# Brandywine Global Investment Management, LLC

> Brandywine Global Investment Management, LLC is an SEC-registered investment advisory firm in Philadelphia, PA, registered since 1986, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 29, 2026.

- CRD: 110783
- Filed as: BRANDYWINE GLOBAL INVESTMENT MANAGEMENT, LLC
- Also doing business as: BW GLOBAL INVESTMENT MANAGEMENT, FRANKLIN TEMPLETON
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Philadelphia, PA
- Filing period: October 2026
- Form ADV filing dated: September 29, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/110783
- AdvisorCensus page: https://advisorcensus.com/firm/brandywine-global-investment-management-llc-philadelphia-pa-110783

## Quick answers

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

**Where is Brandywine Global Investment Management, LLC located?**
Brandywine Global Investment Management, LLC's principal office is in Philadelphia, PA, according to its Form ADV; the October 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Brandywine Global Investment Management, LLC registered with the SEC or a state?**
Brandywine Global Investment Management, LLC is an SEC-registered investment advisory firm, registered since 1986. Status as filed: Approved. CRD 110783.

**How much does Brandywine Global Investment Management, LLC manage?**
Brandywine Global Investment Management, LLC reports $65,444,378,166 in regulatory assets under management in its Form ADV filing dated September 29, 2026 (93% discretionary).

**How have Brandywine Global Investment Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Brandywine Global Investment Management, LLC: Regulatory assets under management: $64,980,574,928 in the October 2021 data and $65,444,378,166 in the October 2026 data, up 1%. Total employees: 222 in October 2021 and 157 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Brandywine Global Investment Management, LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (752); pooled investment vehicles (other than investment companies and business development companies) (69); state or municipal government entities (including government pension plans) (42).

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

**Does Brandywine Global Investment Management, LLC report any disciplinary disclosures?**
Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), 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/110783

**What changed in Brandywine Global Investment Management, LLC's recent Form ADV filings?**
In the October 2026 filing data: Added the business name Franklin Templeton. Updated its list of owners and control persons (Schedule A).

## 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))
- State Street Bank and Trust Company
- 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: $65,444,378,166
- Discretionary: $60,689,602,797
- Non-discretionary: $4,754,775,369

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 752 | $223,349,389 |
| High net worth individuals | 3 | $79,145,744 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 25 | $17,620,861,599 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 69 | $11,937,632,225 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 26 | $6,083,518,886 |
| Charitable organizations | 12 | $2,451,328,747 |
| State or municipal government entities (including government pension plans) | 42 | $4,263,416,973 |
| Other investment advisers | 25 | $4,158,630,687 |
| Insurance companies | 5 | $759,632,103 |
| Sovereign wealth funds and foreign official institutions | 12 | $15,700,593,988 |
| Corporations or other businesses not listed above | 6 | $2,166,267,825 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- 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: 1986 (40 years)
- Employees: 157 total, 56 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, VI, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports 3 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 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(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 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/110783

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Columbus, OH

### Websites listed on Form ADV (Item 1.I)
- aroundthecurve.com
- brandywinefund.com
- brandywinefunds.com
- brandywineglobal.com
- icx.efrontcloud.com/BRANDYWINEGLOBAL/LOGIN.ASPX
- seekingalpha.com/AUTHOR/BRANDYWINE-GLOBAL-INVESTMENT-MANAGEMENT
- Facebook @BRANDYWINEGLOBAL
- LinkedIn @BRANDYWINE-GLOBAL-INVESTMENT-MANAGEMENT
- X @BRANDYWINEGIM
- YouTube @BRANDYWINEGLOBAL2557

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $64,980,574,928 | 222 | August 18, 2021 |
| October 2022 | $69,446,000,033 | 233 | January 13, 2022 |
| October 2023 | $54,376,358,142 | 237 | July 13, 2023 |
| October 2024 | $56,026,385,835 | 121 | September 27, 2024 |
| October 2025 | $66,447,858,097 | 122 | July 28, 2025 |
| October 2026 | $65,444,378,166 | 157 | September 29, 2026 |

Regulatory assets under management: $64,980,574,928 in the October 2021 data and $65,444,378,166 in the October 2026 data, up 1%.
Total employees: 222 in October 2021 and 157 in October 2026.

## Changes in the filing (last 12 months)

### October 2026
- Added the business name Franklin Templeton.
- Updated its list of owners and control persons (Schedule A).

### August 2026
- Updated its list of owners and control persons (Schedule A).

### June 2026
- Updated its list of owners and control persons (Schedule A).

### March 2026
- Updated its list of owners and control persons (Schedule A).

### January 2026
- Employees performing advisory functions went from 47 to 56.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Brandywine Global Investment Management, LLC (CRD 110783): Form ADV filing data as of October 2026.