Clients
Marathon Asset Management serves 137 clients, 111 of them pooled investment vehicles. The average client has about $222 million with the firm.
- Investment companies8 clients4%
- Pooled investment vehicles111 clients89%
- Other investment advisers12 clients3%
- OtherPension and profit-sharing plans, Charitable organizations, State or municipal government entities, Insurance companies4%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Investment companies | 8 | $1,164,060,415 | 3.8% | $145.5M |
| Pooled investment vehicles | 111 | $27,039,217,760 | 88.7% | $243.6M |
| Pension and profit-sharing plans | Not reported | $70,624,341 | 0.2% | — |
| Charitable organizations | Not reported | $75,730,776 | 0.2% | — |
| State or municipal government entities | 6 | $568,792,860 | 1.9% | $94.8M |
| Other investment advisers | 12 | $1,026,903,767 | 3.4% | $85.6M |
| Insurance companies | Not reported | $534,143,642 | 1.8% | — |
| Total | 137 | $30,479,473,561 | 100% | $222.5M |
- Clients
- 8
- Regulatory AUM
- $1,164,060,415
- Share
- 3.8%
- Avg. per client
- $145.5M
- Clients
- 111
- Regulatory AUM
- $27,039,217,760
- Share
- 88.7%
- Avg. per client
- $243.6M
- Clients
- Not reported
- Regulatory AUM
- $70,624,341
- Share
- 0.2%
- Avg. per client
- —
- Clients
- Not reported
- Regulatory AUM
- $75,730,776
- Share
- 0.2%
- Avg. per client
- —
- Clients
- 6
- Regulatory AUM
- $568,792,860
- Share
- 1.9%
- Avg. per client
- $94.8M
- Clients
- 12
- Regulatory AUM
- $1,026,903,767
- Share
- 3.4%
- Avg. per client
- $85.6M
- Clients
- Not reported
- Regulatory AUM
- $534,143,642
- Share
- 1.8%
- Avg. per client
- —
Total
- Clients
- 137
- Regulatory AUM
- $30,479,473,561
- Share
- 100%
- Avg. per client
- $222.5M
What it does
Marathon Asset Management provides portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets and performance-based fees.
Marathon Asset Management advises 70 private funds.
96.3% of assets ($29.36B across 132 accounts) are managed with discretion; $1.12B across 9 accounts are not. 32% of clients are outside the U.S., and 31 clients received advice without assets under management last fiscal year.
What the accounts hold
- Funds11%
- Bonds74%
- High-yield corporate bonds38%
- Sovereign bonds36%
- Other15%
- Structured products, bank debt, and loans15%
Custodians
Marathon Asset Management’s client accounts are held mainly at BNY Mellon Custody Client Service, with 3% of managed assets, and BGL BNP Paribas, with 2%. Marathon Asset Management has custody of $3.36B for 22 clients.
- BNY Mellon Custody Client ServiceBNY Mellon Custody Client Service · Pittsburgh, PA · $877.6M3%
- BGL BNP ParibasBGL BNP Paribas · Luxembourg · $511.7M2%
- State Street Bank and TrustState Street Bank and Trust Company · Boston, MA · $482.9M2%
- The Northern TrustThe Northern Trust Company · Chicago, IL · $501.2M2%
- All other custodians$28.11B92%
Ownership and leadership
Principal Holdco LLC owns 75% or more of Marathon Asset Management, and Bruce Richards is its CEO.
- Owns 75% or more of Marathon Asset Management, L.P.
Principal Holdco LLC
Control person · since July 2026
- Owns 75% or more of Principal Holdco LLC
Principal Subco LP
Control person · since January 2026
- Owns 50% to 75% of Principal Subco LP
CVC Advisers (luxembourg) S.A.R.L.
Control person · since January 2026
- Owns 75% or more of CVC Advisers (luxembourg) S.A.R.L.
CVC Capital Partners Advisory Holdings II Limited
Control person · since December 2015
- Owns 75% or more of CVC Capital Partners Advisory Holdings II Limited
CVC Capital Partners Advisory Holdings Limited
Control person · since January 2016
- Owns 75% or more of CVC Capital Partners Advisory Holdings Limited
CVC Capital Partners Advisory Group Holding Foundation
Control person · since January 2016
- Owns 75% or more of CVC Capital Partners Advisory Group Holding Foundation
CVC Management Holdings II Limited
Control person · since April 2024
- Owns 75% or more of CVC Management Holdings II Limited
CVC Capital Partners PLC
Control person · since April 2024
- Owns 25% to 50% of CVC Capital Partners PLC
CVC Nominees Limited
Control person · since April 2024
Principal Subco GP LLC
General partner · Control person · since January 2026
- Owns 5% to 10% of Marathon Asset Management, L.P.
