# Baker Brothers Investments

> Baker Brothers Investments is an SEC-registered investment advisory firm in New York, NY, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 158149
- Filed as: BAKER BROTHERS INVESTMENTS
- Legal name: Baker Bros. Advisors LP
- Also doing business as: BBI (BAKER BROTHERS INVESTMENTS)
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/158149
- AdvisorCensus page: https://advisorcensus.com/firm/baker-brothers-investments-new-york-ny-158149

## Quick answers

**How is Baker Brothers Investments compensated?**
On its Form ADV (Item 5.E, October 2026), Baker Brothers Investments reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Baker Brothers Investments located?**
Baker Brothers Investments' principal office is in New York, NY, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Baker Brothers Investments registered with the SEC or a state?**
Baker Brothers Investments is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 158149.

**How much does Baker Brothers Investments manage?**
Baker Brothers Investments reports $28,147,892,952 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary).

**How have Baker Brothers Investments' assets and staff changed since 2021?**
In the Form ADV data for Baker Brothers Investments: Regulatory assets under management: $35,774,995,567 in the October 2021 data and $28,147,892,952 in the October 2026 data, down 21%. Total employees: 48 in October 2021 and 60 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Baker Brothers Investments serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2).

**Does Baker Brothers Investments report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/158149

**What changed in Baker Brothers Investments' recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 19 to 17. Regulatory assets under management went from $18,024,640,582 to $28,147,892,952 (+56%).

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $28,147,892,952
- Discretionary: $28,147,892,952
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $28,147,892,952 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2012 (14 years)
- Employees: 60 total, 17 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Bridgehampton, NY

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $35,774,995,567 | 48 | March 30, 2021 |
| October 2022 | $25,706,057,815 | 50 | March 28, 2022 |
| October 2023 | $23,154,517,129 | 50 | March 24, 2023 |
| October 2024 | $21,976,239,930 | 52 | March 28, 2024 |
| October 2025 | $18,024,640,582 | 56 | March 28, 2025 |
| October 2026 | $28,147,892,952 | 60 | March 27, 2026 |

Regulatory assets under management: $35,774,995,567 in the October 2021 data and $28,147,892,952 in the October 2026 data, down 21%.
Total employees: 48 in October 2021 and 60 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 19 to 17.
- Regulatory assets under management went from $18,024,640,582 to $28,147,892,952 (+56%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Baker Brothers Investments (CRD 158149): Form ADV filing data as of October 2026.