# Letko, Brosseau & Associates Inc.

> Letko, Brosseau & Associates Inc. is an SEC-registered investment advisory firm in Montreal, Quebec, Canada, registered since 2005, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated December 22, 2025.

- CRD: 133221
- Filed as: LETKO, BROSSEAU & ASSOCIATES INC.
- Also doing business as: LB, LBA, LETKO BROSSEAU, LETKOBROSSEAU
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Montreal, Quebec, Canada
- Filing period: October 2026
- Form ADV filing dated: December 22, 2025
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/133221
- AdvisorCensus page: https://advisorcensus.com/firm/letko-brosseau-and-associates-inc-montreal-quebec-133221

## Quick answers

**How is Letko, Brosseau & Associates Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), Letko, Brosseau & Associates Inc. 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 Letko, Brosseau & Associates Inc. located?**
Letko, Brosseau & Associates Inc.'s principal office is in Montreal, Quebec, Canada, according to its Form ADV; the January 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Letko, Brosseau & Associates Inc. registered with the SEC or a state?**
Letko, Brosseau & Associates Inc. is an SEC-registered investment advisory firm, registered since 2005. Status as filed: Approved. CRD 133221.

**How much does Letko, Brosseau & Associates Inc. manage?**
Letko, Brosseau & Associates Inc. reports $18,830,494,275 in regulatory assets under management in its Form ADV filing dated December 22, 2025 (100% discretionary).

**How have Letko, Brosseau & Associates Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Letko, Brosseau & Associates Inc.: Regulatory assets under management: $17,302,269,897 in the October 2021 data and $18,830,494,275 in the October 2026 data, up 9%. Total employees: 58 in October 2021 and 75 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Letko, Brosseau & Associates Inc. serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (1,026); high net worth individuals (571); corporations or other businesses not listed above (379).

**Which custodians does Letko, Brosseau & Associates Inc. use?**
Letko, Brosseau & Associates Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists CIBC Mellon and RBC Investor & Treasury Services as custodians holding 10% or more of its separately managed account assets.

**Does Letko, Brosseau & Associates Inc. 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/133221

**What changed in Letko, Brosseau & Associates Inc.'s recent Form ADV filings?**
In the January 2026 filing data: Employees performing advisory functions went from 38 to 36. 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

### Custodians (Schedule D, Section 5.K(3))
- CIBC Mellon
- RBC Investor & Treasury Services

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: $18,830,494,275
- Discretionary: $18,830,494,275
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 1,026 | $599,512,223 |
| High net worth individuals | 571 | $2,055,123,049 |
| 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) | 29 | $4,967,764,498 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 91 | $5,961,587,974 |
| Charitable organizations | 90 | $1,803,962,138 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 379 | $3,442,544,393 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Financial planning services
- 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: 2005 (21 years)
- Employees: 75 total, 36 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the January 2026 filing
- Calgary, Alberta
- Toronto, Ontario

### Websites listed on Form ADV (Item 1.I)
- [hldigital-1.wistia.com](https://hldigital-1.wistia.com)
- [lba.ca](https://lba.ca)
- [me.lba.ca](https://me.lba.ca)
- [my.lba.ca](https://my.lba.ca)
- [secure.lba.ca](https://secure.lba.ca)
- [securefile.lba.ca](https://securefile.lba.ca)
- [survey-sondage.lba.ca](https://survey-sondage.lba.ca)
- Facebook @category
- LinkedIn @letko-brosseau-&-associates
- X @LetkoBrosseau
- YouTube @UCWu_tlwOr3tSnp8n1ee1lzQ

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $17,302,269,897 | 58 | April 30, 2021 |
| October 2022 | $17,678,743,133 | 63 | December 14, 2021 |
| October 2023 | $13,931,049,731 | 69 | December 21, 2022 |
| October 2024 | $15,357,669,816 | 70 | February 5, 2024 |
| October 2025 | $17,245,181,811 | 76 | December 19, 2024 |
| October 2026 | $18,830,494,275 | 75 | December 22, 2025 |

Regulatory assets under management: $17,302,269,897 in the October 2021 data and $18,830,494,275 in the October 2026 data, up 9%.
Total employees: 58 in October 2021 and 75 in October 2026.

## Changes in the filing (last 12 months)

### January 2026
- Employees performing advisory functions went from 38 to 36.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Letko, Brosseau & Associates Inc. (CRD 133221): Form ADV filing data as of October 2026.