# Burgundy Asset Management Ltd.

> Burgundy Asset Management Ltd. is an SEC-registered investment advisory firm in Toronto, Ontario, Canada, registered since 2001, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated January 28, 2026.

- CRD: 114317
- Filed as: BURGUNDY ASSET MANAGEMENT LTD.
- Also doing business as: BMO BURGUNDY, BMO BURGUNDY ASSET MANAGEMENT
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Toronto, Ontario, Canada
- Filing period: October 2026
- Form ADV filing dated: January 28, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/114317
- AdvisorCensus page: https://advisorcensus.com/firm/burgundy-asset-management-ltd-toronto-ontario-114317

## Quick answers

**How is Burgundy Asset Management Ltd. compensated?**
On its Form ADV (Item 5.E, October 2026), Burgundy Asset Management Ltd. 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 Burgundy Asset Management Ltd. located?**
Burgundy Asset Management Ltd.'s principal office is in Toronto, Ontario, Canada, according to its Form ADV; the February 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Burgundy Asset Management Ltd. registered with the SEC or a state?**
Burgundy Asset Management Ltd. is an SEC-registered investment advisory firm, registered since 2001. Status as filed: Approved. CRD 114317.

**How much does Burgundy Asset Management Ltd. manage?**
Burgundy Asset Management Ltd. reports $19,093,067,539 in regulatory assets under management in its Form ADV filing dated January 28, 2026 (100% discretionary).

**How have Burgundy Asset Management Ltd.'s assets and staff changed since 2021?**
In the Form ADV data for Burgundy Asset Management Ltd.: Regulatory assets under management: $24,302,645,774 in the October 2021 data and $19,093,067,539 in the October 2026 data, down 21%. Total employees: 156 in October 2021 and 140 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Burgundy Asset Management Ltd. serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (1,583); individuals (other than high net worth individuals) (1,423); charitable organizations (221).

**Which custodians does Burgundy Asset Management Ltd. use?**
Burgundy Asset Management Ltd.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists RBC Investor Services Trust and The Northern Trust Company as custodians holding 10% or more of its separately managed account assets.

**Does Burgundy Asset Management Ltd. report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation). 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/114317

**What changed in Burgundy Asset Management Ltd.'s recent Form ADV filings?**
In the February 2026 filing data: Added the business name BMO Burgundy Asset Management. Added the business name BMO Burgundy. Employees performing advisory functions went from 56 to 49. 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

### Custodians (Schedule D, Section 5.K(3))
- RBC Investor Services Trust
- 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: $19,093,067,539
- Discretionary: $19,093,067,539
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 1,423 | $521,897,181 |
| High net worth individuals | 1,583 | $9,632,911,868 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 5 | $1,362,861,103 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 70 | $3,351,258,327 |
| Charitable organizations | 221 | $2,408,835,054 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | Fewer than 5 | $889,299,030 |
| Insurance companies | 4 | $155,561,839 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 28 | $770,443,137 |
| Other | 0 | $0 |

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

### Firm details
- Registered since: 2001 (25 years)
- Employees: 140 total, 49 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: TX
- Disclosures (Item 11): Reports 1 disclosure item 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?

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/114317

### Other offices (Schedule D, Section 1.F), as of the February 2026 filing
- Montreal, Quebec
- Vancouver, Bc

### Websites listed on Form ADV (Item 1.I)
- [burgundyasset.com](https://burgundyasset.com)
- LinkedIn @burgundy-asset-management
- X @burgundyasset

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $24,302,645,774 | 156 | September 30, 2021 |
| October 2022 | $18,233,360,048 | 151 | September 22, 2022 |
| October 2023 | $19,358,909,391 | 146 | September 28, 2023 |
| October 2024 | $19,783,696,908 | 151 | September 13, 2024 |
| October 2025 | $19,783,696,908 | 151 | September 13, 2024 |
| October 2026 | $19,093,067,539 | 140 | January 28, 2026 |

Regulatory assets under management: $24,302,645,774 in the October 2021 data and $19,093,067,539 in the October 2026 data, down 21%.
Total employees: 156 in October 2021 and 140 in October 2026.

## Changes in the filing (last 12 months)

### February 2026
- Added the business name BMO Burgundy Asset Management.
- Added the business name BMO Burgundy.
- Employees performing advisory functions went from 56 to 49.
- Updated its list of owners and control persons (Schedule A).

### December 2025
- Item 11 disclosure answers changed: 1 yes answer, previously 0 (now yes: 11.C(2)).
- Employees performing advisory functions went from 53 to 56.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Burgundy Asset Management Ltd. (CRD 114317): Form ADV filing data as of October 2026.