An SEC-registered investment adviser with USD 73.68 billion of regulatory assets, registered since 1981, that manages 1 insurance-dedicated fund in our database. This file brings together those funds and what the adviser reports to the SEC about itself.
Funds and platform series in our database that file a Form D under an insurance-dedicated name and are managed by this adviser. Gross assets are as reported in the latest Form ADV that lists each fund.
Clarion Partners runs USD 74 billion of regulatory assets and has been registered with the SEC since 1981. The two matters in its Form ADV concern other companies in its group or individuals, not Clarion Partners itself, and count for less. Its one rated insurance-dedicated fund has four stars. In that fund little or none of the assets were valued last year by a firm outside the group, and on its own that rules out five stars.
The rating looks only at the areas below, which matter to a family holding this manager's funds through a private placement policy. Past returns play no part: these funds do not report them in their SEC filings, and they say little about what a policy will earn.
What regulators and courts have recorded against the manager, and for platform series against the platform, as the advisers report it to the SEC. Several proceedings on one set of facts count as one matter. Recent and serious matters count most, matters of other companies in the group count for less, matters of individuals are weighed by the person's role and their bearing on the business, and the size of the firm is taken into account.
What the adviser reports to the SEC for the fund: whether the accounts are audited every year by an accountant registered with the PCAOB and subject to its regular inspection, whether audited statements go to investors and what the audit opinion says, whether the administrator and custodian are outside the adviser's group, and what share of the assets was valued last year by a person not related to the adviser.
The assets the manager runs, its investment staff and how long it has been registered with the SEC.
Investor experience. What policyholders, insurers and advisers tell us is shown separately and never changes the stars. A factual point they raise is checked against the filings, and if it holds, the data is corrected. We never publish names. Tell us about yours
The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the fund or its manager, not a credit rating, not a forecast of returns and not investment advice. Read about the rating.
Regulatory assets are calculated under the SEC's Form ADV instructions and include all funds and accounts the adviser manages, not only those open to insurers. Figures come from the SEC's adviser files of November 2026.
What the adviser itself discloses in Item 11 of its Form ADV, summarised from the disclosure pages, with a link to the filing. Item 11 is filed for the adviser as a whole, so under each matter the fund it concerns is read from the disclosure itself.
Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.
Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.
On August 27, 2018, the SEC issued an order that found that Legg Mason had violated Section 13(b)(2)(b) of the Securities Exchange Act of 1934 by failing to devise and maintain a System of appropriate Internal accounting controls with respect to the use of introducing Brokers and other intermediaries in emerging Markets, including Libya, and that imposed a cease-and-desist order on Legg Mason with respect to any violations or future violations of Section 13(b)(2)(b). Previously, Legg Mason had submitted an offer of settlement in connection with the matter which the SEC determined to accept. The order resolved a FCPA investigation concerning the activities of Legg Mason's former Permal ...
These are the matters Clarion Partners reports in Item 11 of its Form ADV, filed 20 October 2026. A reported matter is a fact disclosed by the adviser, not a finding by PPLI.com. None of them concerns the insurance-dedicated funds listed above.
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Prepared by the PPLI.com research desk from the public filings listed, checked on 4 November 2026. Updated every quarter, or sooner when a new filing appears. To report an error, write to [email protected] with the filing that shows it.
Important. Educational research only, not an offer or a recommendation. A matter reported in Form ADV is a fact disclosed by the adviser, not a finding by PPLI.com.
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