# Constellation Asset Management

> Constellation Asset Management is an SEC-registered investment advisory firm in Sao Paulo, Brazil, registered since 2011, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 157140
- Filed as: CONSTELLATION ASSET MANAGEMENT
- Legal name: Constellation Investimentos E Participações Ltda
- Also doing business as: CONSTELLATION ASSET MANAGEMENT
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Sao Paulo, Brazil
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/157140
- AdvisorCensus page: https://advisorcensus.com/firm/constellation-asset-management-sao-paulo-157140

## Quick answers

**How is Constellation Asset Management compensated?**
On its Form ADV (Item 5.E, October 2026), Constellation Asset Management 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 Constellation Asset Management located?**
Constellation Asset Management's principal office is in Sao Paulo, Brazil, according to its Form ADV.

**Is Constellation Asset Management registered with the SEC or a state?**
Constellation Asset Management is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 157140.

**How much does Constellation Asset Management manage?**
Constellation Asset Management reports $526,360,108 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Constellation Asset Management's assets and staff changed since 2021?**
In the Form ADV data for Constellation Asset Management: Regulatory assets under management: $3,277,460,230 in the October 2021 data and $526,360,108 in the October 2026 data, down 84%. Total employees: 22 in October 2021 and 24 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Constellation Asset Management serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (40).

**Does Constellation Asset Management 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/157140

**What changed in Constellation Asset Management's recent Form ADV filings?**
In the April 2026 filing data: No longer lists the business name Constellation AM. Added the business name Constellation Asset Management. Regulatory assets under management went from $729,144,064 to $526,360,108 (-28%). 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

### Regulatory assets under management (Item 5.F)
- Total: $526,360,108
- Discretionary: $526,360,108
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 40 | $526,360,108 |

### Advisory services (Item 5.G)
- 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: 2011 (15 years)
- Employees: 24 total, 13 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- const.com.br
- constellation.com.br
- Facebook @constellationasset
- LinkedIn @constellation-asset-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $3,277,460,230 | 22 | June 28, 2021 |
| October 2022 | $2,156,997,770 | 22 | August 31, 2022 |
| October 2023 | $1,483,404,515 | 29 | March 27, 2023 |
| October 2024 | $1,431,738,659 | 26 | March 28, 2024 |
| October 2025 | $729,144,064 | 26 | March 25, 2025 |
| October 2026 | $526,360,108 | 24 | March 31, 2026 |

Regulatory assets under management: $3,277,460,230 in the October 2021 data and $526,360,108 in the October 2026 data, down 84%.
Total employees: 22 in October 2021 and 24 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- No longer lists the business name Constellation AM.
- Added the business name Constellation Asset Management.
- Regulatory assets under management went from $729,144,064 to $526,360,108 (-28%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Constellation Asset Management (CRD 157140): Form ADV filing data as of October 2026.