Principal Carry, L.P.
Control person · since July 2026
Principal Partner Holdings GP, LLC
General partner · Control person · since July 2026
- Owns 50% to 75% of Principal Partner Holdings GP, LLC
Bruce Richards
Control person · since July 2026
- Owns 50% to 75% of Principal Partner Holdings GP, LLC
Louis Hanover
Control person · since July 2026
Leadership
- Bruce RichardsFounder, Managing Partner, Chief Executive Officer
- James RaboyChief Operating Officer
- Anne CampbellChief Compliance Officer
- Christine ChartouniChief Legal Officer
- Louis HanoverFounder, Managing Partner, Chief Investment Officer
Staff
- 193 employees
- 99 in advisory functions
Reported holdings
Marathon Asset Management’s reported 13F holdings total $41.5M across 7 positions, and the ten largest make up 100.0% of it.
- $41.5M
- Reported 13F value
- 7
- Positions
- 100.0%
- In the 10 largest
- +245.8%
- Value vs. prior quarter
- Rackspace Technology Inc.57.0%
- Iheartmedia Inc. · Com CL A15.2%
- Graftech Intl Ltd SR NT13.7%
- John Hancock Exchange Traded · High Yield ETF6.2%
- State Street SPDR S&P 500 ETF Trust · TR UnitPut3.8%
- iShares TR · 20 YR TR BD ETFCall3.1%
- State Street SPDR S&P 500 ETF Trust · TR UnitCall1.1%
Together, the ten largest are 100.0% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $41.5M is not its $30.48B in regulatory assets and does not represent any individual client's portfolio.
Fees
Marathon Asset Management is paid through a percentage of assets under management and performance-based fees.
Marathon Asset Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Marathon Asset Management has 2 offices, with 3 listed addresses across 3 states.
California · 1 listed address
- 4640 Admiralty Way, Marina Del Rey
Florida · 1 listed address
- 80 SW 8th Street, Miami
New York · 1 listed address
- One Bryant Park, 38th Floor, New YorkHQ
Other business names
Marathon Asset Management has reported 1 other business name to the SEC.
- CVC Marathon
Registration details
- Legal name
- Marathon Asset Management, L.P.
- Headquarters
- One Bryant Park, 38th Floor, New York, NY 10036
- Phone
- 212-500-3000
- Website
- Not reported
- SEC file
- 801-61792
- Structure
- Delaware limited partnership
- Fiscal year end
- December
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 Marathon Asset Management have?
Marathon Asset Management has 137 clients and manages $30.5 billion for them, as of July 2026. They include 111 pooled investment vehicles, 12 other investment advisers and 8 investment companies.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 31 July 2026
What services does Marathon Asset Management offer?
Marathon Asset Management 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 Marathon Asset Management use?
Marathon Asset Management’s separately managed account assets are held at BNY Mellon Custody Client Service (Pittsburgh, PA), with $877,558,538, BGL BNP Paribas (Luxembourg), with $511,698,021, The Northern Trust Company (Chicago, IL), with $501,167,549 and State Street Bank and Trust Company (Boston, MA), with $482,901,045. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 31 July 2026
How many financial advisors does Marathon Asset Management have?
Marathon Asset Management has 0 investment adviser representatives registered with state securities authorities, out of 193 employees, and 99 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 Marathon Asset Management invest in?
At the end of its last fiscal year, Marathon Asset Management’s separately managed accounts held 38% high-yield corporate bonds, 36% sovereign bonds, 15% structured products, bank debt, and loans and 11% pooled vehicles (private funds and similar). It advises 70 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 Marathon Asset Management?
Marathon Asset Management is owned through a chain of holding companies by Bruce Richards, Louis Hanover and CVC Nominees Limited. Its direct owners are Principal Holdco LLC (75% or more) and Principal Carry, L.P. (5% to 10%).
Source: Form ADV Part 1A, Schedules A and B, filed 31 July 2026
How does Marathon Asset Management get paid?
Marathon Asset Management is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file