BROWN ADVISORY ANNUAL REPORT
PARTNERSHIP
“It’s a Small Thing, But It Reinforces Our Commitment to Each Other.”
Leading any business takes keen expertise in setting a vision, following a strategy and driving execution. We have learned that it is certainly possible for one person to have the capacity to excel in all of these areas, but it is rare. Chris Bartlett, Global Head of the Institutional Business, and Carey Buxton, Global COO of the Institutional Business, both report directly — as peers — to Logie Fitzwilliams, Co-CEO of the firm. While Chris and Carey have different backgrounds, and their leadership structure is perhaps slightly unorthodox, it works for us, and for Chris and Carey, as they rely on their partnership to navigate a dynamic asset management environment.
Individual and Shared Responsibilities
Carey: It takes a lot of intentionality. While we have unique mandates, we also represent the broader business in different, firmwide forums. Our priority is to ensure that our respective pieces fit into the larger puzzle.
Chris: And we’re both decisive, which helps. We don’t waste time overanalyzing. If we see a clear path forward, we take it. That decisiveness, combined with our risk lens, ensures we’re always prioritizing the firm’s long-term health.
Collaborating for Broad Benefit
Carey: One of our priorities has been setting standards and processes that create efficiency and clarity for the broader management team. For example, we’ve been deliberate and inclusive with our Private Client, Endowments and Foundations peers on Institutional business decisions that affect both sides of the firm’s clients.
Chris: A great example is the recent launches of our three new actively managed ETFs. While the launches were led by the Institutional team, our Private Client, Endowments and Foundations team’s input was crucial in shaping the investment structure. The collaboration ensured that the ETFs not only meet Institutional goals but also serve as valuable tools for the firm’s private clients. This kind of partnership highlights how we’re wearing our “firm hats” as much as our “Institutional hats.”
Respect and a Commitment to Excellence
Carey: Chris embodies respect. In meetings, he often uses language like “Carey and I” to emphasize our partnership. It’s a small thing, but it reinforces our commitment to each other and signals to the team that we’re aligned.
Chris: It’s about setting the tone. If we show that we’re united, it encourages the broader team to collaborate in the same way.
Carey: Ultimately, our partnership is about accountability — not just to each other but to the entire firm. We’re here to build something that will serve clients over the long term, and that requires trust, respect and a shared commitment to excellence.
Non-Negotiable Trust
Chris: Trust is foundational. Without it, everything else falls apart. We’ve built a partnership where we can leave ego at the door, share openly and focus on what’s best for the business. For instance, during a recent operational issue, Carey kept me informed every step of the way — outlining the process and backup plans and ensuring all bases were covered. That level of transparency and rigor is something we’ve embedded into how we operate.
Carey: Trust also means assuming positive intent. We’re bound to slip up occasionally, but knowing that we’re both working toward the same vision allows us to address issues constructively. It’s about walking through the front door and saying, “This didn’t work out; how can we improve next time?”
Shared Decision-Making
Carey: One of the things that stands out is how aligned we are in our thinking, even though we come from different backgrounds. Chris and I often find ourselves on the same page before decisions even need to be made. This alignment stems from a shared understanding of our goals and the governance standards we’ve set for the business. It allows us to act decisively and efficiently.
Chris: I completely agree. Our shared “North Star” is creating the best business we can for our clients, colleagues and the firm over the next 10-plus years. That shared vision is critical. We know we can depend on each other to tackle challenges head-on. Our differing backgrounds are additive; Carey brings an operational risk and execution lens from her years of experience with our regulated funds, and I bring perspectives from my time in equity trading, balanced portfolio management and investment risk management.
Supporting and Leading the Institutional Team
Carey: A big part of our partnership is making sure our colleagues in the Institutional business have clarity and support. By aligning on priorities, setting clear standards and being deliberate about decision-making, we try to remove unnecessary friction. The goal is to create an environment where teams can stay focused on investment work and execution, rather than spending time navigating ambiguity or competing processes.
Chris: From my perspective, our role is to connect the dots across investment, governance, risk and operations, so Institutional teams can move forward with confidence. When we’re aligned and accessible, it helps teams bring ideas forward earlier, pressure-test them constructively and scale the right opportunities responsibly. That alignment allows colleagues to do their best work while knowing the broader framework is solid and supportive.