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Baldwin Investment Management, LLC
Multifamily office listing in West Conshohocken, Pennsylvania, United States.
- SEC-registered
- Founded 1999
- Regulatory AUM
- $1.3 billion
- Employees
- 14
- Clients
- 26-50
- Founded
- 1999
Baldwin Investment Management is an SEC registered investment adviser serving individuals, families, organizations, and family offices.12
Overview
Baldwin Investment Management has its principal office in West Conshohocken, Pennsylvania, and additional offices associated with Baldwin Management in Fishkill, New York, and RKM in West Chester, Pennsylvania.23 The firm serves individuals and families, business owners, foundations and nonprofits, and family offices.3
History
The firm became SEC registered and commenced business on July 5, 1999.2 SEC registration became effective on May 26, 1999.1 Baldwin Investment Management is wholly owned by Baldwin Management, LLC.2 The Form ADV identifies W. Paul Havens, Jr. and the Ida H. Havens Trust F/B/O Peter H. Havens as principal owners of Baldwin Management, LLC.2
Leadership
Peter H. Havens is Chairman. Baldwin Management says he founded the firm in 1999 after serving as a Board member and Executive Vice President of The Bryn Mawr Trust Company. The website also says he organized and operated the family office of Kewanee Enterprises.3
Susan Berry-Gorelli is Chief Executive Officer, Director of Research, and Portfolio Manager. Baldwin describes her as having over 30 years of individual and institutional investment and risk management experience.3
Eric T. Meck is Managing Director, CFO, and Family Office Controller. The firm says he has more than 30 years of family office accounting and tax experience.3
Richard K. May is Managing Director for RKM and Business Development. Baldwin says he founded his financial advisory firm in 1980 as an early fee only adviser.3
Johanna M. Winslow is Principal and Investment Administrator, with over 45 years of securities business experience.3 Christina McCloy has served as Chief Compliance Officer since 2024 and oversees technology and organizational functions.3
Services
Baldwin provides continuous and regular supervisory or management services based on individual client needs.2 Its advisory services include portfolio management and financial planning, with continuous account monitoring under stated investment objectives.4 The firm requires each client to complete an Investment Policy Statement used to manage assets according to objectives, needs, goals, and risk profile.2
The website describes service areas including succession planning, exit readiness, endowment management, investment policy, multi generational coordination, consolidated reporting, estate planning, trusts, family governance, and philanthropy.3
Baldwin manages accounts on both discretionary and non discretionary bases. Discretionary authority allows the firm to buy and sell investments without ongoing client pre approval, while non discretionary accounts require client approval for ultimate purchase or sale decisions.4 The firm says it invests in private funds after reviewing suitability, client objectives, investment guidelines, and qualified purchaser status.2
What the firm offers
- Investment management
- Financial planning
- Estate planning
- Philanthropy
- Family governance and education
- Business owner services
Client focus
Advisory clients include retail investors, trusts, estates, charitable organizations, corporations, and pension and profit sharing plans.4 The firm’s website also identifies individuals and families, business owners, foundations and nonprofits, and family offices as audiences.3
Investment philosophy and approach
The firm says each client’s Investment Policy Statement guides asset management according to that client’s objectives, needs, goals, and risk profile.2 Baldwin also says private fund investments are considered after a suitability review of client objectives, investment guidelines, and qualified purchaser status.2
Assets and minimums
Assets under management totaled $1,295,038,694 as of December 31, 2025. This included $1,036,476,287 in discretionary assets and $258,562,407 in non discretionary assets.2
Accounts generally require a $1,000,000 minimum, with negotiated exceptions.2 The Form ADV lists discretionary fees of 1.0 percent on the first $1 million for equity and balanced portfolios and 0.65 percent on the first $1 million for fixed income portfolios.2 The March 2026 CRS states that discretionary fees are 1 percent or negotiated based on market value, non discretionary advisory services are billed at $300 per hour, and financial planning uses hourly or negotiated fixed fees.4
