{
  "crd_number": 154475,
  "slug": "montrusco-bolton-investments-inc-montreal-quebec-154475",
  "primary_business_name": "MONTRUSCO BOLTON INVESTMENTS INC.",
  "legal_name": "MONTRUSCO BOLTON INVESTMENTS INC.",
  "dbas": [],
  "city": "Montreal, Quebec",
  "state": null,
  "country": "Canada",
  "cbsa_code": null,
  "metro": null,
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2010-09-13",
  "years_registered": 16,
  "period": "2026-10-01",
  "filing_date": "2026-03-31",
  "carried_forward": false,
  "raum_total": 12934148652.0,
  "raum_discretionary": 12039669561.0,
  "raum_non_discretionary": 894479091.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 68,
  "advisory_employees": 16,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": 0.0,
      "count": 0
    },
    "charitable": {
      "raum": 315339559.0,
      "count": 20
    },
    "banking_thrift": {
      "raum": 4667704369.0,
      "count": null,
      "fewer_than_5": true
    },
    "state_municipal": {
      "raum": 1187920815.0,
      "count": null,
      "fewer_than_5": true
    },
    "insurance_companies": {
      "raum": 41106869.0,
      "count": 6
    },
    "investment_companies": {
      "raum": 2117933844.0,
      "count": 19
    },
    "pension_profit_sharing": {
      "raum": 550863772.0,
      "count": 14
    },
    "high_net_worth_individuals": {
      "raum": 20349441.0,
      "count": 10
    },
    "pooled_investment_vehicles": {
      "raum": 3900281441.0,
      "count": 258
    },
    "corporations_other_businesses": {
      "raum": 132648542.0,
      "count": 16
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "CA",
    "TX"
  ],
  "websites": [
    "https://dataroom.montruscobolton.com",
    "https://linkedin.com/company/montruscobolton",
    "https://mgl.montruscobolton.com",
    "https://montruscobolton.com",
    "https://stl.montruscobolton.com",
    "https://us.montruscobolton.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/154475",
  "city_as_filed": "MONTREAL, QUEBEC",
  "url": "https://advisorcensus.com/firm/montrusco-bolton-investments-inc-montreal-quebec-154475",
  "display_name": "Montrusco Bolton Investments Inc.",
  "summary": "Montrusco Bolton Investments Inc. is an SEC-registered investment advisory firm in Montreal, Quebec, Canada, registered since 2010, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.",
  "citation": "AdvisorCensus. Montrusco Bolton Investments Inc. (CRD 154475): 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 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"
  ],
  "quick_answers": [
    {
      "q": "How is Montrusco Bolton Investments Inc. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Montrusco Bolton Investments Inc. reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "What does Montrusco Bolton Investments Inc.'s brochure say about its fees?",
      "a": "Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: 0.2% to 1.12% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement."
    },
    {
      "q": "Where is Montrusco Bolton Investments Inc. located?",
      "a": "Montrusco Bolton Investments Inc.'s principal office is in Montreal, Quebec, Canada, according to its Form ADV; the April 2026 filing also lists 3 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Montrusco Bolton Investments Inc. registered with the SEC or a state?",
      "a": "Montrusco Bolton Investments Inc. is an SEC-registered investment advisory firm, registered since 2010. Status as filed: Approved. CRD 154475."
    },
    {
      "q": "How much does Montrusco Bolton Investments Inc. manage?",
      "a": "Montrusco Bolton Investments Inc. reports $12,934,148,652 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (93% discretionary)."
    },
    {
      "q": "How have Montrusco Bolton Investments Inc.'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for Montrusco Bolton Investments Inc.: Regulatory assets under management: $5,069,156,326 in the October 2021 data and $12,934,148,652 in the October 2026 data, up 155%. Total employees: 36 in October 2021 and 68 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Montrusco Bolton Investments Inc. serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (258); charitable organizations (20); investment companies (19)."
    },
    {
      "q": "Which custodians does Montrusco Bolton Investments Inc. use?",
      "a": "Montrusco Bolton Investments Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists National Bank Trust and State Street as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Montrusco Bolton Investments Inc. 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/154475"
    },
    {
      "q": "What changed in Montrusco Bolton Investments Inc.'s recent Form ADV filings?",
      "a": "In the April 2026 filing data: Employees performing advisory functions went from 13 to 16. Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 5069156326.0,
      "total_employees": 36,
      "filing_date": "2021-03-31"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 7454123737.0,
      "total_employees": 37,
      "filing_date": "2022-03-31"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 7632106864.0,
      "total_employees": 37,
      "filing_date": "2023-03-28"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 12687001354.0,
      "total_employees": 60,
      "filing_date": "2024-03-28"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 12261249826.0,
      "total_employees": 65,
      "filing_date": "2025-03-25"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 12934148652.0,
      "total_employees": 68,
      "filing_date": "2026-03-31"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 13 to 16.",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-02-01",
      "period_label": "February 2026",
      "notes": [
        "Added an office in Newport Beach, CA.",
        "Registered or notice-filed in CA.",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 31, 2026",
    "tiers": [],
    "flat_rate": null,
    "stated_range": "0.2% to 1.12% a year",
    "stated_maximum": null,
    "account_minimum": null,
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": null,
    "figures": [
      {
        "label": "Asset-based fee",
        "statements": [
          "Asset-based fee: 0.2% to 1.12% a year (a range, as the brochure states it)"
        ],
        "quotes": [
          "The annual fee for Portfolio Management Services will be charged as a percentage of assets under management pursuant to an investment agreement entered into by and between Montrusco Bolton and each client. The annual fee will typically range from 0.20% to 1.12% depending on the type of mandate and the amount of assets placed under management."
        ]
      }
    ],
    "quotes": [
      "The annual fee for Portfolio Management Services will be charged as a percentage of assets under management pursuant to an investment agreement entered into by and between Montrusco Bolton and each client. The annual fee will typically range from 0.20% to 1.12% depending on the type of mandate and the amount of assets placed under management."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "National Bank Trust",
      "name_as_filed": "NATIONAL BANK TRUST",
      "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/montrusco-bolton-investments-inc-montreal-quebec-154475.md",
  "clients": [
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 10,
      "fewer_than_5": false,
      "raum": 20349441.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": null,
      "fewer_than_5": true,
      "raum": 4667704369.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 19,
      "fewer_than_5": false,
      "raum": 2117933844.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 258,
      "fewer_than_5": false,
      "raum": 3900281441.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 14,
      "fewer_than_5": false,
      "raum": 550863772.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 20,
      "fewer_than_5": false,
      "raum": 315339559.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": null,
      "fewer_than_5": true,
      "raum": 1187920815.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 6,
      "fewer_than_5": false,
      "raum": 41106869.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 16,
      "fewer_than_5": false,
      "raum": 132648542.0
    },
    {
      "type": "other",
      "label": "Other",
      "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/154475",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}