Boyd Watterson Asset Management

What Boyd Watterson Asset Management does

Boyd Watterson Asset Management, LLC is an employee-owned, SEC-registered investment advisor headquartered in Cleveland, Ohio, tracing its roots to 1928. The firm delivers actively managed investment solutions across three core asset classes: fixed income (spanning short-term to core plus and quality spectrums using a top-down macro overlay), real estate (with a specialty in government-leased commercial properties via open-end funds, a Government-Supported REIT, and closed-end programs), and infrastructure (added through the 2024 Amber Infrastructure merger). Products are delivered through separately managed accounts, open-ended commingled funds, closed-end programs, sub-advisory mandates, and mutual fund vehicles including the Limited Duration Enhanced Income Fund and the Tactical CLO Fund.

The platform is built around a proprietary Strategic Management Process, quantitative research models, and a Research and Data Lab that supports real estate scoring and qualitative/quantitative decision-making. Client coverage is segmented across Taft-Hartley funds, foundations and endowments, healthcare organizations, public entities, corporations, faith-based organizations, insurance companies, and advisory clients (RIAs and wealth managers), with eight U.S. offices (Cleveland, Chicago, Bloomfield Hills, Denver, New York, Tampa, Washington D.C., West Hartford, and Atlanta opened in 2025) and global reach across 12 countries via the Amber Infrastructure combination.

Revenue is generated through recurring asset-based management fees on AUM. Pre-merger AUM stood at $19.5 billion; following the May 2024 Amber Infrastructure merger the combined platform manages approximately $35.7 billion, of which $10.3 billion is gross real estate assets and the balance spans fixed income, equity, and infrastructure. The firm is privately held and employee-owned following BWAM Management's 2013 buyout of publicly held stock, with no external PE/VC sponsorship disclosed.

Name

Boyd Watterson Asset Management

Legal name

Boyd Watterson Asset Management, LLC

Website

https://boydwatterson.com

Company type

Private

Founded year

1928

Operating status

Operating

Headcount range

101–250 employees

Short description

Boyd Watterson Asset Management is an employee-owned institutional investment advisor managing approximately $35.7 billion across fixed income, real estate, and infrastructure for Taft-Hartley funds, foundations, healthcare organizations, public entities, corporations, and insurance companies.

Ownership category

akta.pro rank

Product category

Institutional Asset Management

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Real Estate Investment Trusts (6798)

akta.pro primary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

akta.pro secondary industries

Taft-Hartley / Labor Union & Public Sector Retirement Systems (FSAAAGAK), Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ), Registered Investment Advisor (RIA) Wealth Management (FSAEABAA)

Keywords

• Institutional asset management
• Fixed income management
• Real estate investment
• Infrastructure investments
• Separately managed accounts

Headquarters

HQ city

Cleveland

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Asset Management Fees: The firm generates revenue through asset management fees charged on assets under management. With $19.5 billion in AUM (prior to merger) and approximately $35.7 billion combined post-merger, fees are collected from separately managed accounts, open-ended commingled funds, closed-end programs, and mutual fund advisory services.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Boyd Watterson Asset Management is an employee-owned registered investment advisor that delivers fixed income, real estate, infrastructure, and equity investment strategies to institutional clients. The firm offers separately managed accounts, open-end commingled funds, closed-end programs, mutual fund advisory services, and sub-advisory arrangements to clients such as Taft-Hartley funds, foundations, endowments, healthcare organizations, public entities, corporations, faith-based organizations, and insurance companies.

