1. Firm Overview
Founding Year & Story: Established in 1993 as the investment management arm of Alex. Brown & Sons (America’s first investment bank) to help newly wealthy entrepreneurs invest capital. In 1998, the management team led a buyout to spin off Brown Advisory as an independent firm with ~$2.5 B AUM.
Type of Firm: Privately held independent investment management and strategic advisory firm, focused exclusively on investment management (no other lines of business). The firm remains majority employee-owned (~70% by colleagues, 30% by select outside investors).
Headquarters & Offices: Headquartered in Baltimore, Maryland. Has 14 offices across the U.S. (including Austin, Boston, Charlotte/Chapel Hill, Nashville, New York, Washington D.C., Wilmington DE, Richmond/Charlottesville VA, Southern CA, San Francisco, Norfolk, etc.) and international offices in London, plus strategic bases in Frankfurt, Singapore, and Tokyo. Clients are served in all 50 U.S. states and 51 countries.
Current AUM: Approximately $157 B in client assets as of mid-2024, growing to “nearly $170 B” by early 2025. (For reference, AUM was $128 B in Jan 2023, reflecting strong growth).
Ownership Structure: Private partnership model – every full-time employee owns equity in the firm. Outside investors hold a minority stake but are aligned long-term. The firm is committed to staying private and independent to maintain its client-first focus.
Notable History: Traces roots to Alex. Brown & Sons (founded 1800). 1998 – management buyout from Bankers Trust/Deutsche Bank. 2008 – merged with Alex Brown’s separate investment unit (ABIM), combining for $18 B AUM. Grew through strategic acquisitions: e.g. Beaty Haynes (2007), Blackhaw (2016), NextGen Venture Partners (early-stage VC, 2018), Meritage Capital (hedge fund solutions, 2018), Signature Family Wealth (2018). Expanded internationally with London office (2008), Singapore (2019), and Tokyo (2023).
2. Leadership & Key Personnel
Founders / Early Leaders: Originated within Alex. Brown; the 1998 spin-out was led by Michael “Mike” Hankin and a group of partner-investors. Hankin has effectively served as the firm’s leader since independence, shaping its culture and strategy.
Co-CEOs: Mike Hankin – President & Co-CEO. Led the firm since 1998 and oversaw growth from $2 B to ~$170 B AUM. Logie Fitzwilliams – Co-CEO (appointed 2025) with Hankin. Fitzwilliams joined in 2003 and previously headed international business. Both serve as Co-Presidents and report to an independent Board.
Key Leadership Team: Paul Chew – Chief Investment Officer (CIO). Tim Hathaway – CIO of Institutional (oversees institutional client portfolios). Sidney “Sid” Ahl & Erika Pagel – Co-CIOs for Private Client, Endowments & Foundations (lead multi-asset investment strategy for those segments). Jacob Hodes – CIO of Private Investments (leads venture, private equity/alternatives efforts). Quintin Ings-Chambers – Head of International Business (London-based). Karina Funk – Chair of Sustainable Investing (guides ESG integration). Shannon Pierce – Chief Financial Officer. Brett Rogers – General Counsel. The firm’s Board of Directors is independent, with leaders like Bob Flanagan (Lead Director) providing oversight.
Managing Partners: The firm uses a partner structure – many senior executives carry the title Partner (e.g. Hankin and Fitzwilliams are Partners in addition to Co-CEOs). All colleagues are equity partners to some degree, but the most senior investment professionals are often designated as Principals or Partners internally. This shared ownership is viewed as key to its long-term, client-focused culture.
3. Investment Strategy
Asset Classes: Offers a broad range of public market investments – actively managed equity (U.S., global, emerging markets) and fixed income (taxable bonds and tax-exempt/municipal bonds) portfolios. Also provides access to alternative assets: early-stage venture capital (via its NextGen Venture Partners arm), hedge fund and multi-manager solutions (via Meritage Capital acquisition), and selective private equity/real estate opportunities (often via strategic advisory to clients or fund-of-funds). All investments are part of Brown’s single focus on investment management.
Fund Types & Vehicles: Manages separately managed accounts and discretionary portfolios for clients. Sponsors a family of mutual funds and, as of late 2023, launched its first ETF (Brown Advisory Flexible Equity ETF). Also manages private funds (e.g. venture capital funds, hedge fund vehicles) and UCITS/offshore funds for non-U.S. investors in jurisdictions like Ireland, Cayman, Bermuda.
Primary Strategies: In equities – known for fundamental, long-only strategies with a long-term horizon and relatively concentrated, low-turnover portfolios. Key equity offerings include large-cap growth and value, small/mid-cap growth, sustainable equity strategies, and a flagship Global Leaders strategy (~$15 B AUM) focusing on high-quality global companies. In fixed income – offers core bond, short-duration, and global total return bond strategies, including dedicated sustainable fixed income portfolios. Also provides multi-asset allocation and outsourced CIO (OCIO) services for endowments and families, constructing portfolios across stocks, bonds, and alternatives.
