Clients
Royce & Associates serves 979 clients, 931 of them other individuals. The average client has about $13 million with the firm, and high-net-worth clients hold 0% of its $12.4 billion in assets.
- Investment companies16 clients85%
- Pooled investment vehicles11 clients13%
- OtherIndividuals, High-net-worth individuals, Charitable organizations, Other investment advisers, Corporations and other businesses3%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 931 | $173,892,985 | 1.4% | $187K |
| High-net-worth individuals | 1 | $1,078,409 | 0.0% | $1.08M |
| Investment companies | 16 | $10,487,016,009 | 84.5% | $655.4M |
| Pooled investment vehicles | 11 | $1,589,772,549 | 12.8% | $144.5M |
| Charitable organizations | 4 | $83,943,844 | 0.7% | $21.0M |
| Other investment advisers | 8 | $60,859,034 | 0.5% | $7.61M |
| Corporations and other businesses | 8 | $11,800,678 | 0.1% | $1.48M |
| Total | 979 | $12,408,363,508 | 100% | $12.7M |
- Clients
- 931
- Regulatory AUM
- $173,892,985
- Share
- 1.4%
- Avg. per client
- $187K
- Clients
- 1
- Regulatory AUM
- $1,078,409
- Share
- 0.0%
- Avg. per client
- $1.08M
- Clients
- 16
- Regulatory AUM
- $10,487,016,009
- Share
- 84.5%
- Avg. per client
- $655.4M
- Clients
- 11
- Regulatory AUM
- $1,589,772,549
- Share
- 12.8%
- Avg. per client
- $144.5M
- Clients
- 4
- Regulatory AUM
- $83,943,844
- Share
- 0.7%
- Avg. per client
- $21.0M
- Clients
- 8
- Regulatory AUM
- $60,859,034
- Share
- 0.5%
- Avg. per client
- $7.61M
- Clients
- 8
- Regulatory AUM
- $11,800,678
- Share
- 0.1%
- Avg. per client
- $1.48M
Total
- Clients
- 979
- Regulatory AUM
- $12,408,363,508
- Share
- 100%
- Avg. per client
- $12.7M
What it does
Royce & Associates 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.
Royce & Associates advises 1 private funds.
99.5% of assets ($12.35B across 971 accounts) are managed with discretion; $60.9M across 8 accounts are not. $238.7M sits in a wrap fee program the firm both sponsors and manages. 1% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks91%
- Cash9%
Custodians
Royce & Associates’ client accounts are held mainly at Morgan Stanley, with 1% of managed assets, and The Bank of New York Mellon, with 1%. Royce & Associates has custody of $25.0M for 1 clients.
- The Bank of New York MellonThe Bank of New York Mellon · Pittsburgh, PA · $70.2M1%
- Morgan StanleyMorgan Stanley Smith Barney LLC · New York, NY · $165.7M1%
- OtherRaymond James, All other custodians98%
Ownership and leadership
Legg Mason Royce Holdings, LLC owns 75% or more of Royce & Associates, and Christopher Clark is its CEO.
- Owns 75% or more of Royce & Associates, LP
Legg Mason Royce Holdings, LLC
Control person · since March 2016
- Owns 75% or more of Legg Mason Royce Holdings, LLC
Legg Mason, Inc.
Control person · since March 2016
- Owns 75% or more of Legg Mason, Inc.
Franklin Resources, Inc.
Control person · since July 2020
John Denneen
Member of board of managers, general counsel, secretary & chief legal and chief compliance officer of Royce & Associates GP, LLC · Control person · since January 2003
Christopher Clark
Member of board of managers, and president and chief executive officer of Royce & Associates GP, LLC · Control person · since July 2014
Matthew Nicholls
Member of board of managers of Royce & Associates GP, LLC · Control person · since November 2020
Seok Oh
Member of board of managers of Royce & Associates GP, LLC · Control person · since April 2025
Pierre Caramazza
Member of board of managers of Royce & Associates GP, LLC · Control person · since January 2026
Lindsey Oshita
Member of board of managers of Royce & Associates GP, LLC · Control person · since January 2026
Leadership
- Christopher ClarkMember of Board of Managers, President and Chief Executive Officer, and Limited Partner
- John DenneenMember of Board of Managers, General Counsel, Secretary & Chief Legal and Chief Compliance Officer, and Limited Partner
- Pierre CaramazzaMember of Board of Managers
- Matthew NichollsMember of Board of Managers
- Seok OhMember of Board of Managers
- Lindsey OshitaMember of Board of Managers
Staff
- 89 employees
- 30 in advisory functions
- 1 state-registered rep
- 16 broker-dealer reps
Reported holdings
Royce & Associates’ reported 13F holdings total $12.42B across 747 positions, and the ten largest make up 9.1% of it.
- $12.42B
- Reported 13F value
- 747
- Positions
- 9.1%
- In the 10 largest
- +22.6%
- Value vs. prior quarter
- Arcosa Inc.1.2%
- Quaker Houghton1.1%
- Mks Inc..0.9%
- Jbt Marel Corporation0.9%
- Dorman Prods Inc.0.9%
- Ies Holdings Inc.0.9%
- Onto Innovation Inc.0.9%
- Interparfums Inc.0.8%
- Ultra Clean Hldgs Inc.0.8%
- Element Solutions Inc.0.7%
Together, the ten largest are 9.1% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $12.42B is not its $12.41B in regulatory assets and does not represent any individual client's portfolio.
Fees
Royce & Associates is paid through a percentage of assets under management and performance-based fees.
Royce & Associates’ fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Royce & Associates has 1 office, with 2 listed addresses across 2 states.
Connecticut · 1 listed address
- 8 Sound Shore Drive, Greenwich
New York · 1 listed address
- One Madison Avenue, New YorkHQ
Other business names
Royce & Associates has reported 1 other business name to the SEC.
- Royce Investment Partners
Registration details
- Legal name
- Royce & Associates, LP
- Headquarters
- One Madison Avenue, New York, NY 10010
- Phone
- 212-508-4500
- Website
- Not reported
- SEC file
- 801-8268
- Structure
- Delaware limited partnership
- Fiscal year end
- September
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 Royce & Associates have?
Royce & Associates has 979 clients and manages $12.4 billion for them, as of February 2026. They include 931 other individuals, 16 investment companies and 11 pooled investment vehicles.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 2 February 2026
What services does Royce & Associates offer?
Royce & Associates 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 Royce & Associates use?
Royce & Associates’ separately managed account assets are held at Morgan Stanley Smith Barney LLC (New York, NY), with $165,728,881, The Bank of New York Mellon (Pittsburgh, PA), with $70,236,582 and Raymond James & Associates, Inc. (ST. Petersburg, FL), with $38,671,369. 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 February 2026
How many financial advisors does Royce & Associates have?
Royce & Associates has 1 investment adviser representatives registered with state securities authorities, out of 89 employees, and 30 perform investment advisory functions. 16 are registered representatives of a broker-dealer and 0 are 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 Royce & Associates invest in?
At the end of its last fiscal year, Royce & Associates’ separately managed accounts held 91% exchange-traded equities and 9% cash and equivalents. It advises 1 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 Royce & Associates?
Royce & Associates is owned through a chain of holding companies by Franklin Resources, Inc. Its direct owner is Legg Mason Royce Holdings, LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 2 February 2026
How does Royce & Associates get paid?
Royce & Associates 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