# Brown Advisory > Mediated Wiki article. Canonical URL: https://mediated.wiki/source/Brown_Advisory > Markdown URL: https://mediated.wiki/source/Brown_Advisory.md > Source: https://en.wikipedia.org/wiki/Brown_Advisory > Source revision: 1356425000 > License: Creative Commons Attribution-ShareAlike 4.0 International (https://creativecommons.org/licenses/by-sa/4.0/) {{Short description|Asset management firm headquartered in Baltimore}} {{Use mdy dates|date=December 2023}} {{Infobox company | name = Brown Advisory LLC | logo = Brown Advisory.png | image = | image_caption = | image_size = | trade_name = | native_name = | former_name = | type = [Private](/source/Privately_held_company) | traded_as = | industry = [Investment Management](/source/Investment_Management) | founded = {{Start date and age|1993}} | founders = | location = [Baltimore, Maryland](/source/Baltimore%2C_Maryland), U.S. | num_locations = | key_people = {{ubl |Michael Hankin (president & CEO) }} | revenue = | net_income = | aum = US$128.4 billion (January 2023){{cite web |title=Brown Advisory Launches Sustainable Value Mutual Fund |url=https://finance.yahoo.com/news/brown-advisory-launches-sustainable-value-123000608.html |website=Yahoo Finance |date=March 7, 2023}} | equity = | num_employees = ~850 (2023) | parent = | subsidiaries = | website = {{URL|www.brownadvisory.com}} | footnotes = {{cite web |title=Form ADV |url=https://reports.adviserinfo.sec.gov/reports/ADV/110181/PDF/110181.pdf |website=SEC}} }} '''Brown Advisory LLC''' is an American [investment management](/source/investment_management) firm based in [Baltimore, Maryland](/source/Baltimore%2C_Maryland). It was originally the investment management arm of [Alex. Brown & Sons](/source/Alex._Brown_%26_Sons), the first [investment bank](/source/Investment_banking) in the United States. The firm is majority employee-owned. == Background == Brown Advisory traces its origins to Alex. Brown & Sons, an investment bank headquartered in Baltimore, Maryland that was the first investment bank in the United States. In 1974, Alex. Brown Investment Management (ABIM) was established as the investment management unit of Alex. Brown & Sons where it managed assets and distributed [mutual fund](/source/mutual_fund)s. In 1993, Brown Advisory was established as another investment management unit of Alex. Brown & Sons where it aimed to provide investment guidance to [high-net-worth individual](/source/high-net-worth_individual)s and focused on financing [growth companies](/source/growth_companies). When Alex. Brown & Sons was acquired by [Bankers Trust](/source/Bankers_Trust), both units continued to operate under it.{{Cite web |last=Harris |first=William |date=July 5, 2022 |title=Brown Advisory: More Than Just An Investment Adviser |url=https://www.citybiz.co/article/288007/brown-advisory-more-than-just-an-investment-adviser/ |access-date=August 18, 2023 |website=citybiz |language=en-US}}{{Cite web |date=July 3, 2007 |title=Brown expands |url=https://www.baltimoresun.com/news/bs-xpm-2007-07-03-0707030107-story.html |access-date=August 18, 2023 |website=Baltimore Sun}}{{Cite web |title=Alex. Brown & Sons offshoots agree to join forces |url=https://www.wealthbriefing.com/html/article.php?id=24232 |access-date=August 18, 2023 |website=www.wealthbriefing.com}}{{Cite web |last=admin |date=February 15, 2007 |title=The family tree branches out {{!}} Maryland Daily Record |url=https://thedailyrecord.com/2007/02/15/the-family-tree-branches-out/,%20https://thedailyrecord.com/2007/02/15/the-family-tree-branches-out/ |access-date=August 18, 2023 |language=en-US}}{{Cite web |date=July 30, 2022 |title=Brown Advisory Review - SmartAsset {{!}} SmartAsset.com |url=https://smartasset.com/financial-advisor/brown-advisory-review |access-date=August 18, 2023 |website=SmartAsset |language=en}} In 1998, the management team of Brown Advisory led a [management buyout](/source/management_buyout) leading to Brown Advisory being [spun off](/source/Corporate_spin-off) from Bankers Trust as an independent firm. At the time, it had $2.5 billion in [assets under management](/source/assets_under_management) (AUM). Not too long after, Bankers Trust was acquired by [Deutsche Bank](/source/Deutsche_Bank) in 1999. In 2001, the management team of ABIM lead a management buyout leading ABIM to being spun-off as an independent firm from Deutsche Bank. In July 2007, Brown Advisory acquired Beaty Haynes & Associates, a $1.1 billion investment manager based in [Bethesda](/source/Bethesda%2C_Maryland). On March 25, 2008, Brown Advisory expanded outside the US, where it opened an office in London as the base for its European operation. It would initially offer a US [large-cap](/source/large_cap) value portfolio to UK clients through a [UCITS](/source/UCITS) vehicle based in Dublin.