# Marcellus Investment Managers Private Limited

> Marcellus Investment Managers Private Limited is an SEC-registered investment advisory firm in Mumbai, Maharashtra, India, registered since 2022, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated June 17, 2026.

- CRD: 317251
- Filed as: MARCELLUS INVESTMENT MANAGERS PRIVATE LIMITED
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Mumbai, Maharashtra, India
- Filing period: October 2026
- Form ADV filing dated: June 17, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/317251
- AdvisorCensus page: https://advisorcensus.com/firm/marcellus-investment-managers-private-limited-mumbai-maharashtra-317251

## Quick answers

**How is Marcellus Investment Managers Private Limited compensated?**
On its Form ADV (Item 5.E, October 2026), Marcellus Investment Managers Private Limited reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees.

**Where is Marcellus Investment Managers Private Limited located?**
Marcellus Investment Managers Private Limited's principal office is in Mumbai, Maharashtra, India, according to its Form ADV; the July 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Marcellus Investment Managers Private Limited registered with the SEC or a state?**
Marcellus Investment Managers Private Limited is an SEC-registered investment advisory firm, registered since 2022. Status as filed: Approved. CRD 317251.

**How much does Marcellus Investment Managers Private Limited manage?**
Marcellus Investment Managers Private Limited reports $315,209,572 in regulatory assets under management in its Form ADV filing dated June 17, 2026 (98% discretionary).

**How have Marcellus Investment Managers Private Limited's assets and staff changed since 2022?**
In the Form ADV data for Marcellus Investment Managers Private Limited: Regulatory assets under management: $1,308,083,958 in the October 2022 data and $315,209,572 in the October 2026 data, down 76%. Total employees: 100 in October 2022 and 69 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Marcellus Investment Managers Private Limited serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (2,394); high net worth individuals (18); pooled investment vehicles (other than investment companies and business development companies) (3).

**Which custodians does Marcellus Investment Managers Private Limited use?**
Marcellus Investment Managers Private Limited's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists HDFC Bank Limited and Kotak Mahindra Bank Limited as custodians holding 10% or more of its separately managed account assets.

**Does Marcellus Investment Managers Private Limited report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.D(4) (another regulator's order in the past ten years). 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/317251

**Does Marcellus Investment Managers Private Limited state an account minimum?**
Its Form ADV Part 2A brochure dated June 17, 2026 says: "Marcellus only provides services to clients who invest a minimum of the US dollar equivalent of INR 50 lacs (currently approximately $60,000)."

**What changed in Marcellus Investment Managers Private Limited's recent Form ADV filings?**
In the July 2026 filing data: Employees performing advisory functions went from 32 to 23. Regulatory assets under management went from $603,401,560 to $315,209,572 (-48%). Changed its office addresses in Gandhinagar, Gujarat. No longer lists an office in New York, NY.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated June 17, 2026)

- Account minimum: $60,000

> Marcellus only provides services to clients who invest a minimum of the US dollar equivalent of INR 50 lacs (currently approximately $60,000).

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- HDFC Bank Limited
- Kotak Mahindra Bank 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: $315,209,572
- Discretionary: $310,367,419
- Non-discretionary: $4,842,153

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 2,394 | $209,188,217 |
| High net worth individuals | 18 | $66,187,908 |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $39,833,447 |

### Advisory services (Item 5.G)
- 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
- Publication of periodicals or newsletters

### Firm details
- Registered since: 2022 (4 years)
- Employees: 69 total, 23 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, CO, FL, GA, IL, KY, MA, MI, MN, NC, NJ, NY, OH, TX, VA, WA
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?

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/317251

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- Gandhinagar, Gujarat

### Websites listed on Form ADV (Item 1.I)
- [marcellus-us.com](https://marcellus-us.com)
- Facebook @category
- Instagram @marcellusinvest
- LinkedIn @marcellus-investment-managers
- X @MarcellusInvest
- YouTube @UCjK6_t5lCGl_cX7x7ToBfDQ

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2022 | $1,308,083,958 | 100 | June 29, 2022 |
| October 2023 | $1,151,578,105 | 115 | June 28, 2023 |
| October 2024 | $1,028,675,845 | 104 | July 22, 2024 |
| October 2025 | $603,401,560 | 119 | June 26, 2025 |
| October 2026 | $315,209,572 | 69 | June 17, 2026 |

Regulatory assets under management: $1,308,083,958 in the October 2022 data and $315,209,572 in the October 2026 data, down 76%.
Total employees: 100 in October 2022 and 69 in October 2026.

## Changes in the filing (last 12 months)

### July 2026
- Employees performing advisory functions went from 32 to 23.
- Regulatory assets under management went from $603,401,560 to $315,209,572 (-48%).
- Changed its office addresses in Gandhinagar, Gujarat.
- No longer lists an office in New York, NY.

### May 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. Marcellus Investment Managers Private Limited (CRD 317251): Form ADV filing data as of October 2026.