Letko, Brosseau & Associates Inc.
SEC-registered
Investment Adviser · Large ($10B–$100B)
CRD 133221
· SEC file 801-64074
· Montreal, Quebec
· www.youtube.com
☆ Save with Pro
ADV data as of Dec 22, 2025
- Regulatory AUM
- $18.8B
- Discretionary
- $18.8B
- Clients
- 2,186
- Avg AUM / client
- $8.6M
- Accounts
- 2,186
- Employees
- 75
AUM over time
$76.4M
$23.7B
Sep 2011
Sep 2025
Annual snapshots from Form ADV filings · as of Dec 22, 2025
Asset allocation (SMA assets by investment type)
as of Dec 22, 2025
Exchange-traded equities
$10.7B
57%
Pooled investment vehicles
$5.8B
31%
Sovereign bonds
$1.1B
6%
Cash & equivalents
$942M
5%
Investment-grade corporate bonds
$188M
1%
Share of SMA assets by investment vehicle type, as filed in Form ADV Item 5.K. Dollar figures are percentages applied to total regulatory AUM.
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 1,026 | $600M | 3.18% |
| High net worth individuals | 571 | $2.1B | 10.9% |
| Pooled investment vehicles (non-investment companies) | 29 | $5.0B | 26.4% |
| Pension and profit sharing plans | 91 | $6.0B | 31.7% |
| Charitable organizations | 90 | $1.8B | 9.58% |
| Corporations and other businesses | 379 | $3.4B | 18.3% |
Private funds (7)
Reported in Form ADV Section 7.B.(1), filing of Dec 2024 · $1.6B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Letko Brosseau Equity Fund | Other Private Fund | Canada | $665M | 766 |
| Letko Brosseau Rsp Equity Fund | Other Private Fund | Canada | $532M | 490 |
| Letko Brosseau Rsp Balanced Fund | Other Private Fund | Canada | $328M | 680 |
| Letko Brosseau Emerging Markets Equity Fund (Us), A Series Of Letko Brosseau Us Funds Lp | Other Private Fund | Delaware | $41.4M | 2 |
| Letko Brosseau Rsp Bond Fund | Other Private Fund | Canada | $36.5M | 79 |
| Letko Brosseau Esg Fossil Fuel Free Global Equity Fund (Us), A Series Of Letko Brosseau Us Funds Lp | Other Private Fund | Delaware | $22.1M | 1 |
| Letko Brosseau Equity Fund Global Investors | Other Private Fund | Canada | $6.9M | 9 |
People (15)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Brosseau, Daniel, François | Executive Officer | Jul 1987 (39y) | ≈ 18.75% – 50% via 4554353 Canada Inc. | |
| Belkin, Alton, Stuart | Trustee | Jan 2007 (20y) | ≈ 0.94% – 5% via The Morris Belkin Family Trust | |
| Jewell, Donald, Gordon | Trustee | Jan 2007 (20y) | ≈ 0.94% – 5% via The Morris Belkin Family Trust | |
| Letko, Peter | Common Shareholder | Mar 2010 (16y) | ≈ 18.75% – 50% via 4554361 Canada Inc. | |
| Birks, Thomas, Massey | Chairman Of The Board Of Directors | May 2017 (9y) | Less than 5% | |
| Marien, Robert, Joseph | Director | May 2017 (9y) | Less than 5% | |
| Élie, Jean, André | Director | May 2017 (9y) | Less than 5% | |
| Godin, Isabelle, Marie, Colette | Chief Compliance Officer And Chief Financial Officer | Oct 2017 (9y) | Less than 5% | |
| Lindsay, Thomas, Douglas | Trustee | Feb 2019 (8y) | ≈ 0.94% – 5% via The Morris Belkin Family Trust | |
| Siebens, Evann, Elizabeth | Common Shareholder | Jun 2020 (6y) | ≈ 1.25% – 5% via Candor Investments Ltd | |
| Siebens, Rhondda, Marie | Common Shareholder | Jun 2020 (6y) | ≈ 1.25% – 5% via Candor Investments Ltd | |
