGEMENT CORP | Pension Benefit Guaranty Corporation | Definitive Contract | 523110 | FINANCIAL ASSETS ADMIN | $450,000 | $1,062,500 | October 1, 2019 | October 31, 2026 | New York, NY | usaspending.gov |
| 15JA0523F00000311 | MADISON ASSOCIATES INC | Department of Justice | Delivery Order | 523110 | ACE AUDITOR SUPPORT SERVICES | $438,931 | $590,729 | August 29, 2023 | August 28, 2027 | Leesburg, VA | usaspending.gov |
| 12FPC426F0021 | ELOCEN GROUP, LLC (THE) | Department of Agriculture | Delivery Order | 523110 | PROFESSIONAL MOVING SERVICES FOR MANAGEMENT SERVICES DIVISION RPT APPROVAL FY26-000612 | $361,586 | $361,586 | March 16, 2026 | March 15, 2027 | Washington, DC | usaspending.gov |
| 89603022F0012 | ELOCEN GROUP, LLC (THE) | Department of Energy | Delivery Order | 523110 | PROGRAM AND PROJECT MANAGEMENT SUPPORT SERVICES TO ASSIST IN COMPLETING THE HEADQUARTERS BUILDING MODERNIZATION CONTRACT. | $250,422 | $736,631 | April 2, 2022 | April 1, 2025 | Washington, DC | usaspending.gov |
| 2023H222C00013 | CYPRESS ASSOCIATES LLC | Department of the Treasury | Definitive Contract | 523110 | EXPERT WITNESS SERVICES: IRS EXPERT WITNESSES THAT IS CAPABLE OF PROVIDING LITIGATION SUPPORT FOR CASES INVOLVING IRS AUDIT DEFENSE, PERFORM | $72,229 | $378,204 | June 7, 2022 | June 6, 2027 | Houston, TX | usaspending.gov |
| 95315825F00003 | ELOCEN GROUP, LLC (THE) | United States Chemical Safety Board | Delivery Order | 523110 | MOVE SUPPORT SERVICES | $47,384 | $47,384 | July 2, 2025 | October 3, 2025 | Washington, DC | usaspending.gov |
| 273FCC26F0044 | ROLKA LOUBE SALTZER ASSOCIATES, LLC | Federal Communications Commission | Delivery Order | 523110 | TRS FUNDS ADMINISTRATOR SERVICES | $0 | $0 | April 1, 2026 | December 31, 2026 | Washington, DC | usaspending.gov |
| GS23F0018T | MADISON ASSOCIATES INC | General Services Administration | FSS | 523110 | FEDERAL SUPPLY SCHEDULE CONTRACT | $0 | $125,000 | January 16, 2007 | usaspending.gov | ||
| 47QRAA18D0076 | ELOCEN GROUP, LLC (THE) | General Services Administration | FSS | 523110 | FEDERAL SUPPLY SCHEDULE CONTRACT | $0 | $8,066,013 | April 2, 2018 | usaspending.gov | ||
| 70VT1522A00004 | MADISON ASSOCIATES INC | Department of Homeland Security | BPA | 523110 | MISSION SUPPORT SERVICES FOR THE DHS OIG OFFICE OF INVESTIGATIONS. | $0 | $18,928,190 | May 2, 2022 | usaspending.gov | ||
| DTMA91AC20120003 | SCULLY CAPITAL SERVICES, INC. | Department of Transportation | BPA Call | 523110 | PERFORM AN INDEPENDENT FINANCIAL AND ECONOMIC ANALYSIS OF THE TITLE XI APPLICATION FILED BY AMERICAN PETROLEUM TANKERS | $0 | $269,940 | November 21, 2011 | September 6, 2016 | Washington, DC | usaspending.gov |
| 47QRAA18D00FA | ROLKA LOUBE SALTZER ASSOCIATES, LLC | General Services Administration | FSS | 523110 | FEDERAL SUPPLY SCHEDULE CONTRACT | $0 | $122,617,547 | September 10, 2018 | usaspending.gov | ||
| HSCG2310AVM7014 | MORTEN BEYER & AGNEW INC | Department of Homeland Security | BPA | 523110 | BPA FOR PPE/CIP ASSET APPRAISALS | $0 | $0 | March 12, 2010 | usaspending.gov | ||
| DTMA91A20120001 | SCULLY CAPITAL SERVICES, INC. | Department of Transportation | BPA | 523110 | MARAD SEEKS A WELL QUALIFIED FIRM WITH SIGNIFICANT PROJECT FINANCE EXPERTISE IN THE MUNICIPAL BOND, CORPORATE BOND, AND COMMERCIAL BANKING S | $0 | $0 | October 27, 2011 | usaspending.gov | ||
| 70VT1522F00002 | MADISON ASSOCIATES INC | Department of Homeland Security | Delivery Order | 523110 | AUDIT | $0 | $1,795,282 | November 18, 2021 | July 30, 2022 | Washington, DC | usaspending.gov |
Public U.S. federal spending data (U.S. Department of the Treasury). Obligations are the contract actions dated in fiscal years 2024 to 2027 of the USAspending.gov award archive of 2026-10-06; a contract's total value is its current value as USAspending reports it, including earlier years. Recipients are matched on their SAM.gov UEI, never on the name, and are shown as the government prints them. Sole proprietorships and opted-out entities count in the totals and are not named. Free to reuse with credit to SpecStream under CC BY 4.0. Spot a wrong value? Write to [email protected] with the link to this page.