# Montrusco Bolton Investments Inc.

> 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.

- CRD: 154475
- Filed as: MONTRUSCO BOLTON INVESTMENTS INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Montreal, Quebec, Canada
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/154475
- AdvisorCensus page: https://advisorcensus.com/firm/montrusco-bolton-investments-inc-montreal-quebec-154475

## Quick answers

**How is Montrusco Bolton Investments Inc. compensated?**
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.

**What does Montrusco Bolton Investments Inc.'s brochure say about its fees?**
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.

**Where is Montrusco Bolton Investments Inc. located?**
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).

**Is Montrusco Bolton Investments Inc. registered with the SEC or a state?**
Montrusco Bolton Investments Inc. is an SEC-registered investment advisory firm, registered since 2010. Status as filed: Approved. CRD 154475.

**How much does Montrusco Bolton Investments Inc. manage?**
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).

**How have Montrusco Bolton Investments Inc.'s assets and staff changed since 2021?**
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.

**What types of clients does Montrusco Bolton Investments Inc. serve?**
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).

**Which custodians does Montrusco Bolton Investments Inc. use?**
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.

**Does Montrusco Bolton Investments 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/154475

**What changed in Montrusco Bolton Investments Inc.'s recent Form ADV filings?**
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).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Asset-based fee: 0.2% to 1.12% a year (a range, as the brochure states it)

> 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.

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

### Custodians (Schedule D, Section 5.K(3))
- National Bank Trust
- State Street

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: $12,934,148,652
- Discretionary: $12,039,669,561
- Non-discretionary: $894,479,091

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 10 | $20,349,441 |
| Banking or thrift institutions | Fewer than 5 | $4,667,704,369 |
| Investment companies | 19 | $2,117,933,844 |
| Pooled investment vehicles (other than investment companies and business development companies) | 258 | $3,900,281,441 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 14 | $550,863,772 |
| Charitable organizations | 20 | $315,339,559 |
| State or municipal government entities (including government pension plans) | Fewer than 5 | $1,187,920,815 |
| Insurance companies | 6 | $41,106,869 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 16 | $132,648,542 |
| Other | 0 | $0 |

### 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

### Firm details
- Registered since: 2010 (16 years)
- Employees: 68 total, 16 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Frankfurt
- Newport Beach, CA
- Toronto, Ontario

### Websites listed on Form ADV (Item 1.I)
- dataroom.montruscobolton.com
- mgl.montruscobolton.com
- montruscobolton.com
- stl.montruscobolton.com
- us.montruscobolton.com
- LinkedIn @montruscobolton

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $5,069,156,326 | 36 | March 31, 2021 |
| October 2022 | $7,454,123,737 | 37 | March 31, 2022 |
| October 2023 | $7,632,106,864 | 37 | March 28, 2023 |
| October 2024 | $12,687,001,354 | 60 | March 28, 2024 |
| October 2025 | $12,261,249,826 | 65 | March 25, 2025 |
| October 2026 | $12,934,148,652 | 68 | March 31, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 13 to 16.
- Updated its list of owners and control persons (Schedule A).

### February 2026
- Added an office in Newport Beach, CA.
- Registered or notice-filed in CA.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Montrusco Bolton Investments Inc. (CRD 154475): Form ADV filing data as of October 2026.