Panagora Asset Management Inc
SEC-registered
Investment Adviser · Large ($10B–$100B)
CRD 105201
· SEC file 801-35497
· Boston, MA
· WWW.PANAGORA.COM
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ADV data as of Mar 30, 2026
- Regulatory AUM
- $44.1B
- Discretionary
- $43.6B
- Clients
- 99
- Avg AUM / client
- $446M
- Accounts
- 99
- Employees
- 110
AUM over time
$25.2B
$55.9B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 30, 2026
Asset allocation (SMA assets by investment type)
as of Mar 30, 2026
Exchange-traded equities
$44.1B
100%
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.
Investments (13F portfolio — 1,159 positions, $26,695,028,147)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Nvidia Corporation | COM | $1,929,161,003 | 11,061,703 | 7.23% | 4.37% |
| 2 | Apple Inc | COM | $1,602,820,389 | 6,315,538 | 6.0% | 3.63% |
| 3 | Microsoft Corp | COM | $1,097,611,797 | 2,965,156 | 4.11% | 2.49% |
| 4 | Alphabet Inc | CAP STK CL A | $867,314,029 | 3,016,115 | 3.25% | 1.97% |
| 5 | Amazon Com Inc | COM | $728,742,353 | 3,499,027 | 2.73% | 1.65% |
| 6 | Broadcom Inc | COM | $607,058,367 | 1,961,353 | 2.27% | 1.38% |
| 7 | Meta Platforms Inc | CL A | $582,826,542 | 1,018,696 | 2.18% | 1.32% |
| 8 | Alphabet Inc | CAP STK CL C | $545,922,405 | 1,903,097 | 2.05% | 1.24% |
| 9 | Tesla Inc | COM | $329,266,038 | 885,719 | 1.23% | 0.75% |
| 10 | Mastercard Incorporated | CL A | $323,559,330 | 647,559 | 1.21% | 0.73% |
| 11 | Exxon Mobil Corp | COM | $300,027,253 | 1,768,403 | 1.12% | 0.68% |
| 12 | Eli Lilly & Co | COM | $296,788,624 | 322,677 | 1.11% | 0.67% |
| 13 | Philip Morris Intl Inc | COM | $249,360,993 | 1,508,171 | 0.93% | 0.57% |
| 14 | Walmart Inc | COM | $232,719,644 | 1,872,543 | 0.87% | 0.53% |
| 15 | Ge Aerospace | COM NEW | $231,474,027 | 815,710 | 0.87% | 0.52% |
| 16 | Bristol Myers Squibb Co | COM | $225,359,934 | 3,715,745 | 0.84% | 0.51% |
| 17 | Costco Wholesale Corporation | COM | $214,224,479 | 214,992 | 0.8% | 0.49% |
| 18 | Bank America Corp | COM | $209,737,369 | 4,302,305 | 0.79% | 0.48% |
| 19 | Palantir Technologies Inc | CL A | $206,652,828 | 1,412,721 | 0.77% | 0.47% |
| 20 | Lam Research Corp | COM NEW | $197,445,343 | 924,110 | 0.74% | 0.45% |
| 21 | Johnson & Johnson | COM | $190,120,054 | 777,778 | 0.71% | 0.43% |
| 22 | Jpmorgan Chase & Co | COM | $189,929,405 | 645,667 | 0.71% | 0.43% |
| 23 | Arista Networks Inc | COM SHS | $174,271,354 | 1,419,379 | 0.65% | 0.39% |
| 24 | Micron Technology Inc | COM | $165,066,597 | 488,594 | 0.62% | 0.37% |
| 25 | Gilead Sciences Inc | COM | $162,418,453 | 1,165,376 | 0.61% | 0.37% |
Top 25 of 1,159 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 6 | $2.3B | 5.19% |
| Pooled investment vehicles (non-investment companies) | 18 | $7.4B | 16.8% |
| Pension and profit sharing plans | 13 | $2.3B | 5.24% |
| Charitable organizations | 3 | $226M | 0.51% |
| State or municipal government entities | 11 | $5.1B | 11.5% |
| Insurance companies | 1 | $78.5M | 0.18% |
| Sovereign wealth funds and foreign official institutions | 9 | $21.5B | 48.7% |
