# Marathon-London

> Marathon-London is an SEC-registered investment advisory firm in London, United Kingdom, registered since 2004, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated May 5, 2026.

- CRD: 132391
- Filed as: MARATHON-LONDON
- Legal name: Marathon Asset Management Limited
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: London, United Kingdom
- Filing period: October 2026
- Form ADV filing dated: May 5, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/132391
- AdvisorCensus page: https://advisorcensus.com/firm/marathon-london-london-132391

## Quick answers

**How is Marathon-London compensated?**
On its Form ADV (Item 5.E, October 2026), Marathon-London 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 Marathon-London located?**
Marathon-London's principal office is in London, United Kingdom, according to its Form ADV.

**Is Marathon-London registered with the SEC or a state?**
Marathon-London is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 132391.

**How much does Marathon-London manage?**
Marathon-London reports $39,042,272,218 in regulatory assets under management in its Form ADV filing dated May 5, 2026 (100% discretionary).

**How have Marathon-London's assets and staff changed since 2021?**
In the Form ADV data for Marathon-London: Regulatory assets under management: $57,026,828,116 in the October 2021 data and $39,042,272,218 in the October 2026 data, down 32%. Total employees: 84 in October 2021 and 74 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Marathon-London serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (18); state or municipal government entities (including government pension plans) (14); pension and profit sharing plans (but not the plan participants or government pension plans) (7).

**Which custodians does Marathon-London use?**
Marathon-London's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists State Street Corporation, The Bank of New York Mellon Corporation and The Hongkong and Shanghai Banking Corporation Limited as custodians holding 10% or more of its separately managed account assets.

**Does Marathon-London 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/132391

**What changed in Marathon-London's recent Form ADV filings?**
In the June 2026 filing data: Employees performing advisory functions went from 17 to 16.

## 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))
- State Street Corporation
- The Bank of New York Mellon Corporation
- The Hongkong and Shanghai Banking Corporation Limited

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: $39,042,272,218
- Discretionary: $39,042,272,218
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 3 | $8,881,644,639 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 18 | $11,064,047,455 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 7 | $1,387,459,218 |
| Charitable organizations | Fewer than 5 | $5,442,030,170 |
| State or municipal government entities (including government pension plans) | 14 | $9,816,126,050 |
| Other investment advisers | 0 | $0 |
| Insurance companies | Fewer than 5 | $232,457,972 |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 | $2,101,357,721 |
| Corporations or other businesses not listed above | Fewer than 5 | $117,148,993 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- 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: 2004 (22 years)
- Employees: 74 total, 16 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)
- marathon-london.com
- marathon.co.uk
- thecapitalcycle.co.uk
- LinkedIn @marathon-asset-management-ltd

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $57,026,828,116 | 84 | August 24, 2021 |
| October 2022 | $52,018,915,106 | 85 | May 27, 2022 |
| October 2023 | $40,673,114,005 | 76 | May 31, 2023 |
| October 2024 | $40,698,254,061 | 80 | May 16, 2024 |
| October 2025 | $37,402,098,683 | 77 | May 16, 2025 |
| October 2026 | $39,042,272,218 | 74 | May 5, 2026 |

Regulatory assets under management: $57,026,828,116 in the October 2021 data and $39,042,272,218 in the October 2026 data, down 32%.
Total employees: 84 in October 2021 and 74 in October 2026.

## Changes in the filing (last 12 months)

### June 2026
- Employees performing advisory functions went from 17 to 16.

### February 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Marathon-London (CRD 132391): Form ADV filing data as of October 2026.