{
  "crd_number": 131704,
  "slug": "legato-capital-management-llc-san-francisco-ca-131704",
  "primary_business_name": "LEGATO CAPITAL MANAGEMENT, LLC",
  "legal_name": "LEGATO CAPITAL MANAGEMENT, LLC",
  "dbas": [],
  "city": "San Francisco",
  "state": "CA",
  "country": "United States",
  "cbsa_code": "41860",
  "metro": {
    "cbsa_code": "41860",
    "common_name": "San Francisco",
    "msa_name": "San Francisco-Oakland-Fremont, CA",
    "path": "/advisors/ca/san-francisco"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2005-08-31",
  "years_registered": 21,
  "period": "2026-10-01",
  "filing_date": "2026-03-23",
  "carried_forward": false,
  "raum_total": 1259674224.0,
  "raum_discretionary": 1259674224.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 4,
  "advisory_employees": 4,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "charitable": {
      "raum": 0.0,
      "count": 0
    },
    "individuals": {
      "raum": 0.0,
      "count": 0
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 802461645.0,
      "count": 6
    },
    "insurance_companies": {
      "raum": 433922677.0,
      "count": 1,
      "fewer_than_5": true
    },
    "investment_companies": {
      "raum": 0.0,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": 23289902.0,
      "count": 1,
      "fewer_than_5": true
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 0.0,
      "count": 0
    },
    "pooled_investment_vehicles": {
      "raum": 0.0,
      "count": 0
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_pooled_vehicles",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "CA",
    "GA",
    "NY"
  ],
  "websites": [
    "https://legatocm.com",
    "https://linkedin.com/company/legato-capital-management"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/131704",
  "city_as_filed": "SAN FRANCISCO",
  "url": "https://advisorcensus.com/firm/legato-capital-management-llc-san-francisco-ca-131704",
  "display_name": "Legato Capital Management, LLC",
  "summary": "Legato Capital Management, LLC is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2005, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 23, 2026.",
  "citation": "AdvisorCensus. Legato Capital Management, LLC (CRD 131704): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "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)"
  ],
  "quick_answers": [
    {
      "q": "How is Legato Capital Management, LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Legato Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "Where is Legato Capital Management, LLC located?",
      "a": "Legato Capital Management, LLC's principal office is in San Francisco, CA, according to its Form ADV."
    },
    {
      "q": "Is Legato Capital Management, LLC registered with the SEC or a state?",
      "a": "Legato Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2005. Status as filed: Approved. CRD 131704."
    },
    {
      "q": "How much does Legato Capital Management, LLC manage?",
      "a": "Legato Capital Management, LLC reports $1,259,674,224 in regulatory assets under management in its Form ADV filing dated March 23, 2026 (100% discretionary)."
    },
    {
      "q": "How have Legato Capital Management, LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Legato Capital Management, LLC: Regulatory assets under management: $1,741,080,890 in the October 2021 data and $1,259,674,224 in the October 2026 data, down 28%. Total employees: 10 in October 2021 and 4 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Legato Capital Management, LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: state or municipal government entities (including government pension plans) (6); pension and profit sharing plans (but not the plan participants or government pension plans) (1); insurance companies (1)."
    },
    {
      "q": "Which custodians does Legato Capital Management, LLC use?",
      "a": "Legato Capital Management, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists JPMorgan and State Street as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Legato Capital Management, LLC report any disciplinary disclosures?",
      "a": "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/131704"
    },
    {
      "q": "Does Legato Capital Management, LLC state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated March 23, 2026 says: \"Legato generally imposes a minimum portfolio value of $25,000,000 for its investment management services.\" \"Legato, in its sole discretion, can accept clients with smaller portfolios based upon certain criteria including anticipated future additional assets, dollar amount of assets managed, related accounts, account composition, pre-existing client, account retention, anticipated future earning capacity and pro bono activities.\""
    },
    {
      "q": "What changed in Legato Capital Management, LLC's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Regulatory assets under management went from $1,041,988,852 to $1,259,674,224 (+21%). Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 1741080890.0,
      "total_employees": 10,
      "filing_date": "2021-04-28"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 1927359219.0,
      "total_employees": 10,
      "filing_date": "2022-03-17"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 910982421.0,
      "total_employees": 6,
      "filing_date": "2023-08-16"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 1009560089.0,
      "total_employees": 6,
      "filing_date": "2024-03-28"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 1041988852.0,
      "total_employees": 4,
      "filing_date": "2025-03-26"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 1259674224.0,
      "total_employees": 4,
      "filing_date": "2026-03-23"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Regulatory assets under management went from $1,041,988,852 to $1,259,674,224 (+21%).",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-01-01",
      "period_label": "January 2026",
      "notes": [
        "No longer registered or notice-filed in TX."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 23, 2026",
    "provided_by_the_firm": false,
    "tiers": [],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$25,000,000",
    "account_minimum_may_be_waived": true,
    "minimum_annual_fee": null,
    "planning_fees": [],
    "figures": [
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $25,000,000 (the brochure says it may be waived or negotiated)"
        ],
        "quotes": [
          "Legato generally imposes a minimum portfolio value of $25,000,000 for its investment management services.",
          "Legato, in its sole discretion, can accept clients with smaller portfolios based upon certain criteria including anticipated future additional assets, dollar amount of assets managed, related accounts, account composition, pre-existing client, account retention, anticipated future earning capacity and pro bono activities."
        ]
      }
    ],
    "values": {
      "tiers": [],
      "range_pct": null,
      "max_pct": null,
      "account_minimum": 25000000.0,
      "minimum_annual_fee": null,
      "planning": []
    },
    "quotes": [
      "Legato generally imposes a minimum portfolio value of $25,000,000 for its investment management services.",
      "Legato, in its sole discretion, can accept clients with smaller portfolios based upon certain criteria including anticipated future additional assets, dollar amount of assets managed, related accounts, account composition, pre-existing client, account retention, anticipated future earning capacity and pro bono activities."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "JPMorgan",
      "name_as_filed": "JPMORGAN",
      "affiliated": false
    },
    {
      "name": "State Street",
      "name_as_filed": "STATE STREET",
      "affiliated": false
    }
  ],
  "custodians_note": "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.",
  "markdown_url": "https://advisorcensus.com/firm/legato-capital-management-llc-san-francisco-ca-131704.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 1,
      "fewer_than_5": true,
      "raum": 23289902.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 6,
      "fewer_than_5": false,
      "raum": 802461645.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 1,
      "fewer_than_5": true,
      "raum": 433922677.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/131704",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}