| Corporations and other businesses | 32 | $3.9B | 8.86% |
| Other | 6 | $1.4B | 3.07% |
Private funds (15)
Reported in Form ADV Section 7.B.(1), filing of Oct 2024 · $11.3B combined gross assets
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Northwest Ironworkers Retirement Plan Northwest Ironworkers Retirement Plan Board Of Trustees | Mercer Island, WA | 2024 |
| Ironworkers District Council Of The Pacific Nw Field Ironworkers Annuity Trust Fund Ironworkers District Council Of The Paci Field Ironworkers Annuity Tru | Mercer Island, WA | 2024 |
| Pension Fund Of Operating Engineers Local 513 Board Of Trustees Of Pension Fund Of Operating Engineers Local 513 | Bridgeton, MO | 2024 |
| Ibew Local 684 Pension Trust Board Of Trustees, Ibew Local 684 Pension Trust | 2024 | |
| I.B.E.W. Pacific Coast Pension Fund Board Of Trustees Of The I.B.E.W. Pacific Coast Pension Fund | 2024 | |
| Western Washington Laborers Employers Pension Plan Bot, Western Wa Laborers Employers Pension Trust | Bothell, WA | 2024 |
| Arizona Bricklayers Pension Trust Fund Board Of Trustees Arizona Bricklayers Pension Trust Fund | Phoenix, AZ | 2024 |
| I. B. E. W. Local 25 Pension Fund Board Of Trustees I.B.E.W. Local 25 Pension Fund | 2024 | |
| Wa State Plumbing And Pipefitting Industry Pension Plan Bot, Wa State Plumbing And Pipefitting Industry Pension Plan | 2024 | |
| Sign Pictorial & Display Industry Pension Plan Board Of Trustees, Sign Pictorial & Display | 2024 | |
| Employer Industrial Sheet Metal Workers Local 16 Pension Trust Board Of Trustees, Employer Industrial Sheet Metal | 2024 | |
| I. B. E. W. Local 25 401 K Fund Board Of Trustees Of I.B.E.W. Local 25 401 K Fund | 2024 | |
| Alaska Plumbing And Pipefitting Industry Pension Plan Board Of Trustees, Alaska Plumbing & Pipefitting Industry Pension Plan | 2024 | |
| Ufcw Union Local 919 & Contributing Employers' Food Pension Fund Ufcw Union Local 919 & Contributing Empl Pension | 2024 | |
| Annuity Fd Of The Electrical Industry Of Long Island Board Of Trust Of The Annuity Fd Of The Electrical Industry Of Li | 2024 | |
| Arizona Laborers & Teamsters Annuity Plan Board Of Trustees Arizona Laborers & Teamsters Annuity Plan | Phoenix, AZ | 2024 |
| Operating Engineers Local 428 Pension Trust Operating Engineers Local 428 Pension Trust | Phoenix, AZ | 2024 |
| Arizona Laborers & Teamsters Pension Trust Fund Board Of Trustees Arizona Laborers & Teamsters Pension Trust Fund | Phoenix, AZ | 2024 |
People (19)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Sutton, Paul, Michael | Chief Financial Officer And Treasurer | Feb 2000 (27y) | Less than 5% | |
| Sorensen, Eric, Hevering | Director/ Vice Chair Of Panagora | Jul 2004 (22y) | Less than 5% | |
| Qian, Edward, Enping | Chief Investment Officer | May 2007 (19y) | Less than 5% | |
| Orr, Robert, Jeffery | Director | Nov 2007 (19y) | Less than 5% | |
| Reynolds, Robert, Lloyd | Director | Oct 2009 (17y) | Less than 5% | |