| Siebens, William, Carter | Common Shareholder | Jun 2020 (6y) | ≈ 1.25% – 5% via Candor Investments Ltd | |
| Baroux Francisci, Nathalie, Claude | Director | Dec 2022 (4y) | Less than 5% | |
| Gattuso, Jean | Director | Dec 2022 (4y) | Less than 5% | |
| Brian John Bedernyak | Registered representative | CFA | May 2024 (2y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| 4554361 Canada Inc. | Common Shareholder | Mar 2010 | A | 25% – 50% |
| 4554353 Canada Inc. | Common Shareholder | Mar 2010 | A | 25% – 50% |
| Candor Investments Ltd | Common Shareholder | Mar 1996 | A | 5% – 10% |
| Belkorp Industries Inc. | Common Shareholder | Jan 2007 | A | 5% – 10% |
| The Morris Belkin Family Trust | Common Shareholder | Jan 2007 | B | ≈ 3.75% – 10% via Belkorp Industries Inc. |
Undisclosed: 0% – 40% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Brosseau, Daniel, François: 75% – 100% of 4554353 Canada Inc. × 25% – 50% direct ≈ 18.75% – 50% of the firm
- Belkin, Alton, Stuart: 25% – 50% of The Morris Belkin Family Trust × 75% – 100% of Belkorp Industries Inc. × 5% – 10% direct ≈ 0.94% – 5% of the firm
- Jewell, Donald, Gordon: 25% – 50% of The Morris Belkin Family Trust × 75% – 100% of Belkorp Industries Inc. × 5% – 10% direct ≈ 0.94% – 5% of the firm
- Letko, Peter: 75% – 100% of 4554361 Canada Inc. × 25% – 50% direct ≈ 18.75% – 50% of the firm
- Lindsay, Thomas, Douglas: 25% – 50% of The Morris Belkin Family Trust × 75% – 100% of Belkorp Industries Inc. × 5% – 10% direct ≈ 0.94% – 5% of the firm
- Siebens, Evann, Elizabeth: 25% – 50% of Candor Investments Ltd × 5% – 10% direct ≈ 1.25% – 5% of the firm
- Siebens, Rhondda, Marie: 25% – 50% of Candor Investments Ltd × 5% – 10% direct ≈ 1.25% – 5% of the firm
- Siebens, William, Carter: 25% – 50% of Candor Investments Ltd × 5% – 10% direct ≈ 1.25% – 5% of the firm
- The Morris Belkin Family Trust: 75% – 100% of Belkorp Industries Inc. × 5% – 10% direct ≈ 3.75% – 10% 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 (7, $1.6B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Letko Brosseau Equity Fund | Other Private Fund | $665M | $0 | 766 |
| Letko Brosseau Rsp Equity Fund | Other Private Fund | $532M | $0 | 490 |
| Letko Brosseau Rsp Balanced Fund | Other Private Fund | $328M | $0 | 680 |
| Letko Brosseau Emerging Markets Equity Fund (Us), A Series Of Letko Brosseau Us Funds Lp | Other Private Fund | $41.4M | $0 | 2 |
| Letko Brosseau Rsp Bond Fund | Other Private Fund | $36.5M | $0 | 79 |
| Letko Brosseau Esg Fossil Fuel Free Global Equity Fund (Us), A Series Of Letko Brosseau Us Funds Lp | Other Private Fund | $22.1M | $0 | 1 |
| Letko Brosseau Equity Fund Global Investors | Other Private Fund | $6.9M | $0 | 9 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 12/22/2025 | 2.45 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
Services
- • Financial planning services
- • Portfolio management for individuals/small businesses
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- RBC $7.8B (42% of AUM) Dec 2025
- Cibc Mellon Trust Company $2.9B (15% of AUM) Dec 2025
- Desjardins Trust Inc. $1.7B (9% of AUM) Dec 2021
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: Dec 22, 2025.
View current Form ADV (SEC/IAPD) ↗