North Square Investments

What North Square Investments does

North Square Investments is a Chicago-based, privately held multi-boutique asset management platform founded in 2018 that aggregates differentiated active investment strategies and distributes them through financial intermediary channels, primarily U.S. registered investment advisors (RIAs) and wealth managers. The firm sources and vets niche boutique managers across equities, fixed income, allocation strategies, and alternatives, requiring "impressive pedigree, proven process and performance" before onboarding them onto the platform. Its core retail product set includes the North Square Strategic Income Fund (ADVNX), which surpassed $1.07B in net assets and received 5-star Morningstar ratings across 3-, 5-, and 10-year periods; the North Square Preferred and Income Securities Fund, winner of the 2026 LSEG Lipper Fund Award; and the North Square Dynamic Small Cap Fund, which marked its tenth anniversary in 2025 with a five-star overall Morningstar rating. The retail fund family exceeded $3B in assets as of October 2025, while the broader firm reported $16.8B in AUM as of September 2025.

The platform is built around wholly-owned boutique subsidiaries including C.S. McKee (fixed income, acquired January 2020), Patterson Capital Corporation (acquired April 2024 via C.S. McKee), and a subadvisory relationship with Red Cedar Investment Management. North Square generates revenue through management fees on AUM, with growth driven by organic inflows into flagship funds and selective bolt-on acquisitions of boutique managers. The firm is part of Azimut NSI, the U.S. asset management arm of Italy-based Azimut Group, which had approximately $21.1–$21.8B in combined AUM as of early 2026. Distribution is executed through a national field sales team (Regional VPs across eight U.S. regions) supported by internal sales staff, marketing thought leadership (Active Insights podcasts and newsletter), and industry events. The firm has 101–250 employees headquartered at 200 West Madison Street, Chicago.

Name

North Square Investments

Legal name

North Square Investments

Website

https://northsquareinvest.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

North Square Investments is a Chicago-based multi-boutique asset management platform founded in 2018 that curates differentiated active investment strategies from niche boutique managers and distributes them to U.S. RIAs and wealth advisors through a national field sales team, operating as part of Azimut NSI.

Ownership category

akta.pro rank

Product category

Multi-Boutique Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (52591), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Regional / Country-Focused Multi-Manager Platforms (FSANAGAI)

akta.pro secondary industries

Multi-Sector / Total Return Fixed Income (FSAAAHAJ), Real Assets — Real Asset Fund Platforms / Multi-Asset Real Assets (Diversified Real Assets Funds) (FSAHAIAM), Large-Cap Equity (Active) (FSAAAIAA)

Keywords

• Active asset management
• Multi-boutique platform
• Mutual fund management
• Investment strategies
• Wealth management solutions

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Investment Management Fees: North Square Investments generates revenue through management fees charged on its retail fund family. The firm surpassed $3 billion in retail fund assets as of October 2025, with individual funds such as the Strategic Income Fund surpassing $1 billion in net assets, indicating substantial fee revenue from AUM-based management.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

North Square Investments operates a multi-boutique asset management platform that sources, vets, and delivers differentiated active investment strategies from niche institutional-quality managers. The firm offers a suite of mutual funds spanning U.S. equities, fixed income, allocation strategies, and alternative strategies, distributed exclusively through financial intermediary channels (RIAs and wealth advisors) via a dedicated regional field sales team. Key funds include the Strategic Income Fund (ADVNX), Preferred and Income Securities Fund, and Dynamic Small Cap Fund, with subadvisory execution provided by Red Cedar Investment Management and C.S. McKee.

Product overview

North Square Investments operates as a multi-boutique asset management platform dedicated to bringing differentiated active investment strategies to financial professionals. The platform offers four main retail mutual funds: the North Square Strategic Income Fund (ADVNX) which surpassed $1B in assets with 5-star Morningstar ratings; the North Square Preferred and Income Securities Fund which won the 2026 LSEG Lipper Award; the North Square Dynamic Small Cap Fund with a 10-year track record and 5-star rating; and the broader North Square Funds Family exceeding $3 billion in total assets. The firm provides investment strategies across Equities, Fixed Income, Allocation Strategies, and Alternative Strategies, utilizing subadvisors like Red Cedar Investment Management and C.S. McKee to deliver institutional-quality active management to individual investors through financial intermediary channels.