| Desmarais, Andre, Roger | Trustee | Oct 2013 (13y) | GP / trustee / elected manager of The Desmarais Family Residuary Trust (indirect) | |
| Desmarais, Paul, Guy | Trustee | Oct 2013 (13y) | GP / trustee / elected manager of The Desmarais Family Residuary Trust (indirect) | |
| Desmarais, Sophie, Caroline | Trustee | Mar 2018 (8y) | GP / trustee / elected manager of The Desmarais Family Residuary Trust (indirect) | |
| Wyrwas, Margaret, Ethel | Director | Jul 2018 (8y) | Less than 5% | |
| Anson, Mark, Jonathon | Director | Dec 2018 (8y) | Less than 5% | |
| Volpe, Marc, Leonard | Chief Compliance Officer | Sep 2021 (5y) | Less than 5% | |
| Ketchen, Jason, Forrest | Chief Operating Officer | Dec 2021 (5y) | Less than 5% | |
| Ferrara, Stephen, Rosario | General Counsel | Dec 2022 (4y) | Less than 5% | |
| Doer, Gary, Albert | Trustee | May 2023 (3y) | GP / trustee / elected manager of The Desmarais Family Residuary Trust (indirect) | |
| Srivastava, Raman | Director | Jul 2023 (3y) | Less than 5% | |
| Fleming, Gregory, James | Trustee | Feb 2024 (3y) | GP / trustee / elected manager of The Desmarais Family Residuary Trust (indirect) | |
| Bolotin, Andra, Sloane | Director | Jul 2024 (2y) | Less than 5% | |
| Belton, Bryan, David | Director/ President & Ceo | Sep 2024 (2y) | Less than 5% | |
| Mussalli, George, Deckey | Director/ Global Chief Investment Officer | Sep 2024 (2y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Panagora Holdings, Inc. | Direct Shareholder | Dec 2013 | A | 75% or more |
| Pafi, Llc | Direct Shareholder | Jan 2024 | A | 10% – 25% |
| Great West Financial (Nova Scotia) Co | Shareholder | Jan 2001 | B | ≈ 2.37% – 25% via Great West Lifeco U.S. Llc |
| Pafi, Llc | Member | Apr 2007 | B | ≈ 56.25% – 100% via Panagora Holdings, Inc. |
| Great West Lifeco Inc | Shareholder | Dec 2019 | B | ≈ 1.78% – 25% via Great West Financial (Nova Scotia) Co |
| Power Corporation Of Canada | Owner | Feb 2020 | B | ≈ 0.67% – 18.75% via Power Financial Corporation |
| Great West Lifeco U.S. Llc | Member | Aug 2007 | B | ≈ 3.16% – 25% via Empower Holdings, Llc |
| The Desmarais Family Residuary Trust | Shareholder | Oct 2015 | B | ≈ 0.25% – 14.06% via Pansolo Holding Inc. |
| Empower Services Holdings Us, Llc | Member | Jan 2024 | B | ≈ 7.5% – 25% via Pafi, Llc |
| Empower Annuity Insurance Co. Of America | Member | Jan 2024 | B | ≈ 5.63% – 25% via Empower Services Holdings Us, Llc |
| Empower Holdings, Llc | Member | Jan 2024 | B | ≈ 4.22% – 25% via Empower Annuity Insurance Co. Of America |
| Power Financial Corporation | Shareholder | Mar 1986 | B | ≈ 0.89% – 18.75% via Great West Lifeco Inc |
| Pansolo Holding Inc. | Shareholder | Oct 2015 | B | ≈ 0.33% – 14.06% via Power Corporation Of Canada |
Undisclosed: 0% – 15% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Great West Financial (Nova Scotia) Co: 75% – 100% of Great West Lifeco U.S. Llc × 75% – 100% of Empower Holdings, Llc × 75% – 100% of Empower Annuity Insurance Co. Of America × 75% – 100% of Empower Services Holdings Us, Llc × 75% – 100% of Pafi, Llc × 10% – 25% direct ≈ 2.37% – 25% of the firm
