# Walter Scott & Partners Limited

> Walter Scott & Partners Limited is an SEC-registered investment advisory firm in Edinburgh, United Kingdom, registered since 1983, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 112161
- Filed as: WALTER SCOTT & PARTNERS LIMITED
- Also doing business as: WALTER SCOTT
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Edinburgh, United Kingdom
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/112161
- AdvisorCensus page: https://advisorcensus.com/firm/walter-scott-and-partners-limited-edinburgh-112161

## Quick answers

**How is Walter Scott & Partners Limited compensated?**
On its Form ADV (Item 5.E, October 2026), Walter Scott & Partners Limited 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 Walter Scott & Partners Limited located?**
Walter Scott & Partners Limited's principal office is in Edinburgh, United Kingdom, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Walter Scott & Partners Limited registered with the SEC or a state?**
Walter Scott & Partners Limited is an SEC-registered investment advisory firm, registered since 1983. Status as filed: Approved. CRD 112161.

**How much does Walter Scott & Partners Limited manage?**
Walter Scott & Partners Limited reports $66,667,871,035 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Walter Scott & Partners Limited's assets and staff changed since 2021?**
In the Form ADV data for Walter Scott & Partners Limited: Regulatory assets under management: $94,952,063,095 in the October 2021 data and $66,667,871,035 in the October 2026 data, down 30%. Total employees: 136 in October 2021 and 162 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Walter Scott & Partners Limited serve?**
By number of clients on Form ADV Item 5.D: state or municipal government entities (including government pension plans) (47); pension and profit sharing plans (but not the plan participants or government pension plans) (42); other (35).

**Which custodians does Walter Scott & Partners Limited use?**
Walter Scott & Partners Limited's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY (affiliated with the firm), Northern Trust and State Street as custodians holding 10% or more of its separately managed account assets.

**Does Walter Scott & Partners Limited report any disciplinary disclosures?**
Reports 5 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order), 11.D(2) (another regulator's finding of a violation), 11.D(4) (another regulator's order in the past ten years), and 11.H(1)(c) (regulator's civil action dismissed under a settlement). 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/112161

**What changed in Walter Scott & Partners Limited's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 42 to 43. Regulatory assets under management went from $78,181,900,591 to $66,667,871,035 (-15%).

## 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))
- BNY (affiliated with the firm)
- Northern 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: $66,667,871,035
- Discretionary: $66,667,871,035
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 21 | $18,971,280,040 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 16 | $10,144,771,153 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 42 | $5,912,736,015 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 47 | $24,003,612,900 |
| Other investment advisers | 5 | $727,510,023 |
| Insurance companies | 5 | $1,697,227,249 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 35 | $5,210,733,655 |

### Advisory services (Item 5.G)
- 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: 1983 (43 years)
- Employees: 162 total, 43 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: DE, IL, TX
- Disclosures (Item 11): Reports 5 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
- 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?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.H(1)(c): Has a domestic or foreign court ever dismissed, under a settlement agreement, an investment-related civil action brought against the firm or an advisory affiliate by a state or foreign financial regulator?

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/112161

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

### Websites listed on Form ADV (Item 1.I)
- bny.com
- bny.com/investments
- walterscott.com
- LinkedIn linkedin.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $94,952,063,095 | 136 | March 26, 2021 |
| October 2022 | $108,027,031,724 | 148 | April 6, 2022 |
| October 2023 | $75,295,253,456 | 154 | July 19, 2023 |
| October 2024 | $83,995,952,020 | 155 | August 12, 2024 |
| October 2025 | $78,181,900,591 | 159 | July 4, 2025 |
| October 2026 | $66,667,871,035 | 162 | March 30, 2026 |

Regulatory assets under management: $94,952,063,095 in the October 2021 data and $66,667,871,035 in the October 2026 data, down 30%.
Total employees: 136 in October 2021 and 162 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 42 to 43.
- Regulatory assets under management went from $78,181,900,591 to $66,667,871,035 (-15%).

### February 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Walter Scott & Partners Limited (CRD 112161): Form ADV filing data as of October 2026.