# Brown Advisory

> Brown Advisory is an SEC-registered investment advisory firm in Baltimore, MD, registered since 1991, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 110181
- Filed as: BROWN ADVISORY
- Legal name: Brown Advisory LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Baltimore, MD
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/110181
- AdvisorCensus page: https://advisorcensus.com/firm/brown-advisory-baltimore-md-110181

## Quick answers

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

**Where is Brown Advisory located?**
Brown Advisory's principal office is in Baltimore, MD, according to its Form ADV; the April 2026 filing also lists 12 other offices (Schedule D, Section 1.F).

**Is Brown Advisory registered with the SEC or a state?**
Brown Advisory is an SEC-registered investment advisory firm, registered since 1991. Status as filed: Approved. CRD 110181.

**How much does Brown Advisory manage?**
Brown Advisory reports $124,314,645,098 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (96% discretionary).

**How have Brown Advisory's assets and staff changed since 2021?**
In the Form ADV data for Brown Advisory: Regulatory assets under management: $87,863,970,785 in the October 2021 data and $124,314,645,098 in the October 2026 data, up 41%. Total employees: 557 in October 2021 and 782 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Brown Advisory serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (2,484); individuals (other than high net worth individuals) (745); charitable organizations (683).

**Which custodians does Brown Advisory use?**
Brown Advisory's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Fidelity Brokerage Services LLC and U.S. Bank as custodians holding 10% or more of its separately managed account assets.

**Does Brown Advisory 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/110181

**What changed in Brown Advisory's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 269 to 272.

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Fidelity Brokerage Services LLC
- U.S. Bank

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: $124,314,645,098
- Discretionary: $119,207,600,281
- Non-discretionary: $5,107,044,817

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 745 | $240,520,288 |
| High net worth individuals | 2,484 | $48,580,310,256 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 6 | $24,260,651,625 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 5 | $15,693,735,885 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 57 | $2,487,913,473 |
| Charitable organizations | 683 | $16,247,727,032 |
| State or municipal government entities (including government pension plans) | 17 | $2,710,149,669 |
| Other investment advisers | 55 | $5,489,171,785 |
| Insurance companies | Fewer than 5 | $145,153,361 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 363 | $8,459,311,724 |
| 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
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 1991 (35 years)
- Employees: 782 total, 272 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AL, AZ, CA, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MD, ME, MI, MN, MO, MT, NC, NH, NJ, NM, NV, NY, OH, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
- 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
- Austin, TX
- Boston, MA
- Chapel Hill, NC
- Charlotte, NC
- Charlottesville, VA
- Nashville, TN
- New York, NY
- Norfolk, VA
- Richmond, VA
- San Francisco, CA
- Washington, Dc, DC
- Wilmington, DE

### Websites listed on Form ADV (Item 1.I)
- brownadvisory.com
- Facebook @brownadvisory
- Instagram @brown_advisory
- LinkedIn @brown-advisory
- LinkedIn @nextgen-venture-partners
- X @BROWNADVISORY
- X @Bafunds
- X @NextGenVP
- YouTube @UCNGLuhyg0t_aL1bIpQ37nGQ

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $87,863,970,785 | 557 | August 13, 2021 |
| October 2022 | $120,621,194,750 | 637 | April 13, 2022 |
| October 2023 | $98,298,071,437 | 629 | July 28, 2023 |
| October 2024 | $108,331,371,643 | 657 | May 17, 2024 |
| October 2025 | $121,936,354,796 | 733 | June 11, 2025 |
| October 2026 | $124,314,645,098 | 782 | March 31, 2026 |

Regulatory assets under management: $87,863,970,785 in the October 2021 data and $124,314,645,098 in the October 2026 data, up 41%.
Total employees: 557 in October 2021 and 782 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 269 to 272.

### January 2026
- No longer registered or notice-filed in OK.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Brown Advisory (CRD 110181): Form ADV filing data as of October 2026.