Marathon Asset Management, L.P.
- Regulatory AUM
- $30.5B
- Discretionary
- $29.4B
- Clients
- 137
- Avg AUM / client
- $222M
- Accounts
- 141
- Employees
- 193
AUM over time
Annual snapshots from Form ADV filings · as of Jul 31, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 8 | $1.2B | 3.82% |
| Pooled investment vehicles (non-investment companies) | 111 | $27.0B | 88.7% |
| Pension and profit sharing plans | Fewer than 5 clients | $70.6M | 0.23% |
| Charitable organizations | Fewer than 5 clients | $75.7M | 0.25% |
| State or municipal government entities | 6 | $569M | 1.87% |
| Other investment advisers | 12 | $1.0B | 3.37% |
| Insurance companies | Fewer than 5 clients | $534M | 1.75% |
Private funds (73)
View all →Reported in Form ADV Section 7.B.(1), filing of Nov 2024 · $25.0B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Marathon Distressed Credit Master Fund master | Hedge Fund | Ireland | $3.1B | 385 |
| Marathon Secured Private Strategies Master Fund Iii A, L.P. master | Hedge Fund | Cayman Islands | $1.8B | 398 |
| Marathon Centre Street Partnership, Lp | Hedge Fund | Delaware | $1.7B | 5 |
| Marathon Secured Private Strategies Master Fund Iii B, L.P. master | Hedge Fund | Cayman Islands | $1.2B | 398 |
| Marathon Secured Private Strategies Master Fund Iii C, L.P. master | Hedge Fund | Cayman Islands | $1.2B | 368 |
| Marathon Secured Private Strategies Master Fund Ii A, L.P. master | Hedge Fund | Cayman Islands | $1.2B | 191 |
| Mdcf Ii, Lp | Hedge Fund | Delaware | $774M | 86 |
| Marathon Securitized Credit Master Fund, Ltd master | Hedge Fund | Cayman Islands | $708M | 20 |
| Marathon Blue Grass Credit Fund, Lp | Hedge Fund | Delaware | $582M | 2 |
| Marathon Clo Xi Ltd. | Securitized Asset Fund | Cayman Islands | $497M | 15 |
| Marathon Clo Xiii, Ltd | Securitized Asset Fund | Cayman Islands | $479M | 14 |
| Trs Credit Fund, Lp | Hedge Fund | Delaware | $476M | 3 |
| Marathon Secured Private Strategies Reit Ii, Llc master | Hedge Fund | Delaware | $467M | 0 |
| Marathon Clo 2021 17 Ltd | Securitized Asset Fund | Cayman Islands | $423M | 7 |
| Marathon Currituck Fund, Lp Series A | Hedge Fund | Delaware | $420M | 3 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Motion Picture Industry Pension Plan Board Of Directors, Motion Picture Industry Pension | 2024 | |
| Motion Picture Industry Individual Account Plan Board Of Directors, Motion Picture Industry Pension | 2024 | |
| Maine Medical Center Pension Plan Mainehealth | 2024 | |
| Ibm Personal Pension Plan International Business Machines Corporation | 2024 | |
| Tenth Amended & Restated Owens Illinois Hourly Retirement Plan O I Glass, Inc. | 2024 | |
| Tenth Amended & Restated Owens Illinois Salary Retirement Plan O I Glass, Inc. | 2024 | |
| The Southern California Edison Company Retirement Plan Southern California Edison Company | Rosemead, CA | 2024 |
| The Pnc Financial Services Group, Inc. Pension Plan The Pnc Financial Services Group, Inc. | Pittsburgh, PA | 2024 |
People (6)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Hanover, Louis, Todd | Founder, Managing Partner, Chief Investment Officer | Jan 1998 (29y) | ≈ 0% – 3.75% via Marathon Asset Management Gp, L.L.C. | |