Differentiator

Problem solved

Functional benefit

Brands

• North Square Strategic Income Fund (ADVNX): Active fixed income mutual fund that surpassed $1 billion in net assets and received 5-star Morningstar ratings.
• North Square Preferred and Income Securities Fund
• North Square Dynamic Small Cap Fund

Products and services

• North Square Strategic Income Fund (ADVNX) An actively managed fixed income mutual fund that surpassed $1 billion in net assets as of February 28, 2026, achieving 5-star Morningstar ratings across 3-, 5-, and 10-year periods. Named Active Fixed Income Mutual Fund of the Year at the With Intelligence Mutual Funds & ETF Awards 2026. The fund is subadvised by Red Cedar Investment Management and is available to financial intermediary partners for inclusion in client portfolios.
• North Square Preferred and Income Securities Fund A fixed income mutual fund focused on preferred securities and income generation. Awarded the 2026 LSEG Lipper Fund Award for strong risk-adjusted performance over three years relative to peers. The fund is subadvised by Red Cedar Investment Management and is offered through financial intermediary distribution channels.
• North Square Dynamic Small Cap Fund A small cap equity mutual fund marking its tenth anniversary with a five-star overall Morningstar rating, reflecting strong long-term risk-adjusted performance with over $576 million in assets. The fund emphasizes finding market inefficiencies through systematic analysis and is subadvised within the multi-boutique platform.
• North Square Funds Family The North Square Funds retail fund family is the firm's flagship product platform, which surpassed $3 billion in assets as of October 24, 2025, driven by strong fund performance and organic inflows with several funds receiving high ratings from Morningstar. The family aggregates active strategies across equities, fixed income, allocation, and alternatives, distributed through financial intermediary channels.

Quantifiable outcome

• North Square Strategic Income Fund (ADVNX) grew from $229.64 million (end of 2024) to $1.07 billion (February 2026), a more than 4x increase.
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core and minor.

• Red Cedar Investment ManagementcoreStrategic or Co-development Partner · 16 March 2026Red Cedar Investment Management, based in Michigan and Ohio, serves as the subadvisor for the North Square Preferred and Income Securities Fund (which won the 2026 LSEG Lipper Award) and the North Square Strategic Income Fund (which surpassed $1 billion in AUM and won Active Fixed Income Mutual Fund of the Year 2026). Red Cedar surpassed $1 billion in assets under management in North Square Funds as of September 2025.
• C.S. McKeeminorStrategic or Co-development Partner · 1 April 2024C.S. McKee, an affiliate of North Square Investments, executed the acquisition of Patterson Capital Corporation, representing a strategic nomination of assets and expansion for North Square. C.S. McKee is one of the boutique investment managers within North Square's multi-boutique platform.
• Patterson Capital CorporationminorStrategic or Co-development Partner · 1 April 2024North Square Investments, through its C.S. McKee affiliate, acquired Patterson Capital Corporation. The deal signified a strategic nomination of assets and expansion for North Square Investments, adding to its multi-boutique platform.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Artisan Partners: Artisan Partners is a publicly traded active asset manager running high-conviction, research-intensive equity and fixed-income strategies distributed through intermediaries. While a single brand rather than a multi-boutique platform, it competes for the same RIA mindshare with differentiated active capabilities.
• Pacer ETFs: Pacer ETFs is an asset manager that distributes rules-based and thematic strategies through financial intermediaries. Although ETF-led rather than multi-boutique, it competes for the same RIA shelf space and has hired talent from similar backgrounds (one of North Square's recent sales hires came from Pacer).
• Cohen & Steers: Cohen & Steers is a specialty active asset manager focused on real assets and income strategies, distributed predominantly through financial advisors. North Square's Preferred and Income Securities Fund and broader alternatives push overlap with Cohen & Steers' preferred-securities franchise.
• Federated Hermes: Federated Hermes is a diversified global asset manager with active fixed income, equity, and money-market capabilities distributed heavily through intermediaries. Its scale, subadvisor heritage, and intermediary focus make it a broader incumbent analog to North Square's multi-boutique offering.
• Janus Henderson Investors: Janus Henderson is a global active asset manager distributing differentiated equity, fixed-income, and alternatives strategies through intermediaries. While a single corporate brand, its multi-strategy active focus and intermediary-centric model compete with North Square for RIA allocations.

Direct peers

• Silvercrest Asset Management: Silvercrest is a multi-affiliate active equity and fixed-income manager combining multiple investment teams under one platform and serving institutional and intermediary clients. Like North Square, it leverages a boutique-aggregation model to deliver differentiated active strategies.
• Affiliated Managers Group: AMG is the prototypical multi-affiliate/multi-boutique asset manager, owning stakes in specialized active equity, fixed income, and alternative boutiques. North Square's structure — sourcing niche active managers and distributing them through intermediaries — mirrors AMG's model at a smaller scale.
• Victory Capital: Victory Capital is a multi-franchise asset manager that aggregates boutique active investment teams and distributes through intermediaries. Its acquisition-driven, multi-affiliate model and U.S. retail/intermediary focus align closely with North Square's strategy.
• Virtus Investment Partners: Virtus operates a multi-boutique active asset management platform distributing affiliated-manager products through intermediary channels. Its mix of active mutual funds, subadvisor model, and focus on RIAs/wealth advisors makes it a close structural analog to North Square.

Others

• C.S. McKee (predecessor reference): C.S. McKee is itself a wholly owned fixed-income affiliate of North Square. It is comparable as an active fixed-income manager with institutional roots — illustrating the type of boutique profile North Square aggregates, while being a sibling brand rather than external peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/north-square-investments

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about North Square Investments