- Pafi, Llc: 75% – 100% of Panagora Holdings, Inc. × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Great West Lifeco Inc: 75% – 100% of Great West Financial (Nova Scotia) Co × 75% – 100% of Great West Lifeco U.S. Llc × 75% – 100% of Empower Holdings, Llc × 75% – 100% of Empower Annuity Insurance Co. Of America × 75% – 100% of Empower Services Holdings Us, Llc × 75% – 100% of Pafi, Llc × 10% – 25% direct ≈ 1.78% – 25% of the firm
- Power Corporation Of Canada: 75% – 100% of Power Financial Corporation × 50% – 75% of Great West Lifeco Inc × 75% – 100% of Great West Financial (Nova Scotia) Co × 75% – 100% of Great West Lifeco U.S. Llc × 75% – 100% of Empower Holdings, Llc × 75% – 100% of Empower Annuity Insurance Co. Of America × 75% – 100% of Empower Services Holdings Us, Llc × 75% – 100% of Pafi, Llc × 10% – 25% direct ≈ 0.67% – 18.75% of the firm
- Great West Lifeco U.S. Llc: 75% – 100% of Empower Holdings, Llc × 75% – 100% of Empower Annuity Insurance Co. Of America × 75% – 100% of Empower Services Holdings Us, Llc × 75% – 100% of Pafi, Llc × 10% – 25% direct ≈ 3.16% – 25% of the firm
- The Desmarais Family Residuary Trust: 75% – 100% of Pansolo Holding Inc. × 50% – 75% of Power Corporation Of Canada × 75% – 100% of Power Financial Corporation × 50% – 75% of Great West Lifeco Inc × 75% – 100% of Great West Financial (Nova Scotia) Co × 75% – 100% of Great West Lifeco U.S. Llc × 75% – 100% of Empower Holdings, Llc × 75% – 100% of Empower Annuity Insurance Co. Of America × 75% – 100% of Empower Services Holdings Us, Llc × 75% – 100% of Pafi, Llc × 10% – 25% direct ≈ 0.25% – 14.06% of the firm
- Empower Services Holdings Us, Llc: 75% – 100% of Pafi, Llc × 10% – 25% direct ≈ 7.5% – 25% of the firm
- Empower Annuity Insurance Co. Of America: 75% – 100% of Empower Services Holdings Us, Llc × 75% – 100% of Pafi, Llc × 10% – 25% direct ≈ 5.63% – 25% of the firm
- Empower Holdings, Llc: 75% – 100% of Empower Annuity Insurance Co. Of America × 75% – 100% of Empower Services Holdings Us, Llc × 75% – 100% of Pafi, Llc × 10% – 25% direct ≈ 4.22% – 25% of the firm
- Power Financial Corporation: 50% – 75% of Great West Lifeco Inc × 75% – 100% of Great West Financial (Nova Scotia) Co × 75% – 100% of Great West Lifeco U.S. Llc × 75% – 100% of Empower Holdings, Llc × 75% – 100% of Empower Annuity Insurance Co. Of America × 75% – 100% of Empower Services Holdings Us, Llc × 75% – 100% of Pafi, Llc × 10% – 25% direct ≈ 0.89% – 18.75% of the firm
- Pansolo Holding Inc.: 50% – 75% of Power Corporation Of Canada × 75% – 100% of Power Financial Corporation × 50% – 75% of Great West Lifeco Inc × 75% – 100% of Great West Financial (Nova Scotia) Co × 75% – 100% of Great West Lifeco U.S. Llc × 75% – 100% of Empower Holdings, Llc × 75% – 100% of Empower Annuity Insurance Co. Of America × 75% – 100% of Empower Services Holdings Us, Llc × 75% – 100% of Pafi, Llc × 10% – 25% direct ≈ 0.33% – 14.06% 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 (15, $11.3B gross assets)
From Form ADV Section 7.B private fund reporting.