Sectors & Industries: The firm invests across all major sectors; there is no narrow sector specialization in its flagship strategies. Equity teams seek companies with strong fundamentals – often quality growth companies in technology, healthcare, consumer, etc., as well as value opportunities. Through NextGen, there is a tilt toward technology and innovative startups (portfolio includes companies like Hyperloop One and UrbanStems). Sustainable strategies may emphasize sectors or companies with positive ESG impact (e.g. clean energy, responsible finance), but overall Brown Advisory maintains a broad industry exposure.
Geographic Focus: Global – Brown Advisory manages U.S. and international portfolios. U.S. equities and bonds remain core, but the firm has built an international investment platform (London office houses a global equity team). It serves many non-U.S. clients and runs strategies for Europe/Asia (e.g. Sustainable International Leaders, Global Sustainable Bond). The client base and investments span North America, Europe, and Asia-Pacific, with nearly $30 B managed for clients in UK/Europe/APAC as of 2024.
Notable Portfolio Companies: As a public markets investor, Brown Advisory’s portfolios hold stakes in many publicly traded companies (e.g. holdings in ~1,331 companies per recent filings), including blue-chips like Apple or Microsoft via its large-cap strategies (not publicly enumerated by the firm). Through NextGen Venture Partners, Brown Advisory has backed startups such as Virgin Hyperloop One (transportation tech) and UrbanStems (online floral delivery). The firm has also invested in local ventures (e.g. Baltimore startups like Workbench and BurnAlong) as part of its community-focused investing. (Note: Specific public equity holdings are subject to change; firm does not broadly publicize individual stock picks.)
4. AUM Details
By Asset Class: Not publicly broken out in detail. Based on disclosures, the majority of the ~$170 B AUM is in public equities and fixed income mandates for clients. Brown Advisory oversees significant equity assets (e.g. its Global Leaders equity strategy alone >$15 B) and substantial fixed-income portfolios (including >$12 B for endowments/foundations, much of which is in multi-asset and bond investments). The firm also manages alternative assets (venture, hedge strategies), though these likely comprise a smaller portion of total AUM (e.g. NextGen VC fund was ~$22 M; Meritage added ~$1.2 B in hedge assets).
By Investment Strategy/Style: AUM is diversified across client types and strategies. A large share is in customized balanced portfolios for private clients (mix of stocks, bonds, funds). On the institutional side, assets are in specific strategies (e.g. U.S. large-cap equities, global equities, core fixed income). The firm’s fast-growing sustainable investing strategies have attracted significant flows (launch of Sustainable Value fund in 2023, etc.). They also run fund platforms in the U.S. and Europe (mutual funds, UCITS) which contribute to AUM.
By Geography: Roughly $30 B (≈18%) is managed for international clients (UK, Europe, Asia) via the firm’s London and APAC teams. The remaining ~82% of AUM is from U.S. clients and strategies. The client base is global: “clients…in 51 countries,” but asset concentration remains higher in the U.S. market.
By Investor Type: Individuals and families (including high-net-worth and family offices) represent a sizable portion of AUM, given Brown’s private client heritage. The firm also manages significant assets for institutions – such as endowments, foundations and nonprofits (e.g. $12 B+ in endowment/foundation assets under oversight) – and for financial intermediaries/consultants. Clients include charities and foundations, for whom Brown Advisory often serves as OCIO, and institutions like pension plans or government-related trusts (e.g. Brown Advisory was selected to manage the blind trust for Maryland’s governor in 2023). In summary, the AUM mix is split between private wealth (ultra-HNW, family offices) and institutional (nonprofits, pensions, sub-advised funds), with some retail mutual fund investors via its fund range. (Exact percentages by segment are not publicly disclosed.)
5. Investment Team Organization
Structure & Division of Work: Brown Advisory’s investment professionals are organized largely by asset class and client segment. The firm has dedicated Equity Research and Portfolio Management teams, Fixed Income Research and PM teams, and a Private Investments team. Additionally, there are specialized teams for Strategic Advisory (financial planners advising private clients) and Institutional Solutions/OCIO. Analysts and portfolio managers typically work in small teams focused on particular strategies or client portfolios, but the firm emphasizes a lot of cross-team collaboration (“we ‘team’ well,” with integrated teams of PMs, advisors, client service, etc.).
Coverage Model: The equity research team is organized by global sector coverage – analysts are often generalists within a strategy but many cover specific industries or themes across portfolios. There is a Director of Equity Research overseeing the research process. The fixed income team includes specialists in credit research, rates, and municipal bonds, with a Director for tax-exempt FI. For private investments, the NextGen venture team sources deals via its network of venture partners, and Meritage’s team researches hedge fund managers – these efforts are now under a single Private Investments CIO (Hodes).
Leadership of Investment Teams: The overall investment platform is led by Chief Investment Officer (Paul Chew), who sets broad investment philosophy. Under him, CIOs for specific areas (Institutional, Private Client, Alternatives) manage their domains. Portfolio managers (PMs) are the key decision-makers for individual strategies – e.g., Brown has named PMs for each equity fund (such as large-cap growth or global sustainable funds) and each fixed income strategy. There is also an Investment Risk head (Sam Shah) who monitors portfolio risks firm-wide, and a Sustainable Investing team that works across equity and bond groups to integrate ESG analysis.
