Clients
Independent Franchise Partners serves 30 clients, 12 of them pooled investment vehicles. The average client has about $795 million with the firm.
- Investment companies1 clients6%
- Pooled investment vehicles12 clients68%
- Pension and profit-sharing plans5%
- Charitable organizations5 clients4%
- State or municipal government entities7 clients11%
- OtherCorporations and other businesses, Insurance companies4%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Investment companies | 1 | $1,530,874,325 | 6.4% | $1.53B |
| Pooled investment vehicles | 12 | $16,315,828,430 | 68.4% | $1.36B |
| Pension and profit-sharing plans | Not reported | $1,281,489,329 | 5.4% | — |
| Charitable organizations | 5 | $1,044,957,810 | 4.4% | $209.0M |
| State or municipal government entities | 7 | $2,707,957,233 | 11.4% | $386.9M |
| Insurance companies | Not reported | $286,700,720 | 1.2% | — |
| Corporations and other businesses | 5 | $677,250,694 | 2.8% | $135.5M |
| Total | 30 | $23,845,058,541 | 100% | $794.8M |
- Clients
- 1
- Regulatory AUM
- $1,530,874,325
- Share
- 6.4%
- Avg. per client
- $1.53B
- Clients
- 12
- Regulatory AUM
- $16,315,828,430
- Share
- 68.4%
- Avg. per client
- $1.36B
- Clients
- Not reported
- Regulatory AUM
- $1,281,489,329
- Share
- 5.4%
- Avg. per client
- —
- Clients
- 5
- Regulatory AUM
- $1,044,957,810
- Share
- 4.4%
- Avg. per client
- $209.0M
- Clients
- 7
- Regulatory AUM
- $2,707,957,233
- Share
- 11.4%
- Avg. per client
- $386.9M
- Clients
- Not reported
- Regulatory AUM
- $286,700,720
- Share
- 1.2%
- Avg. per client
- —
- Clients
- 5
- Regulatory AUM
- $677,250,694
- Share
- 2.8%
- Avg. per client
- $135.5M
Total
- Clients
- 30
- Regulatory AUM
- $23,845,058,541
- Share
- 100%
- Avg. per client
- $794.8M
What it does
Independent Franchise Partners provides portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets.
Independent Franchise Partners advises 2 private funds.
100.0% of assets ($23.85B across 35 accounts) are managed with discretion. 55% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks96%
- Cash4%
Custodians
Independent Franchise Partners’ client accounts are held mainly at The Northern Trust, with 50% of managed assets, and State Street Bank and Trust, with 22%. Independent Franchise Partners has custody of client assets.
- The Northern TrustThe Northern Trust Company · Chicago, IL · $11.86B50%
- J.P. MorganJ.P. Morgan Chase Bank · New York, NY · $3.97B17%
- State Street Bank and TrustState Street Bank and Trust Company · Boston, MA · $5.35B22%
- All other custodians$2.66B11%
Ownership and leadership
Jayson Vowles owns 25% to 50% of Independent Franchise Partners.
- Owns 25% to 50% of Independent Franchise Partners LLP
Jayson Vowles
Control person · since January 2023
- Owns 10% to 25% of Independent Franchise Partners LLP
Karim Ladha
Control person · since April 2017
- Owns 10% to 25% of Independent Franchise Partners LLP
Sandeep Ghela
Control person · since December 2017
- Owns 10% to 25% of Independent Franchise Partners LLP
Richard Crosthwaite
Control person · since February 2019
- Owns 5% to 10% of Independent Franchise Partners LLP
Samannajosh Limited
since February 2011
Leadership
- Sandeep GhelaPartner, Chief Compliance Officer & Chief Operating Officer
- Richard CrosthwaitePartner
- Terence FisherPartner
- Karim LadhaPartner
- Jayson VowlesManaging Partner
Staff
- 34 employees
- 12 in advisory functions
Reported holdings
Independent Franchise Partners’ reported 13F holdings total $15.24B across 26 positions, and the ten largest make up 63.7% of it.
- $15.24B
- Reported 13F value
- 26
- Positions
- 63.7%
- In the 10 largest
- +6.7%
- Value vs. prior quarter
- Bristol-myers Squibb CO8.2%
- Solventum Corp. · Com Shs8.2%
- Live Nation Entertainment IN7.2%
- Transunion6.6%
- Kenvue Inc.6.3%
- Salesforce Inc.6.0%
- Aon PLC · Shs CL A5.8%
- News Corp. New · CL A5.2%
- Airbnb Inc. · Com CL A5.1%
- Johnson & Johnson5.1%
Together, the ten largest are 63.7% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $15.24B is not its $23.85B in regulatory assets and does not represent any individual client's portfolio.
Fees
Independent Franchise Partners is paid through a percentage of assets under management.
Independent Franchise Partners’ fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Independent Franchise Partners has 0 offices, with 1 listed address with no US state reported.
Registration details
- Legal name
- Independent Franchise Partners LLP
- Headquarters
- Level 1, 10 Portman Square, London, United Kingdom W1H 6AZ
- Phone
- 442074959070
- Website
- Not reported
- SEC file
- 801-70126
- Structure
- limited liability partnership organized in United Kingdom
- Fiscal year end
- March
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does Independent Franchise Partners have?
Independent Franchise Partners has 30 clients and manages $23.8 billion for them, as of July 2026. They include 12 pooled investment vehicles, 7 state or municipal government entities and 5 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 2 July 2026
What services does Independent Franchise Partners offer?
Independent Franchise Partners provides portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Independent Franchise Partners use?
Independent Franchise Partners’ separately managed account assets are held at The Northern Trust Company (Chicago, IL), with $11,863,221,312, State Street Bank and Trust Company (Boston, MA), with $5,353,209,924 and J.P. Morgan Chase Bank (New York, NY), with $3,970,745,787. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 2 July 2026
How many financial advisors does Independent Franchise Partners have?
Independent Franchise Partners has 0 investment adviser representatives registered with state securities authorities, out of 34 employees, and 12 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Independent Franchise Partners invest in?
At the end of its last fiscal year, Independent Franchise Partners’ separately managed accounts held 96% exchange-traded equities and 4% cash and equivalents. It advises 2 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Independent Franchise Partners?
Independent Franchise Partners’ direct owners are Jayson Vowles, Samannajosh Limited, Karim Ladha, Sandeep Ghela and Richard Crosthwaite, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 2 July 2026
How does Independent Franchise Partners get paid?
Independent Franchise Partners is paid through a percentage of assets under management. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file