# Cougar Global Investments

> Cougar Global Investments is an SEC-registered investment advisory firm in Toronto, Canada, registered since 1998, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated December 15, 2025.

- CRD: 109439
- Filed as: COUGAR GLOBAL INVESTMENTS
- Legal name: Cougar Global Investments Limited
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Toronto, Canada
- Filing period: October 2026
- Form ADV filing dated: December 15, 2025
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/109439
- AdvisorCensus page: https://advisorcensus.com/firm/cougar-global-investments-toronto-109439

## Quick answers

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

**Where is Cougar Global Investments located?**
Cougar Global Investments' principal office is in Toronto, Canada, according to its Form ADV.

**Is Cougar Global Investments registered with the SEC or a state?**
Cougar Global Investments is an SEC-registered investment advisory firm, registered since 1998. Status as filed: Approved. CRD 109439.

**How much does Cougar Global Investments manage?**
Cougar Global Investments reports $1,511,051,757 in regulatory assets under management in its Form ADV filing dated December 15, 2025 (0% discretionary).

**How have Cougar Global Investments' assets and staff changed since 2021?**
In the Form ADV data for Cougar Global Investments: Regulatory assets under management: $1,325,477,732 in the October 2021 data and $1,511,051,757 in the October 2026 data, up 14%. Total employees: 9 in October 2021 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Cougar Global Investments serve?**
By number of clients on Form ADV Item 5.D: other (8,629); investment companies (1).

**Which custodians does Cougar Global Investments use?**
Cougar Global Investments' most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Raymond James and Associates (affiliated with the firm) as a custodian holding 10% or more of its separately managed account assets.

**Does Cougar Global Investments report any disciplinary disclosures?**
Reports 6 disclosure items on Form ADV Item 11: yes answers to 11.C(1) (SEC or CFTC finding of a false statement or omission), 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order), 11.D(2) (another regulator's finding of a violation), and 11.E(2) (self-regulatory organization's finding of a rule 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/109439

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Raymond James and Associates (affiliated with the firm)

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: $1,511,051,757
- Discretionary: $113,355
- Non-discretionary: $1,510,938,402

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 0 | Not reported |
| Investment companies | 1 | $113,355 |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | Not reported |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |
| Other | 8,629 | $1,510,938,402 |

### Advisory services (Item 5.G)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 1998 (28 years)
- Employees: 3 total, 3 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: FL
- Disclosures (Item 11): Reports 6 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(1): Has the SEC or the CFTC ever found that the firm or an advisory affiliate made a false statement or omission?
- 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?
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.E(2): Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?

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/109439

### Websites listed on Form ADV (Item 1.I)
- carillontower.com
- cougarglobal.com
- rjinvestmentmanagement.com
- LinkedIn @COUGAR-GLOBAL-INVESTMENTS-LP
- X @CougarGlobal

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,325,477,732 | 9 | July 12, 2021 |
| October 2022 | $1,465,157,233 | 3 | August 29, 2022 |
| October 2023 | $1,357,196,497 | 3 | December 2, 2022 |
| October 2024 | $1,399,844,844 | 3 | December 8, 2023 |
| October 2025 | $1,466,451,244 | 3 | December 13, 2024 |
| October 2026 | $1,511,051,757 | 3 | December 15, 2025 |

Regulatory assets under management: $1,325,477,732 in the October 2021 data and $1,511,051,757 in the October 2026 data, up 14%.
Total employees: 9 in October 2021 and 3 in October 2026.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Cougar Global Investments (CRD 109439): Form ADV filing data as of October 2026.