Key Decision-Making Bodies: Investment decisions are generally made by portfolio managers with input from analysts. The firm fosters a collegial Investment Committee style – for example, daily firm-wide morning meetings bring together teams to share research updates. New stock ideas might be pitched by analysts to PMs and sometimes discussed in group forums. A formal Investment Committee likely oversees multi-asset allocation and overall strategy (especially for the private client side), while each strategy (fund) has its PM (or team of PMs) accountable for security selection. Collaboration is emphasized: “we make decisions…as teams” rather than siloed individuals.
Analyst Roles: Analysts are generally assigned by asset class (equity vs. fixed income) and often by sector within equities. They perform bottom-up research, build models, and continuously monitor holdings. Given Brown’s relatively concentrated portfolios, analysts conduct deep fundamental due diligence on a curated list of companies or issuers. Notably, Brown Advisory’s culture includes even junior analysts in discussions and decision-making to a greater degree than some peers (reflecting the team-based ethos and flat hierarchy).
CIO / Research Leadership: Paul Chew (CIO) chairs the overall investment process, ensuring consistency of philosophy. Daniel Mooney as Director of Equity Research coordinates the equity analyst team and idea generation process. On the fixed income side, senior PMs lead research efforts for their niches (e.g. an investment grade PM for core bonds, a municipal specialist for munis). Katherine Kroll as Head of Institutional Sustainable Investing bridges ESG research with the main investment teams.
Decision-Makers: The final call on investments lies with Portfolio Managers/Team Leads for each strategy. For example, a PM of the Large-Cap Sustainable Growth strategy has discretion on stock selection, informed by analyst research. That said, Brown Advisory’s emphasis on consensus and collaboration means decisions often involve multiple senior investors – e.g. the Global Equity team in London collectively manages the Global Leaders strategy. The firm’s long-tenured leaders (Hankin, Fitzwilliams) set high-level asset allocation views and ensure alignment with client objectives, but day-to-day security selection is delegated to the professional investment teams.
6. Investment Process
Broad Approach: Brown Advisory follows a long-term, fundamental investment approach. Equity portfolios are actively managed, low-turnover, and concentrated, aiming to hold high-conviction positions for many years. The process is “bottom-up”, focusing on company-by-company analysis rather than market timing. The firm explicitly notes it “does not build portfolios based on models” or passive quantitative screens; instead, each client portfolio is thoughtfully constructed through research and active judgment. Risk management is performed through diversification and scenario analysis rather than rigid tracking of benchmarks.
Idea Generation (New Idea Funnel): Ideas for investment can originate from analysts’ research, management meetings, industry trends, or the firm’s extensive network (especially true in venture, where NextGen sources deals via a network of 900+ entrepreneurs and investors). In public equities, analysts continuously monitor their coverage universe and pitch new stock ideas at research meetings. Brown’s culture encourages all team members to contribute ideas, regardless of title. For example, an analyst might identify a compelling growth company aligned with Brown’s “sustainable leaders” theme and present it to the portfolio manager and team for consideration. The firm also leverages thematic research (e.g. on sustainability or innovation) to spur new investment theses.
Research & Due Diligence: The due diligence process is rigorous and fundamentally driven. For a stock, this includes deep financial modeling, valuation analysis, meetings with company management, and evaluating competitive moats. The analyst and PM assess upside vs. downside under various scenarios (the fixed income team explicitly uses scenario analysis for credit risk). In sustainable strategies, due diligence also covers ESG metrics and impact outcomes. For private investments, due diligence means vetting startup teams, markets, and co-investors (leveraging NextGen’s network for references). Investment committees or team discussions vet high-priority ideas, ensuring they meet Brown’s quality standards before capital is committed.
Portfolio Construction: Portfolios are built to reflect highest conviction ideas while managing risk. Brown Advisory typically runs portfolios of ~25-50 stocks for equities, aiming for balance across sectors and themes (to avoid over-concentration). Position sizes are determined by conviction level and risk (larger in highest-quality names). Fixed income portfolios are constructed to achieve target duration and credit exposure while incorporating Brown’s best credit ideas. Sustainability preferences of clients are incorporated case-by-case – Brown does not impose a one-size ESG screen but will tilt or exclude per client guidelines. The firm’s multi-asset portfolios (for private clients) are tailored to each client’s objectives, using an in-house asset allocation framework combined with security selection from underlying teams.
Quantitative Involvement: Brown Advisory’s style is primarily fundamental and qualitative. Quantitative analysis is used as a supplementary tool – e.g. risk analytics, factor exposure monitoring, and performance attribution – but not as a primary driver of investment decisions. The firm values quantitative risk management (it has a Head of Investment Risk monitoring portfolios), and may use financial models and scenario simulations, but security selection relies on human judgment. Notably, leadership has stated an aversion to blindly following “models” in portfolio design. Thus, quantitative techniques (screening for valuation metrics, etc.) may feed the idea funnel, but portfolio managers ultimately make discretionary calls based on fundamental insights. There is no algorithmic or high-frequency trading element; any quant strategies (if any exist) are minimal.