Retirement plans served (18)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Northwest Ironworkers Retirement Plan | Northwest Ironworkers Retirement Plan Board Of Trustees | 3,183 | $854M | 07/01/2024 |
| Ironworkers District Council Of The Pacific Nw Field Ironworkers Annuity Trust Fund | Ironworkers District Council Of The Paci Field Ironworkers Annuity Tru | 7,218 | $594M | 07/01/2024 |
| Pension Fund Of Operating Engineers Local 513 | Board Of Trustees Of Pension Fund Of Operating Engineers Local 513 | 2,558 | $811M | 05/01/2024 |
| Ibew Local 684 Pension Trust | Board Of Trustees, Ibew Local 684 Pension Trust | 438 | $80.2M | 04/01/2024 |
| I.B.E.W. Pacific Coast Pension Fund | Board Of Trustees Of The I.B.E.W. Pacific Coast Pension Fund | 905 | $295M | 04/01/2024 |
| Western Washington Laborers Employers Pension Plan | Bot, Western Wa Laborers Employers Pension Trust | 10,033 | $1.5B | 01/01/2024 |
| Arizona Bricklayers Pension Trust Fund | Board Of Trustees Arizona Bricklayers Pension Trust Fund | 73 | $33.7M | 01/01/2024 |
| I. B. E. W. Local 25 Pension Fund | Board Of Trustees I.B.E.W. Local 25 Pension Fund | 1,431 | $324M | 01/01/2024 |
| Wa State Plumbing And Pipefitting Industry Pension Plan | Bot, Wa State Plumbing And Pipefitting Industry Pension Plan | 5,015 | $1.3B | 01/01/2024 |
| Sign Pictorial & Display Industry Pension Plan | Board Of Trustees, Sign Pictorial & Display | 415 | $180M | 01/01/2024 |
| Employer Industrial Sheet Metal Workers Local 16 Pension Trust | Board Of Trustees, Employer Industrial Sheet Metal | 522 | $90.6M | 01/01/2024 |
| I. B. E. W. Local 25 401 K Fund | Board Of Trustees Of I.B.E.W. Local 25 401 K Fund | 2,394 | $429M | 01/01/2024 |
| Alaska Plumbing And Pipefitting Industry Pension Plan | Board Of Trustees, Alaska Plumbing & Pipefitting Industry Pension Plan | 378 | $192M | 01/01/2024 |
| Ufcw Union Local 919 & Contributing Employers' Food Pension Fund | Ufcw Union Local 919 & Contributing Empl Pension | 4,271 | $470M | 01/01/2024 |
| Annuity Fd Of The Electrical Industry Of Long Island | Board Of Trust Of The Annuity Fd Of The Electrical Industry Of Li | 2,390 | $446M | 01/01/2024 |
| Arizona Laborers & Teamsters Annuity Plan | Board Of Trustees Arizona Laborers & Teamsters Annuity Plan | 2,566 | $45.9M | 01/01/2024 |
| Operating Engineers Local 428 Pension Trust | Operating Engineers Local 428 Pension Trust | 0 | $16.7M | 01/01/2024 |
| Arizona Laborers & Teamsters Pension Trust Fund | Board Of Trustees Arizona Laborers & Teamsters Pension Trust Fund | 0 | $45.2M | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 3.12 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Regulatory · Item 11.D(4)
as of Oct 16, 2024
Allegations: THE STATE OF WASHINGTON OFFICE OF THE INSURANCE COMMISSIONER ("WA OIC") INITIATED A 2019 MARKET CONDUCT CONTINUUM RELATED TO GROUP ACCIDENT AND HEALTH POLICY FILINGS IN WASHINGTON. THE WA OIC ALLEGED DEFICIENCIES RELATED TO GROUP ACCIDENT AND HEALTH POLICY FILINGS IN WASHINGTON, COMPANY FINANCIAL RATINGS DISCLOSURES, AND TIMING OF CERTAIN INFORMATION FILINGS. Status: Final Sanction Detail: N/A Summary: IN A CONSENT ORDER LEVYING A FINE (ORDER NO 21-0244, EFFECTIVE 6/4/2021), GWL&A PAID A $5,000 FINE AND ACKNOWLEDGED ITS DUTY TO COMPLY WITH THE RELEVANT STATUTORY AND REGULATORY REQUIREMENTS.
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
- • Other services
Custody
Reported custodians
- State Street $23.9B (54% of AUM) Mar 2026
- BNY Mellon $5.4B (12% of AUM) Mar 2026
- Northern Trust $3.9B (9% of AUM) Mar 2026
- J.P. Morgan $3.4B (8% of AUM) Oct 2019
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: Mar 30, 2026.
View current Form ADV (SEC/IAPD) ↗