Overview
Glenmede Investment Management LP (“GIM”), successor to Glenmede Advisers, is a wholly-owned
subsidiary of The Glenmede Trust Company, N.A. (“Trust Company”). GIM offers an array of equity, fixed
income and some liquid alternatives portfolios that invest primarily in U.S. markets. GIM is headquartered in
Philadelphia, Pennsylvania. As of December 31, 2023, GIM managed a total of $ 11,990,446,932 in assets of
which $11,692,553.214 were on a discretionary basis and $ 297,893,718 were on a non-discretionary basis.
GIM’s services are provided on a discretionary basis to institutional investors, including registered
investment companies (The Glenmede Fund, Inc., and The Glenmede Portfolios, collectively, the “Glenmede
Funds”), CITs, corporations, pension plans, charitable institutions and to high-net-worth investors. In
addition, GIM serves as sub-advisor to high-net-worth individuals who are wealth management clients of the
Trust Company.
GIM does not provide tactical asset allocation or full-service investment advice; rather, clients select from
among GIM’s offered products. From time to time, GIM may accept certain client restrictions, for example,
with respect to investing in certain companies or industries. Clients should be aware, however, that some
restrictions can limit GIM’s ability to act and as a result, the account’s performance may differ from and be
less successful than that of other accounts that have not limited its discretion.
GIM offers several of its strategies to wrap platform sponsors (typically broker-dealers or investment
advisers). A wrap program is an investment advisory program under which a client typically pays a single fee
to the sponsor based on assets under management. Fees paid are not based directly upon transactions in the
client’s account or in the execution of client transactions. Wrap program clients typically select GIM’s
strategy from a list of investment advisors and strategies presented to clients by
the sponsor. Wrap program
clients are generally high net worth individuals but can sometimes include institutional investors. The
program sponsor has primary responsibility for client communications and service, and GIM provides
investment management services to the clients. The program sponsor typically executes the client’s portfolio
transactions and, in most cases, provides custodial services. The only exception to this is where our taxable
fixed income managers provide services to wrap clients. GIM is paid a portion of the wrap fee for its services
by the program sponsor.
GIM also advises model only investment programs where program sponsors utilize a GIM portfolio to
implement an investment program for investors (“overlay programs” or “UMA Programs”) and such sponsors
(“overlay sponsors” or “UMA Sponsors”). In overlay or UMA programs, GIM receives a management fee from
the sponsor based on the assets managed by the sponsor in accordance with the model portfolio. For equity
investment programs, these accounts and assets are considered non-discretionary portfolios, because GIM
does not execute the trades and has no control over whether they are in fact executed. All clients who enroll
in these types of accounts or programs should carefully review the fee structure and other program
documents provided by the sponsor.
Investment decisions for wrap program clients and other non-wrap accounts are made in the same
investment style. There may be differences between holdings and performance, however, at the individual
account level due to (1) restrictions or limitations imposed on GIM by the wrap program account holder or
sponsor; (2) differences between taxable and tax-exempt accounts; (3) differences in cash flow in or out of
the account; or (4) the use of a fixed rotation schedule or timing of trade communications to overlay managers.
A list of those sponsors to whom GIM provides investment management services is contained in Part 1 of
Form ADV.