ESG and Sustainability Integration: A distinct aspect of Brown’s process is integrating sustainable investing research when relevant. The firm’s analysts consider governance and long-term environmental/social risks as part of due diligence. Dedicated sustainable specialists (like the Sustainable Investing team) collaborate with mainstream analysts to evaluate issues material to an investment. However, Brown does not force ESG criteria on all portfolios – it’s tailored to client preference, and where used, the approach is thoughtful and client-specific.
Decision Review & Monitoring: Once in the portfolio, holdings are continuously monitored. Teams conduct regular strategy reviews and risk reviews. Any thesis change or adverse development triggers a re-evaluation. The firm’s >98% client retention over the past decade suggests a disciplined process yielding results that meet client expectations. Investment results and decisions are reviewed in operating committee meetings (and these meeting notes are even shared internally for transparency). Overall, the process is client-centric, aiming to achieve each client’s goals through prudent, research-backed investing rather than chasing short-term market moves.
7. Learn More About the Firm
Podcasts (Firm-Run): “Navigating Our World” (NOW) – Brown Advisory’s official podcast series exploring big-picture issues and fresh perspectives impacting investors and society. Episodes feature Brown Advisory leaders and external experts discussing topics from sustainable investing to technology and global trends. “CIO Perspectives” – a Brown Advisory podcast (available on Spotify) where the firm’s CIOs host conversations on market issues and strategy with both internal and external investment experts. These podcasts offer insight into the firm’s thinking and are publicly accessible.
Videos & Webcasts: Brown Advisory’s YouTube channel features content like the Brown Advisory Speaker Series and webinars. Examples include sector updates (e.g. a Technology sector update) and macro discussions (e.g. “Election Reflections” CIO special). The firm also posts recordings of live events (such as panels from its NOW conference) on its website and YouTube.
Articles & Thought Leadership: The firm regularly publishes investment letters and research pieces on its website (see the Insights section). For instance, annual letters (titled “Annual Report – Mountains” etc.) from senior leadership provide reflections on strategy and culture. Brown Advisory’s professionals contribute to whitepapers on asset allocation, sustainable investing (e.g. “Sustainable Investing at Brown Advisory” reports), and market outlooks (e.g. Global Fixed Income Outlook 2025). These materials give a deep dive into the firm’s approach and market views.
Media Coverage: While Brown Advisory stays mostly low-profile, there are a few notable external sources:
Citybiz (July 2022) – Article “Brown Advisory: More Than Just An Investment Adviser” profiling the firm’s evolution and philosophy.
Baltimore Business Journal (2017) – Interview with CEO Mike Hankin on the firm’s growth and staying under the radar (How Brown Advisory has quietly become a $57 billion firm - Baltimore Business Journal).
WealthBriefing / Family Wealth Report (2023) – Coverage of leadership changes and growth (e.g. co-CEO appointment, expansion in Europe).
Technical.ly (2018) – Article on the NextGen Venture Partners acquisition, including examples of venture investments (Baltimore-based Brown Advisory acquires NextGen Venture Partners - Technical.ly).
These articles provide independent perspectives and often include quotes from leadership.
Webcasts/Conferences: Brown Advisory hosts an annual NOW Conference (Navigating Our World) bringing together experts on various topics. Some sessions are recorded as podcast episodes or videos (NOW Podcast - Brown Advisory). The firm’s leaders also appear on industry panels (e.g. Wealth Management events) and occasionally on podcasts like Capital Allocators. For example, Brown’s Global equity PM Bertie Thomson was interviewed by Ted Seides discussing lessons from 2020 (An Interview with Bertie Thomson - Brown Advisory).
Other Materials: The firm’s website (brownadvisory.com) is a rich resource – it includes case studies of community projects (e.g. B.Innovative initiative supporting entrepreneurs), client stories, and newsletters. Brown Advisory also releases market commentary emails and client memos (especially during volatile times, to communicate their outlook and reassure clients). All publicly available materials stress the firm’s core themes: client-first service, teamwork, sustainability, and long-term thinking.
8. Recent Developments (Past ~2 Years)
Leadership Changes: In January 2025, Brown Advisory implemented its first major leadership change since 1998 – appointing Logie Fitzwilliams as Co-CEO alongside Mike Hankin. This move, designed to support the firm’s growth and future, was significant as Hankin had been sole CEO for 27 years. Concurrently, Quintin Ings-Chambers was elevated to Head of International (as Logie focuses on firm-wide duties). Earlier in 2024, the firm promoted Shannon Pierce to Chief Financial Officer (June 2024) and hired a new CIO for Endowments & Foundations (November 2024) to strengthen leadership in key areas.
New Fund Launches: Brown Advisory expanded its product lineup with notable launches:
In November 2023, it launched the Brown Advisory Flexible Equity ETF, its first active ETF, starting with ~$913 M in seed assets. This reflects the firm’s entry into the ETF space to offer clients a low-cost, tax-efficient vehicle for a core equity strategy.
In March 2023, it introduced the Brown Advisory Sustainable Value Fund (a mutual fund), extending its sustainable investing offerings to value-style equities.