| Richards, Bruce, Jeffrey | Founder, Managing Partner, Chief Executive Officer | Jan 1998 (29y) | ≈ 0% – 3.75% via Marathon Asset Management Gp, L.L.C. | |
| Chartouni, Christine | Chief Legal Officer | Sep 2010 (16y) | Less than 5% | |
| Pasquale, Scot, Matthew | Chief Financial Officer | May 2013 (13y) | Less than 5% | |
| Raboy, James, Benjamin | Chief Operating Officer | Aug 2021 (5y) | Less than 5% | |
| Brown, John, Christopher | Chief Compliance Officer | Aug 2022 (4y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Bsch Master I Sub (Mar Mgr) L.P. | Limited Partner | Jun 2016 | A | 10% – 25% |
| Marathon Asset Management Gp, L.L.C. | General Partner | Aug 2008 | A | Less than 5% |
| Bsch Master I L.P. | Limited Partner | Mar 2015 | B | ≈ 7.5% – 25% via Bsch Master I Sub (Mar Mgr) L.P. |
| Bsch A (Mar Mgr) L.L.C. | Limited Partner | Mar 2015 | B | ≈ 2.81% – 18.75% via Bsch A Intermediate L.P. |
| Blackstone Strategic Capital Holdings (Cayman) L.P. | Sole Member | Mar 2015 | B | ≈ 2.11% – 18.75% via Bsch A (Mar Mgr) L.L.C. |
| Bsch A Intermediate L.P. | Limited Partner | Jan 2014 | B | ≈ 3.75% – 18.75% via Bsch Master I L.P. |
| Blackstone Strategic Capital Holdings L.P. | Limited Partner | Jan 2014 | B | ≈ 1.88% – 12.5% via Bsch Master I L.P. |
| Asf Pollock L.P. | Limited Partner | Dec 2013 | B | ≈ 0.47% – 6.25% via Blackstone Strategic Capital Holdings L.P. |
| Blackstone Strategic Capital Associates L.L.C. | General Partner | Mar 2015 | B | GP / trustee / elected manager of Bsch Master I Sub (Mar Mgr) L.P. (indirect) |
Undisclosed: 0% – 40% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Hanover, Louis, Todd: 50% – 75% of Marathon Asset Management Gp, L.L.C. × 0% – 5% direct ≈ 0% – 3.75% of the firm
- Richards, Bruce, Jeffrey: 50% – 75% of Marathon Asset Management Gp, L.L.C. × 0% – 5% direct ≈ 0% – 3.75% of the firm
- Bsch Master I L.P.: 75% – 100% of Bsch Master I Sub (Mar Mgr) L.P. × 10% – 25% direct ≈ 7.5% – 25% of the firm
- Bsch A (Mar Mgr) L.L.C.: 75% – 100% of Bsch A Intermediate L.P. × 50% – 75% of Bsch Master I L.P. × 75% – 100% of Bsch Master I Sub (Mar Mgr) L.P. × 10% – 25% direct ≈ 2.81% – 18.75% of the firm
- Blackstone Strategic Capital Holdings (Cayman) L.P.: 75% – 100% of Bsch A (Mar Mgr) L.L.C. × 75% – 100% of Bsch A Intermediate L.P. × 50% – 75% of Bsch Master I L.P. × 75% – 100% of Bsch Master I Sub (Mar Mgr) L.P. × 10% – 25% direct ≈ 2.11% – 18.75% of the firm
- Bsch A Intermediate L.P.: 50% – 75% of Bsch Master I L.P. × 75% – 100% of Bsch Master I Sub (Mar Mgr) L.P. × 10% – 25% direct ≈ 3.75% – 18.75% of the firm
- Blackstone Strategic Capital Holdings L.P.: 25% – 50% of Bsch Master I L.P. × 75% – 100% of Bsch Master I Sub (Mar Mgr) L.P. × 10% – 25% direct ≈ 1.88% – 12.5% of the firm
- Asf Pollock L.P.: 25% – 50% of Blackstone Strategic Capital Holdings L.P. × 25% – 50% of Bsch Master I L.P. × 75% – 100% of Bsch Master I Sub (Mar Mgr) L.P. × 10% – 25% direct ≈ 0.47% – 6.25% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (73, $25.0B gross assets)
Top 25 of 73 funds by gross assets · all funds
From Form ADV Section 7.B private fund reporting.
