# Select Equity Group, L.P.

> Select Equity Group, L.P. is an SEC-registered investment advisory firm in New York, NY, registered since 2013, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 168496
- Filed as: SELECT EQUITY GROUP, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/168496
- AdvisorCensus page: https://advisorcensus.com/firm/select-equity-group-l-p-new-york-ny-168496

## Quick answers

**How is Select Equity Group, L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), Select Equity Group, L.P. reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Select Equity Group, L.P. located?**
Select Equity Group, L.P.'s principal office is in New York, NY, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Select Equity Group, L.P. registered with the SEC or a state?**
Select Equity Group, L.P. is an SEC-registered investment advisory firm, registered since 2013. Status as filed: Approved. CRD 168496.

**How much does Select Equity Group, L.P. manage?**
Select Equity Group, L.P. reports $36,383,791,684 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Select Equity Group, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for Select Equity Group, L.P.: Regulatory assets under management: $43,912,338,273 in the October 2021 data and $36,383,791,684 in the October 2026 data, down 17%. Total employees: 170 in October 2021 and 171 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Select Equity Group, L.P. serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (387); high net worth individuals (249); pooled investment vehicles (other than investment companies and business development companies) (50).

**Which custodians does Select Equity Group, L.P. use?**
Select Equity Group, L.P.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc., State Street Bank and Trust Company and The Bank of New York Mellon as custodians holding 10% or more of its separately managed account assets.

**Does Select Equity Group, L.P. report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation). 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/168496

**What changed in Select Equity Group, L.P.'s recent Form ADV filings?**
In the April 2026 filing data: Its Item 11 disclosure answers changed. Employees performing advisory functions went from 95 to 83. Regulatory assets under management went from $40,609,132,795 to $36,383,791,684 (-10%). No longer lists an office in Seattle, WA.

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- State Street Bank and Trust Company
- The Bank of New York Mellon

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: $36,383,791,684
- Discretionary: $36,383,791,684
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 387 | $536,799,728 |
| High net worth individuals | 249 | $959,268,056 |
| Banking or thrift institutions | Fewer than 5 | $141,280,447 |
| Investment companies | 2 | $1,549,815,357 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 50 | $28,737,486,356 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 10 | $1,086,194,457 |
| Charitable organizations | 45 | $598,777,322 |
| State or municipal government entities (including government pension plans) | Fewer than 5 | $279,135,870 |
| Other investment advisers | 5 | $1,726,407,241 |
| Insurance companies | Fewer than 5 | $0 |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 | $431,975,960 |
| Corporations or other businesses not listed above | 7 | $302,713,377 |
| Other | 11 | $33,937,513 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- 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: 2013 (12 years)
- Employees: 171 total, 83 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AL, AZ, CA, CO, CT, DC, DE, FL, GA, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, NC, NH, NJ, NM, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?

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/168496

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Chicago, IL

### Websites listed on Form ADV (Item 1.I)
- astorplaceholdings.com
- selectequity.com
- LinkedIn @select-equity-group

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $43,912,338,273 | 170 | May 10, 2021 |
| October 2022 | $58,473,340,769 | 195 | June 13, 2022 |
| October 2023 | $45,142,182,503 | 199 | August 8, 2023 |
| October 2024 | $46,642,934,611 | 203 | August 29, 2024 |
| October 2025 | $40,609,132,795 | 200 | April 8, 2025 |
| October 2026 | $36,383,791,684 | 171 | March 31, 2026 |

Regulatory assets under management: $43,912,338,273 in the October 2021 data and $36,383,791,684 in the October 2026 data, down 17%.
Total employees: 170 in October 2021 and 171 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Its Item 11 disclosure answers changed.
- Employees performing advisory functions went from 95 to 83.
- Regulatory assets under management went from $40,609,132,795 to $36,383,791,684 (-10%).
- No longer lists an office in Seattle, WA.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Select Equity Group, L.P. (CRD 168496): Form ADV filing data as of October 2026.