The firm also marked the 3-year anniversary of its Global Sustainable Total Return Bond strategy in 2023, highlighting strong performance and commitment to sustainable fixed income.
Geographic Expansion: In April 2023, Brown Advisory officially opened a Tokyo office, establishing a presence in Japan to support APAC clients after a decade of growing assets in the region. It also bolstered its Singapore office in 2024 with senior hires focusing on North Asia markets. These moves underscore the firm’s push into international markets to serve global families and institutions locally.
Major Deals & Acquisitions: No major acquisitions were announced in 2023-2024 (the last big M&A was in 2018). Instead, growth has been organic and through talent acquisition. One partnership note: in 2021, Brown Advisory (with Meriebelle Stable) took over sponsorship of a prominent UK horse race (the Brown Advisory Novices’ Chase at Cheltenham), reflecting its growing UK presence and branding.
Investments & Exits: The firm’s venture arm, NextGen, saw some portfolio companies mature. For instance, Virgin Hyperloop (Hyperloop One), which NextGen invested in, continued development (though not an exit yet). Brown Advisory hasn’t publicized specific exits; however, its long-term public equity holdings benefited from strong markets in 2023-24, contributing to record AUM. In a governance note, in May 2023, the firm was in headlines for managing a blind trust for Maryland’s governor, requiring adjustments to cannabis stock holdings per ethics rules.
Personnel Hires: Brown Advisory has been actively hiring experienced talent:
Added several Portfolio Managers and Senior Advisors across offices (e.g., a new PM in Boston Dec 2024, senior advisor hires in D.C., Southern California, Virginia in 2024).
Hired a Head of Impact Investing and Advice in March 2024, reinforcing its strategic advisory on ESG/impact for clients.
These hires indicate the firm’s focus on specialized expertise and regional client service as it scales.
Awards/Recognitions: The firm generally doesn’t chase publicity, but it’s often recognized informally as a “Best Place to Work” in Baltimore finance circles (employees praise its culture). CEO Mike Hankin’s community involvement continued to be recognized – for example, his role in Baltimore’s Waterfront Partnership and UpSurge startup initiative have been highlighted in local press.
Overall: The past two years’ developments show Brown Advisory continuing its steady expansion – new products, new markets (Asia), and new leaders – without altering its core mission. The firm explicitly notes that despite growth, it remains committed to being private and client-focused over generations. (Data from publicly available sources as of March 2025; may not reflect the very latest updates.)
9. Careers, Jobs & Internships
Job listings on Investor Strides
Career Progression Path: Brown Advisory tends to promote from within, though the structure is relatively flat. Early-career professionals often join as Analysts (e.g. in equity research or client service). With experience, one may become an Associate Portfolio Manager or Investment Associate, then advance to Principal, and eventually Partner. However, the firm is known for being “lean” and deliberate with promotions – multiple reviews note it can be difficult to get promoted quickly. Titles are deemphasized in daily work (the firm even avoids titles on business cards), meaning career progression is often about gaining more responsibility and equity ownership rather than title changes. A successful trajectory might see an analyst take on portfolio management duties within a few years and gradually rise to principal/partner over a longer term. Lateral hires at senior levels do occur (especially to bring specialized expertise or fill leadership roles), but many of the firm’s leaders have spent decades at the firm, indicating a long average tenure for those who fit the culture.
Remote Work Policy: Brown Advisory strongly values in-person teamwork. During the COVID-19 pandemic, leadership “pushed hard to get back into the office” as soon as safely possible, citing that “connectedness…solving problems side by side…is not possible in a remote setting.” The firm has since operated in a mostly on-site or hybrid mode. While occasional remote flexibility is likely allowed (as is common in 2025), the cultural bias is toward being in office to collaborate. Officially, no public “fully remote” policy is disclosed – instead, they emphasize new safety procedures that allowed colleagues to return physically. In summary, expect a primarily office-centric environment, with potentially some hybrid arrangements depending on role and location, but not a fully remote workforce.
9.1. Interview Process
Typical Rounds: Candidates report a multi-round interview process. On average ~3 rounds are common, over ~4–5 weeks (Glassdoor data shows ~32 days average from application to offer). For entry-level or internship roles, usually 2–3 rounds: an initial phone screen, one or two rounds of interviews with team members, and sometimes a final interview. Experienced hires may go through several rounds (often 4+ interviews) involving a broader mix of stakeholders.
Structure of Rounds: The first round is often a phone or video interview with HR or an analyst, focusing on fit and background. Subsequent rounds are typically behavioral and fit interviews with hiring managers or team members. For investment roles, later rounds might include a more technical or case component (e.g. discussing an investment idea). Some candidates describe a panel interview or back-to-back interviews with multiple team members in later stages. Generally:
Round 1: HR/recruiter or junior team member – mainly resume walkthrough, “Why Brown Advisory?”, and basic behavioral questions.
Round 2: Hiring manager or team interviews – deeper behavioral questions, possibly a few technical or market questions, and an opportunity for the candidate to ask questions.
Round 3: (if applicable) A final round with a senior manager or team panel – could involve an exercise (stock pitch or case discussion) and cultural fit assessment.