Retirement plans served (8)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Motion Picture Industry Pension Plan | Board Of Directors, Motion Picture Industry Pension | 61,464 | $5.9B | 01/01/2024 |
| Motion Picture Industry Individual Account Plan | Board Of Directors, Motion Picture Industry Pension | 61,140 | $6.2B | 01/01/2024 |
| Maine Medical Center Pension Plan | Mainehealth | 2,332 | $795M | 01/01/2024 |
| Ibm Personal Pension Plan | International Business Machines Corporation | 43,052 | $17.9B | 01/01/2024 |
| Tenth Amended & Restated Owens Illinois Hourly Retirement Plan | O I Glass, Inc. | 1,789 | $544M | 01/01/2024 |
| Tenth Amended & Restated Owens Illinois Salary Retirement Plan | O I Glass, Inc. | 152 | $251M | 01/01/2024 |
| The Southern California Edison Company Retirement Plan | Southern California Edison Company | 8,726 | $4.7B | 01/01/2024 |
| The Pnc Financial Services Group, Inc. Pension Plan | The Pnc Financial Services Group, Inc. | 51,855 | $5.5B | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/31/2026 | 17.8 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Allegations: THE ORDER ALLEGES THAT REGISTRANT'S POLICIES AND PROCEDURES REGARDING THE TREATMENT OF MATERIALLY NON-PUBLIC INFORMATION ("MNPI") WERE NOT REASONABLY DESIGNED TO ADDRESS RISKS RELATED TO THE POTENTIAL FOR RECEIPT AND MISUSE OF MNPI RESULTING FROM PARTICIPATION ON AD HOC CREDITORS' COMMITTEES. ALTHOUGH REGISTRANT MAINTAINED WRITTEN POLICIES AND PROCEDURES REGARDING MNPI, THE ORDER ALLEGES THAT REGISTRANT DID NOT SPECIFICALLY MAINTAIN POLICIES AND PROCEDURES FOR REGISTRANT'S EMPLOYEES TO CONDUCT DUE DILIGENCE CONCERNING FINANCIAL ADVISERS' EVALUATION OR HANDLING OF ANY POTENTIAL MNPI RESULTING FROM AN AD HOC CREDITORS' COMMITTEE, OR FOR OBTAINING A REPRESENTATION FROM SUCH ADVISERS CONCERNING THEIR POLICIES AND PROCEDURES FOR HANDLING MNPI. PURSUANT TO AN OFFER OF SETTLEMENT, THE COMMISSION FOUND, AND REGISTRANT NEITHER ADMITTED NOR DENIED, THAT REGISTRANT VIOLATED SECTIONS 204A AND 206(4) OF THE ADVISERS ACT AND RULE 206(4)-7 THEREUNDER. Status: Final Sanction Detail: A CIVIL MONEY PENALTY IN THE AMOUNT OF $1,500,000 WAS PAID ON OCTOBER 11, 2024. Summary: THE REGISTRANT, WITHOUT ADMITTING OR DENYING ANY FINDINGS EXCEPT AS TO THE COMMISSION'S JURISDICTION AND THE SUBJECT MATTER OF THE PROCEEDINGS, CONSENTED TO THE ENTRY OF AN ORDER INSTITUTING ADMINISTRATIVE AND CEASE AND DESIST PROCEEDINGS IN SETTLEMENT OF AN ADMINISTRATIVE PROCEEDING. THE ORDER CONCLUDED THE COMMISSION'S INQUIRY INTO THIS MATTER.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- J.P. Morgan $1.0B (4% of AUM) Dec 2021
- BNY Mellon $878M (3% of AUM) Mar 2026
- Bnp $519M (2% of AUM) Aug 2023
- Bgl Bnp Paribas $512M (2% of AUM) Mar 2026
- Northern Trust $501M (2% of AUM) Mar 2026
- State Street $483M (2% of AUM) Mar 2026
- Hsbc Trinkaus & Burkhardt, Ag $415M (2% of AUM) Oct 2020
- Bnp Paribas Securities Services Australia $406M (2% of AUM) Dec 2019
- RBC $264M (2% of AUM) Dec 2018
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Jul 31, 2026.
View current Form ADV (SEC/IAPD) ↗