{{Cite web |last=Preskett |first=Mark |date=March 25, 2008 |title=Brown Advisory opens London office |url=https://www.investmentweek.co.uk/investment-week/news/1361259/brown-advisory-london-office |access-date=August 18, 2023 |website=Investmentweek |language=en}} On July 7, 2008, Brown Advisory and ABIM agreed to a merger under the Brown Advisory brand name. The combined firm at the time would have $18 billion AUM.{{Cite web |last=Appell |first=Douglas |date=July 7, 2008 |title=2 Browns to reunite |url=https://www.pionline.com/article/20080707/ONLINE/779766325/2-browns-to-reunite |access-date=August 18, 2023 |website=Pensions & Investments |language=en}} In September 2016, Brown Advisory acquired Blackhaw Wealth Management, a small investment company in [Austin, Texas](/source/Austin%2C_Texas).{{Cite web |date=September 7, 2016 |title=Baltimore's Brown Advisory acquires Austin investment firm |url=https://www.baltimoresun.com/business/bs-bz-brown-advisory-acquisition-20160907-story.html |access-date=August 18, 2023 |website=Baltimore Sun}} In 2018, Brown Advisory made a series of acquisitions. On February 22, it acquired NextGen Venture Partners, a [venture capital](/source/venture_capital) firm based in [Washington, D.C.](/source/Washington%2C_D.C.) On March 28, it acquired Meritage Capital, a $1.2 billion [hedge fund](/source/hedge_fund) solutions provider based in Austin, Texas. On November 16, it acquired Signature Family Wealth Advisor, a $4.3 billion [family office](/source/family_office) advisory firm based in [Norfolk, Virginia](/source/Norfolk%2C_Virginia).{{Cite web |last=Piper |first=Nicole |date=November 20, 2018 |title=Brown Advisory acquires $4.3bn family office |url=https://citywire.com/pro-buyer/news/brown-advisory-acquires-4-3bn-family-office/a1177434 |access-date=August 18, 2023 |website=citywire.com}} In April 2019, Brown Advisory expanded into the [Asia-Pacific](/source/Asia-Pacific) region after opening an office in Singapore.{{Cite web |title=Brown Advisory Opens Singapore Office |url=https://www.wealthbriefingasia.com/article.php?id=183213 |access-date=August 18, 2023 |website=www.wealthbriefingasia.com}} In February 2021, Brown Advisory and Meriebelle Stable took over from [RSA Insurance Group](/source/RSA_Insurance_Group) as a sponsor of the [Brown Advisory Novices' Chase](/source/Brown_Advisory_Novices'_Chase).{{Cite web |last=Scargill |first=Peter |title=New sponsors step in for Grade 1 3m novice chase at Cheltenham Festival |url=https://www.racingpost.com/news/new-sponsors-step-in-for-grade-1-3m-novice-chase-at-cheltenham-festival-a22Df0c56qne/ |access-date=August 18, 2023 |website=www.racingpost.com |language=en}} In May 2023, [Governor of Maryland](/source/Governor_of_Maryland), [Wes Moore](/source/Wes_Moore), put $2.5 million worth of investments in a [blind trust](/source/blind_trust), which was reported to be managed by Brown Advisory. Under the structure of the trust, Brown Advisory had 90 days to reduce the holdings of [Cannabis](/source/Cannabis_(drug)) company, Thumb Industries, from 46 percent to less than 20 percent of the trust's assets.{{Cite news |last=Cox |first=Erin |date=May 1, 2023 |title=Gov. Wes Moore puts investments in blind trust, including $1.1M in cannabis stock |url=https://www.washingtonpost.com/dc-md-va/2023/05/01/wes-moore-blind-trust-maryland/ |newspaper=The Washington Post}} ==References== {{Reflist}} ==External links== * {{Official website| https://www.brownadvisory.com}} {{authority control}} Category:1993 establishments in Maryland Category:Companies based in Baltimore Category:Companies formed by management buyout Category:Financial services companies established in 1993 Category:Investment companies of the United States Category:Brown family (banking) Category:Asset management companies --- Adapted from the Wikipedia article [Brown Advisory](https://en.wikipedia.org/wiki/Brown_Advisory) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Brown_Advisory?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.