AdvisorCensus / Financial advisors / Pembroke Management Ltd.
Pembroke Management Ltd. is an SEC-registered investment advisory firm in Montreal, Quebec, Canada, registered since 2011, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 5, 2026.
Quick answers
From the filingHow is Pembroke Management Ltd. compensated?
On its Form ADV (Item 5.E, October 2026), Pembroke Management Ltd. reports these compensation arrangements: a percentage of assets under its management; performance-based fees.
How much does Pembroke Management Ltd. charge?
Its Form ADV Part 2A brochure dated March 5, 2026 states: Up to $10,000,000: 1% a year; $10,000,000 to $25,000,000: 0.85% a year; $25,000,000 to $50,000,000: 0.75% a year; Above $50,000,000: see the brochure. Fees can differ by service and may be negotiable; the brochure is the complete statement.
Where is Pembroke Management Ltd. located?
Pembroke Management Ltd.'s principal office is in Montreal, Quebec, Canada, according to its Form ADV.
Is Pembroke Management Ltd. registered with the SEC or a state?
Pembroke Management Ltd. is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 155405.
How much does Pembroke Management Ltd. manage?
Pembroke Management Ltd. reports $1,905,084,000 in regulatory assets under management in its Form ADV filing dated March 5, 2026 (100% discretionary).
How have Pembroke Management Ltd.'s assets and staff changed since 2021?
In the Form ADV data for Pembroke Management Ltd.: Regulatory assets under management: $2,200,998,000 in the October 2021 data and $1,905,084,000 in the October 2026 data, down 13%. Total employees: 22 in October 2021 and 25 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Pembroke Management Ltd. serve?
By number of clients on Form ADV Item 5.D: high net worth individuals (150); pooled investment vehicles (other than investment companies and business development companies) (19); pension and profit sharing plans (but not the plan participants or government pension plans) (4).
Which custodians does Pembroke Management Ltd. use?
Pembroke Management Ltd.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists State Street Trust Company of Canada as a custodian holding 10% or more of its separately managed account assets.
Does Pembroke Management Ltd. 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/155405
What changed in Pembroke Management Ltd.'s recent Form ADV filings?
In the April 2026 filing data: Regulatory assets under management went from $1,665,893,000 to $1,905,084,000 (+14%). Employees performing advisory functions went from 14 to 15.
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2A| Assets | Annual rate |
|---|---|
| Up to $10,000,000 | 1% |
| $10,000,000 to $25,000,000 | 0.85% |
| $25,000,000 to $50,000,000 | 0.75% |
| Above $50,000,000 | See the brochure |
The brochure's wording
Annual Rate 1% of the market value of assets under management on first $10 million 0.85% on next $15 million 0.75% on next $25 million
As stated in the firm's Form ADV Part 2A brochure dated March 5, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$1,905,084,000 as of October 2026, filing dated March 5, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
Registration and firm details
Items 1, 2, 5- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2011 (15 years)
- Employees
- Total: 25. Performing investment advisory functions: 15.
- Wrap fee program participation
- No.
- Custodians (Schedule D, Section 5.K(3))
-
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.
- States registered or notice-filed
- Not reported.
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $1,905,084,000 | 25 | March 5, 2026 |
| October 2025 | $1,665,893,000 | 22 | May 23, 2025 |
| October 2024 | $1,616,183,000 | 23 | March 8, 2024 |
| October 2023 | $1,808,652,000 | 25 | February 23, 2023 |
| October 2022 | $2,431,533,000 | 25 | February 24, 2022 |
| October 2021 | $2,200,998,000 | 22 | February 8, 2021 |
Regulatory assets under management: $2,200,998,000 in the October 2021 data and $1,905,084,000 in the October 2026 data, down 13%.
Total employees: 22 in October 2021 and 25 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- April 2026
- Regulatory assets under management went from $1,665,893,000 to $1,905,084,000 (+14%).
- Employees performing advisory functions went from 14 to 15.
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Pembroke Management Ltd. (CRD 155405): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/pembroke-management-ltd-montreal-quebec-155405