Marathon Asset Management Limited
SEC-registered
Investment Adviser · Large ($10B–$100B)
CRD 132391
· SEC file 801-63397
· London
· www.thecapitalcycle.co.uk
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ADV data as of May 05, 2026
- Regulatory AUM
- $39.0B
- Discretionary
- $39.0B
- Clients
- 42
- Avg AUM / client
- $930M
- Accounts
- 50
- Employees
- 74
AUM over time
$37.4B
$64.5B
Mar 2012
Mar 2026
Annual snapshots from Form ADV filings · as of May 05, 2026
Asset allocation (SMA assets by investment type)
as of May 05, 2026
Exchange-traded equities
$37.9B
97%
Cash & equivalents
$781M
2%
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 |
|---|---|---|---|
| Investment companies | 3 | $8.9B | 22.7% |
| Pooled investment vehicles (non-investment companies) | 18 | $11.1B | 28.3% |
| Pension and profit sharing plans | 7 | $1.4B | 3.55% |
| Charitable organizations | Fewer than 5 clients | $5.4B | 13.9% |
| State or municipal government entities | 14 | $9.8B | 25.1% |
| Insurance companies | Fewer than 5 clients | $232M | 0.6% |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 clients | $2.1B | 5.38% |
| Corporations and other businesses | Fewer than 5 clients | $117M | 0.3% |
Private funds (9)
Reported in Form ADV Section 7.B.(1), filing of May 2024 · $9.8B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| The Marathon London International Fund Of The Marathon London Group Trust For Employee Benefit Plans | Other Private Fund | Illinois | $4.5B | 25 |
| The Marathon London International Investment Trust I | Other Private Fund | New Hampshire | $3.0B | 64 |
| Marathon Ucits Fund International Equity Fund | Other Private Fund | Ireland | $700M | 23 |
| Marathon Ucits Fund Japan Equity Fund | Other Private Fund | Ireland | $647M | 9 |
| Marathon Ucits Fund Global Equity Fund | Other Private Fund | Ireland | $308M | 10 |
| The Marathon London Global Fund Of The Marathon London Pooled Trust | Other Private Fund | Illinois | $254M | 2 |
| The Marathon London Global Opportunities Investment Trust | Other Private Fund | New Hampshire | $182M | 2 |
| Marathon London Emerging Markets Investment Trust | Other Private Fund | New Hampshire | $141M | 3 |
| The Marathon London All Countries World Ex Us Investment Trust | Other Private Fund | New Hampshire | $5.8M | 2 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Mid America Carpenters Regional Council Pension Fund Board Of Trustees Of Mid America Carpenters Regional Council Pension F | 2024 | |
| Electrical Workers Local No. 292 Pension Plan Trustees Electrical Workers Local No.292 Pension Plan | 2024 | |
| Mayo Pension Plan Mayo Clinic | 2024 | |
| Mayo Clinic Methodist Hospital Hourly Employees' Pension Plan Mayo Clinic Hospital Rochester | 2024 | |
| Mayo Clinic Saint Marys Hospital Retirement Plan Mayo Clinic Hospital Rochester | 2024 | |
| Glaxosmithkline Cash Balance Pension Plan Glaxosmithkline Llc | 2024 | |
| Sutter Health Retirement Plan Sutter Health | 2024 | |
| Twin City Carpenters And Joiners Pension Fund Board Of Trustees Of The Twin City Carpenters And Joiners Pension Fund | 2024 | |
| Retirement Plan For Employees Of Concord Hospital Concord Hospital, Inc. | 2024 | |
| Edison 401(k) Savings Plan Southern California Edison Company | 2024 |
People (11)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Hosking, Jeremy, John | Retired Non Executive Shareholder | Oct 1986 (40y) | ≈ 1.88% – 12.5% via The J.J.Hosking Overseas Trust | |
| Arah, William, James | Director | Feb 1987 (40y) | 75% or more | |
| Bennett, James, Richard | Chief Risk And Compliance Officer | Oct 2013 (13y) | Less than 5% | |
| Carter, Charles, Richard | Managing Director | Dec 2019 (7y) | Less than 5% | |
| Diment, Joe, Martin | Managing Director | Dec 2019 (7y) | Less than 5% | |
| Beveridge, James, John | Chief Financial Officer | Apr 2020 (6y) | Less than 5% | |
| Holdsworth, Claire | General Counsel | Aug 2021 (5y) | Less than 5% | |
| Troup, Anna, Evelyn | Non Executive Director | Oct 2022 (4y) | Less than 5% | |
| Hingley, Robert, Charles | Chair | Aug 2023 (3y) | Less than 5% | |
| Gonzalesburdin, Dianna, Lynn | Non Executive Director | Apr 2024 (2y) | Less than 5% | |