By the numbers
| Year | Regulatory AUM | Discretionary | Non-discretionary |
|---|---|---|---|
| 2016 | $307 million | $293 million | $14 million |
| 2017 | $325 million | $308 million | $18 million |
| 2018 | $675 million | $353 million | $322 million |
| 2019 | $703 million | $394 million | $309 million |
| 2020 | $801 million | $465 million | $336 million |
| 2021 | $1.0 billion | $628 million | $378 million |
| 2022 | $1.1 billion | $758 million | $384 million |
| 2023 | $1.0 billion | $686 million | $342 million |
| 2025 | $1.2 billion | $937 million | $297 million |
| 2026 | $1.3 billion | $1.0 billion | $259 million |
| Year | Average AUM per client |
|---|---|
| 2018 | $3 million |
| 2019 | $3 million |
| 2020 | $3 million |
| 2021 | $3 million |
| 2022 | $3 million |
| 2023 | $774,713 |
| 2025 | $4 million |
| 2026 | $5 million |
| Client type | Clients (2026) |
|---|---|
| Individuals | 111 |
| High net worth individuals | 157 |
| Charities | 10 |
| Other | 6 |
| Year | Employees |
|---|---|
| 2016 | 8 |
| 2017 | 8 |
| 2018 | 8 |
| 2019 | 8 |
| 2020 | 8 |
| 2021 | 11 |
| 2022 | 12 |
| 2023 | 12 |
| 2025 | 12 |
| 2026 | 14 |
Ranks #3 of 7 SEC-registered firms in PA on MultifamilyOffices.com by regulatory AUM.
Source: SEC Form ADV data (Part 1A, Items 5A, 5D, 5F) via SEC Information About Registered Investment Advisers files and IAPD, CRD 108922. Ranking uses only firms profiled on MultifamilyOffices.com. As of .
FAQs
When did Baldwin Investment Management begin?
The firm commenced business on July 5, 1999, and its SEC registration became effective on May 26, 1999.12
What types of clients does Baldwin serve?
The firm serves retail investors, trusts, estates, charitable organizations, corporations, pension and profit sharing plans, individuals and families, business owners, foundations and nonprofits, and family offices.34
What does Baldwin provide?
Baldwin provides portfolio management, financial planning, continuous account monitoring, and services related to succession planning, trusts, family governance, reporting, and philanthropy.234
Related resources
- LocationMultifamily offices in West Conshohocken
This directory page helps a reader compare multifamily office options in West Conshohocken and nearby Pennsylvania markets. Reviewing listed firms can clarify how investment management, financial planning, estate planning, and family governance services may fit a family's or business owner's needs.
- Network siteEstatePlanner.com
EstatePlanner.com provides plain language guides on wills, trusts, and related estate planning topics. A family considering Baldwin Investment Management's estate planning and financial planning services can use these materials to identify questions about ownership, succession, charitable goals, and coordination with legal advisers.
- Network siteFamilyOfficeDatabases.com
FamilyOfficeDatabases.com offers directories of family offices, investors, and related organizations. Business owners and affluent families can use the databases to understand the types of institutions that may seek investment management, philanthropy guidance, family education, or governance support.
- DataMFOs by decade founded
The MFOs by decade founded page gives historical context on when multifamily offices began operating. Comparing firms by founding period can help readers frame questions about experience, continuity, ownership, and how services such as investment management or family governance relate to their own circumstances.
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Callan Family Office, LLCProfiles of Fortis Family Office, Sageworth, and Callan Family Office, LLC give readers additional firms to review on this site. Comparing their stated client types and services with Baldwin Investment Management's offerings can help a family or business owner prepare focused questions about planning, investments, philanthropy, and governance.
Sources
- SEC Investment Adviser Public Disclosure, Baldwin Investment Management, LLC: (accessed October 23, 2026)
- Baldwin Investment Management Form ADV Part 2, March 2026: (as of March 2026; accessed October 23, 2026)
- Baldwin Management Our Team: (accessed October 23, 2026)
- SEC Form CRS, Baldwin Investment Management, LLC, March 2026: (accessed October 23, 2026)
This profile is a factual summary written in our own words from public sources. It is for information only. It is not an endorsement, rating, ranking or recommendation, and it is not investment advice. MultiFamilyOffices.com is not affiliated with the SEC or with this firm unless stated. Form ADV figures are self-reported by the firm.
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