Product overview

Boyd Watterson Asset Management is an employee-owned registered investment advisor offering a diversified suite of alternative investment products. The firm operates across three core asset classes: Fixed Income, Real Estate, and Infrastructure. Real estate investments include GSA-focused and state/local government-focused open-end funds, a government-supported REIT, and closed-end programs. Fixed income capabilities span short-term to core plus strategies across quality spectrums. The firm also offers separately managed accounts, sub-advisory services, and mutual fund advisory services, targeting clients including Taft-Hartley funds, foundations and endowments, healthcare organizations, public entities, corporations, faith-based organizations, and insurance companies. Following the 2024 merger with Amber Infrastructure, the combined platform manages approximately $35.7 billion in assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Fixed Income Investment Fixed income investment strategies spanning the maturity and quality spectrums, from short-term to core plus and high quality to high yield, using a top-down investment approach focused on macroeconomic trends. Designed for institutional clients seeking moderate, stable income solutions.
• Real Estate Investment Real estate investment strategies investing in commercial properties (office, warehouse, and flex space) leased predominantly to high credit-quality tenants, with emphasis on income generation and moderate risk portfolios. Targets institutional investors across U.S. and global markets.
• Infrastructure Investment Infrastructure investment management capabilities covering transportation, industrial, and digital infrastructure sectors across North America and global markets, delivered through the post-merger platform with Amber Infrastructure Group.
• GSA Focused Open-End Real Estate Fund Open-end real estate fund focused on properties leased to the U.S. General Services Administration (GSA) and federal government tenants.
• State and Local Government Focused Real Estate Fund Open-end real estate fund investing in properties leased to state, county, and municipal government entities.
• Government Supported REIT Open-end real estate investment trust investing in assets anchored by government contractors and quasi-government agencies.
• Closed-End Real Estate Programs Closed-end real estate programs created for private banks with international investors.
• Limited Duration Enhanced Income Fund (LDEI) Mutual fund focused on limited duration enhanced income strategies, offered through the firm's mutual fund advisory platform.
• Tactical CLO Fund Tactically allocated portfolio of CLO securities based on macroeconomic views, offered through the firm's mutual fund platform.
• Multi-Asset Strategy Multi-asset strategy combining fixed income, limited duration high yield, and real estate components.
• US Solar Fund 41-project renewable energy portfolio focused on solar assets across the United States.
• Separately Managed Accounts Separately managed accounts tailored to meet specific client investment objectives and guidelines for fixed income, equity, real estate, and infrastructure mandates.
• Sub-Advisory Services Sub-advisory services provided to registered investment advisors, wealth managers, and other financial institutions using Boyd Watterson's institutional-quality strategies.
• Mutual Fund Advisory Services Mutual fund advisory services for registered investment products, supporting fund platforms such as the Limited Duration Enhanced Income Fund and Tactical CLO Fund.

Segments8 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Amber Infrastructure GroupcoreStrategic or Co-development Partner · 30 May 2024Strategic merger completed in 2024 combining Boyd Watterson and Amber Infrastructure Group to create a global alternatives investment platform with combined assets of approximately $35.7 billion. The new entity operates across multiple sectors with offices in eight U.S. cities and twelve countries. Led by Boyd Watterson CEO Brian Gevry, the merger aims to expand investment opportunities and global reach in infrastructure and real estate sectors.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• American Realty Advisors: Independent, employee-owned institutional real estate investment manager specializing in government-leased and core commercial real estate, mirroring Boyd Watterson's GSA and state/local government focused open-end funds. Directly comparable by client base, product mix, and niche strategy.
• Cohen & Steers: Public real estate investment manager focused on listed and private real assets for institutional clients. Comparable in real estate focus, institutional client base, and product suite including REITs and separately managed accounts, though broader by asset class.
• Clarion Partners: Leading US real estate investment manager owned by Franklin Templeton, with deep institutional client base across core, value-add, and debt strategies. Directly comparable as an institutional real estate manager serving pension funds and foundations.
• Heitman: Independent global real estate investment manager serving institutional clients across private real estate equity and debt. Comparable in employee-ownership heritage, institutional focus, and real estate product mix.
• Principal Real Estate Investors: Subsidiary of Principal Financial Group managing institutional real estate portfolios for pensions and foundations. Comparable institutional real estate focus and separately managed account model, though broader parent backing.
• Manning & Napier: Independent, employee-owned investment advisor offering multi-asset strategies to institutional and individual clients. Comparable as a mid-sized, employee-owned RIA with fixed income and equity capabilities, though with less real estate focus.

Broad incumbents

• Nuveen (TIAA): Large institutional asset manager with deep fixed income, real estate, and alternatives capabilities, serving pensions, endowments, and other institutions. Comparable institutional client overlap and product breadth but at materially larger AUM scale.
• CBRE Investment Management: Global real assets investment management arm of CBRE Group, with significant infrastructure and real estate mandates. Comparable real estate and infrastructure product overlap post-Amber merger but with much broader global distribution.
• Brookfield Asset Management: Global alternatives giant with real estate, infrastructure, credit, and equity strategies for institutional clients. Comparable product categories especially post Amber merger and in real estate, though vastly larger scale.

Emerging players

• Harrison Street: Independent alternatives manager focused on real estate, infrastructure, and private credit for institutional clients. Comparable mid-sized alternatives platform targeting pensions and endowments, with overlapping demographic and education real estate exposure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Boyd Watterson Asset Management