| Ostrer, Neil, Mark | Non Executive Director | Apr 2024 (2y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| M.A.M Investments Ltd | Shareholder | Aug 2021 | A | 10% – 25% |
| The W.J.Arah Overseas Trust | Trust | Feb 1987 | B | ≈ 2.5% – 12.5% via M.A.M Investments Ltd |
| The J.J.Hosking Overseas Trust | Trust | Oct 1986 | B | ≈ 2.5% – 12.5% via M.A.M Investments Ltd |
| Neil Mark Ostrer | Shareholder | Apr 2008 | B | ≈ 2.5% – 12.5% via M.A.M Investments Ltd |
| Vg Corporate Trustee Limited | Corporate Trustee | Dec 2016 | B | GP / trustee / elected manager of The W.J.Arah Overseas Trust (indirect) |
| Sg Kleinworth Hambros Bank (Ci) Limited | Corporate Trustee | Dec 2017 | B | GP / trustee / elected manager of The J.J.Hosking Overseas Trust (indirect) |
Undisclosed: 0% – 15% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Hosking, Jeremy, John: 75% – 100% of The J.J.Hosking Overseas Trust × 25% – 50% of M.A.M Investments Ltd × 10% – 25% direct ≈ 1.88% – 12.5% of the firm
- The W.J.Arah Overseas Trust: 25% – 50% of M.A.M Investments Ltd × 10% – 25% direct ≈ 2.5% – 12.5% of the firm
- The J.J.Hosking Overseas Trust: 25% – 50% of M.A.M Investments Ltd × 10% – 25% direct ≈ 2.5% – 12.5% of the firm
- Neil Mark Ostrer: 25% – 50% of M.A.M Investments Ltd × 10% – 25% direct ≈ 2.5% – 12.5% 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 (9, $9.8B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| The Marathon London International Fund Of The Marathon London Group Trust For Employee Benefit Plans | Other Private Fund | $4.5B | $10.0M | 25 |
| The Marathon London International Investment Trust I | Other Private Fund | $3.0B | $10.0M | 64 |
| Marathon Ucits Fund International Equity Fund | Other Private Fund | $700M | $10.0M | 23 |
| Marathon Ucits Fund Japan Equity Fund | Other Private Fund | $647M | $10.0M | 9 |
| Marathon Ucits Fund Global Equity Fund | Other Private Fund | $308M | $10.0M | 10 |
| The Marathon London Global Fund Of The Marathon London Pooled Trust | Other Private Fund | $254M | $10.0M | 2 |
| The Marathon London Global Opportunities Investment Trust | Other Private Fund | $182M | $10.0M | 2 |
| Marathon London Emerging Markets Investment Trust | Other Private Fund | $141M | $10.0M | 3 |
| The Marathon London All Countries World Ex Us Investment Trust | Other Private Fund | $5.8M | $10.0M | 2 |
From Form ADV Section 7.B private fund reporting.
Retirement plans served (10)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Mid America Carpenters Regional Council Pension Fund | Board Of Trustees Of Mid America Carpenters Regional Council Pension F | 11,246 | $6.4B | 07/01/2024 |
| Electrical Workers Local No. 292 Pension Plan | Trustees Electrical Workers Local No.292 Pension Plan | 2,466 | $447M | 05/01/2024 |
| Mayo Pension Plan | Mayo Clinic | 74,151 | $11.8B | 01/01/2024 |
| Mayo Clinic Methodist Hospital Hourly Employees' Pension Plan | Mayo Clinic Hospital Rochester | 499 | $44.3M | 01/01/2024 |
| Mayo Clinic Saint Marys Hospital Retirement Plan | Mayo Clinic Hospital Rochester | 1,351 | $93.3M | 01/01/2024 |
| Glaxosmithkline Cash Balance Pension Plan | Glaxosmithkline Llc | 7,110 | $2.9B | 01/01/2024 |
| Sutter Health Retirement Plan | Sutter Health | 40,026 | $6.2B | 01/01/2024 |
| Twin City Carpenters And Joiners Pension Fund | Board Of Trustees Of The Twin City Carpenters And Joiners Pension Fund | 5,909 | $2.0B | 01/01/2024 |
| Retirement Plan For Employees Of Concord Hospital | Concord Hospital, Inc. | 3,354 | $413M | 01/01/2024 |
| Edison 401(k) Savings Plan | Southern California Edison Company | 13,749 | $6.4B | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 05/05/2026 | 2.58 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
- • Performance-based fees
Services
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- State Street $9.2B (24% of AUM) May 2026
- BNY Mellon $6.1B (16% of AUM) May 2026
- J.P. Morgan $3.7B (6% of AUM) Oct 2019
- The Hong Kong And Shanghai Banking Corporation Limited $2.1B (5% of AUM) May 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have 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: May 05, 2026.
View current Form ADV (SEC/IAPD) ↗