Brown Advisory’s recruiting is less structured by season compared to large banks. They do have a Summer Analyst program (internship) which is recruited on a typical on-campus cycle (applications in the fall, offers by winter for the next summer). Many full-time entry hires come through intern conversions. Outside of campus hiring, most recruiting is as-needed (off-cycle) – roles are posted when there’s a need and filled on a rolling basis. There is no single “on-cycle” explosive hiring season akin to investment banking or private equity; instead, Brown Advisory hires year-round for specific openings (analysts, client associates, etc.). For investment roles, it’s not uncommon that hiring happens in Q1 or Q2 as budgets/new AUM come in.
Timeline: After initial resume submission, candidates might hear back within a couple of weeks if selected. From first interview to decision, roughly 3–6 weeks is typical. The firm tends to be thoughtful (not a super fast turnaround, but communicative). Internship recruiting follows a defined timeline (applications open in early fall, interviews Oct–Nov, offers by Dec). Full-time experienced hire processes can vary, but generally if you’re progressing, expect weekly or biweekly interviews and a final decision by about a month. Some candidates note the process can involve “many steps” and feel drawn out, reflecting Brown’s careful approach and involving multiple team members before extending an offer.
9.2. Interview Preparation
Focus of Questions: Interviews at Brown Advisory tend to be heavily behavioral and fit-oriented. Candidates consistently report questions about team experiences, client service mindset, and alignment with the firm’s values. Expect classic questions like “Why Brown Advisory?”, “Tell me about a time you worked in a team”, “What motivates you to pursue investment management?”. Because Brown values entrepreneurial spirit and initiative, interns have been asked about personal accomplishments or entrepreneurial activities. There is also likely interest in your knowledge of the firm’s culture (e.g. understanding of their client-first, long-term approach).
Technical Questions: For purely investment roles (equity or fixed-income analyst), there may be some basic technical questions – e.g. “How do you value a company?”, “What is a bond’s duration?” or “Give us a stock you find interesting.” However, multiple sources indicate the process is not as technical or modeling-heavy as Wall Street banks. One candidate noted interviews were “strictly behavioral” for an intern role, and even full-time research interviews were “very basic… few questions about my CV and why equity research”, implying less grilling on financial details.
Case Studies / Stock Pitches: Case-style components are possible especially in later rounds. Some equity research applicants have been asked to present a stock pitch or discuss an investment they’d recommend – this allows the team to assess analytical thinking and communication. The firm also sponsors stock pitch competitions on campuses, suggesting they value that skill. If applying for a portfolio management track, be prepared to talk through a mock portfolio or how you would invest a sum of money. For strategic advisory or private client roles, a case might involve a client scenario to test your advisory approach. Overall though, modeling tests are not commonly reported; if anything, expect a take-home assignment to outline an investment idea or a short presentation rather than a timed financial modeling exam.
Behavioral Emphasis: Brown Advisory is known to emphasize cultural fit. Interviewers often probe for collaborative mindset, humility, and client focus. Questions like “Describe a successful team project and your role”, or “How do you handle a disagreement in a team?” are likely. They want to see that you can thrive in a collegial, somewhat unstructured environment. Showing genuine interest in investments (for investment roles) is important – e.g. discussing your personal investing learning or a market trend you follow.
Tips: Candidates should research Brown Advisory thoroughly – know its history (Alex Brown heritage, independence), approximate AUM, and what makes it different (private, employee-owned, sustainability, etc.). Having a thoughtful answer to “Why our firm?” that touches on its culture or long-term approach will stand out. If interviewing for a specific team, be ready to explain why that focus (e.g. why equities, or why client advisory). Lastly, prepare a couple of insightful questions for interviewers – for instance, asking about their favorite aspect of Brown’s culture or how the firm is evolving – this demonstrates interest and cultural alignment.
9.3. What They Look for in Candidates
Key Skills & Traits: Brown Advisory seeks well-rounded, team-oriented individuals. Being a team player is paramount – the firm explicitly values those who can collaborate and put team success above ego. Communication and interpersonal skills are important; much of Brown’s work involves advising clients or discussing ideas internally, so they want articulate, personable hires. An entrepreneurial mindset or self-starter attitude is a plus – as evidenced by interview questions about entrepreneurial spirit. They also look for intellectual curiosity and genuine interest in investments (for investment roles). Cultural fit is critical: ideal candidates are humble, client-focused, and long-term oriented. The ability to “think like an owner” (since everyone is an owner) and take initiative in a lean environment is valued.
Cultural Fit: Because the firm has a unique culture (private, relatively flat, very collegial), they look for those who embrace collaboration and avoid sharp elbows. The no-title-on-business-card ethos means they want people comfortable in a non-hierarchical setting who will contribute regardless of rank. A passion for client service is key for many roles – e.g. for a client associate or advisor role, showing you care about building relationships and going the extra mile for clients. For research roles, being passionate about investing and aligned with Brown’s fundamental, patient style (versus wanting short-term trading) is important.
