# 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.

- CRD: 155405
- Filed as: PEMBROKE MANAGEMENT LTD.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Montreal, Quebec, Canada
- Filing period: October 2026
- Form ADV filing dated: March 5, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/155405
- AdvisorCensus page: https://advisorcensus.com/firm/pembroke-management-ltd-montreal-quebec-155405

## Quick answers

**How 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

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

### Fees and minimums (Form ADV Part 2A brochure dated March 5, 2026)

- 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

> 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 brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- State Street Trust Company of Canada

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: $1,905,084,000
- Discretionary: $1,905,084,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 150 | $217,035,000 |
| Pooled investment vehicles (other than investment companies and business development companies) | 19 | $1,150,911,000 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 4 | $537,138,000 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2011 (15 years)
- Employees: 25 total, 15 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)
- private.pml.ca
- Facebook facebook.com
- Instagram @pembrokemanagement
- LinkedIn @pembroke-management
- X @Pembroke1968
- YouTube @pembrokemanagement6728

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,200,998,000 | 22 | February 8, 2021 |
| October 2022 | $2,431,533,000 | 25 | February 24, 2022 |
| October 2023 | $1,808,652,000 | 25 | February 23, 2023 |
| October 2024 | $1,616,183,000 | 23 | March 8, 2024 |
| October 2025 | $1,665,893,000 | 22 | May 23, 2025 |
| October 2026 | $1,905,084,000 | 25 | March 5, 2026 |

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.

## 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.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Pembroke Management Ltd. (CRD 155405): Form ADV filing data as of October 2026.