Brown Advisory

Brown Advisory's strengths should help it adapt, and they earn the firm an Above Average Parent rating.

In some areas, the Baltimore-based firm is in transition. In early 2025, Logie Fitzwilliams became co-CEO and co-president alongside longtime leader Michael Hankin. Together, they oversee Brown Advisory's two main businesses—wealth management and asset management—with Hankin focusing on operations and infrastructure and Fitzwilliams taking on strategy and growth plans. Having co-leaders can be tricky, but Brown Advisory's structure might not be permanent; it's likely preparing Fitzwilliams to lead the firm if Hankin steps back (which Hankin had no public plans to do as of mid-2026). Meanwhile, investor interest in the firm's once-burgeoning sustainability suite has mostly ebbed.

Yet, Brown Advisory is responding reasonably. Its growth had stretched its centralized equity research team, for example, but in early 2026 it rearranged that group into smaller, more focused teams. The firm has launched four exchange-traded funds since late 2024 after some initial hesitation. It's diversifying into areas such as outsourced chief investment officer capabilities and endowment-type investing (with the 2025 acquisition of London-based Marylebone Partners). A helpful constant in all this: Brown Advisory's ownership structure. All 1,000-plus employees have equity in the firm, and none controls more than 5%. This aids retention and ties everyone to the firm's long-term success while it navigates challenges and opportunities.