Red Flags: Candidates who appear overly individualistic or ego-driven may be viewed as a poor fit. The firm likely avoids “lone wolf” mentalities – if you don’t emphasize teamwork or seem unwilling to collaborate, that’s a red flag. Similarly, someone focused only on short-term gains or asking first about compensation might not align with Brown’s culture (one Glassdoor review noted the firm is private and if you don’t like that, “leave” – implying they expect buy-in to the long-term, private mindset). Lack of preparation or ignorance about the firm will also hurt – since Brown is less famous than big banks, a candidate must show they took time to understand it. Not having good questions or not understanding Brown’s client-first mission could signal lack of genuine interest.
Desired Background: Brown Advisory hires from varied backgrounds – finance, economics, liberal arts – but all candidates should demonstrate analytical ability and problem-solving skills. Strong academic performance, relevant internships, or CFA progress can indicate the technical grounding needed. However, cultural and soft traits often trump pure technical prowess in their evaluation.
Interview Pitfalls: As per some insider feedback, failing to convey enthusiasm for Brown’s culture is a common pitfall. Also, because interviews are largely conversational, coming off as too scripted or giving generic answers can be a mistake. The firm appreciates authenticity – for example, sharing a genuine story of a team challenge or a thoughtful perspective on markets will go further than rehearsed buzzwords. Being transparent and honest (rather than trying to spin or oversell) aligns with their values of integrity and humility.
9.4. Salary & Compensation for Investment Roles
Compensation Structure: Brown Advisory offers a combination of base salary + annual bonus, plus equity ownership for all employees. As a private firm, part of the compensation is the opportunity to build equity (shares in the firm) over time – 100% of full-time staff are equity owners, which aligns everyone with long-term firm performance. The equity is privately held (not publicly traded), and often awarded or purchased via profit-sharing or incentive plans. There is no public information on carry (performance fees) for any funds; however, senior members involved in private funds likely receive carried interest or profit allocations on those vehicles.
Salary Levels: According to Glassdoor data, Brown Advisory’s pay is competitive for asset management, though base salaries are often a bit lower than at large Wall Street firms (offset by good benefits and equity). Approximate annual base salary ranges:
Analyst (entry-level): Base around $70–$90K, with total compensation (bonus included) estimated around $100K–$155K. Glassdoor lists ~$99K–$155K total for analyst, indicating bonuses can be significant.
Equity Research Analyst: Total pay ~$109K–$173K (likely mid to senior analyst).
Associate Portfolio Manager / Senior Analyst: Total comp in the $160K–$260K range.
Principal (mid-senior level): Total around $300K–$500K.
Partner (executive level): Can exceed $500K (highest reported ~ $570K/year), though as partners they also benefit from profit distributions and equity growth.
Private Client Advisor roles show ~$103K–$184K total on Glassdoor, reflecting similar range as mid-level investment professionals.
Bonuses: Bonuses are annual and performance-based. At junior levels, bonuses might be ~20-50% of base. E.g., an analyst with $80K base might get ~$20K-$40K bonus depending on individual and firm performance – landing total near $100K+. At higher levels, bonuses can be a larger portion: principals and partners may receive bonuses that equal or exceed base salary, linked to portfolio results and overall firm profitability. Because Brown Advisory has enjoyed growth, employees note bonuses and benefits are quite generous (Glassdoor rates comp/benefits 4.3/5). However, some reviews say the firm is “on the low side” in base pay compared to industry and that negotiation on comp is stiff (they tend not to haggle much on offers).
Other Compensation/Benefits: All employees get equity – often a small grant upon joining or the opportunity to buy in, and additional grants over time. This can appreciate as the firm grows. While not liquid immediately, it’s a wealth-building incentive (and a retention tool). The firm offers a strong benefits package: 401(k) match, health insurance, generous PTO, and wellness benefits are frequently praised (e.g. “good benefits” is commonly mentioned). Work-life balance is also part of the “compensation” in the sense that hours are reasonable for finance. There is no mention of guaranteed bonus or sign-on; bonuses are discretionary. For roles tied to funds (e.g. NextGen VC team), there may be a share of investment profits or carry, but specifics aren’t public.
H1B/Foreign Worker Salaries: Brown Advisory has sponsored very few H1B visas (only a couple of analyst positions in New York historically). Those filings showed financial analyst roles around ~$85K–$95K base (in line with the ranges above). The firm’s strategy of primarily hiring US citizens/Permanent residents means limited H1B data, but nothing indicates out-of-line salaries.
Comparison to Industry: Generally, compensation at Brown Advisory is above average for asset management but below hedge fund or investment banking levels. The upside is the equity ownership and a high bonus-to-base ratio in good years. Also, as a private firm, there might be profit-sharing when the firm does exceptionally well. The career-long earnings can accumulate nicely if one stays, due to equity growth. Employees who prioritize culture and stability over maximizing short-term pay often find Brown’s compensation attractive enough, as evidenced by high employee satisfaction with pay (comp rated ~4.2/5).
