# AEW Capital Management LP

> AEW Capital Management LP is an SEC-registered investment advisory firm in Boston, MA, registered since 1996, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 108633
- Filed as: AEW CAPITAL MANAGEMENT LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boston, MA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/108633
- AdvisorCensus page: https://advisorcensus.com/firm/aew-capital-management-lp-boston-ma-108633

## Quick answers

**How is AEW Capital Management LP compensated?**
On its Form ADV (Item 5.E, October 2026), AEW Capital Management LP reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other.

**Where is AEW Capital Management LP located?**
AEW Capital Management LP's principal office is in Boston, MA, according to its Form ADV; the April 2026 filing also lists 3 other offices (Schedule D, Section 1.F).

**Is AEW Capital Management LP registered with the SEC or a state?**
AEW Capital Management LP is an SEC-registered investment advisory firm, registered since 1996. Status as filed: Approved. CRD 108633.

**How much does AEW Capital Management LP manage?**
AEW Capital Management LP reports $3,024,891,606 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (77% discretionary).

**How have AEW Capital Management LP's assets and staff changed since 2021?**
In the Form ADV data for AEW Capital Management LP: Regulatory assets under management: $43,663,095,274 in the October 2021 data and $3,024,891,606 in the October 2026 data, down 93%. Total employees: 313 in October 2021 and 250 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does AEW Capital Management LP serve?**
By number of clients on Form ADV Item 5.D: corporations or other businesses not listed above (8); pooled investment vehicles (other than investment companies and business development companies) (6); investment companies (1).

**Which custodians does AEW Capital Management LP use?**
AEW Capital Management LP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists The Bank of New York Mellon and The Northern Trust Company as custodians holding 10% or more of its separately managed account assets.

**Does AEW Capital Management LP report any disciplinary disclosures?**
Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.A(1) (felony conviction or plea in the past ten years), 11.C(2) (SEC or CFTC finding of a violation), and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/108633

**What changed in AEW Capital Management LP's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 150 to 130. Regulatory assets under management went from $4,795,690,696 to $3,024,891,606 (-37%). No longer lists an office in London. No longer lists an office in Sydney.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees
- Other

### Custodians (Schedule D, Section 5.K(3))
- The Bank of New York Mellon
- The Northern Trust Company

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $3,024,891,606
- Discretionary: $2,334,908,754
- Non-discretionary: $689,982,852

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | Fewer than 5 | $1,136,295 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 1 | $33,690,664 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 6 | $928,574,404 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $266,090,462 |
| Charitable organizations | Fewer than 5 | $40,334,628 |
| State or municipal government entities (including government pension plans) | Fewer than 5 | $92,120,486 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 | $766,458,671 |
| Corporations or other businesses not listed above | 8 | $784,774,099 |
| Other | Fewer than 5 | $111,711,897 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Other

### Firm details
- Registered since: 1996 (29 years)
- Employees: 250 total, 130 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV
- Disclosures (Item 11): Reports 3 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.A(1): In the past ten years, has the firm or an advisory affiliate been convicted of, or pleaded guilty or no contest to, a felony?
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/108633

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Denver, CO
- Los Angeles, CA
- Singapore

### Websites listed on Form ADV (Item 1.I)
- aew.com
- vimeo.com/user77141903
- Facebook @AEWGlobal
- Instagram @aew_global
- LinkedIn @aew-global
- X @aewglobal
- YouTube @UCaJXQpL_Tm5Aqtd-g0gezCg

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $43,663,095,274 | 313 | July 19, 2021 |
| October 2022 | $45,863,177,960 | 319 | September 26, 2022 |
| October 2023 | $4,116,536,795 | 337 | May 5, 2023 |
| October 2024 | $5,785,116,961 | 332 | July 1, 2024 |
| October 2025 | $4,795,690,696 | 281 | March 31, 2025 |
| October 2026 | $3,024,891,606 | 250 | March 31, 2026 |

Regulatory assets under management: $43,663,095,274 in the October 2021 data and $3,024,891,606 in the October 2026 data, down 93%.
Total employees: 313 in October 2021 and 250 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 150 to 130.
- Regulatory assets under management went from $4,795,690,696 to $3,024,891,606 (-37%).
- No longer lists an office in London.
- No longer lists an office in Sydney.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. AEW Capital Management LP (CRD 108633): Form ADV filing data as of October 2026.