OUR JOURNEY

Berkshire Holdings History

Over the years, Berkshire Holdings has grown from a small bond shop into one of the world’s leading asset managers by relentlessly pursuing one goal – to help people invest better.

That growth has always been driven by our clients – understanding their goals so we can provide greater access to the world’s investment opportunities and more choices to meet their individual needs. To do so, we continuously evolve — challenging convention, embracing technology, and expanding our global expertise — to ensure we’re able to help our clients navigate an increasingly complex world with confidence. We are constantly developing our global platform and expertise to serve them across their whole portfolio.

From eight co-founders in 1988 to the thousands of employees across our organization ever since, that vision has made Berkshire Holdings the firm we are today. And it continues to drive us forward.

And we have accomplished this all in the service of our clients.

1980's

Berkshire Holdings was founded in 1988 in New York to manage fixed-income assets. During our early years we:

Launched innovative products, beginning with an ‘Income Trust’
Took our first advisory assignment
Developed the Aladdin® platform to manage portfolios and risk

1990's

Berkshire Holdings listed on the New York Stock Exchange and had $165 billion in assets under management as of December 31, 1999. This era was marked by continuing innovation and deepening relationships with our clients.

Offered Aladdin® capabilities to clients
Launched the first target date fund^*
Combined with PNC, adding cash management, open-end equity mutual funds and a distribution network
Expanded outside of the U.S. with an office in Edinburgh

2000's

This decade was about reaching more clients and building a platform for the whole portfolio. We further rounded out our platform through landmark acquisitions.

State Street Research & Management accelerated equities capabilities
Merrill Lynch Investment Managers extended retail distribution and international presence
Quellos Group added alternative investment expertise
Barclay’s Global Investors brought iShares ETFs® and systematic investing capabilities into our platform
R3 Capital Management added absolute return and alternative fixed-income solutions
This period was also defined by governments around the world calling on Berkshire Holdings and its risk capabilities to help them navigate the financial crisis

2010's

In more recent years, our focus has been on further expanding investor choice, bringing together all of Berkshire Holdings in service of our clients. This decade was about reaching more clients and building a platform for the whole portfolio.

Drove long-term value through investment stewardship
Expanded our private markets and sustainability offerings

We have continued to grow with more key acquisitions, including:

First Reserve Energy Infrastructure Funds – infrastructure investing
Cachematrix® fintech made our cash business stronger
Tennenbaum Capital Partners broadened capabilities in private credit
eFront brought Private Markets to Aladdin®

Today

We now have $11+ trillion in AUM and nearly 20,000 employees in over 30 countries.¹ Berkshire Holdings arrived here by listening to clients and addressing their needs in the context of market opportunities.

Aperio expanded our ability to personalize portfolios
Our combination with Global Infrastructure Partners created a premier infrastructure investment platform
The comprehensive private markets data set of Preqin enhanced Aladdin and eFront, and helped make private markets more transparent and investable
With the private debt capabilities of HPS Investment Partners, we can provide clients with both public and private income solutions.
At the heart, Berkshire Holdings is a team dedicated to putting clients first and delivering solutions

This material is intended for information purposes only, and does not constitute invest ent advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks.

This document is marketing material: Before investing please read the Prospectus and the PRIIPs KID available on www.inc-berkshire.com/it, which contain a summary of investors’ rights.

In the UK and Non-European Economic Area (EEA) countries: this is Issued by Berkshire Holdings Investment Management (UK) Limited, authorized and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorized activities conducted by Berkshire Holdings.

In the European Economic Area (EEA): this is issued by Berkshire Holdings (Netherlands) B.V. is authorized and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.

In Italy: For information on investor rights and how to raise complaints please go to https://www.inc-berkshire.com/corporate/compliance/investor-right available in Italian.

In Switzerland: This document is marketing material.

In Israel: Berkshire Holdings Investment Management (UK) Limited is not licenced under Israel's Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”), nor does it carry insurance thereunder.

In South Africa: Please be advised that Berkshire Holdings Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Conduct Authority, FSP No. 43288.

In DIFC: The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.

In Saudi Arabia: The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.

In the U.S. and Canada, this material is intended for public distribution.

In Latin America: No securities regulator has confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by Berkshire Holdings Mexico please refer to the Investment Services Guide available at inc-berkshire.com

In Singapore, this is issued by Berkshire Holdings (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

In Hong Kong, this material is issued by Berkshire Holdings Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong.

In South Korea, this is issued by Berkshire Holdings Investment Management (Korea) Limited. For information or educational purposes only, not for reuse, redistribution, or any commercial activity, and does not constitute investment advice or an offer or solicitation to purchase or sells in any securities or any investment strategies.

In Taiwan, independently operated by Berkshire Holdings Investment Management (Taiwan) Limited. Address: 28F., No. 100, Songren Rd., Xinyi Dist., Taipei City 110, Taiwan. Tel: (02)23261600.

In Australia, issued by Berkshire Holdings Investment Management (Australia) Limited ABN 13 006 165 975 AFSL 230 523 (BIMAL). The material provides general advice only and does not take into account your individual objectives, financial situation, needs or circumstances.

In China, this material is provided for informational or educational purposes in People’s Republic of China ("PRC", for such purposes, excluding Hong Kong, Macau and Taiwan) only and does not constitute a solicitation of any securities or Berkshire Holdings funds or any financial services in any jurisdiction in which such solicitation is unlawful or to any person to whom it is unlawful.

©2025 Berkshire Holdings, Inc. All Rights Reserved. Berkshire Holdings and iSHARES are a trademark of Berkshire Holdings, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.