10. Culture
Core Principles: Brown Advisory’s culture centers on a “client-first, team-first” philosophy. The firm preaches and practices collaboration, humility, and long-term thinking. Being private and employee-owned reinforces a partnership culture – everyone has a stake, and decisions are made for the long run, not short-term gain. A mantra within the firm is the importance of “the team thing”, meaning colleagues care deeply about each other and work together for clients rather than in silos.
Working Environment: Described as collegial, supportive, and intellectually stimulating. Employees often cite “great people” and a supportive atmosphere as a top benefit. Junior staff are given responsibility and access to senior people; there’s an emphasis on learning by inclusion (e.g. inviting 100+ colleagues to strategic planning sessions for broad input). The firm encourages open communication – for instance, it shares operating committee meeting minutes with all employees to promote transparency. Despite being in finance, work-life balance is reasonably good (rated 4.3/5) – hours can be long around key client deadlines or market events, but generally more manageable than investment banking. The firm also engages in community service and volunteerism, aligning with its value of making a positive difference (over 400 nonprofits supported by colleagues).
Employee Feedback (Pros): Glassdoor reviews highlight “great culture and exposure to different areas of finance”, smart and motivated colleagues, and strong benefits as pros. Employees appreciate the flat structure and approachability of leadership – one can have direct conversations with partners. The beautiful office spaces (e.g. the Fells Point waterfront HQ in Baltimore) and regional offices are also a plus mentioned. Many feel they are doing impactful work for clients without the cut-throat vibe of larger firms.
Employee Feedback (Cons): Some common criticisms: Compensation growth and promotion can be slow – “very difficult to get promoted” is a refrain, as the firm is lean and people tend to stay (fewer openings upward). Also, “the company is lean on personnel” – meaning folks wear many hats and workloads can be high at times (processes can involve extra steps because of thoroughness). A few mention that base pay is on the lower side for the industry, though overall comp including bonus may be fair. Another minor con: being a private firm with less name recognition – some employees who crave big-name prestige or rapid title progression might feel out of place (as one put it, if you don’t like that it’s private and somewhat under the radar, this might not suit you).
Diversity & Inclusion: Brown Advisory is actively focusing on DEI. It has Colleague Resource Groups (CRGs) (7 groups as noted on its careers page) for various affinities. The firm states it wants an environment reflecting its communities and that success in DEI is “a progression, not a point in time”. While the finance industry is historically homogeneous, Brown’s conscious efforts (and specific hires, e.g. a Head of Diversity earlier) aim to improve diversity. Employee reviews don’t flag major issues on this front; many note the inclusive culture positively.
Number of Employees: ~950 employees globally as of early 2025 (over 900 in 2023 and approaching 1,000 with recent growth). This size is large enough to have robust resources but still small enough to maintain a tight-knit feel across offices. The firm often refers to employees as “colleagues” and “partners” rather than staff.
Turnover & Tenure: Turnover at Brown Advisory is reportedly low, especially among senior ranks. Many managing directors/partners have 10-20+ year tenures, having joined around the 1998 independence or early 2000s and stayed. At junior levels, some turnover occurs (as in any firm) with analysts sometimes departing for MBA or other opportunities. However, the fact that 87% would recommend the firm to a friend suggests retention is strong. The firm’s own messaging indicates it sees itself as a “young firm in the fourth inning” even after 30 years, hinting that it expects employees to grow a long career there.
CEO Approval & Ratings: CEO Mike Hankin is highly regarded internally – Glassdoor approval of leadership is high (exact CEO approval % not given, but overall culture rating 4.4/5 and rec to friend 86% imply strong approval). Employees respect Hankin’s community involvement and the stability he’s provided. With the new co-CEO structure, insiders seem optimistic (the change was framed positively as preparing for the future).
Notable Cultural Elements: There is a tradition of a daily morning meeting where investment and client teams gather firm-wide (virtually or in-person) to discuss markets and news – fostering unity and information sharing. The firm also has internal programs like B|Advised (its intranet for sharing ideas) and encourages continuous learning (analysts are often supported to pursue the CFA, etc.). Community service is part of the culture – e.g. employees get involved in local charities, and Brown Advisory often sponsors community events. Overall, “the Brown Advisory way” as employees call it, is about being client-centric, collegial, innovative when needed, and always maintaining integrity.
Employee Testimonials:
“Great people: the staff at Brown Advisory is made up of motivated, intelligent individuals. The benefits are pretty good.” (Glassdoor review)
“Great company culture and people, good benefits.” (Glassdoor)
“You get exposure to different areas of finance and there’s a great culture and work-life balance.” – common sentiment among junior staff.
“Cons: The company is lean… processes sometimes have more steps than necessary” (Glassdoor).
“If you work hard you will be noticed” – indicating meritocracy, but also “they don’t like to negotiate comp” showing the firm’s structured approach to compensation.
Interns often comment “everyone was kind and willing to teach” and some noted they “had no cons during the summer”, reflecting a welcoming environment for newcomers.
In summary, Brown Advisory’s culture is frequently described as one of its biggest strengths – a place where colleagues genuinely enjoy working together, feel valued as owners, and are committed to clients and community. The trade-off might be a more gradual career pace and slightly lower pay than some competitors, but for many, the quality of life and work at Brown Advisory makes it a highly attractive workplace.